Ballard Spahr LLP--Richard J. Andreano, Jr.

The CFPB recently released a redesigned version of its Home Mortgage Disclosure Act (HMDA) data and research page. The webpage provides access to various types of HMDA information and data, including HMDA data of individual institutions, and HMDA data aggregated on a national basis and a metropolitan area basis.

The CFPB advises that in the coming months the Federal Financial Institutions Examination Council (FFIEC) will publish a query tool for the 2018 HMDA data. Calendar year 2018 was the first year that institutions were required to collect information based on the greatly expanded and revised HMDA data requirements adopted in October of 2015. Please see our blog post on CFPB efforts to revisit the changes to the HMDA rule made in October 2015.

Once the new FFIEC query tool becomes available, the CFPB will retire the current HMDA Explorer tool and the application programming interface (API) that powers the tool, as they are not compatible with the HMDA data collected in 2018 or later.

The Bureau has posted a factsheet discussing whether Loan Estimates and Closing Disclosures are required for assumption transactions. The factsheet is available on the Bureau’s website.

Thank you,

Consumer Financial Protection Bureau 

DSNews--Seth Welborn

The U.S. Senate Committee on Banking, Housing, and Urban Affairs turned its eye toward supervision on Tuesday. During Tuesday’s hearing, titled “Guidance, Supervisory Expectations, and the Rule of Law: How do the Banking Agencies Regulate and Supervise Institutions?” the committee hear from Greg Baer, President and CEO of the Bank Policy Institute, Margaret Tahyar, Partner, Davis Polk & Wardwell LLP, and Patricia McCoy, Professor of Law, Boston College Law School.

“Banks receive significant forms of government support and benefits, including deposit insurance and access to the Fed’s discount window,” said Committee Chair Mike Crapo. “In exchange for these benefits, which ensure that American consumers have stable access to their deposits, banking agencies supervise banks and in return expect them to operate in a safe and sound manner.”

In her testimony, Tahyar discussed the “shadow” regulatory systems, or oral principles, not made public nor written down. This includes the practice of regulation by negotiation in the application process.

“An illustrative example, which can be used because it is one of the few to become public, comes from applications by Citicorp, J.P. Morgan, and Bankers Trust New York Corporation in 1987 to underwrite and deal in municipal revenue bonds, mortgage related securities and commercial paper,” Tahyar said. “During negotiations with agency staff, each applicant ‘voluntarily’ consented to market share limitations while protesting that they saw no need for them. When considered for review by the Federal Reserve Board of Governors, the banks admitted that they agreed to the limitations only to ‘expedite the applications.’”

In addition to discussing the supervisory practices of the banks during this hearing, Crapo and the Senate Banking Committee discussed how they are working to reform housing finance, and prevent another major crash.

During a hearing earlier this year, the federal banking agencies, including the Federal Reserve Board, theFederal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency proposed a rule to "limit the interconnectedness of large banking organizations and reduce the impact from failure of the largest banking organizations." In yet another hearing this year, Crapo and the Committee discussed Crapo’s housing finance reform outline. Under the outline, Crapo said that the new housing finance reforms would protect taxpayers by reducing the systemic, too-big-to-fail risk posed by the current duopoly of mortgage guarantors.

AGENCY:

The Office of the Comptroller of the Currency; the Board of Governors of the Federal Reserve System; and the Federal Deposit Insurance Corporation.

ACTION:

Joint notice of proposed rulemaking.

SUMMARY:

The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and Federal Deposit Insurance Corporation are inviting public comment on a proposal to implement section 402 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. Section 402 directs these agencies to amend the supplementary leverage ratio of the regulatory capital rule to exclude certain funds of banking organizations deposited with central banks if the banking organization is predominantly engaged in custody, safekeeping, and asset servicing activities.

DATES:

Comments should be received on or before July 1, 2019.

