Unknown. Final rules and official interpretations

6,476 words·~29 min read·/register/2024/10/15/2024-23277·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

--- schema: federal-register doc_type: fedreg source_file: FR-2024-10-15.xml --- 89 199 Tuesday, October 15, 2024 Contents Agriculture Agriculture Department See Food and Nutrition Service Antitrust Division Antitrust Division NOTICES Changes under the National Cooperative Research and Production Act: ASTM International, 83052-83053 2024-23654 Blockchain Security Standards Council, Inc., 83052 2024-23656 Consortium for Battery Innovation, 83052 2024-23661 Consumer Financial Protection Bureau of Consumer Financial Protection RULES Appraisals for Higher-Priced Mortgage Loans Exemption Threshold, 82931-82934 2024-23277 Consumer Leasing (Regulation M), 82934-82938 2024-23276 Truth in Lending (Regulation Z), 82938-82944 2024-23275 Centers Medicare Centers for Medicare & Medicaid Services RULES Medicare Program:

Appeal Rights for Certain Changes in Patient Status, 83240-83294 2024-23195 NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals, 83015-83017 2024-23737 Civil Rights Civil Rights Commission NOTICES Hearings, Meetings, Proceedings, etc.: Arkansas Advisory Committee, 82970 2024-23770 Meetings; Sunshine Act, 82970-82971 2024-23843 Coast Guard Coast Guard RULES Drawbridge Operations: Wappinger Creek, New Hamburg, NY, 82945-82947 2024-23769 Commerce Commerce Department See Foreign-Trade Zones Board See International Trade Administration See National Oceanic and Atmospheric Administration Commodity Futures Commodity Futures Trading Commission RULES Guidance:

Listing of Voluntary Carbon Credit Derivative Contracts, 83378-83407 2024-23105 Comptroller Comptroller of the Currency RULES Appraisals for Higher-Priced Mortgage Loans Exemption Threshold, 82931-82934 2024-23277 NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals: Appraisal Management Companies, 83087-83088 2024-23781 Consumer Product Consumer Product Safety Commission NOTICES Meetings; Sunshine Act, 82994 2024-23810 Defense Department Defense Department RULES Cybersecurity Maturity Model Certification Program, 83092-83237 2024-22905 Education Department Education Department NOTICES Agency Information Collection Activities;

Proposals, Submissions, and Approvals: Consolidated Annual Report for the Carl D. Perkins Career and Technical Education Act; Correction, 82994 2024-23732 Energy Department Energy Department See Federal Energy Regulatory Commission See Western Area Power Administration Environmental Protection Environmental Protection Agency RULES New Source Performance Standards: Review for Volatile Organic Liquid Storage Vessels (Including Petroleum Liquid Storage Vessels), 83296-83336 2024-22823 PROPOSED RULES Air Quality State Implementation Plans;

Approvals and Promulgations: Montana; Missoula Oxygenated Fuels Program Removal, Carbon Monoxide, Limited Maintenance Plan, 82953-82957 2024-23589 Montana; Revisions to the Federal Implementation Plan for the Billings/Laurel Sulfur Dioxide Area, 82948-82953 2024-23568 Texas; Regional Haze, 83338-83375 2024-23341 NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals: Clean Watersheds Needs Survey, 83009-83010 2024-23683 Urban Waters Federal Partnership Program, 83011-83012 2024-23684 Requests for Nominations:

Local Government Advisory Committee, 83010-83011 2024-23763 Federal Aviation Federal Aviation Administration RULES Airspace Designations and Reporting Points: Youngstown, OH, 82944-82945 2024-23612 Federal Communications Federal Communications Commission NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals, 83012-83014 2024-23650 2024-23709 Federal Energy Federal Energy Regulatory Commission NOTICES Combined Filings, 82996, 82999, 83003-83005 2024-23675 2024-23676 2024-23746 2024-23750 Environmental Assessments;

Availability, etc.: Central Rivers Power, NH LLC, 82998, 83006 2024-23670 2024-23749 Great Lakes Hydro America, LLC, 82996-82997, 82999, 83001, 83004, 83008 2024-23665 2024-23666 2024-23667 2024-23668 2024-23669 2024-23743 Green Mountain Power Corp., 83006 2024-23664 Extension of Time: Midcontinent Independent System Operator, Inc., PJM Interconnection, LLC, Southwest Power Pool, Inc., ISO New England, Inc., 83008 2024-23745 Filing: Evergy Missouri West, Inc., 82997-82998 2024-23748 Hearings, Meetings, Proceedings, etc.:

Reliability Technical Conference, 83005 2024-23677 Permits; Applications, Issuances, etc.: Low Head Hydro M 21, LLC, 82998-82999 2024-23744 Records Governing Off-the-Record Communications, 82997 2024-23747 Request under Blanket Authorization: BBT AlaTenn, LLC, 83006-83008 2024-23674 Florida Gas Transmission Co., LLC, 82994-82996, 83001-83003 2024-23671 2024-23672 Natural Gas Pipeline Co. of America, LLC, 83000-83001 2024-23673 Federal Highway Federal Highway Administration NOTICES Final Federal Agency Action:

