Federal Deposit
Insurance Corporation

[Federal Register: February 23, 2006 (Volume 71, Number 36)]
[Notices]               
[Page 9339-9341]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr23fe06-53]                         

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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

[Docket No. 05-21]

FEDERAL RESERVE SYSTEM

[Docket No. OP-1246]

FEDERAL DEPOSIT INSURANCE CORPORATION

DEPARTMENT OF THE TREASURY

Office of Thrift Supervision

[No. 2005-56]

NATIONAL CREDIT UNION ADMINISTRATION

 
Interagency Guidance on Nontraditional Mortgage Products; 
Extension of Comment Period

AGENCIES: Office of the Comptroller of the Currency, Treasury (OCC); 
Board of Governors of the Federal Reserve System (Board); Federal 
Deposit Insurance Corporation (FDIC); Office of Thrift Supervision, 
Treasury (OTS); and National Credit Union Administration (NCUA).

ACTION: Proposed guidance; extension of comment period.

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SUMMARY: On December 29, 2005, the OCC, Board, FDIC, OTS, and NCUA (the 
Agencies) published for public comment proposed Interagency Guidance on 
Nontraditional Mortgage Products (Guidance). The Agencies are extending 
the comment period on the proposed guidance for 30 days.

DATES: Comments must be submitted on or before March 29, 2006.

ADDRESSES: The Agencies will jointly review all of the comments 
submitted. Therefore, interested parties may send comments to any of 
the Agencies and need not send comments (or copies) to all of the 
Agencies. Please consider submitting your comments by e-mail or fax 
since paper mail in the Washington area and at the Agencies is subject 
to delay. Interested parties are invited to submit comments to:
    OCC: You should include ``OCC'' and Docket Number 05-21 in your 
comment. You may submit your comment by any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 

Follow the instructions for submitting comments.
     OCC Web site: http://www.occ.treas.gov. Click on ``Contact 

the OCC,'' scroll down and click on ``Comments on Proposed 
Regulations.''
     E-Mail Address: regs.comments@occ.treas.gov.
     Fax: (202) 874-4448.
     Mail: Office of the Comptroller of the Currency, 250 E 
Street, SW., Mail Stop 1-5, Washington, DC 20219.
     Hand Delivery/Courier: 250 E Street, SW., Attn: Public 
Information Room, Mail Stop 1-5, Washington, DC 20219.
    Instructions: All submissions received must include the agency name 
(OCC) and docket number for this notice. In general, the OCC will enter 
all comments received into the docket without change, including any 
business or personal information that you provide.
    You may review comments and other related materials by any of the 
following methods:
     Viewing Comments Personally: You may personally inspect 
and photocopy comments at the OCC's Public Information Room, 250 E 
Street, SW., Washington, DC. You can make an appointment to inspect 
comments by calling (202) 874-5043.
     Viewing Comments Electronically: You may request that we 
send you an electronic copy of comments via e-mail or mail you a CD-ROM 
containing electronic copies by contacting the OCC at 
regs.comments@occ.treas.gov.

     Docket Information: You may also request available 
background documents and project summaries using the methods described 
above.
    Board: You may submit comments, identified by Docket No. OP-1246, 
by any of the following methods:
     Agency Web site: http://www.federalreserve.gov
 Follow the instructions for submitting comments at http://www.federalreserve.gov/.

     Federal eRulemaking Portal: http://www.regulations.gov. 

Follow the instructions for submitting comments.

[[Page 9340]]

     E-mail: regs.comments@federalreserve.gov. Include the 
docket number in the subject line of the message.
     FAX: 202/452-3819 or 202/452-3102.
     Mail: Jennifer J. Johnson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue, 
NW., Washington, DC 20551.
    All public comments are available from the Board's Web site at 
http:/www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as 

submitted, unless modified for technical reasons. Accordingly, your 
comments will not be edited to remove any identifying or contact 
information. Public comments may also be viewed in electronic or paper 
form in Room MP-500 of the Board's Martin Building (20th and C Streets, 
NW.) between 9 a.m. and 5 p.m. on weekdays.
    FDIC: You may submit comments by any of the following methods:
     Agency Web site: http://www.fdic.gov/regulations/laws/federal/propose.html.
 Follow the instructions for submitting comments 

on the Agency Web site.
     E-Mail: Comments@FDIC.gov.
     Mail: Robert E. Feldman, Executive Secretary, Attention: 
Comments, Federal Deposit Insurance Corporation, 550 17th Street, NW., 
Washington, DC 20429.
     Hand Delivery/Courier: Guard station at the rear of the 
550 17th Street Building (located on F Street) on business days between 
7 a.m. and 5 p.m.
    Instructions: All submissions received must include the agency 
name. All comments received will be posted without change to
http://www.fdic.gov/regulations/laws/federal/propose.html
 including any personal information provided.
    OTS: You may submit comments, identified by docket number 2005-56, 
by any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 