ADDRESSES:

Comments should be directed to:

OCC: You may submit comments to the OCC by any of the methods set forth below. Commenters are encouraged to submit comments through the Federal eRulemaking Portal or email, if possible. Please use the title “Regulatory Capital Rule: Revisions to the Supplementary Leverage Ratio to Exclude Certain Central Bank Deposits of Banking Organizations Predominantly Engaged in Custody, Safekeeping and Asset Servicing Activities” to facilitate the organization and distribution of the comments. You may submit comments by any of the following methods:

•  Federal eRulemaking Portal—“Regulations.gov”: Go to www.regulations.gov. Enter “Docket ID OCC-2019-0001” in the Search Box and click “Search.” Click on “Comment Now” to submit public comments.
• Click on the “Help” tab on the Regulations.gov home page to get information on using Regulations.gov, including instructions for submitting public comments.
•  Email: regs.comments@occ.treas.gov.
•  Mail: Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
•  Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218, Washington, DC 20219.

Instructions: You must include “OCC” as the agency name and “Docket ID OCC-2019-0001” in your comment. In general, the OCC will enter all comments received into the docket and publish the comments on the Regulations.govwebsite without change, including any business or personal information that you provide such as name and address information, email addresses, or phone numbers. Comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure. Do not include any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure.

You may review comments and other related materials that pertain to this rulemaking action by any of the following methods:

•  Viewing Comments Electronically: Go to www.regulations.gov. Enter “Docket ID OCC-2019-0001” in the Search box and click “Search.” Click on “Open Docket Folder” on the right side of the screen. Comments and supporting materials can be viewed and filtered by clicking on “View all documents and comments in this docket” and then using the filtering tools on the left side of the screen.
• Click on the “Help” tab on the Regulations.gov home page to get information on using Regulations.gov. The docket may be viewed after the close of the comment period in the same manner as during the comment period.
• Viewing Comments Personally: You may personally inspect comments at the OCC, 400 7th Street SW, Washington,Start Printed Page 18176DC 20219. For security reasons, the OCC requires that visitors make an appointment to inspect comments. You may do so by calling (202) 649-6700 or, for persons who are deaf or hearing impaired, TTY, (202) 649-5597. Upon arrival, visitors will be required to present valid government-issued photo identification and submit to security screening in order to inspect comments.

Board: You may submit comments, identified by Docket No. R-1659; RIN 7100-AF 46, by any of the following methods:

•  Agency Website: http://www.federalreserve.gov. Follow the instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
•  Email: regs.comments@federalreserve.gov. Include docket number in the subject line of the message.
•  Fax: (202) 452-3819 or (202) 452-3102.
•  Mail: Ann E. Misback, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551. All public comments are available from the Board's website at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as submitted, unless modified for technical reasons or to remove sensitive personal identifying information at the commenter's request. Public comments may also be viewed electronically or in paper form in Room 146, 1709 New York Avenue NW, Washington, DC 20006 between 9:00 a.m. and 5:00 p.m. on weekdays.

FDIC: You may submit comments, identified by RIN 3064-AE81, by any of the following methods:

•  Agency Website: http://www.fdic.gov/regulations/laws/federal. Follow instructions for submitting comments on the Agency website.
•  Email: Comments@FDIC.gov. Include “RIN 3064-AE81” on the subject line of the message.
•  Mail: Robert E. Feldman, Executive Secretary, Attention: Comments/RIN 3064-AE81, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429.
•  Hand Delivery/Courier: Comments may be hand delivered to the guard station at the rear of the 550 17th Street Building (located on F Street) on business days between 7 a.m. and 5 p.m. All comments received must include the agency name (FDIC) and RIN 3064-AE81 and will be posted without change to http://www.fdic.gov/regulations/laws/federal,including any personal information provided.