Proposed Transportation Project in Florida, 83075-83078 2024-23691 2024-23692 2024-23693 Federal Maritime Federal Maritime Commission NOTICES Meetings; Sunshine Act, 83014 2024-23891 Federal Motor Federal Motor Carrier Safety Administration NOTICES Exemption Application: Commercial Driver's License Standards; Daimler Trucks North America, LLC, 83078-83079 2024-23653 Federal Railroad Federal Railroad Administration NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals, 83079-83080 2024-23707 Railroad Safety Advisory Committee;

Organizations Eligible to Submit the Names of for Appointment, 83080-83081 2024-23704 Federal Reserve Federal Reserve System RULES Appraisals for Higher-Priced Mortgage Loans Exemption Threshold, 82931-82934 2024-23277 Consumer Leasing (Regulation M), 82934-82938 2024-23276 Truth in Lending (Regulation Z), 82938-82944 2024-23275 NOTICES Formations of, Acquisitions by, and Mergers of Bank Holding Companies, 83014-83015 2024-23784 Federal Retirement Federal Retirement Thrift Investment Board NOTICES Hearings, Meetings, Proceedings, etc., 83015 2024-23779 Federal Transit Federal Transit Administration NOTICES Limitation on Claims against Proposed Public Transportation Project:

Carteret Ferry Terminal, Borough of Carteret, Middlesex County, NJ, 83081 2024-23717 Food and Drug Food and Drug Administration RULES Medical Devices: Quality System; Correction, 82945 2024-23701 NOTICES Emergency Use Authorization: Biological Product during the COVID-19 Pandemic; Revocation, 83021-83023 2024-23637 Guidance: Endosseous Dental Implants and Endosseous Dental Implant Abutments—Performance Criteria for Safety and Performance Based Pathway, 83019-83020 2024-23716 Using Relative Supersaturation to Support ‘Urinary Tract Health Claims’ for Adult Maintenance Cat Food, 83017-83018 2024-23706 Priority Review Voucher:

Aqneursa (levacetylleucine); Rare Pediatric Disease Product, 83023 2024-23712 KisqaIi (ribociclib); Rare Pediatric Disease, 83017 2024-23651 Miplyffa (arimoclomol); Rare Pediatric Disease Product, 83020-83021 2024-23646 Food and Nutrition Food and Nutrition Service NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals: Supplemental Nutrition Assistance Program Benefit Expungement and Off-Line Storage, 82969-82970 2024-23727 Foreign Trade Foreign-Trade Zones Board NOTICES Approval of Subzone Expansion:

Intel Corp., Subzone 75C, Phoenix, AZ, 82971 2024-23753 Authorization of Production Activity: Catalent Pharma Solutions, LLC, Foreign-Trade Zone 29, Winchester, KY, 82971 2024-23754 Proposed Production Activity: Renaissance Lakewood, LLC, Foreign-Trade Zone 235, Lakewood, NJ, 82971-82972 2024-23698 Geological Geological Survey NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals: Panhandle Terrapin Project, 83041 2024-23700 Assessment of Biodiversity and Climate Change, 83040 2024-23649 Health and Human Health and Human Services Department See Centers for Medicare & Medicaid Services See Food and Drug Administration See Health Resources and Services Administration See National Institutes of Health NOTICES Findings of Research Misconduct, 83024-83026 2024-23689 Health Resources Health Resources and Services Administration NOTICES Statement of Organization, Functions, and Delegations of Authority, 83023-83024 2024-23783 Homeland Homeland Security Department See Coast Guard See U.S.

Customs and Border Protection NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals: Securing the Cities Field Operator Stakeholder Feedback Survey, 83033-83034 2024-23757 Housing Housing and Urban Development Department NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals: Community Development Block Grant Entitlement Program, 83039-83040 2024-23645 Data Collection and Reporting for Homeless Assistance Programs—Annual Performance Report and System Performance Report, 83035-83037 2024-23644 Office of the Chief Human Capital Officer Personnel Security Integrated System for Tracking, 83034-83035 2024-23705 Privacy Act;

Matching Program, 83037-83039 2024-23736 Interior Interior Department See Geological Survey See National Park Service NOTICES Potential Import Prohibitions on Certain Products from the People's Republic of China Pursuant to the Pelly Amendment, 83073-83075 2024-23639 International Trade Adm International Trade Administration NOTICES Antidumping or Countervailing Duty Investigations, Orders, or Reviews: Alloy and Certain Carbon Steel Threaded Rod and Carbon and Alloy Steel Threaded Rod from the People's Republic of China, 82972-82975 2024-23697 Carbon and Alloy Steel Threaded Rod from India, 82982-82985 2024-23774 Certain Corrosion Inhibitors from the People's Republic of China, 82975-82977 2024-23694 Certain Vertical Shaft Engines between 99cc and up to 225cc and Parts Thereof from the People's Republic of China, 82985-82986 2024-23695 Crystalline Silicon Photovoltaic Cells, Whether or Not Assembled into Modules, from Malaysia, 82977-82980 2024-23678 Lightweight Thermal Paper from the People's Republic of China, 82981-82982 2024-23696 Requests for Nominations:

District Export Council, 82980-82981 2024-23762 Subsidy Programs Provided by Countries Exporting Softwood Lumber and Softwood Lumber Products to the United States, 82986 2024-23731 International Trade Com International Trade Commission NOTICES Antidumping or Countervailing Duty Investigations, Orders, or Reviews: Thermoformed Molded Fiber Products from China and Vietnam, 83051-83052 2024-23714 Complaint, 83050-83051 2024-23772 Justice Department Justice Department See Antitrust Division NOTICES Agency Information Collection Activities;

Proposals, Submissions, and Approvals: Law Enforcement Suicide Data Collection, 83053 2024-23775 Performance Review Board Members, 83054 2024-23756 Labor Department Labor Department See Workers Compensation Programs Office Maritime Maritime Administration NOTICES Coastwise Endorsement Eligibility Determination for a Foreign-Built Vessel: Brisote II (Sail), 83081-83082 2024-23642 Kinetic (Motor), 83084-83085 2024-23641 Maitai (Motor), 83082-83083 2024-23643 Smack (Motor), 83083-83084 2024-23640 Morris K.

