Voglio sapere a riguardo di…

jspears on DSK121TN23PROD with RULES1

Federal Register / Vol. 86, No. 244 / Thursday, December 23, 2021 / Rules and Regulations C. For purposes of 1026.35b2iiiB, extensions of first-lien covered transactions, during the applicable time period, by all of a creditors affiliates, as affiliate is defined in 1026.32b5, are counted toward the threshold in this section. Affiliate is defined in 1026.32b5 as any company that controls, is controlled by, or is under common control with another company, as set forth in the Bank Holding Company Act of 1956 12 U.S.C. 1841 et seq.. Under the Bank Holding Company Act, a company has control over a bank or another company if it directly or indirectly or acting through one or more persons owns, controls, or has power to vote 25 per centum or more of any class of voting securities of the bank or company; it controls in any manner the election of a majority of the directors or trustees of the bank or company; or the Federal Reserve Board determines, after notice and opportunity for hearing, that the company directly or indirectly exercises a controlling influence over the management or policies of the bank or company. 12 U.S.C. 1841a2.
iii. As of the end of the preceding calendar year, or as of the end of either of the two preceding calendar years if the application for the loan was received before April 1 of the current calendar year, the creditor and its affiliates that regularly extended covered transactions secured by first liens, together, had total assets that are less than the applicable annual asset threshold.
A. For purposes of 1026.35b2iiiC, in addition to the creditors assets, only the assets of a creditors affiliate as defined by 1026.32b5 that regularly extended covered transactions as defined by 1026.43b1 secured by first liens, are counted toward the applicable annual asset threshold. See comment 35b2iii1.ii.C
for discussion of definition of affiliate.
B. Only the assets of a creditors affiliate that regularly extended first-lien covered transactions during the applicable period are included in calculating the creditors assets.
The meaning of regularly extended is based on the number of times a person extends consumer credit for purposes of the definition of creditor in 1026.2a17.
Because covered transactions are transactions secured by a dwelling, consistent with 1026.2a17v, an affiliate regularly extended covered transactions if it extended more than five covered transactions in a calendar year. Also consistent with 1026.2a17v, because a covered transaction may be a high-cost mortgage subject to 1026.32, an affiliate regularly extends covered transactions if, in any 12month period, it extends more than one covered transaction that is subject to the requirements of 1026.32 or one or more such transactions through a mortgage broker.
Thus, if a creditors affiliate regularly extended first-lien covered transactions during the preceding calendar year, the creditors assets as of the end of the preceding calendar year, for purposes of the asset limit, take into account the assets of that affiliate. If the creditor, together with its affiliates that regularly extended first-lien covered transactions, exceeded the asset limit in the preceding calendar yearto be eligible to operate as a small creditor for transactions
VerDate Sep<11>2014

