[Federal Register Volume 75, Number 114 (Tuesday, June 15, 2010)]
[Rules and Regulations]
[Pages 33704-33705]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-14156]
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DEPARTMENT OF VETERANS AFFAIRS
38 CFR Part 36
RIN 2900-AN71
Loan Guaranty: Elimination of Redundant Regulations
AGENCY: Department of Veterans Affairs.
ACTION: Final rule.
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SUMMARY: This document eliminates redundant and obsolete provisions in
the Department of Veterans Affairs (VA) loan guaranty regulations. The
provisions being removed are no longer necessary because the phase-in
of VA's new loan administration rules is complete.
DATES: Effective Date: June 15, 2010.
FOR FURTHER INFORMATION CONTACT: Katherine Faliski, Assistant Director
for Loan Processing and Valuation (262), Veterans Benefits
Administration, Department of Veterans Affairs, 810 Vermont Avenue,
NW., Washington, DC 20420, telephone (202) 461-9527. (This is not a
toll-free telephone number.)
SUPPLEMENTARY INFORMATION: On February 18, 2005 (70 FR 8472), VA
proposed to amend its loan guaranty regulations to implement new
program requirements for the mortgage servicing industry. The notice of
proposed rulemaking was followed by publication of a supplemental
notice regarding the computer system for the new requirements (71 FR
68498, Nov. 27, 2006) and a second supplemental notice regarding VA's
proposal for phasing-in the requirements (72 FR 30505, June 1, 2007).
The second supplemental notice stated: ``When all industry segments
have been brought on-line, VA will remove current Sec. Sec. 36.4300
through 36.4393, and redesignate the new 4800 series to replace current
Sec. Sec. 36.4300 through 36.4393. At that time, all program
participants would be subject to the new rules.''
On February 1, 2008 (73 FR 6294), VA published a final rule
amending 38 CFR part 36 to implement the new program requirements. VA
temporarily designated then-existing provisions found at 38 CFR 36.4300
through 36.4393 (the ``36.4300 series'') as a new subpart B and
established a new subpart F to include new Sec. Sec. 36.4800 through
36.4893 (the ``36.4800 series''). The 36.4800 series replicated most
aspects of the VA Loan Guaranty Program set forth in the 36.4300
series, but also included changes related to the servicing and
liquidating of guaranteed housing loans in default, and the submission
of guaranty claims by loan holders.
VA implemented the phase-in of the subpart F provisions over a
period of 11 months and completed the process during the 2nd quarter of
FY 2009, following which the 36.4300 series became redundant and
obsolete. Rather than eliminating subpart B altogether, however, we are
redesignating the 36.4800 series to replace the 36.4300 series in its
entirety. This action is necessary because most program participants
are accustomed to referring to the 36.4300 series for regulations
pertaining to the VA Loan Guaranty Program.
Administrative Procedure Act
This final rule deletes only redundant or obsolete provisions. It
also redesignates current regulations without making any substantive
changes. Accordingly, it is exempt from the prior notice-and-comment
and delayed-effective-date requirements of 5 U.S.C. 553.
Executive Order 12866
Executive Order 12866 directs agencies to assess all costs and
benefits of available regulatory alternatives and, when regulation is
necessary, to select regulatory approaches that maximize net benefits
(including potential economic, environmental, public health and safety,
and other advantages; distributive impacts; and equity). The Executive
Order classifies a ``significant regulatory action,'' requiring review
by the Office of Management and Budget (OMB) unless OMB waives such
review, as any regulatory action that is likely to result in a rule
that may: (1) Have an annual effect on the economy of $100 million or
more or adversely affect in a material way the economy, a sector of the
economy, productivity, competition, jobs, the environment, public
health or safety, or State, local, or tribal governments or
communities; (2) create a serious inconsistency or otherwise interfere
with an action taken or planned by another agency; (3) materially alter
the budgetary impact of entitlements, grants, user fees, or loan
programs or the rights and obligations of recipients thereof; or (4)
raise novel legal or policy issues arising out of legal mandates, the
President's priorities, or the principles set forth in the Executive
Order.
[[Page 33705]]
The economic, interagency, budgetary, legal, and policy
implications of this rule have been examined, and it has been
determined not to be a significant regulatory action under Executive
Order 12866.
Unfunded Mandates
The Unfunded Mandates Reform Act of 1995 requires, at 2 U.S.C.