Morris K. and Stewart L. Udall Foundation NOTICES Meetings; Sunshine Act, 83054 2024-23862 National Institute National Institutes of Health NOTICES Hearings, Meetings, Proceedings, etc.: Eunice Kennedy Shriver National Institute of Child Health and Human Development, 83028-83029 2024-23686 National Cancer Institute, 83027 2024-23687 National Heart, Lung, and Blood Institute, 83026 2024-23742 2024-23752 National Institute of Environmental Health Sciences, 83027-83028 2024-23740 National Institute of Mental Health, 83026-83027 2024-23741 National Institute of Neurological Disorders and Stroke, 83027 2024-23685 National Oceanic National Oceanic and Atmospheric Administration NOTICES Endangered and Threatened Species:

Draft Recovery Plan for the Giant Manta Ray (Mobula birostris); Initiation of 5-Year Review for the Giant Manta Ray, 82991-82993 2024-23755 Hearings, Meetings, Proceedings, etc.: Pacific Fishery Management Council, 82993-82994 2024-23663 Request for Information: Data for Marine Spatial Studies in Maryland, New Jersey, and Delaware, 82990-82991 2024-23776 Taking or Importing of Marine Mammals: Sand Island Pile Dikes Repairs on the Columbia River, 82986-82990 2024-23681 National Park National Park Service NOTICES Intended Disposition:

U.S. Department of the Interior, Bureau of Land Management, Colorado State Office, Tres Rios Field Office, Dolores, CO, 83048-83049 2024-23720 U.S. Department of the Interior, National Park Service, Hopewell Culture National Historical Park, Chillicothe, OH, 83046-83047 2024-23726 Inventory Completion: California State University, Sacramento, Sacramento, CA, 83045-83046 2024-23725 Fernbank Museum of Natural History, Atlanta, GA, 83042-83044 2024-23724 Western Washington University, Department of Anthropology, Bellingham, WA, 83047 2024-23721 Willamette University, Salem, OR, 83047-83048 2024-23719 Repatriation of Cultural Items:

American Museum of Natural History, New York, NY, 83044-83045 2024-23723 Gilcrease Museum, Tulsa, OK, 83045 2024-23718 State Historical Society of Wisconsin, Madison, WI, 83049 2024-23722 Nuclear Regulatory Nuclear Regulatory Commission NOTICES Licenses; Exemptions, Applications, Amendments, etc.: Prairie Island Independent Spent Fuel Storage Installation, Northern States Power Co., 83054-83055 2024-23647 Pipeline Pipeline and Hazardous Materials Safety Administration PROPOSED RULES Electronic Signatures, Forms and Storage for Drug and Alcohol Testing Records, 82957-82968 2024-23427 NOTICES Hearings, Meetings, Proceedings, etc.:

Lithium Battery Air Safety Advisory Committee, 83086-83087 2024-23739 Permits; Applications, Issuances, etc.: Pipeline Safety; TC Energy for Gas Transmission Northwest, LLC, 83085-83086 2024-23765 Postal Regulatory Postal Regulatory Commission NOTICES New Postal Products, 83055-83058 2024-23715 2024-23730 Public Inquiry: Modification of Service Performance Measurement Plan, 83056-83057 2024-23711 Postal Service Postal Service PROPOSED RULES Dual Shipping Labels Discontinued, 82948 2024-23823 Presidential Documents Presidential Documents PROCLAMATIONS Special Observances:

General Pulaski Memorial Day (Proc. 10835), 83409-83412 2024-23963 International Day of the Girl (Proc. 10836), 83413-83415 2024-23964 ADMINISTRATIVE ORDERS Colombia; Continuation of National Emergency With Respect to Significant Narcotics Traffickers (Notice of October 11, 2024), 83417 2024-23965 Congo, Democratic Republic of the; Continuation of National Emergency (Notice of October 11, 2024), 83419 2024-23966 Securities Securities and Exchange Commission NOTICES Agency Information Collection Activities;

Proposals, Submissions, and Approvals, 83059-83060 2024-23764 2024-23766 Application: Institutional Investment Strategy Fund and Buena Capital Advisors, LLC, 83058-83059 2024-23680 TriplePoint Venture Growth BDC Corp., et al., 83064-83065 2024-23761 White Oak Secured Asset Lending Fund, Inc., et al., 83060-83061 2024-23679 Joint Industry Plan: National Market System Plan Governing the Consolidated Audit Trail Regarding Cost Savings Measures, 83068-83069 2024-23657 Meetings; Sunshine Act, 83059, 83061 2024-23808 2024-23833 Self-Regulatory Organizations;

