Credit Risk Retention-Notification of Commencement of Review; Extension of Review Period

Federal Register / Vol. 85, No. 126 / Tuesday, June 30, 2020 / Proposed Rules 39099 1Certain limitations apply to presidential candidates receiving funds from the Presidential Election Campaign Fund or the Presidential Primary Matching Payment Account. See 11 CFR 110.10. individual’s contributions to a national party committee.’’ Petition at 1. The Petition involves several statutory and regulatory provisions. The Federal Election Campaign Act, 52 U.S.C. 30101–45 (‘‘FECA’’), provides that a ‘‘contribution accepted by a candidate, and any other donation received by an individual as support for activities of the individual as a holder of Federal office, may be used by the candidate or individual . . . for transfers, without limitation, to a national, State, or local committee of a political party.’’ 52 U.S.C. 30114(a)(4). Similarly, Commission regulations state: ‘‘funds in a campaign account . . . [m]ay be transferred without limitation to any national, State, or local committee of any political party.’’ 11 CFR 113.2(c). In addition, generally ‘‘candidates for Federal office may make unlimited expenditures from personal funds’’ and so may contribute unlimited amounts from personal funds to their authorized committees.1 11 CFR 110.10. The Petition asserts that in March 2020 ‘‘a major loophole came to light’’ in how unlimited transfers from candidates’ authorized committees to party committees interact with the allowance for candidates to contribute unlimited personal funds to their campaigns. Petition at 2. Citing a news report, the Petition states that Michael Bloomberg, recently a candidate for president, transferred 18 million dollars from his authorized committee to the Democratic National Committee (‘‘DNC’’) at the conclusion of his campaign and that the transferred funds ‘‘derived from the candidate’s personal funds, which are not subject to any contribution limits.’’ Id. The Petition further states that the reported 18 million dollar transfer from Mr. Bloomberg’s campaign account ‘‘is more than 500 times greater than the amount that he could directly contribute to the DNC.’’ Id. at 3. Further, the Petition claims that under the Commission’s current regulations, ‘‘[w]ealthy individuals could: declare their candidacy for any federal elected office; contribute untold millions of dollars of his or her own money to the campaign; promptly withdraw his or her candidacy after spending a token sum; and thereafter transfer the balance of the campaign’s funds to the national party committee of his or her choice.’’ Id. According to the Petition, ‘‘[t]his is clearly not what was intended when Congress authorized the transfer surplus campaign funds to national party committees.’’ Id. To address this possibility, the Petition proposes that the Commission revise 11 CFR 113.2(c) to ‘‘limit the amount that a campaign committee can transfer to a national political party committee to the sum total of contributions received by the committee that’’ are subject to FECA’s amount limitations ‘‘on contributions by individuals, multi-candidate PACs and party committees.’’ Id. The Commission seeks comment on the Petition. The public may inspect the Petition on the Commission’s website at http://sers.fec.gov/fosers/. The Commission will not consider the Petition’s merits until after the comment period closes. If the Commission decides that the Petition has merit, it may begin a rulemaking proceeding. The Commission will announce any action that it takes in the Federal Register. Dated: June 18, 2020. On behalf of the Commission, Steven T. Walther, Vice Chairman, Federal Election Commission. [FR Doc. 2020–13573 Filed 6–29–20; 8:45 am] BILLING CODE 6715–01–P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency 12 CFR Part 43 [Docket No. OCC–2019–0012] FEDERAL RESERVE SYSTEM 12 CFR Part 244 [Docket No. OP–1688] FEDERAL DEPOSIT INSURANCE CORPORATION 12 CFR Part 373 RIN 3064–ZA07 FEDERAL HOUSING FINANCE AGENCY 12 CFR Part 1234 [Notice No. 2019–N–7] SECURITIES AND EXCHANGE COMMISSION 17 CFR Part 246 [Release No. 34–89100] DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT 24 CFR Part 267 [FR–6172–N–02] Credit Risk Retention—Notification of Commencement of Review; Extension of Review Period AGENCY: Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC); U.S. Securities and Exchange Commission (Commission); Federal Housing Finance Agency (FHFA); and Department of Housing and Urban Development (HUD). ACTION: Notification of commencement of review; extension of review period. SUMMARY: The OCC, Board, FDIC, Commission, FHFA, and HUD (the agencies) are providing notice of the extension of the period for the review, and publication of determination of the review, of the definition of qualified residential mortgage; the community￾focused residential mortgage exemption; and the exemption for qualifying three￾to-four unit residential mortgage loans, in each case as currently set forth in the Credit Risk Retention Regulations (as defined below) as adopted by the agencies. VerDate Sep<11>2014 16:34 Jun 29, 2020 Jkt 250001 PO 00000 Frm 00004 Fmt 4702 Sfmt 4702 E:\FR\FM\30JNP1.SGM 30JNP1 khammond on DSKJM1Z7X2PROD with PROPOSALS

