ecfr update: 2024-05-01

ecfr/1002.txt

@@ -707,13 +707,9 @@ Appendix F to Part 1002-Tolerances for Bona Fide Errors in Data Reported Under S
 As set out in §1002.112(b) and in comment 112(b)-1, a financial institution is presumed to maintain procedures reasonably adapted to avoid errors with respect to a given data field if the number of errors found in a random sample of a financial institution's data submission for a given data field do not equal or exceed the threshold in column C of the following table (Table 1, Tolerance Thresholds for Bona Fide Errors):
 Table 1 to Appendix F-Tolerance Thresholds for Bona Fide Errors
 Small business lending application register count
-Random
-sample
-size986
-Threshold
-(#)
-Threshold
-(%)
+Random sample size986
+Threshold (#)
+Threshold (%)
 (A)
 (B)
 (C)

ecfr/1006.txt

@@ -502,7 +502,7 @@ Paragraph 6(d)(4)(ii)(D)
 1. Effect of opt-out request after expiration of opt-out period. If a consumer requests after the expiration of the opt-out period that the debt collector not communicate using the email address identified in the opt-out notice, such as by returning the notice or opting out under §1006.6(e), §1006.14(h)(1) prohibits the debt collector from communicating or attempting to communicate with the consumer using that email address. If the consumer requests after the expiration of the opt-out period that the debt collector not communicate with the consumer by email, §1006.14(h)(1) prohibits the debt collector from communicating or attempting to communicate with the consumer by email, including by using the specific email address identified in the notice. For more on prohibited communication media and certain exceptions, see §1006.14(h) and its associated commentary. If after the expiration of the opt-out period the consumer notifies the debt collector in writing or electronically using a medium of electronic communication through which a debt collector accepts electronic communications from consumers that the consumer refuses to pay the debt or wants the debt collector to cease further communication with the consumer, §1006.6(c)(1) prohibits the debt collector from communicating or attempting to communicate with the consumer with respect to the debt, subject to the exceptions in §1006.6(c)(2). For more on communications with a consumer after refusal to pay or a cease communication notice, see §1006.6(c) and its associated commentary.
 2. Scope of opt-out request. In the absence of evidence that the consumer refuses to pay the debt or wants the debt collector to cease all communication with the consumer, a consumer's request under §1006.6(d)(4)(ii)(D) to opt out of a debt collector's use of a particular email address to communicate with the consumer by email does not constitute a notification to cease further communication with respect to the debt under §1006.6(c)(1).
 Paragraph 6(d)(4)(ii)(E)
-1. Domain name available for use by the general public. Under §1006.6(d)(4)(ii)(E), the domain name of an email address is available for use by the general public when multiple members of the general public are permitted to use the same domain name, whether for free or through a paid subscription. Such a name does not include one that is reserved for use by specific registrants, such as a domain name branded for use by a particular commercial entity (e.g., john.doe@springsidemortgage.com) or reserved for particular types of institutions (e.g., john.doe@agency.gov, john.doe@university.edu, or john.doe@nonprofit.org).
+1. Domain name available for use by the general public. Under §1006.6(d)(4)(ii)(E), the domain name of an email address is available for use by the general public when multiple members of the general public are permitted to use the same domain name, whether for free or through a paid subscription. Such a name does not include one that is reserved for use by specific registrants, such as a domain name branded for use by a particular commercial entity (e.g., john.doe@springsidemortgage.com) or reserved for particular types of institutions (e.g., john.doe@agency.gov,john.doe@university.edu, or john.doe@nonprofit.org).
 2. Knowledge of employer-provided email address. For purposes of §1006.6(d)(4)(ii)(E), a debt collector knows that an email address is provided by the consumer's employer if any person has informed the debt collector that the address is employer provided. However, §1006.6(d)(4)(ii)(E) does not require a debt collector to conduct a manual review of consumer accounts to determine whether an email address might be employer provided.
 6(d)(4)(iii) Procedures Based on Communication by the Prior Debt Collector
 1. Immediately prior debt collector. Section 1006.6(d)(4)(iii) provides that, for purposes of §1006.6(d)(3)(i), a debt collector may send an email to an email address if, among other things, the immediately prior debt collector used the email address to communicate with the consumer about the debt. For purposes of §1006.6(d)(4)(iii), the immediately prior debt collector is the debt collector immediately preceding the current debt collector. For example, if ABC debt collector returns a debt to the creditor and the creditor places the debt with XYZ debt collector, ABC debt collector is the immediately prior debt collector for purposes of §1006.6(d)(4)(iii).

