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Federal Register / Vol. 72, No.

156 / Tuesday, August 14, 2007 / Notices 45495

DEPARTMENT OF THE TREASURY area and at the Agencies is subject to • Mail: Jennifer J. Johnson, Secretary,
delay. Interested parties are invited to Board of Governors of the Federal
Office of the Comptroller of the submit comments to: Reserve System, 20th Street and
Currency OCC: You may submit comments by Constitution Avenue, NW., Washington,
[Docket ID OCC–2007–0013]
any of the following methods: DC 20551. All public comments are
• E-mail: available from the Board’s Web site at
BOARD OF GOVERNORS OF THE regs.comments@occ.treas.gov. http://www.federalreserve.gov/
FEDERAL RESERVE SYSTEM • Fax: (202) 874–4448. generalinfo/foia/ProposedRegs.cfm as
• Mail: Office of the Comptroller of submitted, unless modified for technical
[Docket No. OP–1292] the Currency, 250 E Street, SW., Mail reasons. Accordingly, your comments
Stop 1–5, Washington, DC 20219. will not be edited to remove any
FEDERAL DEPOSIT INSURANCE • Hand Delivery/Courier: 250 E
CORPORATION identifying or contact information.
Street, SW., Attn: Public Information Public comments may also be viewed in
Room, Mail Stop 1–5, Washington, DC electronic or paper form in Room MP–
DEPARTMENT OF THE TREASURY 20219. 500 of the Board’s Martin Building (20th
Instructions: You must include and C Streets, NW.) between 9 a.m. and
Office of Thrift Supervision ‘‘OCC’’ as the agency name and ‘‘Docket 5 p.m. on weekdays.
[Docket ID OTS–2007–0016] ID OCC–2007–0013’’ in your comment. FDIC: You may submit comments by
In general, OCC will enter all comments any of the following methods:
NATIONAL CREDIT UNION received into the docket without • Agency Web Site: http://
ADMINISTRATION change, including any business or www.fdic.gov/regulations/laws/federal.
personal information that you provide Follow instructions for submitting
Proposed Illustrations of Consumer such as name and address information, comments on the Agency Web Site.
Information for Subprime Mortgage e-mail addresses, or phone numbers. • E-mail: Comments@FDIC.gov.
Lending Comments, including attachments and Include ‘‘Proposed Illustrations’’ in the
AGENCIES: Office of the Comptroller of other supporting materials, received are subject line of the message.
the Currency, Treasury (OCC); Board of part of the public record and subject to • Mail: Robert E. Feldman, Executive
Governors of the Federal Reserve public disclosure. Do not enclose any Secretary, Attention: Comments, Federal
System (Board); Federal Deposit information in your comment or Deposit Insurance Corporation, 550 17th
Insurance Corporation (FDIC); Office of supporting materials that you consider Street, NW., Washington, DC 20429.
Thrift Supervision, Treasury (OTS); and confidential or inappropriate for public • Hand Delivery/Courier: Guard
National Credit Union Administration disclosure. station at the rear of the 550 17th Street
(NCUA). You may review comments and other Building (located on F Street) on
related materials by any of the following business days between 7 a.m. and 5 p.m.
ACTION: Notice of proposed illustrations
methods: (EST).
of consumer information with request • Viewing Comments Personally: You • Federal eRulemaking Portal: http://
for comment. may personally inspect and photocopy www.regulations.gov. Follow the
SUMMARY: The OCC, Board, FDIC, OTS, comments at the OCC’s Public instructions for submitting comments.
and NCUA (the Agencies), request Information Room, 250 E Street, SW., Public Inspection: All comments
comment on these Proposed Washington, DC. For security reasons, received will be posted without change
Illustrations of Consumer Information the OCC requires that visitors make an to http://www.fdic.gov/regulations/laws/
for Subprime Mortgage Lending. The appointment to inspect comments. You federal including any personal
illustrations are intended to assist may do so by calling (202) 874–5043. information provided. Comments may
institutions in providing consumer Upon arrival, visitors will be required to be inspected and photocopied in the
information as discussed in the present valid government-issued photo FDIC Public Information Center, 3501
consumer protection portion of the identification and submit to security North Fairfax Drive, Room E–1002,
Agencies’ Statement on Subprime screening in order to inspect and Arlington, VA 22226, between 9 a.m.