Proposed Rule Changes: MIAX Pearl, LLC, 83061-83064 2024-23659 MIAX Sapphire, LLC, 83065-83068 2024-23658 2024-23660 Small Business Small Business Administration NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals, 83069 2024-23767 Disaster Declaration: Georgia, 83069-83070 2024-23758 Idaho, 83070 2024-23682 Ohio, 83070 2024-23713 South Carolina, 83070-83071 2024-23759 Social Social Security Administration NOTICES Privacy Act; Matching Program, 83071-83072 2024-23690 State Department State Department NOTICES Potential Import Prohibitions on Certain Products from the People's Republic of China Pursuant to the Pelly Amendment, 83073-83075 2024-23639 Susquehanna Susquehanna River Basin Commission NOTICES Permits;

Applications, Issuances, etc., 83073 2024-23733 Projects Approved: Consumptive Uses of Water, 83072-83073 2024-23734 Minor Modifications, 83072 2024-23735 Trade Representative Trade Representative, Office of United States NOTICES Potential Import Prohibitions on Certain Products from the People's Republic of China Pursuant to the Pelly Amendment, 83073-83075 2024-23639 Transportation Department Transportation Department See Federal Aviation Administration See Federal Highway Administration See Federal Motor Carrier Safety Administration See Federal Railroad Administration See Federal Transit Administration See Maritime Administration See Pipeline and Hazardous Materials Safety Administration PROPOSED RULES Electronic Signatures, Forms and Storage for Drug and Alcohol Testing Records, 82957-82968 2024-23427 Treasury Treasury Department See Comptroller of the Currency Customs U.S.

Customs and Border Protection NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals: Collection of Advance Information from Certain Undocumented Individuals on the Land Border, 83030-83032 2024-23777 Forced Labor Allegation Portal/Forced Labor Portal, 83032-83033 2024-23778 Determination: Surgical Towels, 83029-83030 2024-23652 Unified Unified Carrier Registration Plan NOTICES Requests for Nominations: Board of Directors, 83088-83089 2024-23771 Veteran Affairs Veterans Affairs Department NOTICES Agency Information Collection Activities;

Proposals, Submissions, and Approvals: Child Care Provider Information—For the Child Care Subsidy Program; Withdrawal, 83089 2024-23699 Western Western Area Power Administration NOTICES Rate Order: No. WAPA-221; Provo River Project, 83008-83009 2024-23768 Workers' Workers Compensation Programs Office NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals: Request for Earnings Information; Correction, 83054 2024-23728 Separate Parts In This Issue Part II Defense Department, 83092-83237 2024-22905 Part III Health and Human Services Department, Centers for Medicare & Medicaid Services, 83240-83294 2024-23195 Part IV Environmental Protection Agency, 83296-83336 2024-22823 Part V Environmental Protection Agency, 83338-83375 2024-23341 Part VI Commodity Futures Trading Commission, 83378-83407 2024-23105 Part VII Presidential Documents, 83409-83415, 83417, 83419 2024-23963 2024-23964 2024-23965 2024-23966 Reader Aids Consult the Reader Aids section at the end of this issue for phone numbers, online resources, finding aids, and notice of recently enacted public laws.

To subscribe to the Federal Register Table of Contents electronic mailing list, go to https://public.govdelivery.com/accounts/USGPOOFR/subscriber/new, enter your e-mail address, then follow the instructions to join, leave, or manage your subscription. 89 199 Tuesday, October 15, 2024 Rules and Regulations DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency 12 CFR Part 34 [Docket No. OCC-2024-0013] RIN 1557-AF28 FEDERAL RESERVE SYSTEM 12 CFR Part 226 [Docket No.

R-1841] RIN 7100-AG82 CONSUMER FINANCIAL PROTECTION BUREAU 12 CFR Part 1026 Appraisals for Higher-Priced Mortgage Loans Exemption Threshold AGENCY: Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (Board); and Consumer Financial Protection Bureau (CFPB). ACTION: Final rules and official interpretations. SUMMARY: The OCC, the Board, and the CFPB are finalizing 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. A December 2013 rulemaking exempted 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). Based on the CPI-W in effect as of June 1, 2024, the exemption threshold will increase from $32,400 to $33,500, effective January 1, 2025.

DATES: This final rule is effective January 1, 2025. FOR FURTHER INFORMATION CONTACT: *OCC:* MaryAnn Nash, Counsel, Chief Counsel's Office, at

(202)649-6287. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. *Board:* Lorna M. Neill, Senior Counsel, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, at

(202)452-3667. For users of TTY-TRS, please call 711 from any telephone, anywhere in the United States. *CFPB:* George Karithanom, Regulatory Implementation & Guidance Program Analyst, Office of Regulations, at 202-435-7700 or at: *https://reginquiries.consumerfinance.gov/.* If you require this document in an alternative electronic format, please contact *CFPB_Accessibility@cfpb.gov.* SUPPLEMENTARY INFORMATION: I. Background The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) amended TILA to add special appraisal requirements for “higher-risk mortgages.” 1 In January 2013, the OCC, the Board, the CFPB, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Federal Housing Finance Agency

(FHFA)(collectively, Agencies) jointly issued a final rule implementing these requirements and adopted the term “higher-priced mortgage loan”