FOR FURTHER INFORMATION CONTACT:

OCC: Venus Fan, Risk Expert, or Guowei Zhang, Risk Expert, Capital and Regulatory Policy, (202) 649-6370; or Patricia Dalton, Technical Expert for Credit and Market Risk, Asset Management, (202) 649-6401; or Rima Kundnani, Attorney, or Christopher Rafferty, Attorney, Chief Counsel's Office, (202) 649-5490; the Office of the Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219.

Board: Constance M. Horsley, Deputy Associate Director, (202) 452-5239; Elizabeth MacDonald, Manager, (202) 475-6316; Mark Handzlik, Lead Financial Institution Policy Analyst, (202) 475-6636; or Noah Cuttler, Senior Financial Institution Policy Analyst I, (202) 912-4678; Division of Supervision and Regulation; or Benjamin W. McDonough, Assistant General Counsel, (202) 452-2036; Mark Buresh, Counsel, (202) 452-5270; Mary Watkins, Senior Attorney, (202) 452-3722; Legal Division, Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, DC 20551. For the hearing impaired only, Telecommunication Device for the Deaf, (202) 263-4869.

FDIC: Benedetto Bosco, Chief, Capital Policy Section, bbosco@fdic.gov; Michael Maloney, Senior Policy Analyst, mmaloney@fdic.gov; Dushan Gorechan, Financial Analyst, dgorechan@fdic.gov; Keith Bergstresser, Capital Markets Policy Analyst, kbergstresser@fdic.gov; or regulatorycapital@fdic.gov; Capital Markets Branch, Division of Risk Management Supervision, (202) 898-6888; Michael Phillips, Counsel, mphillips@fdic.gov; Catherine Wood, Acting Supervisory Counsel, cawood@fdic.gov; or Alexander Bonander, Attorney, abonander@fdic.gov; Supervision Branch, Legal Division, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429.

[For complete details, see the Joint Notice of Proposed Rulemaking]

AGENCY:

Bureau of Consumer Financial Protection.

ACTION:

Request for information.

SUMMARY:

The Electronic Fund Transfers Act (EFTA), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), establishes certain protections for consumers sending international money transfers, or remittance transfers. The Bureau of Consumer Financial Protection's (Bureau) remittance rules (Remittance Rule or Rule) implement these protections. This document seeks information and evidence that may inform possible changes to the Rule that would not eliminate, but would mitigate the effects of the expiration of a statutory exception for certain financial institutions. EFTA expressly limits the length of the temporary exception to July 21, 2020 and does not authorize the Bureau to extend this term. Therefore, the exception will expire on July 21, 2020 unless Congress changes the law. In addition, the Bureau seeks information and evidence related to the scope of coverage of the Rule, including whether to change a safe harbor threshold in the Rule that determines whether a person makes remittance transfers in the normal course of its business, and whether an exception for small financial institutions may be appropriate.

DATES:

Comments must be received on or before June 28, 2019.

ADDRESSES:

You may submit responsive information and other comments, identified by Docket No. CFPB-2019-0018, by any of the following methods:

•  Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the instructions for submitting comments.
•  Email: 2019-RFI-RemittanceRule@cfpb.gov. Include Docket No. CFPB-2019-0018 in the subject line of the message.
•  Mail: Comment Intake, Bureau of Consumer Financial Protection, 1700 G St. NW, Washington, DC 20552.
•  Hand Delivery/Courier: Comment Intake, Bureau of Consumer Financial Protection, 1700 G Street NW, Washington, DC 20552.

Instructions: Please note the number associated with any question to which you are responding at the top of each response. You are not required to answer all questions to receive consideration of your comments. The Bureau encourages the early submission of comments. All submissions must include the document title and docket number. Because paper mail in the Washington, DC area and at the Bureau is subject to delay, commenters are encouraged to submit comments electronically. In general, all comments received will be posted without change to http://www.regulations.gov. In addition, comments will be available for public inspection and copying at 1700 G St. NW, Washington, DC 20552, on official business days between the hours of 10 a.m. and 5 p.m. Eastern Standard Time. You can make an appointment to inspect the documents by telephoning (202) 435-7275.

