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Federal Register / Vol. 86, No. 244 / Thursday, December 23, 2021 / Rules and Regulations
3. Merger or acquisitioncoverage of surviving or newly formed institution. After a merger or acquisition, the surviving or newly formed institution is a financial institution under 1003.2g if it, considering the combined assets, location, and lending activity of the surviving or newly formed institution and the merged or acquired institutions or acquired branches, satisfies the criteria included in 1003.2g. For example, A and B merge. The surviving or newly formed institution meets the loan threshold described in 1003.2g1vB if the surviving or newly formed institution, A, and B originated a combined total of at least 200 open-end lines of credit in each of the two preceding calendar years. Likewise, the surviving or newly formed institution meets the asset-size threshold in 1003.2g1i if its assets and the combined assets of A and B on December 31 of the preceding calendar year exceeded the threshold described in 1003.2g1i. Comment 2g4 discusses a financial institutions responsibilities during the calendar year of a merger.
4. Merger or acquisitioncoverage for calendar year of merger or acquisition. The scenarios described below illustrate a financial institutions responsibilities for the calendar year of a merger or acquisition. For purposes of these illustrations, a covered institution means a financial institution, as defined in 1003.2g, that is not exempt from reporting under 1003.3a, and an institution that is not covered means either an institution that is not a financial institution, as defined in 1003.2g, or an institution that is exempt from reporting under 1003.3a.
i. Two institutions that are not covered merge. The surviving or newly formed institution meets all of the requirements necessary to be a covered institution. No data collection is required for the calendar year of the merger even though the merger creates an institution that meets all of the requirements necessary to be a covered institution. When a branch office of an institution that is not covered is acquired by another institution that is not covered, and the acquisition results in a covered institution, no data collection is required for the calendar year of the acquisition.
ii. A covered institution and an institution that is not covered merge. The covered institution is the surviving institution, or a new covered institution is formed. For the calendar year of the merger, data collection is required for covered loans and applications handled in the offices of the merged institution that was previously covered and is optional for covered loans and applications handled in offices of the merged institution that was previously not covered.
When a covered institution acquires a branch office of an institution that is not covered, data collection is optional for covered loans and applications handled by the acquired branch office for the calendar year of the acquisition.
iii. A covered institution and an institution that is not covered merge. The institution that is not covered is the surviving institution, or a new institution that is not covered is formed. For the calendar year of the merger, data collection is required for
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covered loans and applications handled in offices of the previously covered institution that took place prior to the merger. After the merger date, data collection is optional for covered loans and applications handled in the offices of the institution that was previously covered. When an institution remains not covered after acquiring a branch office of a covered institution, data collection is required for transactions of the acquired branch office that take place prior to the acquisition. Data collection by the acquired branch office is optional for transactions taking place in the remainder of the calendar year after the acquisition.
iv. Two covered institutions merge. The surviving or newly formed institution is a covered institution. Data collection is required for the entire calendar year of the merger. The surviving or newly formed institution files either a consolidated submission or separate submissions for that calendar year. When a covered institution acquires a branch office of a covered institution, data collection is required for the entire calendar year of the merger. Data for the acquired branch office may be submitted by either institution.
5. Originations. Whether an institution is a financial institution depends in part on whether the institution originated at least 100
closed-end mortgage loans in each of the two preceding calendar years or at least 200 openend lines of credit in each of the two preceding calendar years. Comments 4a2
through 4 discuss whether activities with respect to a particular closed-end mortgage loan or open-end line of credit constitute an origination for purposes of 1003.2g.
6. Branches of foreign bankstreated as banks. A Federal branch or a State-licensed or insured branch of a foreign bank that meets the definition of a bank under section 3a1 of the Federal Deposit Insurance Act 12 U.S.C. 1813a is a bank for the purposes of 1003.2g.
7. Branches and offices of foreign banks and other entitiestreated as nondepository financial institutions. A Federal agency, State-licensed agency, State-licensed uninsured branch of a foreign bank, commercial lending company owned or controlled by a foreign bank, or entity operating under section 25 or 25A of the Federal Reserve Act, 12 U.S.C. 601 and 611
Edge Act and agreement corporations may not meet the definition of bank under the Federal Deposit Insurance Act and may thereby fail to satisfy the definition of a depository financial institution under 1003.2g1. An entity is nonetheless a financial institution if it meets the definition of nondepository financial institution under 1003.2g2.

Laura Galban, Federal Register Liaison, Bureau of Consumer Financial Protection.
FR Doc. 202127899 Filed 122221; 8:45 am BILLING CODE 4810AMP

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BUREAU OF CONSUMER FINANCIAL
PROTECTION
12 CFR Part 1026
Truth in Lending Act Regulation Z
Adjustment to Asset-Size 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 Z Truth in Lending to reflect changes in the assetsize thresholds for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan. These changes reflect updates to the exemption from TILAs escrow requirement of creditors that, together with affiliates that regularly extended covered transactions secured by first liens, had total assets of less than $2
billion adjusted annually for inflation and the exemption the Bureau added, by implementing section 108 of the Economic Growth, Regulatory Relief, and Consumer Protection Act EGRRCPA, for certain insured depository institutions and insured credit unions with assets of $10 billion or less adjusted annually for inflation.
These amendments are 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 for creditors and their affiliates that regularly extended covered transactions secured by first liens is adjusted to $2.336 billion from $2.230 billion. The exemption threshold for certain insured depository institutions and insured credit unions with assets of $10 billion or less adjusted annually for inflation is adjusted to $10.473 billion from $10
billion.
DATES: This rule is effective on January 1, 2022.
FOR FURTHER INFORMATION CONTACT:
Willie Williams, Paralegal Specialist;
Lanique Eubanks, Thomas Dowell, Senior Counsels, Office of Regulations, at 202 4357700. If you require this document in an alternative electronic format, please contact CFPB_
Accessibility@cfpb.gov.
SUPPLEMENTARY INFORMATION:
SUMMARY:

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