(HPML)instead of “higher-risk mortgage” (January 2013 Final Rule). 2 In July 2013, the Agencies proposed additional exemptions from the January 2013 Final Rule. 3 In December 2013, the Agencies issued a supplemental final rule with additional exemptions from the January 2013 Final Rule (December 2013 Supplemental Final Rule). 4 Among other exemptions, the Agencies adopted an exemption from the new HPML appraisal rules for transactions of $25,000 or less, to be adjusted annually for inflation. 1 Public Law 111-203, sec. 1471, 124 Stat. 1376, 2185-87 (2010), codified at TILA sec. 129H, 15 U.S.C. 1639h. 2 78 FR 10368 (Feb. 13, 2013). 3 78 FR 48548 (Aug. 8, 2013). 4 78 FR 78520 (Dec. 26, 2013). The OCC's, Board's, and CFPB's versions of the January 2013 Final Rule and December 2013 Supplemental Final Rule and corresponding official interpretations are substantively identical. The FDIC, NCUA, and FHFA adopted the CFPB's version of the regulations under the January 2013 Final Rule and December 2013 Supplemental Final Rule. 5 5 *See* NCUA: 12 CFR 722.3; FHFA: 12 CFR part 1222. Although the FDIC adopted the CFPB's version of the regulation, the FDIC did not issue its own regulation containing a cross-reference to the CFPB's version. *See* 78 FR 10368, 10370 (Feb. 13, 2013). The OCC's, Board's, and CFPB's regulations, 6 and their accompanying official interpretations, 7 provide that the exemption threshold for smaller loans will be adjusted effective January 1 of each year based on any annual percentage increase in the CPI-W that was in effect on the preceding June 1. Any increase in the threshold amount will be rounded to the nearest $100 increment. For example, if the annual percentage increase in the CPI-W would result in a $950 increase in the threshold amount, the threshold amount will be increased by $1,000. However, if the annual percentage increase in the CPI-W would result in a $949 increase in the threshold amount, the threshold amount will be increased by $900. If there is no annual percentage increase in the CPI-W, the OCC, the Board, and the CFPB will not adjust the threshold amounts from the prior year. 8 6 12 CFR 34.203(b)(2) (OCC); 12 CFR 226.43(b)(2) (Board); and 12 CFR 1026.35(c)(2)(ii) (CFPB). 7 12 CFR part 34, appendix C to subpart G, comment 203(b)(2)-1 (OCC); 12 CFR part 226, supplement I, comment 43(b)(2)-1 (Board); and 12 CFR part 1026, supplement I, comment 35(c)(2)(ii)-1 (CFPB). 8 *See* 12 CFR part 34, appendix C to subpart G, comment 203(b)(2)-1 and -2 (OCC); 12 CFR part 226, supplement I, comment 43(b)(2)-1 and -2 (Board); and 12 CFR part 1026, supplement I, comment 35(c)(2)(ii)-1 and -2 (CFPB). On November 30, 2016, the OCC, the Board, and the CFPB published a final rule in the **Federal Register** to memorialize the calculation method used by the OCC, the Board, and the CFPB each year to adjust the exemption threshold to ensure that the values for the exemption threshold keep pace with the CPI-W (HPML Small Dollar Adjustment Calculation Rule). 9 The HPML Small Dollar Adjustment Calculation Rule memorialized the policy that, if there is no annual percentage increase in the CPI-W, the OCC, Board, and CFPB will not adjust the exemption threshold from the prior year. The HPML Small Dollar Adjustment Calculation Rule also provided that, in years following a year in which the exemption threshold was not adjusted because there was a decrease in the CPI-W from the previous year, 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. If the resulting amount calculated, after rounding, is greater than the current threshold, then the threshold effective January 1 the following year will increase accordingly. If the resulting amount calculated, after rounding, is equal to or less than the current threshold, then the threshold effective January 1 the following year will not change, but future increases will be calculated based on the amount that would have resulted, after rounding. 9 *See* 81 FR 86250 (Nov. 30, 2016). II. 2025 Adjustment and Official Interpretations Revision Effective January 1, 2025, the exemption threshold amount is increased from $32,400 to $33,500. This amount is based on the CPI-W in effect on June 1, 2024, which was reported on May 15, 2024 (based on April 2024 data). 10 The CPI-W is a subset of the CPI-U index (based on all urban consumers) and represents approximately 30 percent of the U.S. population. The CPI-W reported on May 15, 2024, reflects a 3.4 percent increase in the CPI-W from April 2023 to April 2024. Accordingly, the 3.4 percent increase in the CPI-W from April 2023 to April 2024 results in an exemption threshold amount of $33,500, after rounding. The OCC, the Board, and the CFPB are revising the official interpretations to their respective regulations to add new comments as follows: 10 The Bureau of Labor Statistics calculates consumer-based indices for each month but does not report those indices until the middle of the following month. As such, the most recently reported indices as of June 1, 2024, were reported on May 15, 2024, and reflect economic conditions in April 2024. • Comment 203(b)(2)-3.xii to 12 CFR part 34, appendix C to subpart G (OCC); • Comment 43(b)(2)-3.xii to supplement I of 12 CFR part 226 (Board); and • Comment 35(c)(2)(ii)-3.xii to supplement I of 12 CFR part 1026 (CFPB). These new comments state that, from January 1, 2025, through December 31, 2025, the threshold amount is $33,500. These revisions are effective January 1, 2025. III. Regulatory Analysis Administrative Procedure Act Under the Administrative Procedure Act, notice and opportunity for public comment are not required if the agency finds that notice and public comment are impracticable, unnecessary, or contrary to the public interest. 11 The amendments in this rule are technical and apply the method previously memorialized in the December 2013 Supplemental Final Rule and the HPML Small Dollar Adjustment Calculation Rule. For these reasons, the OCC, the Board, and the CFPB have determined that publishing a notice of proposed rulemaking and providing opportunity for public comment are unnecessary. Therefore, the amendments are adopted in final form. 11 5 U.S.C. 553(b)(B). Regulatory Flexibility Act The Regulatory Flexibility Act