All submissions, including attachments and other supporting materials, will become part of the public record and subject to public disclosure. Please do not include in your submissions sensitive personal information, such as account numbers or Social Security numbers, or names of other individuals, or other information that you would not ordinarily make public, such as trade secrets or confidential commercial information. Submissions will not be edited to remove any identifying or contact information, or other information that you would not ordinarily make public. If you wish to submit trade secret or confidential commercial information, please contact the individuals listed in the FOR FURTHER INFORMATION CONTACT section below. Information submitted to the Bureau will be treated in accordance with the Bureau's Rule on the Disclosure of Records and Information, 12 CFR part 1070 et seq.

FOR FURTHER INFORMATION CONTACT:

Jane Raso, Senior Counsel; Yaritza Velez, Counsel; Office of Regulations, at (202) 435-7309. If you require this document in alternative electronic format, please contact CFPB_Accessibility.cfpb.gov.

The Bureau has published updates to the Prepaid Small Entity Compliance Guide reflecting previously issued resources to help prepaid account issuers submit account agreements using Collect, the Bureau’s online channel for submissions.  You can access the updated guide here and those resources here.

Thank you,

Consumer Financial Protection Bureau 

The Bureau has issued a Request for Information (RFI) regarding potential regulatory changes to the Bureau’s Remittance Rule. The RFI seeks information on two specific areas of the rule.

• Temporary Exception Expiration Questions: First, the RFI seeks information and evidence that may inform possible changes to the rule that would not eliminate, but would mitigate the effects of the expiration of a statutory exception for certain financial institutions.  The Electronic Funds Transfer Act expressly limits the length of the temporary exception in the Remittance Rule to July 21, 2020 and does not authorize the Bureau to extend this term.  Therefore, the exception will expire on July 21, 2020 unless Congress changes the law. 
• Institution and Transaction Coverage Questions: In addition, the RFI seeks information and evidence related to the scope of coverage of the rule, including whether to change a safe harbor threshold in the rule that determines whether a person makes remittance transfers in the normal course of its business, and whether an exception for small financial institutions may be appropriate.

If you would like to review and/or comment on the RFI, it is available here. 

The Bureau has also published a revised version of the Remittance Rule assessment report.  The original report inadvertently understated the approximate dollar volume of remittances made by depository institutions.  The understatement does not affect any of the report’s conclusions.  The revised version and the original version of the assessment report are available here.

Thank you,

Consumer Financial Protection Bureau 

AGENCY:

Office of the Comptroller of the Currency (OCC), Treasury.

ACTION:

Notice of proposed rulemaking with request for public comment.

SUMMARY:

The OCC is inviting comment on a proposed rule that would clarify and streamline its regulation on other real estate owned (OREO) for national banks and update the regulatory framework for OREO activities at Federal savings associations. The OCC is also proposing to remove outdated capital rules for national banks and Federal savings associations, which include provisions related to OREO, and make conforming edits to other rules that reference those capital rules.

DATES:

Comments must be received by June 24, 2019.

ADDRESSES:

You may submit comments to the OCC by any of the methods set forth below. Commenters are encouraged to submit comments through the Federal eRulemaking Portal or email, if possible. Please use the title “Other Real Estate Owned and Technical Amendments” to facilitate the organization and distribution of the comments. You may submit comments by any of the following methods:

•  Federal eRulemaking Portal—“Regulations.gov”: Go to www.regulations.gov. Enter “Docket ID OCC-2019-0004” in the Search Box and click “Search.” Click on “Comment Now” to submit public comments.
• Click on the “Help” tab on the Regulations.gov home page to get information on using Regulations.gov, including instructions for submitting public comments.
•  Email: regs.comments@occ.treas.gov.
•  Mail: Chief Counsel's Office, Attention: Comment Processing, Office of the Comptroller of the Currency, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
•  Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218, Washington, DC 20219.

