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Federal Register/Vol. 86, No. 42/Friday, March 5, 2021/Proposed

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Federal Register/Vol. 86, No. 42/Friday, March 5, 2021/Proposed Federal Register / Vol. 86, No. 42 / Friday, March 5, 2021 / Proposed Rules 12839 estimated production (585,000,000 USDA has not identified any relevant Qualified Mortgage Definition under the kernelweight pounds), which equals the Federal rules that duplicate, overlap, or Truth in Lending Act (Regulation Z): assessment revenue of $14,625,000. The conflict with this proposed rule. General QM Loan Definition (General grower revenue is calculated by A small business guide on complying QM Final Rule) until October 1, 2022. multiplying the grower price of $1,970 with fruit, vegetable, and specialty crop DATES: Comments must be received on per ton ($0.99 per kernelweight pound) marketing agreements and orders may or before April 5, 2021. times the estimated production be viewed at: https:// (585,000,000 kernelweight pounds), www.ams.usda.gov/rules-regulations/ ADDRESSES: You may submit comments, which equals the grower revenue of moa/small-businesses. Any questions identified by Docket No. CFPB–2021– $579,150,000. In the final step, dividing about the compliance guide should be 0003 or RIN 3170–AA98, by any of the the assessment revenue by the grower sent to Richard Lower at the previously following methods: revenue, indicates that, for the 2020–21 mentioned address in the FOR FURTHER • Federal eRulemaking Portal: http:// marketing year, the estimated INFORMATION CONTACT section. www.regulations.gov. Follow the assessment revenue as a percentage of A 30-day comment period is provided instructions for submitting comments. total grower revenue would be about 2.5 to allow interested persons to respond • Email: 2021-NPRM- percent. to this proposed rule. [email protected]. This proposed rule would decrease List of Subjects in 7 CFR Part 984 Include Docket No. CFPB–2021–0003 or the assessment obligation imposed on RIN 3170–AA98 in the subject line of handlers. Assessments are applied Marketing agreements, Reporting and the message. uniformly on all handlers, and some of recordkeeping requirements, and • Mail/Hand Delivery/Courier: the costs may be passed on to growers. Walnuts. Comment Intake—QM Compliance Date However, decreasing the assessment rate For the reasons set forth in the Delay, Bureau of Consumer Financial reduces the burden on handlers and preamble, 7 CFR part 984 is proposed to Protection, 1700 G Street NW, may also reduce the burden on growers. be amended as follows: Washington, DC 20552. The Board’s meeting was widely PART 984—WALNUTS GROWN IN Instructions: The Bureau encourages publicized throughout the California CALIFORNIA the early submission of comments. All walnut industry. All interested persons submissions should include the agency were invited to attend the meeting and ■ 1. The authority citation for 7 CFR name and docket number or Regulatory participate in Board deliberations on all part 984 continues to read as follows: Information Number (RIN) for this issues. Like all Board meetings, the rulemaking. Because paper mail in the Authority: 7 U.S.C. 601–674. September 11, 2020, meeting was a Washington, DC, area and at the Bureau public meeting and all entities, both ■ 2. Section 984.347 is revised to read is subject to delay, and in light of large and small, were able to express as follows: difficulties associated with mail and views on this issue. Interested persons hand deliveries during the COVID–19 § 984.347 Assessment rate. are invited to submit comments on this pandemic, commenters are encouraged proposed rule, including the regulatory On and after September 1, 2020, an to submit comments electronically. In and information collection impacts of assessment rate of $0.0250 per general, all comments received will be this action on small businesses. kernelweight pound is established for posted without change to https:// California merchantable walnuts. In accordance with the Paperwork www.regulations.gov. In addition, once Reduction Act of 1995 (44 U.S.C. Bruce Summers, the Bureau’s headquarters reopens, Chapter 35), the Order’s information Administrator, Agricultural Marketing comments will be available for public collection requirements have been Service. inspection and copying at 1700 G Street previously approved by the OMB and [FR Doc. 2021–04569 Filed 3–4–21; 8:45 am] NW, Washington, DC 20552, on official business days between the hours of 10 assigned OMB No. 0581–0178 Vegetable BILLING CODE P and Specialty Crops. No changes in a.m. and 5 p.m. Eastern Time. You can those requirements would be necessary make an appointment to inspect the as a result of this proposed rule. Should documents by telephoning 202–435– BUREAU OF CONSUMER FINANCIAL 7275. any changes become necessary, they PROTECTION would be submitted to OMB for All comments, including attachments approval. 