Mortgage Lending (Subprime photocopy comments. and 5 p.m. (EST) on business days.
Statement). The illustrations are not Docket: You may also view or request Paper copies of public comments may
intended as model forms, and available background documents and be ordered from the Public Information
institutions will not be required to use project summaries using the methods Center by telephone at (877) 275–3342
them. Rather, they are provided to described above. or (703) 562–2200.
respond to the requests of commenters Board: You may submit comments, OTS: You may submit comments,
that the Agencies provide uniform identified by Docket No. OP–1292, by identified by ID OTS–2007–0016, by
disclosures for, or illustrations of, the any of the following methods: any of the following methods:
type of consumer information • Agency Web Site: http:// • E-mail:
contemplated by the Subprime www.federalreserve.gov. Follow the regs.comments@ots.treas.gov. Please
Statement. instructions for submitting comments at include ID OTS–2007–0016 in the
http://www.federalreserve.gov/ subject line of the message and include
DATES: Comments must be submitted on generalinfo/foia/ProposedRegs.cfm. your name and telephone number in the
or before October 15, 2007. • Federal eRulemaking Portal: http:// message.
ADDRESSES: The Agencies will jointly www.regulations.gov. Follow the • Fax: (202) 906–6518.
review all of the comments submitted. instructions for submitting comments. • Mail: Regulation Comments, Chief
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Therefore, interested parties may send • E-mail: Counsel’s Office, Office of Thrift
comments to any of the Agencies and regs.comments@federalreserve.gov. Supervision, 1700 G Street, NW.,
need not send comments (or copies) to Include the docket number in the Washington, DC 20552, Attention: ID
all of the Agencies. Please consider subject line of the message. OTS–2007–0016.
submitting your comments by e-mail or • Fax: 202/452–3819 or 202/452– • Hand Delivery/Courier: Guard’s
fax, since paper mail in the Washington 3102. Desk, East Lobby Entrance, 1700 G

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45496 Federal Register / Vol. 72, No. 156 / Tuesday, August 14, 2007 / Notices

Street, NW., from 9 a.m. to 4 p.m. on Legal Division, (202) 452–3852. For assist institutions in addressing
business days. Address envelope as users of Telecommunications Device for particular risks and consumer
follows: Attention: Regulation the Deaf (‘‘TDD’’) only, contact (202) protection concerns raised by certain
Comments, Chief Counsel’s Office, 263–4869. ARM products typically offered to
Attention: ID OTS–2007–0016. FDIC: Victoria M. Pawelski, Policy subprime borrowers. Some industry
Instructions: All submissions received Analyst, (202) 898–3571, or Mira N. group commenters on the proposal
must include the agency name and Marshall, Acting Chief, CRA/Fair asked the Agencies to provide uniform
docket number for this proposed Lending Section, (202) 898–3912, disclosures for these products, or to
Guidance. All comments received will Compliance Policy & Exam Support publish illustrations of the consumer
be posted without change to the OTS Branch, Division of Supervision and information contemplated by the
Internet Site at http://www.ots.treas.gov/ Consumer Protection; or Richard B. Subprime Statement similar to those
pagehtml.cfm?catNumber=67&an=1, Foley, Counsel, Legal Division, (202) previously proposed by the Agencies in
including any personal information 898–3784. connection with nontraditional
provided. OTS: Montrice G. Yakimov, Assistant mortgage products. 71 FR 58609 (Oct. 4,
Docket: For access to the docket to Managing Director, (202) 906–6173 or 2006). The Agencies recently published
read background documents or Glenn Gimble, Senior Project Manager, final Illustrations of Consumer
comments received, go to http:// (202) 906–7158, Compliance and Information for Nontraditional Mortgage
www.ots.treas.gov/ Consumer Protection Division. Products. 72 FR 31825 (June 8, 2007).