(RFA)does not apply to a rulemaking where a general notice of proposed rulemaking is not required. 12 The OCC, the Board, and the CFPB have determined that it is unnecessary to publish a general notice of proposed rulemaking for this final rule. Accordingly, the RFA's requirements relating to an initial and final regulatory flexibility analysis do not apply. 12 5 U.S.C. 603(a), 604(a). Paperwork Reduction Act The OCC, the Board, and the CFPB reviewed this final rule in accordance with the Paperwork Reduction Act of 1995. 13 The OCC, the Board, and the CFPB have determined that this rule does not create any new information collections or substantially revise any existing collections. 13 44 U.S.C. 3506; 5 CFR part 1320. Unfunded Mandates Reform Act The OCC analyzes proposed rules for the factors listed in section 202 of the Unfunded Mandates Reform Act of 1995 before promulgating a final rule for which a general notice of proposed rulemaking was published. 14 As discussed above, the OCC has determined that the publication of a general notice of proposed rulemaking is unnecessary. 14 2 U.S.C. 1532. CFPB Congressional Review Act Statement Pursuant to the Congressional Review Act (5 U.S.C. 801 *et seq.* ), the CFPB 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 rule 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. 804(2). List of Subjects 12 CFR Part 34 Accounting, Banks, banking, Consumer protection, Credit, Mortgages, National banks, Reporting and recordkeeping requirements, Savings associations, Truth-in-lending. 12 CFR Part 226 Advertising, Appraisal, Appraiser, Consumer protection, Credit, Federal Reserve System, Reporting and recordkeeping requirements, Truth-in-lending. 12 CFR Part 1026 Advertising, Banks, banking, Consumer protection, Credit, Credit unions, Mortgages, National banks, Reporting and recordkeeping requirements, Savings associations, Truth-in-lending. DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Authority and Issuance For the reasons set forth in the preamble, the OCC amends 12 CFR part 34 as set forth below: PART 34—REAL ESTATE LENDING AND APPRAISALS 1. The authority citation for part 34 continues to read as follows: Authority: 12 U.S.C. 1 *et seq.,* 25b, 29, 93a, 371, 1462a, 1463, 1464, 1465, 1701j-3, 1828(o), 3331 *et seq.,* 5101 *et seq.,* 5412(b)(2)(B) and 15 U.S.C. 1639h. 2. In appendix C to subpart G, under *Section 34.203—Appraisals for Higher-Priced Mortgage Loans,* paragraph 34.203(b)(2) is revised to read as follows: Appendix C to Subpart G—OCC Interpretations Section 34.203—Appraisals for Higher-Priced Mortgage Loans Paragraph 34.203(b)(2) 1. *Threshold amount.* For purposes of § 34.203(b)(2), the threshold amount in effect during a particular period is the amount stated in comment 203(b)(2)-3 for that period. The threshold amount is adjusted effective January 1 of each year by any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) that was in effect on the preceding June 1. Comment 203(b)(2)-3 will be amended to provide the threshold amount for the upcoming year after the annual percentage change in the CPI-W that was in effect on June 1 becomes available. Any increase in the threshold amount will be rounded to the nearest $100 increment. For example, if the annual percentage increase in the CPI-W would result in a $950 increase in the threshold amount, the threshold amount will be increased by $1,000. However, if the annual percentage increase in the CPI-W would result in a $949 increase in the threshold amount, the threshold amount will be increased by $900. 2. *No increase in the CPI-W.* If the CPI-W in effect on June 1 does not increase from the CPI-W in effect on June 1 of the previous year, the threshold amount effective the following January 1 through December 31 will not change from the previous year. When this occurs, for the years that follow, the threshold is calculated based on the annual percentage change in the CPI-W applied to the dollar amount that would have resulted, after rounding, if decreases and any subsequent increases in the CPI-W had been taken into account. i. *Net increases.* If the resulting amount calculated, after rounding, is greater than the current threshold, then the threshold effective January 1 the following year will increase accordingly. ii. *Net decreases.* If the resulting amount calculated, after rounding, is equal to or less than the current threshold, then the threshold effective January 1 the following year will not change, but future increases will be calculated based on the amount that would have resulted. 3. *Threshold.* For purposes of § 34.203(b)(2), the threshold amount in effect during a particular period is the amount stated in the following for that period. i. From January 18, 2014, through December 31, 2014, the threshold amount is $25,000. ii. From January 1, 2015, through December 31, 2015, the threshold amount is $25,500. iii. From January 1, 2016, through December 31, 2016, the threshold amount is $25,500. iv. From January 1, 2017, through December 31, 2017, the threshold amount is $25,500. v. From January 1, 2018, through December 31, 2018, the threshold amount is $26,000. vi. From January 1, 2019, through December 31, 2019, the threshold amount is $26,700. vii. From January 1, 2020, through December 31, 2020, the threshold amount is $27,200. viii. From January 1, 2021, through December 31, 2021, the threshold amount is $27,200. ix. From January 1, 2022, through December 31, 2022, the threshold amount is $28,500. x. From January 1, 2023, through December 31, 2023, the threshold amount is $31,000. xi. From January 1, 2024, through December 31, 2024, the threshold amount is $32,400. xii. From January 1, 2025, through December 31, 2025, the threshold amount is $33,500. 