Quiero saber acerca de...

53570

Federal Register / Vol. 86, No. 185 / Tuesday, September 28, 2021 / Proposed Rules
Grandfathered Secondary Capital, under 702.402 of this part, is governed by 702.414 of this part. Grandfathered Secondary Capital will no longer be treated as Regulatory Capital as of the later of 20 years from the date of issuance or January 1, 2042.
4. In 702.402 revise the definition for Grandfathered Secondary Capital to read as follows:
702.402

Definitions.

Grandfathered Secondary Capital means any secondary capital issued under 701.34 of this chapter before January 1, 2022, or, in the case of a federally insured, state-chartered credit union, with 741.204c of this chapter, before January 1, 2022. 12 CFR 701.34
was recodified as 702.414 as of January 1, 2022. This term also includes issuances of secondary capital to the U.S. Government or any of its subdivisions, under applications approved before January 1, 2022, pursuant to 701.34 or 741.204c of this chapter, irrespective of the date of issuance.

5. In 702.414 revise the introductory text and paragraph a2 to read as follows:

This section recodifies the requirements from 12 CFR 701.34b, c, and d that were in effect as of December 31, 2021, with minor modifications. The terminology used in this section is specific to this section.
Except as provided in the next sentence, all secondary capital issued under 701.34 of this chapter before January 1, 2022, or, in the case of a federally insured, state-chartered credit union, 741.204c of this chapter, that is referred to elsewhere in this subpart as Grandfathered Secondary Capital, is subject to the requirements set forth in this section. Issuances of secondary capital to the U.S. Government or any of its subdivisions, under applications approved before January 1, 2022, pursuant to 701.34 or 741.204c of this chapter, are also considered Grandfathered Secondary Capital irrespective of the date of issuance.
a
2 Issuances not completed before January 1, 2022. Except as provided in the next sentence, any issuances of secondary capital not completed by January 1, 2022, are, as of January 1, 2022, subject to the requirements applicable to Subordinated Debt discussed elsewhere in this subpart.
Issuances of secondary capital to the
16:08 Sep 27, 2021

Jkt 253001

PART 741REQUIREMENTS FOR
INSURANCE
6. The authority citation for part 741
continues to read as follows:

Authority: 12 U.S.C. 1757, 1766a, 1781
1790, and 1790d; 31 U.S.C. 3717.

7. Amend 741.204 by revising paragraph c to read as follows:

741.204 Maximum public unit and nonmember accounts, and low-income designation.

c Follow the requirements of 702.414 of this chapter for any Grandfathered Secondary Capital as defined in part 702 of this chapter.
FR Doc. 202121055 Filed 92721; 8:45 am BILLING CODE 753501P

DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT

702.414 Regulations governing Grandfathered Secondary Capital.

VerDate Sep<11>2014

U.S. Government or any of its subdivisions, under applications approved before January 1, 2022, pursuant to 701.34 or 741.204c of this chapter, are not subject to the requirements applicable to Subordinated Debt, discussed elsewhere in this subpart, irrespective of the date of issuance.

24 CFR Parts 5 and 200
Docket No. FR6160N02

Notice of Continuation of Demonstration To Assess the National Standards for the Physical Inspection of Real Estate and Associated Protocols Office of the Assistant Secretary for Housing; Office of the Assistant Secretary for Public and Indian Housing, U.S. Department of Housing and Urban Development.
ACTION: Demonstration continuation.
AGENCY:

Through this notification, HUD announces the continuation of the Demonstration to Assess the National Standards for the Physical Inspection of Real Estate and Associated Protocols through April 30, 2023. This demonstration allows HUD to test the NSPIRE standards and protocols as the means for assessing the physical conditions of HUD-assisted and HUDinsured housing. The continuation provides the authority to further evaluate and refine the future state of HUDs physical inspection model.
DATES: The demonstration continuation is effective September 28, 2021.
SUMMARY:

PO 00000

Frm 00004

Fmt 4702

Sfmt 4702

FOR FURTHER INFORMATION CONTACT:

Timothy Weese, NSPIRE Program Manager, Office of Public and Indian Housing, Department of Housing and Urban Development, 550 12th Street SW, Suite 100, Washington, DC 20410
4000, telephone number 2024758811
this is not a toll-free number or via email to NSPIRE@hud.gov. Persons with hearing or speech impairments may contact the numbers above via TTY by calling the Federal Relay Service at 800
8778339 this is a toll-free number.
SUPPLEMENTARY INFORMATION: On August 21, 2019, the U.S. Department of Housing and Urban Development published a document implementing the Demonstration To Assess the National Standards for the Physical Inspection of Real Estate and Associated Protocols. the 2019 document.1
Through this demonstration, HUD is collecting, processing, and evaluating physical inspection data and information, and is improving and refining the NSPIRE model. The NSPIRE
model will revise the way that HUDassisted housing is inspected and evaluated to reduce regulatory burden and improve HUD oversight through a unified assessment of housing quality and a prioritization of resident health and safety.
HUD has decided to extend this demonstration to assess the improvements and alignment of the inspection protocol. This decision furthers the direction contained in the Joint Explanatory Statement accompanying the Consolidated Appropriations Act of 2016, Public Law 114113, approved December 18, 2015;
the statutory requirements detailed in the Economic Growth and Recovery, Regulatory Relief, and Consumer Protection Act of 2018, Public Law 115
174; 2 and the proposed guidance the Department has outlined in the Economic Growth, Regulatory Relief, and Consumer Protection Act:
Implementation of National Standards for the Physical Inspection of Real Estate proposed rule.3 All participant 1 Originally announced in the Notice of Demonstration To Assess the National Standards for the Physical Inspection of Real Estate and Associated Protocols, 84 FR 43536 August 21, 2019 https www.federalregister.gov/documents/
2019/08/21/2019-17910/notice-of-demonstration-toassess-the-national-standards-for-the-physicalinspection-of-real-estate.
2 The text of the Economic Growth Act, along with a summary prepared by the Congressional Research Service, can be found at https
www.congress.gov/bill/115th-congress/senate-bill/
2155/text.
3 See Economic Growth Regulatory Relief and Consumer Protection Act: Implementation of National Standards for the Physical Inspection of Real Estate NSPIRE, 86 FR 2582 January 13, 2021
https www.federalregister.gov/documents/2021/

E:FRFM28SEP1.SGM

28SEP1