pagehtml.cfm?catNumber=67&an=1. NCUA: Cory W. Phariss, Program As was done with those illustrations,
In addition, you may inspect Officer, Examination and Insurance, the Agencies believe that it would be
comments at the Public Reading Room, (703) 518–6618. desirable to seek public comment before
1700 G Street, NW., by appointment. To SUPPLEMENTARY INFORMATION: issuing these illustrations in order to
make an appointment for access, call I. Background determine the types of illustrations that
(202) 906–5922, send an e-mail to would be most useful to consumers and
On March 8, 2007, the Agencies
public.info@ots.treas.gov, or send a institutions.
published for comment a proposed
facsimile transmission to (202) 906–
Statement on Subprime Mortgage II. Proposed Illustrations
7755. (Prior notice identifying the
Lending, 72 FR 10533 (Mar. 8, 2007)
materials you will be requesting will The Agencies believe that illustrations
(proposed statement). The consumer
assist us in serving you.) We schedule of consumer information may be useful
protection portion of the proposed
appointments on business days between to institutions as they implement the
statement set forth recommended
10 a.m. and 4 p.m. In most cases, consumer information
practices to ensure that consumers have
appointments will be available the next recommendations of the Subprime
clear and balanced information about
business day following the date we Statement. The Agencies appreciate that
the relative benefits and risks of certain
receive a request. some institutions, including community
adjustable rate mortgage (ARM)
NCUA: You may submit comments by banks, may prefer not to incur the costs
products. The proposed statement
any of the following methods: and other burdens of developing their
specifically indicated that consumers
• Federal eRulemaking Portal: http:// should be informed about issues relating own consumer information documents
www.regulations.gov. Follow the to potential payment shock—i.e., to address the issues raised in the
instructions for submitting comments. significant increases in monthly Subprime Statement, and could benefit
• NCUA Web Site: http:// payments that may occur when the from illustrations like those below.
www.ncua.gov/ interest rate adjusts to a fully-indexed Use of the proposed illustrations is
RegulationsOpinionsLaws/ rate—as well as other features that may entirely voluntary. Accordingly, there is
proposed_regs/proposed_regs.html. be present in these loans, including no Agency requirement or expectation
Follow the instructions for submitting prepayment penalties, balloon that institutions must use the
comments. payments, pricing premiums for illustrations in their communications
• E-mail: Address to reduced documentation loans, and the with consumers.
regcomments@ncua.gov. Include ‘‘[Your borrower’s responsibility for real estate Institutions seeking to follow the
name] Comments on’’ in the e-mail taxes and insurance if not escrowed. recommendations set forth in the
subject line. The Agencies revised the proposed Subprime Statement could, at their
• Fax: (703) 518–6319. Use the statement based on the comments option, elect to:
subject line described above for e-mail. received, and recently published the • Use the illustrations;
• Mail: Address to Mary Rupp, final Statement on Subprime Mortgage • Provide information based on the
Secretary of the Board, National Credit Lending in the Federal Register illustrations, but expand, abbreviate, or
Union Administration, 1775 Duke (Subprime Statement). 72 FR 37569 otherwise tailor any information in the
Street, Alexandria, Virginia 22314– (July 10, 2007). Like the Interagency illustrations as appropriate to reflect, for
3428. Guidance on Nontraditional Mortgage example:
• Hand Delivery/Courier: Same as Product Risks, 71 FR 58609 (Oct. 4, Æ the institution’s product offerings,
mail address. 2006), the Subprime Statement is such as by deleting information about
FOR FURTHER INFORMATION CONTACT: applicable to all banks and their loan products and loan terms not
OCC: Michael S. Bylsma, Director, subsidiaries, bank holding companies offered by the institution and by
Stephen Van Meter, Assistant Director, and their nonbank subsidiaries, savings revising the illustrations to reflect
or Kathryn D. Ray, Special Counsel, associations and their subsidiaries, specific terms currently offered by the
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Community and Consumer Law savings and loan holding companies institution;
Division, (202) 874–5750. and their subsidiaries, and credit Æ the consumer’s particular loan
Board: Kathleen C. Ryan, Counsel, or unions. requirements or qualifications;
Jamie Z. Goodson, Attorney, Division of The Subprime Statement, including Æ current market conditions, such as
Consumer and Community Affairs, (202) the consumer protection portion, by changing the loan amounts, interest
452–3667; or Kara Handzlik, Attorney, provides recommended practices to rates, and corresponding payment

