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FEDERAL DEPOSIT INSURANCE CORPORATION
REPORT BULLETIN NO. 6

December 31, 2018

550 Seventeenth Street, N.W.
Washington, D.C. 20429


Supplement Highlights

Community Reinvestment Act Regulations. The Office of the Comptroller of the Currency, Treasury; Board of Governors of the Federal Reserve System; and Federal Deposit Insurance Corporation amended their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define ``small bank'' or ``small savings association'' and ``intermediate small bank'' or ``intermediate small savings association.'' As required by the CRA regulations, the adjustment to the threshold amount is based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). 83 Fed. Reg. 66603.

See pages 2781–2786.

Consumer Leasing (Regulation M). The Board of Governors of the Federal Reserve System (Board) and Bureau of Consumer Financial Protection (Bureau) finalized amendments to the official interpretations and commentary for the agencies' regulations that implement the Consumer Leasing Act (CLA). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the CLA by requiring that the dollar threshold for exempt consumer leases be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). If there is no annual percentage increase in the CPI–W, the Board and the Bureau will not adjust this exemption threshold from the prior year. However, in years following a year in which the exemption threshold was not adjusted, the threshold is calculated by applying the annual percentage change in the CPI–W to the dollar amount that would have resulted, after rounding, if the decreases and any subsequent increases in the CPI–W had been taken into account. Based on the annual percentage increase in the CPI–W as of June 1, 2018, the exemption threshold will increase from $55,800 to $57,200 effective January 1, 2019.\mBecause the Dodd-Frank Act also requires similar adjustments in the Truth in Lending Act's threshold for exempt consumer credit transactions, the Board and the Bureau are making similar amendments to each of their respective regulations implementing the Truth in Lending Act elsewhere in this issue of the Federal Register. 83 Fed. Reg. 59276.

See pages 6741–6742, and 6753–6754.

Appraisals for Higher-Priced Mortgage Loans Exemption Threshold. The Office of the Comptroller of the Currency, Treasury (OCC), Board of Governors of the Federal Reserve System (Board); and Bureau of Consumer Financial Protection (Bureau) finalized amendments to the official interpretations for their regulations that implement section 129H of the Truth in Lending Act (TILA). Section 129H of TILA establishes special appraisal requirements for ``higher-risk mortgages,'' termed ``higher-priced mortgage loans'' or ``HPMLs'' in the agencies' regulations. The OCC, the Board, the Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Federal Housing Finance Agency (collectively, the Agencies) issued joint final rules implementing these requirements, effective January 18, 2014. The Agencies' rules exempted, among other loan types, transactions of $25,000 or less, and required that this loan amount be adjusted annually based on any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). If there is no annual percentage increase in the CPI–W, the OCC, the Board, and the Bureau will not adjust this exemption threshold from the prior year. However, in years following a year in which the exemption threshold was not adjusted, the threshold is calculated by applying the annual percentage increase in the CPI–W to the dollar amount that would have resulted, after rounding, if the decreases and any subsequent increases in the CPI–W had been taken into account. Based on the CPI–W in effect as of June 1, 2018, the exemption threshold will increase from $26,000 to $26,700, effective January 1, 2019. 83 Fed. Reg. 59274.

See pages 7174.01–7174.02, and 7358.06-A–7358.06-B.

Truth in Lending (Regulation Z). The Board of Governors of the Federal Reserve System (Board), and Bureau of Consumer Financial Protection (Bureau) published final rules amending the official interpretations and commentary for the agencies' regulations that implement the Truth in Lending Act (TILA). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended TILA by requiring that the dollar threshold for exempt consumer credit transactions be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). If there is no annual percentage increase in the CPI–W, the Board and the Bureau will not adjust this exemption threshold from the prior year. However, in years following a year in which the exemption threshold was not adjusted, the threshold is calculated by applying the annual percentage change in the CPI–W to the dollar amount that would have resulted, after rounding, if the decreases and any subsequent increases in the CPI–W had been taken into account.\mBased on the annual percentage increase in the CPI–W as of June 1, 2018, the exemption threshold will increase from $55,800 to $57,200 effective January 1, 2019.\mBecause the Dodd-Frank Act also requires similar adjustments in the Consumer Leasing Act's threshold for exempt consumer leases, the Board and the Bureau are making similar amendments to each of their respective regulations implementing the Consumer Leasing Act elsewhere in this issue of the Federal Register. 83 Fed. Reg. 50278.

See pages 7174.01–7174.02, and 7358.06-A, and 7358.06-B.

Transferred OTS Regulations Regarding Fiduciary Powers of State Savings Associations and Consent Requirements for Exercise of Trust Powers. The Federal Deposit Insurance Corporation (FDIC) adopted a final rule to rescind and remove regulations entitled Fiduciary Powers of State Savings Associations from the Code of Federal Regulations, and to amend current FDIC regulations regarding consent to exercise trust powers to reflect the applicability of these parts to both State savings associations and State nonmember banks. 83 Fed. Reg. 60337.

See pages 2059–2060, 2068.07–2068.08, 2068.13–2068.14, 2405–2407, 3277–3280, 3283–3284, and 3337–3338.

Rules of Practice and Procedure. The Federal Deposit Insurance Corporation (FDIC) amended its rules of practice and procedure to remove duplicative, descriptive regulatory language related to civil money penalty (CMP) amounts that restates existing statutory language regarding such CMPs; codify Congress's recent change to CMP inflation-adjustments in the FDIC's regulations; and direct readers to an annually published notice in the Federal Register\Mrather than the Code of Federal Regulations (CFR)\Mfor information regarding the maximum CMP amounts that can be assessed after inflation adjustments. These revisions are intended to simplify the CFR by removing unnecessary and redundant text and to make it easier for readers to locate the current, inflation-adjusted maximum CMP amounts by presenting these amounts in an annually published chart. Additionally, the FDIC is correcting four errors and revising cross-references currently found in its rules of practice and procedure. 83 Fed. Reg. 61114.

See pages 2151–2152.01, 2159–2160.08, 2166.21–2166.24, 2166.33–2166.34, and 2283–2286.


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