ecfr/1010.txt

@@ -1077,13 +1077,10 @@ We are responsible for constructing the interior roads. There will be no additio
 WE HAVE NOT SET ASIDE ANY FUNDS IN AN ESCROW OR TRUST ACCOUNT OR MADE ANY OTHER FINANCIAL ARRANGEMENTS TO ASSURE COMPLETION OF THE ROADS, SO THERE IS NO ASSURANCE WE WILL BE ABLE TO COMPLETE THE ROADS.
 At present, the roads are under construction and do not provide access to the lots in Units 2 and 3 during wet weather. The succeeding chart describes their present condition and estimated completion dates.
 UUnit
-Estimated starting date
-(month and year)
+Estimated starting date (month and year)
 Percentage of construction now complete
-Estimated completion date
-(month and year)
-Present
-surface
+Estimated completion date (month and year)
+Present surface
 Final surface
 1
 February 2010
@@ -1145,13 +1142,10 @@ XVIII. Escrow Statement-Disclosure §1010.109(e)(1)
 “You may lose your (indicate deposit, down payment and/or installment payments) on your lot if we fail to deliver legal title to you as called for in the contract, because (they are/it is) not held in an escrow account which fully protects you.”
 XIX. Road Chart-§1010.110(b)(3)
 UUnit
-Estimated starting date
-(month/year)
+Estimated starting date (month/year)
 Percentage of construction now complete
-Estimated completion date
-(month/year)
-Present
-surface
+Estimated completion date (month/year)
+Present surface
 Final surface
 XX. Nearby Communities Chart-§1010.110(b)(6)
 Nearby Communities
@@ -1162,13 +1156,9 @@ Total
 XXI. Water Chart Form-§1010.111(a)(1)(ii)(B)
 Water
 UUnit
-Estimated starting date
-(month and year)
-Percentage of
-construction now
-complete
-Estimated service availability date
-(month and year)
+Estimated starting date (month and year)
+Percentage of construction now complete
+Estimated service availability date (month and year)
 XXII. Comfort Station Chart-§1010.111(b)(1)(ii)
 Comfort Stations
 Unit
@@ -1183,22 +1173,14 @@ Estimated Service Availability Date (month/year)
 XXIV. Electric Service Chart-§1010.111(c)(2)
 Electric Service
 UUnit
-Estimated starting date
-(month and year)
-Percentage of
-construction complete
-Estimated service availability date
-(month and year)
+Estimated starting date (month and year)
+Percentage of construction complete
+Estimated service availability date (month and year)
 XXV. Recreational Facility Chart-§1010.114(b)
 Facility
-Percentage of
-construction now
-complete
-Estimated date of start of construction
-(month/year)
-Estimated date
-available for use
-(month/year)
+Percentage of construction now complete
+Estimated date of start of construction (month/year)
+Estimated date available for use (month/year)
 Financial assurance of completion
 Buyer's annual cost or assessments
 XXVI. Cost Sheet Format-§1010.117(a)