Instructions: You must include “OCC” as the agency name and “Docket ID OCC-2019-0004” in your comment.

In general, the OCC will enter all comments received into the docket and publish the comments on the Regulations.gov website without change, including any business or personal information that you provide such as name and address information, email addresses, or phone numbers. Comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure. Do not include any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure.

You may review comments and other related materials that pertain to this rulemaking action by any of the following methods:

•  Viewing Comments Electronically: Go to www.regulations.gov. Enter “Docket ID OCC-2019-0004” in the Search box and click “Search.” Click on “Open Docket Folder” on the right side of the screen. Comments and supporting materials can be viewed and filtered by clicking on “View all documents and comments in this docket” and then using the filtering tools on the left side of the screen.
• Click on the “Help” tab on the Regulations.gov home page to get information on using Regulations.gov. The docket may be viewed after the close of the comment period in the same manner as during the comment period.
• Viewing Comments Personally: You may personally inspect comments at the OCC, 400 7th Street SW, Washington, DC 20219. For security reasons, the OCC requires that visitors make an appointment to inspect comments. You may do so by calling (202) 649-6700 or, for persons who are deaf or hearing impaired, TTY, (202) 649-5597. Upon arrival, visitors will be required to present valid government-issued photo identification and submit to security screening in order to inspect comments.

FOR FURTHER INFORMATION CONTACT:

For revisions to Part 34, Subpart E (OREO): Charlotte Bahin, Senior Advisor for Thrift Supervision, (202) 649-6281; or, J. William Binkley, Attorney, Chief Counsel's Office, (202) 649-5500.

For all revisions: Kevin Korzeniewski, Counsel, Chief Counsel's Office, (202) 649-5490; or for persons who are deaf or hearing impaired, TTY, (202) 649-5597.

[See the Proposed Rule for complete details]

AGENCY:

Federal Deposit Insurance Corporation (FDIC).

ACTION:

Advance notice of proposed rulemaking.

SUMMARY:

The FDIC invites comments on this advance notice of proposed rulemaking (ANPR) concerning how to tailor and improve its rule requiring certain insured depository institutions to submit resolution plans.

DATES:

Comments must be received by June 21, 2019.

ADDRESSES:

You may submit comments, identified by RIN 3064-AF05, by any of the following methods:

•  Agency website: https://www.fdic.gov/regulations/laws/federal/. Follow the instructions for submitting comments on the Agency website.
•  Email: Comments@FDIC.gov. Include “RIN 3064-AF05” on the subject line of the message.
•  Mail: Robert E. Feldman, Executive Secretary, Attention: Comments/RIN 3064-AF05, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429.
•  Hand Delivery/Courier: Comments may be hand delivered to the guard station at the rear of the 550 17th Street Building (located on F Street) on business days between 7 a.m. and 5 p.m.

All comments received must include the agency name (FDIC) and RIN 3064-AF05 and will be posted without change to http://www.fdic.gov/regulations/laws/federal, including any personal information provided.

FOR FURTHER INFORMATION CONTACT:

F. Angus Tarpley III, Counsel, (703) 562-2434, ftarpley@fdic.gov, James P. Sheesley, Counsel, (703) 562-2047, jsheesley@fdic.gov, Ryan M. Rappa, Counsel, (202) 898-6767, Legal Division; Lori J. Quigley, Deputy Director, (202) 898-3799, Robert C. Connors, Associate Director, (202) 898-3834, Division of Risk Management Supervision; Marc Steckel, Deputy Director, (571) 858-8224, Division of Resolutions and Receiverships; Jason C. Cave, Corporate Expert, (202) 898-3548, Office of Complex Financial Institutions.

[See the Proposed Rule for complete details]

AGENCY:

National Credit Union Administration (NCUA).

ACTION:

Advance notice of proposed rulemaking.

