Voglio sapere a riguardo di…

Federal Register / Vol. 86, No. 30 / Wednesday, February 17, 2021 / Rules and Regulations creditors often charge consumers a fee for eliminating escrow accounts, in order to compensate the creditors for the increase in default risk associated with the removal of escrow accounts.
However, for small lenders that do not engage in a high volume of mortgage lending and could benefit from the final rule, the analysis may be different.
E. Specific Impacts of the Final Rule
jbell on DSKJLSW7X2PROD with RULES

1. Insured Depository Institutions and Credit Unions With $10 Billion or Less in Total Assets, as Described in Section 1026
The final rule will apply only to insured depository instructions and credit unions with $10 billion or less in assets. Therefore, the consideration of the benefits, costs, and impacts of the final rule on covered persons presented in part VII.D represents in full the Bureaus analysis of the benefits, costs, and impacts of the final rule on insured depository institutions and credit unions with $10 billion or less in assets.
2. Impact of the Final Provisions on Consumer Access to Credit and on Consumers in Rural Areas The final rule will affect insured depositories and insured credit unions that operate at least in part in rural or underserved areas. As discussed in part VII.D, the Bureau does not expect the costs, benefits, or impacts of the rule to be large in aggregate, but because affected entities must operate in rural or underserved areas, the costs, benefits, and impacts of the rule may be expected to be larger in rural areas. Entities likely to be affected by the final rule originated roughly 0.6 percent of all mortgages reported to HMDA in 2019. Such entities originated roughly 1.0 percent of all mortgages in rural areas reported to HMDA in 2019.74 Therefore, entities likely to be affected by the final rule have a small share of the overall market, and a small but somewhat larger share of the rural market. This suggests the costs, benefits, and impacts of the rule will be small in rural areas, but larger in rural areas than in other areas.
As discussed in part VII.D, the final rule may increase consumer access to credit. It may also present other costs, benefits, and impacts for affected consumers. Because creditors likely to be affected by this rule have a disproportionately large market share in rural areas, the Bureau expects that the costs, benefits, and impacts of the final 74 In 2018, entities likely to be affected by the final rule originated roughly 0.9 percent of all mortgages reported to HMDA. In 2018, such entities originated roughly 1.6 percent of all mortgages in rural areas reported to HMDA.

VerDate Sep<11>2014

15:56 Feb 16, 2021

Jkt 253001

rule on rural consumers will be proportionally larger than the costs, benefits, and impacts of the final rule on other consumers.
VIII. Regulatory Flexibility Act Analysis The Regulatory Flexibility Act RFA,75 as amended by the Small Business Regulatory Enforcement Fairness Act of 1996,76 generally requires an agency to conduct an initial regulatory flexibility analysis IRFA
and a final regulatory flexibility analysis FRFA of any rule subject to noticeand-comment rulemaking requirements, unless the agency certifies that the rule will not have a significant economic impact on a substantial number of small entities. The Bureau also is subject to certain additional procedures under the RFA involving the convening of a panel to consult with small business representatives prior to proposing a rule for which an IRFA is required.77
A depository institution is considered small if it has $600 million or less in assets.78 Under existing regulations, most depository institutions with less than $2 billion in assets are already exempt from the mortgage escrow requirement, and there would be no difference if they chose to use the new exemption. The final rule will affect only insured depository institutions and insured credit unions, and in general will affect only certain of such institutions with over approximately $2
billion in assets. Since depository institutions with over $2 billion in assets are not small under the SBA
definition, the final rule will affect very few, if any, small entities.
Furthermore, affected institutions could still provide escrow accounts for their consumers if they chose to.
Therefore, the final rule will not impose any substantial burden on any entities, including small entities.
Accordingly, the Director hereby certifies that this final rule will not have a significant economic impact on a substantial number of small entities.
Thus, a FRFA of the final rule is not required.
Under the Paperwork Reduction Act of 1995 PRA,79 Federal agencies are U.S.C. 601 et seq.
Law 104121, tit. II, 110 Stat. 857
1996.
77 5 U.S.C. 609.
78 The current SBA size standards can be found on SBAs website at https www.sba.gov/sites/
default/files/2019-08/SBA%20Table%20of %20Size%20Standards_Effective%20Aug%2019
%2C%202019_Rev.pdf.
79 44 U.S.C. 3501 et seq.
76 Public
PO 00000

Frm 00015

Fmt 4700

Sfmt 4700

generally required to seek the Office of Management and Budgets OMBs approval for information collection requirements prior to implementation.
The collections of information related to Regulation Z have been previously reviewed and approved by OMB and assigned OMB Control number 3170
0015. Under the PRA, the Bureau may not conduct or sponsor and, notwithstanding any other provision of law, a person is not required to respond to an information collection unless the information collection displays a valid control number assigned by OMB.
The Bureau has determined that this final rule will not impose any new or revised information collection requirements recordkeeping, reporting, or disclosure requirements on covered entities or members of the public that would constitute collections of information requiring OMB approval under the PRA.
X. Congressional Review Act Pursuant to the Congressional Review Act,80 the Bureau will submit a report containing this rule and other required information to the U.S. Senate, the U.S.
House of Representatives, and the Comptroller General of the United States prior to the rules taking effect.
The Office of Information and Regulatory Affairs has designated this rule as not a major rule as defined by 5 U.S.C. 8042.
XI. Signing Authority Director of the Bureau Kathleen L.
Kraninger, having reviewed and approved this document, is delegating the authority to electronically sign this document to Grace Feola, Bureau Federal Register Liaisons, for purposes of publication in the Federal Register.
List of Subjects in 12 CFR Part 1026
Advertising, Banks, Banking, Consumer protection, Credit, Credit unions, Mortgages, National banks, Reporting and recordkeeping requirements, Savings associations, Truth-in-lending.
Authority and Issuance
IX. Paperwork Reduction Act
75 5

9851

For the reasons set forth in the preamble, the Bureau amends Regulation Z, 12 CFR part 1026, as set forth below:
PART 1026TRUTH IN LENDING
REGULATION Z
1. The authority citation for part 1026
continues to read as follows:

80 5

E:FRFM17FER1.SGM

U.S.C. 801 et seq.

17FER1