4. *Qualifying for exemption—in general.* A transaction is exempt under § 34.203(b)(2) if the creditor makes an extension of credit at consummation that is equal to or below the threshold amount in effect at the time of consummation. 5. *Qualifying for exemption—subsequent changes.* A transaction does not meet the condition for an exemption under § 34.203(b)(2) merely because it is used to satisfy and replace an existing exempt loan unless the amount of the new extension of credit is equal to or less than the applicable threshold amount. For example, assume a closed-end loan that qualified for a § 34.203(b)(2) exemption at consummation in year one is refinanced in year ten and that the new loan amount is greater than the threshold amount in effect in year ten. In these circumstances, the creditor must comply with all of the applicable requirements of § 34.203 with respect to the year ten transaction if the original loan is satisfied and replaced by the new loan unless another exemption from the requirements of § 34.203 applies. *See* § 34.203(b) and (d)(7). BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Authority and Issuance For the reasons set forth in the preamble, the Board amends Regulation Z, 12 CFR part 226, as set forth below: PART 226—TRUTH IN LENDING (REGULATION Z) 3. The authority citation for part 226 continues to read as follows: Authority: 12 U.S.C. 3806; 15 U.S.C. 1604, 1637(c)(5), 1639(l), and 1639h; Pub. L. 111-24, section 2, 123 Stat. 1734; Pub. L. 111-203, 124 Stat. 1376. 4. In supplement I to part 226, under *Section 226.43—Appraisals for Higher-Risk Mortgage Loans,* paragraph 43(b)(2) is revised to read as follows: Supplement I to Part 226—Official Staff Interpretations Section 226.43—Appraisals for Higher-Risk Mortgage Loans Paragraph 43(b)(2) 1. *Threshold amount.* For purposes of § 226.43(b)(2), the threshold amount in effect during a particular period is the amount stated in comment 43(b)(2)-3 for that period. The threshold amount is adjusted effective January 1 of each year by any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) that was in effect on the preceding June 1. Comment 43(b)(2)-3 will be amended to provide the threshold amount for the upcoming year after the annual percentage change in the CPI-W that was in effect on June 1 becomes available. Any increase in the threshold amount will be rounded to the nearest $100 increment. For example, if the annual percentage increase in the CPI-W would result in a $950 increase in the threshold amount, the threshold amount will be increased by $1,000. However, if the annual percentage increase in the CPI-W would result in a $949 increase in the threshold amount, the threshold amount will be increased by $900. 2. *No increase in the CPI-W.* If the CPI-W in effect on June 1 does not increase from the CPI-W in effect on June 1 of the previous year, the threshold amount effective the following January 1 through December 31 will not change from the previous year. When this occurs, for the years that follow, the threshold is calculated based on the annual percentage change in the CPI-W applied to the dollar amount that would have resulted, after rounding, if decreases and any subsequent increases in the CPI-W had been taken into account. i. *Net increases.* If the resulting amount calculated, after rounding, is greater than the current threshold, then the threshold effective January 1 the following year will increase accordingly. ii. *Net decreases.* If the resulting amount calculated, after rounding, is equal to or less than the current threshold, then the threshold effective January 1 the following year will not change, but future increases will be calculated based on the amount that would have resulted. 3. *Threshold.* For purposes of § 226.43(b)(2), the threshold amount in effect during a particular period is the amount stated in the following for that period. i. From January 18, 2014, through December 31, 2014, the threshold amount is $25,000. ii. From January 1, 2015, through December 31, 2015, the threshold amount is $25,500. iii. From January 1, 2016, through December 31, 2016, the threshold amount is $25,500. iv. From January 1, 2017, through December 31, 2017, the threshold amount is $25,500. v. From January 1, 2018, through December 31, 2018, the threshold amount is $26,000. vi. From January 1, 2019, through December 31, 2019, the threshold amount is $26,700. vii. From January 1, 2020, through December 31, 2020, the threshold amount is $27,200. viii. From January 1, 2021, through December 31, 2021, the threshold amount is $27,200. ix. From January 1, 2022, through December 31, 2022, the threshold amount is $28,500. x. From January 1, 2023, through December 31, 2023, the threshold amount is $31,000. xi. From January 1, 2024, through December 31, 2024, the threshold amount is $32,400. xii. From January 1, 2025, through December 31, 2025, the threshold amount is $33,500. 4. *Qualifying for exemption—in general.* A transaction is exempt under § 226.43(b)(2) if the creditor makes an extension of credit at consummation that is equal to or below the threshold amount in effect at the time of consummation. 5. *Qualifying for exemption—subsequent changes.