SUMMARY:

The NCUA Board (Board) is issuing this advance notice of proposed rulemaking (ANPR) to solicit comments on ways to improve the agency's regulations limiting a credit union official's and employee's compensation in connection with loans to members and lines of credit to members. These regulations have generated confusion and are likely outdated, burdensome, and at odds with industry standards. The Board is particularly interested in obtaining commenter feedback on how it can provide flexibility with respect to senior executive compensation plans that incorporate lending as part of a broad and balanced set of organizational goals and performance measures.

DATES:

Comments must be received on or before June 24, 2019.

ADDRESSES:

You may submit written comments by any of the following methods (Please send comments by one method only):

• Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments.
•  NCUA website: https://www.ncua.gov/regulation-supervision/rules-regulations/proposed-pending-and-recently-final-regulations. Follow the instructions for submitting comments.
• Email: Address to regcomments@ncua.gov. Include “[Your name]—Comments on Advance Notice of Proposed Rulemaking: Compensation in Connection with Loans to Members and Lines of Credit to Members” in the email subject line.
•  Fax: (703) 518-6319. Use the subject line described above for email.
•  Mail: Address to Gerard Poliquin, Secretary of the Board, National Credit Union Administration, 1775 Duke Street, Alexandria, Virginia 22314-3428.
•  Hand Delivery/Courier: Same as mail address.

Public Inspection: You can view all public comments on the NCUA's website at https://www.ncua.gov/regulation-supervision/rules-regulations/proposed-pending-and-recently-final-regulations as submitted, except for those we cannot post for technical reasons. The NCUA will not edit or remove any identifying or contact information from the public comments submitted. You may inspect paper copies of comments in the NCUA's law library at 1775 Duke Street, Alexandria, Virginia 22314, by appointment weekdays between 9:00 a.m. and 3:00 p.m. To make an appointment, call (703) 518-6546, or send an email to OGCMail@ncua.gov.

FOR FURTHER INFORMATION CONTACT:

Thomas I. Zells, Staff Attorney, Office of General Counsel, at 1775 Duke Street, Alexandria, VA 22314 or telephone: (703) 548-2478.

[See Proposed Rule for complete details]

AGENCY:

Office of the General Counsel, HUD.

ACTION:

Notice.

SUMMARY:

Section 106 of the Department of Housing and Urban Development Reform Act of 1989 (the HUD Reform Act) requires HUD to publish quarterly Federal Register notices of all regulatory waivers that HUD has approved. Each notice covers the quarterly period since the previous Federal Register notice. The purpose of this notice is to comply with the requirements of section 106 of the HUD Reform Act. This notice contains a list of regulatory waivers granted by HUD during the period beginning on October 1, 2018 and ending on December 31, 2018.

FOR FURTHER INFORMATION CONTACT:

For general information about this notice, contact Ariel Pereira, Associate General Counsel for Legislation and Regulations, Department of Housing and Urban Development, 451 Seventh Street SW, Room 10282, Washington, DC 20410-0500, telephone 202-708-3055 (this is not a toll-free number). Persons with hearing- or speech-impairments may access this number through TTY by calling the toll-free Federal Relay Service at 800-877-8339.

For information concerning a particular waiver that was granted and for which public notice is provided in this document, contact the person whose name and address follow the description of the waiver granted in the accompanying list of waivers that have been granted in the fourth quarter of calendar year 2018.

SUPPLEMENTARY INFORMATION:

Section 106 of the HUD Reform Act added a new section 7(q) to the Department of Housing and Urban Development Act (42 U.S.C. 3535(q)), which provides that:

1. Any waiver of a regulation must be in writing and must specify the grounds for approving the waiver;

2. Authority to approve a waiver of a regulation may be delegated by the Secretary only to an individual of Assistant Secretary or equivalent rank, and the person to whom authority to waive is delegated must also have authority to issue the particular regulation to be waived;

3. Not less than quarterly, the Secretary must notify the public of all waivers of regulations that HUD has approved, by publishing a notice in the Federal Register. These notices (each covering the period since the most recent previous notification) shall:

a. Identify the project, activity, or undertaking involved;

b. Describe the nature of the provision waived and the designation of the provision;

c. Indicate the name and title of the person who granted the waiver request;

d. Describe briefly the grounds for approval of the request; and

e. State how additional information about a particular waiver may be obtained.