12 CFR Part 1026 and other supporting materials, will become part of the public record and This proposed rule would not impose [Docket No. CFPB–2021–0003] any additional reporting or subject to public disclosure. Proprietary recordkeeping requirements on either RIN 3170–AA98 information or sensitive personal small or large California walnut information, such as account numbers handlers. As with all Federal marketing Qualified Mortgage Definition Under or Social Security numbers, or names of order programs, reports and forms are the Truth in Lending Act (Regulation other individuals, should not be periodically reviewed to reduce Z): General QM Loan Definition; Delay included. Comments will not be edited information requirements and of Mandatory Compliance Date to remove any identifying or contact information. duplication by industry and public AGENCY: Bureau of Consumer Financial sector agencies. Protection. FOR FURTHER INFORMATION CONTACT: Ben AMS is committed to complying with ACTION: Proposed rule; request for Cady, Mark Morelli, Amanda Quester, the E-Government Act, to promote the comment. or Priscilla Walton-Fein, Senior use of the internet and other Counsels, Office of Regulations, at 202– information technologies to provide SUMMARY: The Bureau of Consumer 435–7700. If you require this document increased opportunities for citizen Financial Protection (Bureau) is in an alternative electronic format, access to Government information and proposing to delay the mandatory please contact CFPB_Accessibility@ services, and for other purposes. compliance date of the final rule titled cfpb.gov. VerDate Sep<11>2014 19:49 Mar 04, 2021 Jkt 253001 PO 00000 Frm 00003 Fmt 4702 Sfmt 4702 E:\FR\FM\05MRP1.SGM 05MRP1 jbell on DSKJLSW7X2PROD with PROPOSALS 12840 Federal Register / Vol. 86, No. 42 / Friday, March 5, 2021 / Proposed Rules SUPPLEMENTARY INFORMATION: creditors would have the option of before the current July 1, 2021 complying with either the revised mandatory compliance date. I. Summary of the Proposed Rule General QM loan definition or the II. Background The Ability-to-Repay/Qualified General QM loan definition in effect Mortgage Rule (ATR/QM Rule) requires prior to March 1, 2021. Under the A. Dodd-Frank Act Amendments to the a creditor to make a reasonable, good proposal, the revised regulations would Truth in Lending Act and the January faith determination of a consumer’s apply to covered transactions for which 2013 Final Rule ability to repay a residential mortgage creditors receive an application on or The Dodd-Frank Wall Street Reform loan according to its terms. Loans that after October 1, 2022. meet the ATR/QM Rule’s requirements and Consumer Protection Act (Dodd- The ATR/QM Rule also defines a 3 for qualified mortgages (QMs) obtain Frank Act) amended the Truth in second, temporary category of QMs for Lending Act (TILA) 4 to establish, certain protections from liability. The mortgages that (1) comply with the same ATR/QM Rule defines several categories among other things, ability-to-repay loan-feature prohibitions and points- (ATR) requirements in connection with of QMs. and-fees limits as General QMs and (2) One QM category defined in the ATR/ the origination of most residential are eligible to be purchased or mortgage loans.5 As amended by the QM Rule is the General QM category. guaranteed by either the Federal General QMs must comply with the Dodd-Frank Act, TILA prohibits a National Mortgage Association (Fannie creditor from making a residential ATR/QM Rule’s prohibitions on certain Mae) or the Federal Home Loan loan features, its points-and-fees limits, mortgage loan unless the creditor makes Mortgage Corporation (Freddie Mac) and its underwriting requirements. a reasonable and good faith (collectively, the government-sponsored Under the original ATR/QM Rule, the determination based on verified and enterprises or GSEs), while operating ratio of the consumer’s total monthly documented information that the under the conservatorship or debt to total monthly income (DTI or consumer has a reasonable ability to receivership of the Federal Housing DTI ratio) could not exceed 43 percent repay the loan.6 TILA identifies the Finance Agency (FHFA). This proposed for a loan to meet the General QM loan factors a creditor must consider in rule refers to these loans as Temporary definition. In December 2020, the making a reasonable and good faith GSE QM loans, and the provision that Bureau issued the General QM Final assessment of a consumer’s ability to created this loan category is commonly Rule, which amended Regulation Z by repay. These factors are the consumer’s replacing the General QM loan known as the GSE Patch. In October credit history, current and expected definition’s DTI limit with a limit based 2020, the Bureau issued a final rule income, current obligations, DTI ratio or on loan pricing and making other stating that the Temporary GSE QM loan residual income after paying non- changes to the General QM loan definition will be available only for mortgage debt and mortgage-related definition.1 The General QM Final Rule covered transactions for which the obligations, employment status, and took effect on March 1, 2021, and it creditor receives the consumer’s other financial resources other than provides a mandatory compliance date application before the mandatory equity in the dwelling or real property of July 1, 2021.
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