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Federal Register / Vol. 86, No. 227 / Tuesday, November 30, 2021 / Rules and Regulations
threshold amount in effect at the time of consummation. In these circumstances, the loan remains exempt under 1026.3b even if the total amount of credit extended does not exceed the threshold amount.
ii. Subsequent changes. If a creditor makes a closed-end extension of credit or commitment to extend closed-end credit that exceeds the threshold amount in effect at the time of consummation, the closed-end loan remains exempt under 1026.3b regardless of a subsequent increase in the threshold amount. However, a closed-end loan is not exempt under 1026.3b merely because it is used to satisfy and replace an existing exempt loan, unless the new extension of credit is itself exempt under the applicable threshold amount. For example, assume a closed-end loan that qualified for a 1026.3b exemption at consummation in year one is refinanced in year ten and that the new loan amount is less than the threshold amount in effect in year ten. In these circumstances, the creditor must comply with all of the applicable requirements of this part with respect to the year ten transaction if the original loan is satisfied and replaced by the new loan, which is not exempt under 1026.3b. See also comment 3b6.
6. Addition of a security interest in real property or a dwelling after account opening or consummation. i. Open-end credit. For open-end accounts, if after account opening a security interest is taken in real property, or in personal property used or expected to be used as the consumers principal dwelling, a previously exempt account ceases to be exempt under 1026.3b and the creditor must begin to comply with all of the applicable requirements of this part within a reasonable period of time.
See comment 3b4.ii. If a security interest is taken in the consumers principal dwelling, the creditor must also give the consumer the right to rescind the security interest consistent with 1026.15.
ii. Closed-end credit. For closed-end loans, if after consummation a security interest is taken in real property, or in personal property used or expected to be used as the consumers principal dwelling, an exempt loan remains exempt under 1026.3b. However, the addition of a security interest in the consumers principal dwelling is a transaction for purposes of 1026.23, and the creditor must give the consumer the right to rescind the security interest consistent with that section. See 1026.23a1 and its commentary. In contrast, if a closed-end loan that is exempt under 1026.3b is satisfied and replaced by a loan that is secured
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by real property, or by personal property used or expected to be used as the consumers principal dwelling, the new loan is not exempt under 1026.3b, and the creditor must comply with all of the applicable requirements of this part. See comment 3b5.
7. Application to extensions secured by mobile homes. Because a mobile home can be a dwelling under 1026.2a19, the exemption in 1026.3b does not apply to a credit extension secured by a mobile home that is used or expected to be used as the principal dwelling of the consumer.
See comment 3b6.
8. Transition rule for open-end accounts exempt prior to July 21, 2011.
Section 1026.3b2 applies only to open-end accounts opened prior to July 21, 2011. Section 1026.3b2 does not apply if a security interest is taken by the creditor in real property, or in personal property used or expected to be used as the consumers principal dwelling. If, on July 20, 2011, an openend account is exempt under 1026.3b based on a firm commitment to extend credit in excess of $25,000, the account remains exempt under 1026.3b2
until December 31, 2011 unless the firm commitment is reduced to $25,000
or less. If the firm commitment is increased on or before December 31, 2011 to an amount in excess of $50,000, the account remains exempt under 1026.3b1 regardless of subsequent increases in the threshold amount as a result of increases in the CPIW. If the firm commitment is not increased on or before December 31, 2011 to an amount in excess of $50,000, the account ceases to be exempt under 1026.3b based on a firm commitment to extend credit. For example:
i. Assume that, on July 20, 2011, the account is exempt under 1026.3b based on the creditors firm commitment to extend $30,000 in credit. On November 1, 2011, the creditor increases the firm commitment on the account to $55,000. In these circumstances, the account remains exempt under 1026.3b1 regardless of subsequent increases in the threshold amount as a result of increases in the CPIW.
ii. Same facts as paragraph 8.i of this section except, on November 1, 2011, the creditor increases the firm commitment on the account to $40,000.
In these circumstances, the account ceases to be exempt under 1026.3b2
after December 31, 2011, and the creditor must begin to comply with the applicable requirements of this part.

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By order of the Board of Governors of the Federal Reserve System, acting through the Secretary of the Board under delegated authority.
Ann Misback, Secretary of the Board.
Laura Galban, Federal Register Liaison, Bureau of Consumer Financial Protection.
FR Doc. 202125910 Filed 112921; 8:45 am BILLING CODE 4810AMP; 621001P

DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration 14 CFR Part 71
Docket No. FAA20200925; Airspace Docket No. 20ANM18
RIN 2120AA66

Modification of Class D and Class E
Airspace; Tacoma Narrows Airport, WA
Federal Aviation Administration FAA, DOT.
ACTION: Final rule.
AGENCY:

This action modifies the Class D airspace, Class E surface airspace, and Class E airspace extending upward from 700 feet above ground level AGL at Tacoma Narrows Airport, Tacoma, WA.
A review of the airspace was initiated due to corresponding reviews at McChord Field Joint Base LewisMcChord and Gray AAF Joint Base Lewis-McChord. All three locations were evaluated at the same time due to their close proximity to one another and operational interdependence. After a review of the airspace, the FAA found it necessary to modify the existing airspace for the safety and management of Instrument Flight Rules IFR
operations at this airport.
DATES: Effective 0901 UTC, January 27, 2022. The Director of the Federal Register approves this incorporation by reference action under 1 CFR part 51, subject to the annual revision of FAA
Order JO 7400.11 and publication of conforming amendments.
ADDRESSES: FAA Order JO 7400.11F, Airspace Designations and Reporting Points, and subsequent amendments can be viewed online at https
www.faa.gov//air_traffic/publications/.
For further information, you can contact the Airspace Policy Group, Federal Aviation Administration, 800
Independence Avenue SW, Washington, DC 20591; telephone: 202 2678783.
FAA Order JO 7400.11F is also available for inspection at the National Archives and Records Administration NARA.
SUMMARY:

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