ecfr update: 2024-09-19

ecfr/1002.txt

@@ -280,13 +280,6 @@ For the purposes of this part, unless the context indicates otherwise or as othe
 (1) Consummation. The term “consummation” means the time that a consumer becomes contractually obligated on a closed-end credit transaction.
 (2) Dwelling. The term “dwelling” means a residential structure that contains one to four units whether or not that structure is attached to real property. The term includes, but is not limited to, an individual condominium or cooperative unit, and a mobile or other manufactured home.
 (3) Valuation. The term “valuation” means any estimate of the value of a dwelling developed in connection with an application for credit.
-Editorial Note
-Editorial Note:
-At 89 FR 55029, July 3, 2024, §1002.14 was amended by;
-a. In paragraph (b)(1) removing “October 1, 2024” and adding in its place “July 18, 2025”;
-b. In paragraph (b)(2) removing “April 1, 2025” and adding in its place “January 16, 2026”;
-c. In paragraphs (b)(3) and (4) removing “January 1, 2026” and adding in its place “October 18, 2026”; and
-d. Adding paragraph (c)(3); however, the amendment could not be incorporated due to inaccurate amendatory instruction.
 §1002.15 Incentives for self-testing and self-correction.
 (a) General rules-
 (1) Voluntary self-testing and correction. The report or results of a self-test that a creditor voluntarily conducts (or authorizes) are privileged as provided in this section. Data collection required by law or by any governmental authority is not a voluntary self-test.
@@ -495,13 +488,14 @@ If any provision of this subpart, or any application of a provision, is stayed o
 §1002.114 Effective date, compliance date, and special transitional rules.
 (a) Effective date. The effective date for this subpart is August 29, 2023.
 (b) Compliance date. The dates by which covered financial institutions are initially required to comply with the requirements of this subpart are as follows:
-(1) A covered financial institution that originated at least 2,500 covered credit transactions for small businesses in each of calendar years 2022 and 2023 shall comply with the requirements of this subpart beginning October 1, 2024.
-(2) A covered financial institution that is not subject to paragraph (b)(1) of this section and that originated at least 500 covered credit transactions for small businesses in each of calendar years 2022 and 2023 shall comply with the requirements of this subpart beginning April 1, 2025.
-(3) A covered financial institution that is not subject to paragraphs (b)(1) or (2) of this section and that originated at least 100 covered credit transactions for small businesses in each of calendar years 2022 and 2023 shall comply with the requirements of this subpart beginning January 1, 2026.
-(4) A financial institution that did not originate at least 100 covered credit transactions for small businesses in each of calendar years 2022 and 2023 but subsequently originates at least 100 such transactions in two consecutive calendar years shall comply with the requirements of this subpart in accordance with §1002.105(b), but in any case no earlier than January 1, 2026.
+(1) A covered financial institution that originated at least 2,500 covered credit transactions for small businesses in each of calendar years 2022 and 2023 shall comply with the requirements of this subpart beginning July 18, 2025.
+(2) A covered financial institution that is not subject to paragraph (b)(1) of this section and that originated at least 500 covered credit transactions for small businesses in each of calendar years 2022 and 2023 shall comply with the requirements of this subpart beginning January 16, 2026.
+(3) A covered financial institution that is not subject to paragraphs (b)(1) or (2) of this section and that originated at least 100 covered credit transactions for small businesses in each of calendar years 2022 and 2023 shall comply with the requirements of this subpart beginning October 18, 2026.
+(4) A financial institution that did not originate at least 100 covered credit transactions for small businesses in each of calendar years 2022 and 2023 but subsequently originates at least 100 such transactions in two consecutive calendar years shall comply with the requirements of this subpart in accordance with §1002.105(b), but in any case no earlier than October 18, 2026.
 (c) Special transitional rules-
 (1) Collection of certain information prior to a financial institution's compliance date. A financial institution as described in paragraphs (b)(1), (2), or (3) of this section is permitted, but not required, to collect information regarding whether an applicant for a covered credit transaction is a minority-owned business, a women-owned business, and/or an LGBTQI+-owned business under §1002.107(a)(18), and the ethnicity, race, and sex of the applicant's principal owners under §1002.107(a)(19) beginning 12 months prior to its applicable compliance date as set forth in paragraphs (b)(1), (2), or (3) of this section. A financial institution collecting such information pursuant to this paragraph (c)(1) must do so in accordance with the requirements set out in §§1002.107(a)(18) and (19), 1002.108, and 1002.111(b) and (c).
 (2) Determining which compliance date applies to a financial institution that does not collect information sufficient to determine small business status. A financial institution that is unable to determine the number of covered credit transactions it originated for small businesses in each of calendar years 2022 and 2023 for purposes of determining its compliance date pursuant to paragraph (b) of this section, because for some or all of this period it does not have readily accessible the information needed to determine whether its covered credit transactions were originated for small businesses as defined in §1002.106(b), is permitted to use any reasonable method to estimate its originations to small businesses for either or both of the calendar years 2022 and 2023.
+(3) Alternative time period for determining compliance dates. A financial institution is permitted to use its originations of covered credit transactions in each of calendar years 2023 and 2024 in lieu of calendar years 2022 and 2023 as specified in paragraphs (b) and (c)(2) of this section.
 Appendix A to Part 1002-Federal Agencies To Be Listed in Adverse Action Notices
 The following list indicates the Federal agency or agencies that should be listed in notices provided by creditors pursuant to §1002.9(b)(1). Any questions concerning a particular creditor may be directed to such agencies. This list is not intended to describe agencies' enforcement authority for ECOA and Regulation B. Terms that are not defined in the Federal Deposit Insurance Act (12 U.S.C. 1813(s)) shall have the meaning given to them in the International Banking Act of 1978 (12 U.S.C. 3101).
 1. Banks, savings associations, and credit unions with total assets of over $10 billion and their affiliates: Bureau of Consumer Financial Protection, 1700 G Street NW, Washington, DC 20552. Such affiliates that are not banks, savings associations, or credit unions also should list, in addition to the Bureau: Federal Trade Commission, Consumer Response Center, 600 Pennsylvania Avenue NW, Washington, DC 20580.