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Federal Register / Vol. 86, No. 244 / Thursday, December 23, 2021 / Rules and Regulations
consider the impact of their actions on state and local interests. In adherence to fundamental federalism principles, the NCUA, an independent regulatory agency as defined in 44 U.S.C. 35025, voluntarily complies with the executive order. This rule will not have a substantial direct effect on the states, on the connection between the National Government and the states, or on the distribution of power and responsibilities among the various levels of government. The NCUA has determined this rule does not constitute a policy that has federalism implications for purposes of the executive order.
D. Assessment of Federal Regulations and Policies on Families The NCUA has determined that this rule will not affect family well-being within the meaning of Section 654 of the Treasury and General Government Appropriations Act, 1999.57
E. Small Business Regulatory Enforcement Fairness Act The Small Business Regulatory Enforcement Fairness Act of 1996
SBREFA generally provides for congressional review of agency rules.58
A reporting requirement is triggered in instances where the NCUA issues a final rule as defined by Section 551 of the Administrative Procedure Act. An agency rule, in addition to being subject to congressional oversight, may also be subject to a delayed effective date if the rule is a major rule. The NCUA does not believe this rule is a major rule within the meaning of the relevant sections of SBREFA. As required by SBREFA, the NCUA will submit this final rule to OMB for it to determine if the final rule is a major rule for purposes of SBREFA. The NCUA also will file appropriate reports with Congress and the Government Accountability Office so this rule may be reviewed.
List of Subjects 12 CFR Part 703
Credit unions, investments.

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12 CFR Part 721
Credit unions, functions, implied powers.

By the National Credit Union Administration Board on December 16, 2021.
Melane Conyers-Ausbrooks, Secretary of the Board.

For the reasons discussed above, the NCUA Board amends 12 CFR parts 703
and 721 as follows:
PART 703INVESTMENT AND
DEPOSIT ACTIVITIES
1. The authority citation for part 703
is revised to read as follows:

Authority: 12 U.S.C. 17577, 17578, 175714 and 175715.

2. Amend 703.2 by removing the definition of Mortgage servicing rights and adding in its place a definition for Mortgage servicing assets to read as follows:

703.2

Mortgage servicing assets mean those assets, maintained in accordance with GAAP, resulting from contracts to service loans secured by real estate that have been securitized or owned by others for which the benefits of servicing are expected to more than adequately compensate the servicer for performing the servicing.

3. Amend 703.14 by adding paragraph m to read as follows:

Permissible investments.

m Mortgage servicing assets. A
Federal credit union may purchase mortgage servicing assets from other federally insured credit unions if all of the following conditions are met:
1 The Federal credit union received a composite CAMELS rating of 1 or 2, with a Management component rating of a 1 or 2, for the last full examination;
2 The underlying mortgage loans of the mortgage servicing assets are loans the Federal credit union is empowered to grant;
3 The Federal credit union purchases the mortgage servicing assets within the limitations of its board of directors written purchase policies; and 4 The Board of Directors or Investment Committee approves the purchase.
703.16

AMENDED

4. Amend 703.16 by removing and reserving paragraph a.

PART 721INCIDENTAL POWERS
57 Public 58 5

Law 105277, 112 Stat. 2681 1998.
U.S.C. 551.

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5. The authority citation for part 721
continues to read as follows:

PO 00000

6. Amend 721.3 in paragraph h by revising the last sentence to read as follows:

721.3 What categories of activities are preapproved as incidental powers necessary or requisite to carry on a credit unions business?

h These products or activities may include debt cancellation agreements, debt suspension agreements, letters of credit, leases, and mortgage loan servicing functions for a member as long as the loan is owned by a member.

FR Doc. 202127641 Filed 122221; 8:45 am BILLING CODE 753501P

Definitions.

703.14

Authority: 12 U.S.C. 175717, 1766 and 1789.

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BUREAU OF CONSUMER FINANCIAL
PROTECTION
12 CFR Part 1003
Home Mortgage Disclosure Regulation C Adjustment to AssetSize Exemption Threshold Bureau of Consumer Financial Protection.
ACTION: Final rule; official interpretation.
AGENCY:

The Bureau of Consumer Financial Protection Bureau is amending the official commentary that interprets the requirements of the Bureaus Regulation C Home Mortgage Disclosure to reflect the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers CPIW. Based on the 4.7
percent increase in the average of the CPIW for the 12-month period ending in November 2021, the exemption threshold is adjusted to $50 million from $48 million. Therefore, banks, savings associations, and credit unions with assets of $50 million or less as of December 31, 2021, are exempt from collecting data in 2022.
DATES: This rule is effective on January 1, 2022.
FOR FURTHER INFORMATION CONTACT:
Willie Williams, Paralegal Specialist;
Lanique Eubanks, Senior Counsel;
Office of Regulations, at 202 4357700.
If you require this document in an alternative electronic format, please contact CFPB_Accessibility@cfpb.gov.
SUPPLEMENTARY INFORMATION: The Bureau is amending Regulation C, SUMMARY:

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