* A transaction does not meet the condition for an exemption under § 226.43(b)(2) merely because it is used to satisfy and replace an existing exempt loan unless the amount of the new extension of credit is equal to or less than the applicable threshold amount. For example, assume a closed-end loan that qualified for a § 226.43(b)(2) exemption at consummation in year one is refinanced in year ten and that the new loan amount is greater than the threshold amount in effect in year ten. In these circumstances, the creditor must comply with all of the applicable requirements of § 226.43 with respect to the year ten transaction if the original loan is satisfied and replaced by the new loan unless another exemption from the requirements of § 226.43 applies. *See* § 226.43(b) and (d)(7). CONSUMER FINANCIAL PROTECTION BUREAU Authority and Issuance For the reasons set forth in the preamble, the CFPB amends Regulation Z, 12 CFR part 1026, as set forth below: PART 1026—TRUTH IN LENDING (REGULATION Z) 5. The authority citation for part 1026 continues to read as follows: Authority: 12 U.S.C. 2601, 2603-2605, 2607, 2609, 2617, 3353, 5511, 5512, 5532, 5581; 15 U.S.C. 1601 *et seq.* 6. In supplement I to part 1026, under *Section 1026.35—Requirements for Higher-Priced Mortgage Loans,* paragraph 35(c)(2)(ii) is revised to read as follows: Supplement I to Part 1026—Official Interpretations Section 1026.35—Requirements for Higher-Priced Mortgage Loans Paragraph 35(c)(2)(ii) 1. *Threshold amount.* For purposes of § 1026.35(c)(2)(ii), the threshold amount in effect during a particular period is the amount stated in comment 35(c)(2)(ii)-3 for that period. The threshold amount is adjusted effective January 1 of each year by any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) that was in effect on the preceding June 1. Comment 35(c)(2)(ii)-3 will be amended to provide the threshold amount for the upcoming year after the annual percentage change in the CPI-W that was in effect on June 1 becomes available. Any increase in the threshold amount will be rounded to the nearest $100 increment. For example, if the annual percentage increase in the CPI-W would result in a $950 increase in the threshold amount, the threshold amount will be increased by $1,000. However, if the annual percentage increase in the CPI-W would result in a $949 increase in the threshold amount, the threshold amount will be increased by $900. 2. *No increase in the CPI-W.* If the CPI-W in effect on June 1 does not increase from the CPI-W in effect on June 1 of the previous year, the threshold amount effective the following January 1 through December 31 will not change from the previous year. When this occurs, for the years that follow, the threshold is calculated based on the annual percentage change in the CPI-W applied to the dollar amount that would have resulted, after rounding, if decreases and any subsequent increases in the CPI-W had been taken into account. i. *Net increases.* If the resulting amount calculated, after rounding, is greater than the current threshold, then the threshold effective January 1 the following year will increase accordingly. ii. *Net decreases.* If the resulting amount calculated, after rounding, is equal to or less than the current threshold, then the threshold effective January 1 the following year will not change, but future increases will be calculated based on the amount that would have resulted. 3. *Threshold.* For purposes of § 1026.35(c)(2)(ii), the threshold amount in effect during a particular period is the amount stated in the following for that period. i. From January 18, 2014, through December 31, 2014, the threshold amount is $25,000. ii. From January 1, 2015, through December 31, 2015, the threshold amount is $25,500. iii. From January 1, 2016, through December 31, 2016, the threshold amount is $25,500. iv. From January 1, 2017, through December 31, 2017, the threshold amount is $25,500. v. From January 1, 2018, through December 31, 2018, the threshold amount is $26,000. vi. From January 1, 2019, through December 31, 2019, the threshold amount is $26,700. vii. From January 1, 2020, through December 31, 2020, the threshold amount is $27,200. viii. From January 1, 2021, through December 31, 2021, the threshold amount is $27,200. ix. From January 1, 2022, through December 31, 2022, the threshold amount is $28,500. x. From January 1, 2023, through December 31, 2023, the threshold amount is $31,000. xi. From January 1, 2024, through December 31, 2024, the threshold amount is $32,400. xii. From January 1, 2025, through December 31, 2025, the threshold amount is $33,500. 4. *Qualifying for exemption—in general.* A transaction is exempt under § 1026.35(c)(2)(ii) if the creditor makes an extension of credit at consummation that is equal to or below the threshold amount in effect at the time of consummation. 5. *Qualifying for exemption—subsequent changes.* A transaction does not meet the condition for an exemption under § 1026.35(c)(2)(ii) merely because it is used to satisfy and replace an existing exempt loan unless the amount of the new extension of credit is equal to or less than the applicable threshold amount. For example, assume a closed-end loan that qualified for a § 1026.35(c)(2)(ii) exemption at consummation in year one is refinanced in year ten and that the new loan amount is greater than the threshold amount in effect in year ten. In these circumstances, the creditor must comply with all of the applicable requirements of § 1026.35(c) with respect to the year ten transaction if the original loan is satisfied and replaced by the new loan unless another exemption from the requirements of § 1026.35(c) applies. *See* § 1026.35(c)(2) and (c)(4)(vii). Michael J. Hsu, Acting Comptroller of the Currency. By order of the Board of Governors of the Federal Reserve System, acting through the Secretary of the Board under delegated authority. Benjamin W. McDonough, Deputy Secretary of the Board. Brian Shearer, Assistant Director, Office of Policy Planning and Strategy, Consumer Financial Protection Bureau. [FR Doc. 2024-23277 Filed 10-11-24; 8:45 am]

Connectionstraces to 15

Traces to 15 documents

U.S. Code