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Federal Register / Vol. 72, No. 156 / Tuesday, August 14, 2007 / Notices 45497

amounts to reflect current local market information contemplated in the encourage specific comment on whether
circumstances; and Subprime Statement in a format that the illustrations, as proposed, would be
Æ other material information relating could be used by creditors seeking to useful to institutions, including
to the loan consistent with the implement the consumer protection community banks, seeking to implement
Subprime Statement; or recommendations in the guidance. the ‘‘Consumer Protection Principles’’
• Provide the information described Creditors that use Illustration 1 should, portion of the Subprime Statement, or
in the Subprime Statement, as of course, delete or modify the whether changes should be made to
appropriate, in an alternate format. prepayment penalty or other language in
Whether or not an institution chooses them. We also encourage specific
the illustration in order to reflect the comment on the following: whether the
to use the proposed illustrations, the actual terms being offered. Illustration 1
Subprime Statement provides that illustrations, as proposed, would be
is also intended to enable creditors to
communications with consumers, useful in promoting consumer
implement the Subprime Statement
including advertisements, oral with minimal burden. understanding of the risks and material
statements, and promotional materials, Illustration 2 is a chart with terms of certain ARM products, as
should provide clear and balanced numerical examples that is designed to described in the Subprime Statement, or
information about the relative benefits show the potential consequences of whether changes should be made to
and risks of certain ARM products. payment shock in a concrete, readily them. We also seek comment on
Further, product descriptions and understandable manner for a loan whether the information in the
advertisements are to provide clear, structured with a discounted interest proposed illustrations is set forth in a
detailed information about the costs, rate for the first two years. Illustration clear manner and format; whether these
terms, features, and risks of the loan to 2 provides information on payments for illustrations or a modified form should
the borrower. In particular, the an ARM loan, assuming caps on annual be adopted by the Agencies; and
Subprime Statement indicates that and aggregate interest rate increases whether there are additional
‘‘[i]nformation provided to consumers based on typical terms in the market,2 illustrations relating to certain ARM
should clearly explain the risk of and information for a comparable fixed products that would be useful to
payment shock and the ramifications of rate mortgage. consumers and institutions.
prepayment penalties, balloon Creditors could satisfy the consumer
payments, and the lack of escrow for information recommendations by The Agencies are aware that
taxes and insurance, as necessary.’’ 1 simply photocopying the illustrations individual institutions and industry
Consumers also should be informed (after making any necessary deletions or associations have developed and are
about any pricing premium associated modifications) and distributing them to likely to continue developing
with a stated income or reduced consumers in a timely manner. In documents that can be effective in
documentation loan program. addition, once the Agencies adopt conveying critical information
This recommended information could illustrations as final, to assist discussed in the ‘‘Consumer Protection
be presented as shown in the two institutions that wish to use them, the Principles’’ portion of the Subprime
illustrations set forth below. Illustration Agencies will post them on their Statement. These illustrations are not
1 is a narrative explanation of some of respective Web sites in a form that can intended to dissuade institutions and
the key features of certain ARM loans be downloaded, modified as associations from developing their own
that are identified in the Subprime appropriate, and printed for easy means of delivering important
Statement, including payment shock, reproduction. information about these products to
responsibility for taxes and insurance,
III. Request for Comment consumers. In this regard, the Agencies
prepayment penalties, balloon
The Agencies request comment on all note that they have not conducted any
payments, and increased costs
associated with stated income or aspects of the proposed illustrations. We consumer testing to assess the
reduced documentation loans. The effectiveness of any existing documents
Subprime Statement indicates that 2 The ARM loan in Illustration 2 assumes a start currently used by institutions, or of the
information provided to consumers rate of 7 percent, an initial index of 5.5 percent and proposed illustrations set forth below.