ecfr/1026.txt

@@ -3969,20 +3969,11 @@ Index(identification of index or formula).
 * This is a margin we have used recently, your margin may be different.
 ** This is the amount of a discount we have provided recently; your loan may be discounted by a different amount.]
 Year
-Index
-(%)
-Margin
-(percentage
-points)
-Interest
-rate
-(%)
-Monthly
-payment
-($)
-Remaining
-balance
-($)
+Index (%)
+Margin (percentage points)
+Interest rate (%)
+Monthly payment ($)
+Remaining balance ($)
 1982
 1983
 1984
@@ -4061,20 +4052,12 @@ Margin
 Caps 2 percentage points annual interest rate.
 5 percentage points lifetime interest rate.
 Index Weekly average yield on U.S. Treasury securities adjusted to a constant maturity of one year.
-Year
-(as of 1st week ending in July)
+Year (as of 1st week ending in July)
 Index
-Margin *
-(percentage points)
-Interest
-rate
-(%)
-Monthly
-payment
-($)
-Remaining
-balance
-($)
+Margin * (percentage points)
+Interest rate (%)
+Monthly payment ($)
+Remaining balance ($)
 1982
 14.41
 3
@@ -4372,8 +4355,7 @@ Other Charges:
 Mortgage insurance:
 Shared Appreciation:
 Repayment Limits
-Assumed annual appreciation
-(percent)
+Assumed annual appreciation (percent)
 Total annual loan cost rate
 2-year loan term
 [ ]-year loan term]
@@ -4410,17 +4392,12 @@ Mortgage insurance: None
 Shared Appreciation: None
 Repayment Limits
 Net proceeds estimated at 93% of projected home sale
-Assumed annual appreciation
-(percent)
+Assumed annual appreciation (percent)
 Total annual loan cost rate
-2-year loan term
-(percent)
-6-year loan term
-(percent)
-12-year loan term
-(percent)
-17-year loan term
-(percent)
+2-year loan term (percent)
+6-year loan term (percent)
+12-year loan term (percent)
+17-year loan term (percent)
 0
 39.00
 [14.94]
@@ -4448,16 +4425,11 @@ Appendix L to Part 1026-Assumed Loan Periods for Computations of Total Annual Lo
 (2) Loan Period 2 is the life expectancy in years of the youngest borrower to become obligated on the reverse mortgage loan, as shown in the U.S. Decennial Life Tables for 1979-1981 for females, rounded to the nearest whole year.
 (3) Loan Period 3 is the life expectancy figure in Loan Period 3, multiplied by 1.4 and rounded to the nearest full year (life expectancy figures at .5 have been rounded up to 1).
 (4) At the creditor's option, an additional period may be included, which is the life expectancy figure in Loan Period 2, multiplied by .5 and rounded to the nearest full year (life expectancy figures at .5 have been rounded up to 1).
-Age of youngest
-borrower
-Loan period 1
-(in years)
-[Optional loan period
-(in years)]
-Loan period 2
-(life expectancy) (in years)
-Loan period 3
-(in years)
+Age of youngest borrower
+Loan period 1 (in years)
+[Optional loan period (in years)]
+Loan period 2 (life expectancy) (in years)
+Loan period 3 (in years)
 62
 2
 [11]

ecfr/1030.txt

@@ -218,8 +218,7 @@ APY=5.65%
 D. Tiered-Rate Accounts (Different Rates Apply to Specified Balance Levels)
 For accounts in which two or more interest rates paid on the account are applicable to specified balance levels, the institution must calculate the annual percentage yield in accordance with the method described below that it uses to calculate interest. In all cases, an annual percentage yield (or a range of annual percentage yields, if appropriate) must be disclosed for each balance tier.
 For purposes of the examples discussed below, assume the following:
-Interest rate
-(percent)
+Interest rate (percent)
 Deposit balance required to earn rate
 5.25
 Up to but not exceeding $2,500.
@@ -666,15 +665,9 @@ Section 1030.7-Payment of Interest
 i. Paying interest on the balance in the account at the end of the period (the “ending balance” method).
 ii. Paying interest for the period based on the lowest balance in the account for any day in that period (the “low balance” method).
 iii. Paying interest on a percentage of the balance, excluding the amount set aside for reserve requirements (the “investable balance” method).
-2. Use of 365-day basis. Institutions may apply a daily periodic rate greater than
-1/365 of the interest rate-such as
-1/360 of the interest rate-as long as it is applied 365 days a year.
-3. Periodic interest payments. An institution can pay interest each day on the account and still make uniform interest payments. For example, for a one-year certificate of deposit an institution could make monthly interest payments equal to
-1/12 of the amount of interest that will be earned for a 365-day period (or 11 uniform monthly payments-each equal to roughly
-1/12 of the total amount of interest-and one payment that accounts for the remainder of the total amount of interest earned for the period).
-4. Leap year. Institutions may apply a daily rate of
-1/366 or
-1/365 of the interest rate for 366 days in a leap year, if the account will earn interest for February 29.
+2. Use of 365-day basis. Institutions may apply a daily periodic rate greater than 1/365 of the interest rate-such as 1/360 of the interest rate-as long as it is applied 365 days a year.
+3. Periodic interest payments. An institution can pay interest each day on the account and still make uniform interest payments. For example, for a one-year certificate of deposit an institution could make monthly interest payments equal to 1/12 of the amount of interest that will be earned for a 365-day period (or 11 uniform monthly payments-each equal to roughly 1/12 of the total amount of interest-and one payment that accounts for the remainder of the total amount of interest earned for the period).
+4. Leap year. Institutions may apply a daily rate of 1/366 or 1/365 of the interest rate for 366 days in a leap year, if the account will earn interest for February 29.
 5. Maturity of time accounts. Institutions are not required to pay interest after time accounts mature. (See 12 CFR Part 217, Regulation Q of the Board of Governors of the Federal Reserve System, for limitations on duration of interest payments.) Examples include:
 i. During a grace period offered for an automatically renewable time account, if consumers decide during that period not to renew the account.
 ii. Following the maturity of nonrollover time accounts.