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Regulatory Information
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2020-06-26
article
Truth in Lending (Regulation Z); Determining “Underserved” Areas Using Home Mortgage Disclosure Act Data
Rules and Regulations
D09002ee1bdb555af
D09002ee1bdb55617
United States
Bureau of Consumer Financial Protection
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org
United States Government Agency or Subagency
This interpretive rule construes the Bureau of Consumer Financial Protection's (Bureau's) Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau produces annually a list of rural and underserved counties and areas that is used in applying various Regulation Z provisions, such as the exemption from the requirement to establish an escrow account for a higher-priced mortgage loan and the ability to originate balloon-payment qualified mortgages. Regulation Z states that an area is ``underserved'' during a calendar year if, according to Home Mortgage Disclosure Act (HMDA) data for the preceding calendar year, it is a county in which no more than two creditors extended covered transactions, as defined in Regulation Z, secured by first liens on properties in the county five or more times. The official commentary provides an interpretation relating to this standard that refers to certain data elements from the previous version of the Bureau's Regulation C, which implements HMDA, that were modified or eliminated in the 2015 amendments to Regulation C. The Bureau is issuing this interpretive rule to supersede that now outdated interpretation, specifically by describing below the HMDA data that will instead be used in determining that an area is ``underserved.''
85 FR 38299
https://www.govinfo.gov/app/details/FR-2020-06-26/2020-13801
2020-13801
fr26jn20-5
4810-AM-P
https://www.govinfo.gov/app/details/FR-2020-06-26/2020-13801
https://www.govinfo.gov/content/pkg/FR-2020-06-26/html/2020-13801.htm
https://www.govinfo.gov/content/pkg/FR-2020-06-26/pdf/2020-13801.pdf
3 p.
38299
38301
85 FR 38299
Code of Federal Regulations
Title 12 Part 1026
12 CFR Part 1026
Truth in Lending (Regulation Z); Determining “Underserved” Areas Using Home Mortgage Disclosure Act Data; Federal Register Vol. 85, Issue
RULE
2020-13801
BUREAU OF CONSUMER FINANCIAL PROTECTION
2020-06-26
4810-AM-P
2020-13801
Interpretive rule.
This interpretive rule construes the Bureau of Consumer Financial Protection's (Bureau's) Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau produces annually a list of rural and underserved counties and areas that is used in applying various Regulation Z provisions, such as the exemption from the requirement to establish an escrow account for a higher-priced mortgage loan and the ability to originate balloon-payment qualified mortgages. Regulation Z states that an area is ``underserved'' during a calendar year if, according to Home Mortgage Disclosure Act (HMDA) data for the preceding calendar year, it is a county in which no more than two creditors extended covered transactions, as defined in Regulation Z, secured by first liens on properties in the county five or more times. The official commentary provides an interpretation relating to this standard that refers to certain data elements from the previous version of the Bureau's Regulation C, which implements HMDA, that were modified or eliminated in the 2015 amendments to Regulation C. The Bureau is issuing this interpretive rule to supersede that now outdated interpretation, specifically by describing below the HMDA data that will instead be used in determining that an area is ``underserved.''
This interpretive rule is effective on June 26, 2020.
Waeiz Syed, Counsel, Office of Regulations, at (202) 435-7700 or https:// reginquiries.consumerfinance.gov/. If you require this document in an alternative electronic format, please contact CFPB_Accessibility@cfpb.gov.
Truth in Lending (Regulation Z):
Determining Underserved Areas Using Home Mortgage Disclosure Act Data,
CFPB_Accessibility@cfpb.gov
https://reginquiries.consumerfinance.gov/
https://www.consumerfinance.gov/policy-compliance/guidance/mortgage-resources/rural-and-underserved-counties-list/
Federal Register
Vol. 85, no. 124
Office of the Federal Register, National Archives and Records Administration
2020-06-26
continuing
daily
deposited
born digital
479 p.
Table of Contents:
AE 2.7:
GS 4.107:
AE 2.106:
KF70.A2
https://www.govinfo.gov/app/details/FR-2020-06-26
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0042-1219
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https://www.govinfo.gov/app/details/FR-2020-06-26
https://www.govinfo.gov/content/pkg/FR-2020-06-26/pdf/FR-2020-06-26.pdf
https://www.govinfo.gov/content/pkg/FR-2020-06-26/xml/FR-2020-06-26.xml
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FR-2020-06-26
machine generated
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FR-2020-06-26
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