19:16 Dec 22, 2021

Jkt 256001

with applications received before April 1 of the current calendar yearthe assets of the creditors affiliates that regularly extended covered transactions in the year before the preceding calendar year are included in calculating the creditors assets.
C. If multiple creditors share ownership of a company that regularly extended first-lien covered transactions, the assets of the company count toward the asset limit for a co-owner creditor if the company is an affiliate, as defined in 1026.32b5, of the co-owner creditor. Assuming the company is not an affiliate of the co-owner creditor by virtue of any other aspect of the definition such as by the company and coowner creditor being under common control, the companys assets are included toward the asset limit of the co-owner creditor only if the company is controlled by the co-owner creditor, as set forth in the Bank Holding Company Act. If the co-owner creditor and the company are affiliates by virtue of any aspect of the definition, the co-owner creditor counts all of the companys assets toward the asset limit, regardless of the coowner creditors ownership share. Further, because the co-owner and the company are mutual affiliates the company also would count all of the co-owners assets towards its own asset limit. See comment 35b2iii 1.ii.C for discussion of the definition of affiliate.
D. A creditor satisfies the criterion in 1026.35b2iiiC for purposes of any higher-priced mortgage loan consummated during 2016, for example, if the creditor together with its affiliates that regularly extended first-lien covered transactions had total assets of less than the applicable asset threshold on December 31, 2015. A creditor that together with its affiliates that regularly extended first-lien covered transactions did not meet the applicable asset threshold on December 31, 2015, satisfies this criterion for a higher-priced mortgage loan consummated during 2016 if the application for the loan was received before April 1, 2016, and the creditor together with its affiliates that regularly extended first-lien covered transactions had total assets of less than the applicable asset threshold on December 31, 2014.
E. Under 1026.35b2iiiC, the $2,000,000,000 asset threshold adjusts automatically each year based on the year-toyear change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers, not seasonally adjusted, for each 12-month period ending in November, with rounding to the nearest million dollars.
The Bureau will publish notice of the asset threshold each year by amending this comment. For calendar year 2022, the asset threshold is $2,336,000,000. A creditor that together with the assets of its affiliates that regularly extended first-lien covered transactions during calendar year 2021 has total assets of less than $2,336,000,000 on December 31, 2021, satisfies this criterion for purposes of any loan consummated in 2022
and for purposes of any loan consummated in 2023 for which the application was received before April 1, 2023. For historical purposes:
1. For calendar year 2013, the asset threshold was $2,000,000,000. Creditors that
PO 00000

Frm 00045

Fmt 4700

Sfmt 4700

72823

had total assets of less than $2,000,000,000
on December 31, 2012, satisfied this criterion for purposes of the exemption during 2013.
2. For calendar year 2014, the asset threshold was $2,028,000,000. Creditors that had total assets of less than $2,028,000,000
on December 31, 2013, satisfied this criterion for purposes of the exemption during 2014.
3. For calendar year 2015, the asset threshold was $2,060,000,000. Creditors that had total assets of less than $2,060,000,000
on December 31, 2014, satisfied this criterion for purposes of any loan consummated in 2015 and, if the creditors assets together with the assets of its affiliates that regularly extended first-lien covered transactions during calendar year 2014 were less than that amount, for purposes of any loan consummated in 2016 for which the application was received before April 1, 2016.
4. For calendar year 2016, the asset threshold was $2,052,000,000. A creditor that together with the assets of its affiliates that regularly extended first-lien covered transactions during calendar year 2015 had total assets of less than $2,052,000,000 on December 31, 2015, satisfied this criterion for purposes of any loan consummated in 2016
and for purposes of any loan consummated in 2017 for which the application was received before April 1, 2017.
5. For calendar year 2017, the asset threshold was $2,069,000,000. A creditor that together with the assets of its affiliates that regularly extended first-lien covered transactions during calendar year 2016 had total assets of less than $2,069,000,000 on December 31, 2016, satisfied this criterion for purposes of any loan consummated in 2017
and for purposes of any loan consummated in 2018 for which the application was received before April 1, 2018.
6. For calendar year 2018, the asset threshold was $2,112,000,000. A creditor that together with the assets of its affiliates that regularly extended first-lien covered transactions during calendar year 2017 had total assets of less than $2,112,000,000 on December 31, 2017, satisfied this criterion for purposes of any loan consummated in 2018
and for purposes of any loan consummated in 2019 for which the application was received before April 1, 2019.
7. For calendar year 2019, the asset threshold was $2,167,000,000. A creditor that together with the assets of its affiliates that regularly extended first-lien covered transactions during calendar year 2018 had total assets of less than $2,167,000,000 on December 31, 2018, satisfied this criterion for purposes of any loan consummated in 2019
and for purposes of any loan consummated in 2020 for which the application was received before April 1, 2020.
8. For calendar year 2020, the asset threshold was $2,202,000,000. A creditor that together with the assets of its affiliates that regularly extended first-lien covered transactions during calendar year 2019 had total assets of less than $2,202,000,000 on December 31, 2019, satisfied this criterion for purposes of any loan consummated in 2020
and for purposes of any loan consummated in 2021 for which the application was received before April 1, 2021.

E:FRFM23DER1.SGM

23DER1