Section 106 of the HUD Reform Act also contains requirements applicable to waivers of HUD handbook provisions that are not relevant to the purpose of this notice.

This notice follows procedures provided in HUD's Statement of Policy on Waiver of Regulations and Directives issued on April 22, 1991 (56 FR 16337). In accordance with those procedures and with the requirements of section 106 of the HUD Reform Act, waivers of regulations are granted by the Assistant Secretary with jurisdiction over the regulations for which a waiver was requested. In those cases in which a General Deputy Assistant Secretary granted the waiver, the General Deputy Assistant Secretary was serving in the absence of the Assistant Secretary in accordance with the office's Order of Succession.

This notice covers waivers of regulations granted by HUD from October 1, 2018 through December 31, 2018. For ease of reference, the waivers granted by HUD are listed by HUD program office (for example, the Office of Community Planning and Development, the Office of Fair Housing and Equal Opportunity, the Office of Housing, and the Office of Public and Indian Housing, etc.). Within each program office grouping, the waivers are listed sequentially by the regulatory section of title 24 of the Code of Federal Regulations (CFR) that is being waived. For example, a waiver of a provision in 24 CFR part 58 would be listed before a waiver of a provision in 24 CFR part 570.

Where more than one regulatory provision is involved in the grant of a particular waiver request, the action is listed under the section number of the first regulatory requirement that appears in 24 CFR and that is being waived. For example, a waiver of both § 58.73 and § 58.74 would appear sequentially in the listing under § 58.73.

Waiver of regulations that involve the same initial regulatory citation are in time sequence beginning with the earliest-dated regulatory waiver.

Should HUD receive additional information about waivers granted during the period covered by this report (the fourth quarter of calendar year 2018) before the next report is published (the first quarter of calendar year 2019), HUD will include any additional waivers granted for the fourth quarter in the next report.

Accordingly, information about approved waiver requests pertaining to HUD regulations is provided in the Appendix that follows this notice.

Dated: April 16, 2019.

J. Paul Compton, Jr.,

General Counsel.

[See final rule for a list of waivers]

Buckley Sandler, LLP--InfoBytes Blog

On April 11, acting Director of the Office of Management and Budget (OMB), Russel Vought, sent a memorandum to the heads of all executive agencies announcing that on May 11, agencies will be required to submit all regulatory guidance materials to the Office of Information and Regulatory Affairs (OIRA) for review prior to publication. The memo asserts that the Congressional Review Act (CRA) “applies to more than just notice-and-comment rules; it also encompasses a wide range of other regulatory actions, including, inter alia, guidance documents, general statements of policy and interpretive rules” and therefore, agencies should not publish a regulatory action in the Federal Register without first submitting the document to OIRA to determine whether it is considered a “major rule” under the CRA. The CRA defines a “major rule” as one having (i) an annual effect on the economy of at least $100 million; (ii) a major increase in costs or prices for consumers, individual industries, or federal and state governments; or (iii) significant adverse effects on competition, employment, and U.S.-based enterprises. Should OIRA consider the regulatory action to be a “major rule,” the rule will be submitted to Congress with OIRA’s report and will not become effective sooner than 60 days after its submission. The memo instructs agencies to provide OIRA a quantitative analysis, which includes costs, benefits, and transfer impacts relative to a baseline, “when reasonably possible.” Additionally, the agency’s analysis should include whether the regulatory action would impose a disproportionate cost on a particular group or place a significant burden on the economy.