a margin of 6 percent. It assumes annual payment
should clearly explain these features adjustments after the initial discount period, a 3
Commenters are specifically invited to
and their ramifications in a timely percent cap on the interest rate increase at the end provide information on any consumer
manner. Illustration 1 seeks to provide of year 2, and a 2 percent annual payment testing they have conducted in
adjustment cap on interest rate increases thereafter,
both the general and loan-specific with a lifetime payment adjustment cap of 6 percent
connection with comparable
(or a maximum rate of 13 percent). It also assumes disclosures.
1 72 FR at 37574. no change in the index through year 4.
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45500 Federal Register / Vol. 72, No. 156 / Tuesday, August 14, 2007 / Notices

Dated: August 2, 2007. Investment Reducing Taxpayer Burden Island Rd., Suite 340, Plantation, FL
John C. Dugan, (Notices) Issue Committee of the 33324. Due to limited conference lines,
Comptroller of the Currency. Taxpayer Advocacy Panel will be held notification of intent to participate in
Thursday, September 6, 2007 from 1 the telephone conference call meeting
By order of the Board of Governors of the p.m. ET via a telephone conference call. must be made with Sallie Chavez. Ms.
Federal Reserve System, August 2, 2007. If you would like to have the TAP Chavez can be reached at 1–888–912–
Jennifer J. Johnson, consider a written statement, please call 1227 or 954–423–7979, or post
Secretary of the Board. 1–888–912–1227 or 954–423–7979, or comments to the Web site: http://
write Sallie Chavez, TAP Office, 1000 www.improveirs.org.
Dated at Washington, DC the 31st day of South Pine Island Road, Suite 340, The agenda will include: Various IRS
July, 2007.
Plantation, FL 33324. Due to limited issues.
By order of the Federal Deposit Insurance conference lines, notification of intent
Corporation. Dated: August 7, 2007.
to participate in the telephone John Fay,
Valerie J. Best, conference call meeting must be made
Assistant Executive Secretary. Acting Director, Taxpayer Advocacy Panel.
with Sallie Chavez. Ms. Chavez can be
[FR Doc. E7–15862 Filed 8–13–07; 8:45 am]
Dated: August 7, 2007.
reached at 1–888–912–1227 or 954–
BILLING CODE 4830–01–P
423–7979, or post comments to the Web
By the Office of Thrift Supervision.
site: http://www.improveirs.org.
John M. Reich, The agenda will include: Various IRS
Director. DEPARTMENT OF THE TREASURY
issues.
Dated: August 3, 2007. Dated: August 7, 2007. Internal Revenue Service
By the National Credit Union John Fay,
Administration. Acting Director, Taxpayer Advocacy Panel. Open Meeting of the Taxpayer
Assistance Center Committee of the
JoAnn M. Johnson, [FR Doc. E7–15860 Filed 8–13–07; 8:45 am]
Taxpayer Advocacy Panel
Chairman. BILLING CODE 4830–01–P

[OCC–4810–33–P 20%] AGENCY: Internal Revenue Service (IRS),


[FRB–6210–01–P 20%] Treasury.
[FDIC–6714–01–P 20%] DEPARTMENT OF THE TREASURY ACTION: Notice.