39100 Federal Register / Vol. 85, No. 126 / Tuesday, June 30, 2020 / Proposed Rules DATES: The period for completion of the review of the subject residential mortgage provisions and publication of notice disclosing determination of this review is extended until June 20, 2021. FOR FURTHER INFORMATION CONTACT: OCC: Daniel Borman, Senior Attorney, (202) 649–6929 or, for persons who are deaf or hearing impaired, TTY, (202) 649–5597, Chief Counsel’s Office; Ajay Palvia, (202) 649–5505, Senior Financial Economist, Office of the Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219. Board: Flora H. Ahn, Special Counsel, (202) 452–2317, David W. Alexander, Senior Counsel, (202) 452–287, or Matthew D. Suntag, Senior Counsel, (202) 452–3694, Legal Division; Donald N. Gabbai, Lead Financial Institutions Policy Analyst, Division of Supervision and Regulation, (202) 452–3358; Karen Pence, Assistant Director, Division of Research & Statistics, (202) 452–2342; Nikita Pastor, Senior Counsel, Division of Consumer & Community Affairs, (202) 452–3692; Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, DC 20551. FDIC: Rae-Ann Miller, Associate Director, (202) 898–3898; Kathleen M. Russo, Counsel, (703) 562–2071, krusso@fdic.gov; or Phillip E. Sloan, Counsel, (703) 562–6137, psloan@ fdic.gov, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429. Commission: Arthur Sandel, Special Counsel; Kayla Roberts, Special Counsel; Katherine Hsu, Chief, (202) 551–3850, in the Office of Structured Finance, Division of Corporation Finance; or Chandler Lutz, Economist, (202) 551–6600, in the Office of Risk Analysis, Division of Economic and Risk Analysis, U.S. Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549. FHFA: Ron Sugarman, Principal Policy Analyst, Office of Financial Analysis, Modeling and Simulations, (202) 649–3208, Ron.Sugarman@ fhfa.gov, or Peggy K. Balsawer, Associate General Counsel, Office of General Counsel, (202) 649–3060, Peggy.Balsawer@fhfa.gov, Federal Housing Finance Agency, Constitution Center, 400 7th Street SW, Washington, DC 20219. The telephone number for the Telecommunications Device for the Deaf is (800) 877–8339. HUD: Keith Becker, Deputy Assistant Secretary for Risk Management & Regulatory Affairs, U.S. Department of Housing & Urban Development, 451 7th Street SW, Washington, DC 20410; telephone number (202) 402–3722 (this is not a toll-free number). Persons with hearing or speech impairments may access this number through TTY by calling the toll-free Federal Relay at (800) 877–8339. SUPPLEMENTARY INFORMATION: The credit risk retention regulations are codified at 12 CFR part 43; 12 CFR part 244; 12 CFR part 373; 17 CFR part 246; 12 CFR part 1234; and 24 CFR part 267 (the Credit Risk Retention Regulations). The Credit Risk Retention Regulations require the OCC, Board, FDIC, and Commission, in consultation with the FHFA and HUD, to commence, and give notice of commencement of, a review of the following provisions of the Credit Risk Retention Regulations no later than December 24, 2019: (1) The definition of qualified residential mortgage (QRM) in section _.13 of the Credit Risk Retention Regulations; (2) the community-focused residential mortgage exemption in section _.19(f) of the Credit Risk Retention Regulations; and (3) the exemption for qualifying three-to-four unit residential mortgage loans in section _.19(g) of the Credit Risk Retention Regulations (collectively, the ‘‘subject residential mortgage provisions’’). The Credit Risk Retention Regulations also require that, after completion of this review, but no later than six months after publication of a notification announcing the review, unless extended by the agencies, the agencies publish a notification disclosing the determination of their review. Notification of the commencement of the review was published in the Federal Register on December 20, 2019 (84 FR 70073). This notification is being published to give notice that, due to various factors considered among the agencies, including market and other disruptions precipitated by COVID–19, the agencies have determined to extend the period for completion of their review of the subject residential mortgage provisions and publication of notice disclosing determination of this review until June 20, 2021. Brian P. Brooks, 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. Ann E. Misback, Secretary of the Board. Federal Deposit Insurance Corporation. By order of the Board of Directors. Dated at Washington, DC, on June 19, 2020. James P. Sheesley, Acting Assistant Executive Secretary. Dated: June 19, 2020. By the Securities and Exchange Commission. Vanessa A. Countryman, Secretary. Mark A. Calabria, Director, Federal Housing Finance Agency. By the Department of Housing and Urban Development. Len Wolfson, Acting Assistant Secretary for Housing— Federal Housing Commissioner. [FR Doc. 2020–13830 Filed 6–29–20; 8:45 am] BILLING CODE 6210–01–P; 4810–33–P; 6210–01–P; 3064–01–P; 8070–01–P; 8011–01–P; 4210–67–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 25 [Docket No. FAA–2019–1054; Notice No. 25– 20–07–SC] Special Conditions: Boeing Commercial Airplanes Model 777–9 Airplane; Overhead Flightcrew Rest Compartment Occupiable During Taxi, Takeoff, and Landing AGENCY: Federal Aviation Administration (FAA), DOT. ACTION: Notice of proposed special conditions. SUMMARY: This action proposes special conditions for the Boeing Commercial Airplanes (Boeing) Model 777–9 airplane. This airplane will have a novel or unusual design feature when compared to the state of technology envisioned in the airworthiness standards for transport-category airplanes. This design feature is an overhead flightcrew rest (OFCR) compartment occupiable during taxi, takeoff, and landing (TT&L). The applicable airworthiness regulations do not contain adequate or appropriate safety standards for this design feature. These proposed special conditions contain the additional safety standards that the Administrator considers necessary to establish a level of safety equivalent to that established by the existing airworthiness standards. DATES: Send comments on or before August 14, 2020. ADDRESSES: Send comments identified by Docket No. FAA–2019–1054 using any of the following methods: • Federal eRegulations Portal: Go to http://www.regulations.gov/ and follow the online instructions for sending your comments electronically. • Mail: Send comments to Docket Operations, M–30, U.S. Department of Transportation (DOT), 1200 New Jersey VerDate Sep<11>2014 16:34 Jun 29, 2020 Jkt 250001 PO 00000 Frm 00005 Fmt 4702 Sfmt 4702 E:\FR\FM\30JNP1.SGM 30JNP1 khammond on DSKJM1Z7X2PROD with PROPOSALS