Follow the instructions for submitting comments.
     E-mail address: regs.comments@ots.treas.gov. Please 
include docket number 2005-56 in the subject line of the message and 
include your name and telephone number in the message.
     Fax: (202) 906-6518.
     Mail: Regulation Comments, Chief Counsel's Office, Office 
of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552, 
Attention: No. 2005-56.
     Hand Delivery/Courier: Guard's Desk, East Lobby Entrance, 
1700 G Street, NW., from 9 a.m. to 4 p.m. on business days. Address 
envelope as follows: Attention: Regulation Comments, Chief Counsel's 
Office, Attention: No. 2005-56.
    Instructions: All submissions received must include the agency name 
and docket number for this proposed Guidance. All comments received 
will be posted without change to the OTS Internet site at 
http://www.ots.treas.gov/pagehtml.cfm?catNumber=67&an=1, including any 
personal information provided.
    Docket: For access to the docket to read background documents or 
comments received, go to http://www.ots.treas.gov/pagehtml.cfm?catNumber=67&an=1.
 In addition, you may inspect comments at the OTS's Public Reading Room, 
1700 G Street, NW., by appointment. 
To make an appointment for access, call (202) 906-5922, send an e-mail 
to public.info@ots.treas.gov, or send a facsimile transmission to (202) 
906-7755. (Prior notice identifying the materials you will be 
requesting will assist us in serving you.) We schedule appointments on 
business days between 10 a.m. and 4 p.m. In most cases, appointments 
will be available the next business day following the date we receive a 
request.
    NCUA: You may submit comments by any of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov. 

Follow the instructions for submitting comments.
     NCUA Web site: 
http://www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/proposed_regs.html.
Follow the instructions for submitting comments.
     E-mail: Address to regcomments@ncua.gov. Include ``[Your 
name] Comments on Interagency Guidance on Nontraditional Mortgages'' in 
the e-mail subject line.
     Fax: (703) 518-6319. Use the subject line described above 
for e-mail.
     Mail: Address to Mary Rupp, Secretary of the Board, 
National Credit Union Administration, 1775 Duke Street, Alexandria, 
Virginia 22314-3428.
     Hand Delivery/Courier: Same as mail address.

FOR FURTHER INFORMATION CONTACT:
    OCC: Gregory Nagel, National Bank Examiner/Credit Risk Specialist, 
Credit Risk Policy, (202) 874-5170; or Michael S. Bylsma, Director, or 
Stephen Van Meter, Assistant Director, Community and Consumer Law 
Division, (202) 874-5750.
    Board: Brian Valenti, Supervisory Financial Analyst, (202) 452-
3575; or Virginia Gibbs, Senior Supervisory Financial Analyst, (202) 
452-2521; or Sabeth I. Siddique, Assistant Director, (202) 452-3861, 
Division of Banking Supervision and Regulation; or Minh-Duc T. Le, 
Senior Attorney, Division of Consumer and Community Affairs, (202) 452-
3667; or Andrew Miller, Counsel, Legal Division, (202) 452-3428. For 
users of Telecommunications Device for the Deaf (``TDD'') only, contact 
(202) 263-4869.
    FDIC: James Leitner, Senior Examination Specialist, (202) 898-6790, 
or April Breslaw, Acting Associate Director, (202) 898-6609, Division 
of Supervision and Consumer Protection; or Ruth R. Amberg, Senior 
Counsel, (202) 898-3736, or Richard Foley, Counsel, (202) 898-3784, 
Legal Division.
    OTS: William Magrini, Senior Project Manager, (202) 906-5744; or 
Maurice McClung, Program Manager, Market Conduct, Operation Risk, (202) 
906-6182; and Richard Bennett, Counsel, Banking and Finance, (202) 906-
7409.
    NCUA: Cory Phariss, Program Officer, Examination and Insurance, 
(703) 518-6618.

SUPPLEMENTARY INFORMATION: On December 29, 2005, the Agencies published 
for comment the proposed Guidance, which relates to mortgage loan 
products that allow borrowers to defer payment of principal and, 
sometimes, interest, including ``interest-only'' mortgages and 
``payment option'' adjustable rate mortgages. 70 FR 77249. The proposal 
stated that any comments on the proposal must be submitted on or before 
February 27, 2006.
    In response to the solicitation of comments, the Agencies have 
received a number of comments, including requests from several 
financial institutions and trade associations that represent financial 
institutions to extend the comment period. In light of the wide public 
interest in the proposal and the Agencies' desire to provide the public 
with sufficient time to consider the proposal and formulate any 
comments, the Agencies have decided to extend the comment period on the 
proposal by 30 days. The comment period will now run through March 29, 
2006.

    Dated: February 13, 2006.
John C. Dugan,
Comptroller of the Currency.


    By order of the Board of Governors of the Federal Reserve 
System, February 14, 2006.
Jennifer J. Johnson,
Secretary of the Board.

    Dated at Washington, DC, the 16th day of February, 2006.


[[Page 9341]]


    By order of the Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.

    Dated: February 16, 2006.

    By the Office of Thrift Supervision.
John M. Reich,
Director.

    By the National Credit Union Administration Board on February 9, 
2006.
Mary Rupp,
Secretary of the Board.
[FR Doc. 06-1675 Filed 2-22-06; 8:45 am]

BILLING CODE 4810-33-P