[OTS–6720–01–P 20%] Internal Revenue Service
[NCUA–7535–01–P 20%] SUMMARY: An open meeting of the
[FR Doc. 07–3945 Filed 8–13–07; 8:45 am] Taxpayer Assistance Center Committee
Open Meeting of the Area 3 Taxpayer
of the Taxpayer Advocacy Panel will be
BILLING CODE 4810–33–P, 6210–01–P, 6714–01–P, Advocacy Panel (Including the States
6720–01–P, 7535–01–P conducted (via teleconference). The
of Florida, Georgia, Alabama,
Taxpayer Advocacy Panel (TAP) is
Mississippi, Louisiana, and Arkansas,
soliciting public comments, ideas, and
and the Territory of Puerto Rico)
DEPARTMENT OF THE TREASURY suggestions on improving customer
AGENCY: Internal Revenue Service (IRS), service at the Internal Revenue Service.
Internal Revenue Service Treasury. DATES: The meeting will be held
Open Meeting of the Wage and ACTION: Notice. Tuesday, September 4, 2007.
Investment Reducing Taxpayer Burden FOR FURTHER INFORMATION CONTACT:
SUMMARY: An open meeting of the Area
(Notices) Issue Committee of the Dave Coffman at 1–888–912–1227, or
3 Committee of the Taxpayer Advocacy 206–220–6096.
Taxpayer Advocacy Panel Panel will be conducted (via
SUPPLEMENTARY INFORMATION: Notice is
AGENCY: Internal Revenue Service (IRS), teleconference). The Taxpayer
Advocacy Panel is soliciting public hereby given pursuant to section
Treasury.
comments, ideas, and suggestions on 10(a)(2) of the Federal Advisory
ACTION: Notice of meeting. Committee Act, 5 U.S.C. App. (1988)
improving customer service at the
SUMMARY: An open meeting of the Wage Internal Revenue Service. that an open meeting of the Taxpayer
and Investment Reducing Taxpayer Assistance Center Committee of the
DATES: The meeting will be held
Burden (Notices) Issue Committee of the Taxpayer Advocacy Panel will be held
Tuesday, September 11, 2007, from Tuesday, September 4, 2007 from 9 a.m.
Taxpayer Advocacy Panel will be 11:30 a.m. ET.
conducted (via teleconference). The to 10 a.m. Pacific Time via a telephone
FOR FURTHER INFORMATION CONTACT: conference call. If you would like to
Taxpayer Advocacy Panel is soliciting
Sallie Chavez at 1–888–912–1227, or have the TAP consider a written
public comments, ideas and suggestions
954–423–7979. statement, please call 1–888–912–1227
on improving customer service at the
Internal Revenue Service. SUPPLEMENTARY INFORMATION: Notice is or 206–220–6096, or write to Dave
hereby given pursuant to section Coffman, TAP Office, 915 2nd Avenue,
DATES: The meeting will be held
10(a)(2) of the Federal Advisory MS W–406, Seattle, WA 98174 or you
Thursday, September 6, 2007 from 1
Committee Act, 5 U.S.C. App. (1988) can contact us at http://
p.m. ET.
that an open meeting of the Area 3 www.improveirs.org. Due to limited
FOR FURTHER INFORMATION CONTACT: Committee of the Taxpayer Advocacy conference lines, notification of intent
Sallie Chavez at 1–888–912–1227, or Panel will be held Tuesday, September to participate in the telephone
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954–423–7979. 11, 2007, from 11:30 a.m. ET via a conference call meeting must be made
SUPPLEMENTARY INFORMATION: Notice is telephone conference call. If you would with Dave Coffman. Mr. Coffman can be
hereby given pursuant to section like to have the TAP consider a written reached at 1–888–912–1227 or 206–
10(a)(2) of the Federal Advisory statement, please call 1–888–912–1227 220–6096.
Committee Act, 5 U.S.C. App. (1988) or 954–423–7979, or write Sallie The agenda will include the
that an open meeting of the Wage and Chavez, TAP Office, 1000 South Pine following: Various IRS issues.

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