1532, that agencies prepare an assessment of anticipated costs and
benefits before issuing any rule that may result in expenditure by
State, local, and tribal governments, in the aggregate, or by the
private sector, of $100 million or more (adjusted annually for
inflation) in any given year. This rule will have no such effect on
State, local, and tribal governments, or on the private sector.
Paperwork Reduction Act of 1995
This document contains no provisions constituting a collection of
information under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-
3521).
Regulatory Flexibility Act
The initial and final regulatory flexibility analysis requirements
of sections 603 and 604 of the Regulatory Flexibility Act, 5 U.S.C.
601-612, are not applicable to this rule because a notice of proposed
rulemaking is not required. Even so, the Secretary hereby certifies
that this regulatory amendment will not have a significant economic
impact on a substantial number of small entities as they are defined in
the Regulatory Flexibility Act. This amendment will not directly affect
any small entities. Therefore, this amendment is also exempt pursuant
to 5 U.S.C. 605(b) from the initial and final regulatory flexibility
analysis requirements of sections 603-604.
Catalog of Federal Domestic Assistance
The Catalog of Federal Domestic Assistance Program number and title
for the program affected by this document are 64.114, Veterans
Housing--Guaranteed and Insured Loans.
Signing Authority
The Secretary of Veterans Affairs, or designee, approved this
document and authorized the undersigned to sign and submit the document
to the Office of the Federal Register for publication electronically as
an official document of the Department of Veterans Affairs. John R.
Gingrich, Chief of Staff, Department of Veterans Affairs, approved this
document on June 4, 2010 for publication.
List of Subjects in 38 CFR Part 36
Condominiums, Handicapped, Housing, Indians, Individuals with
disabilities, Loan programs--housing and community development, Loan
programs--Indians, Loan programs--veterans, Manufactured homes,
Mortgage insurance, Reporting and recordkeeping requirements, Veterans.
Dated: June 9, 2010.
Robert C. McFetridge,
Director of Regulation Policy and Management, Office of the General
Counsel.
0
For the reasons stated in the preamble, VA amends 38 CFR part 36 as
follows:
PART 36--LOAN GUARANTY
0
1. The authority citation for part 36 continues to read as follows:
Authority: 38 U.S.C. 501 and as otherwise noted.
Subpart B--[Removed]
0
2. Remove subpart B.
Subpart F--[Redesignated as Subpart B]
0
3. Redesignate subpart F as new subpart B.
Sec. Sec. 36.4800 through 36.4893 [Redesignated as Sec. Sec. 36.4300
through 36.4393]
0
4. Redesignate Sec. Sec. 36.4800 through 36.4893 as follows:
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Old section New section
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36.4800 36.4300
36.4801 36.4301
36.4802 36.4302
36.4803 36.4303
36.4804 36.4304
36.4805 36.4305
36.4806 36.4306
36.4807 36.4307
36.4808 36.4308
36.4809 36.4309
36.4810 36.4310
36.4811 36.4311
36.4812 36.4312
36.4813 36.4313
36.4814 36.4314
36.4815 36.4315
36.4816 36.4316
36.4817 36.4317
36.4818 36.4318
36.4819 36.4319
36.4820 36.4320
36.4821 36.4321
36.4822 36.4322
36.4823 36.4323
36.4824 36.4324
36.4825 36.4325
36.4826 36.4326
36.4827 36.4327
36.4828 36.4328
36.4829 36.4329
36.4830 36.4330
36.4831 36.4331
36.4832 36.4332
36.4833 36.4333
36.4835 36.4335
36.4836 [Reserved] 36.4336 [Reserved]
36.4837 36.4337
36.4838 36.4338
36.4839 36.4339
36.4840 36.4340
36.4841 36.4341
36.4842 36.4342
36.4843 36.4343
36.4845 36.4345
36.4846 36.4346
36.4847 36.4347
36.4848 36.4348
36.4849 36.4349
36.4850 36.4350
36.4851 36.4351
36.4852 36.4352
36.4853 36.4353
36.4854 36.4354
36.4855 36.4355
36.4856 36.4356
36.4857 36.4357
36.4858 [Reserved] 36.4358 [Reserved]
36.4859 36.4359
36.4860 36.4360
36.4861 36.4361
36.4862 36.4362
36.4863 36.4363
36.4864 36.4364
36.4865 36.4365
36.4867 36.4367
36.4868 36.4368
36.4869 36.4369
36.4870 36.4370
36.4875 36.4375
36.4877 36.4377
36.4878 36.4378
36.4879 36.4379
36.4880 36.4380
36.4890 36.4390
36.4891 36.4391
36.4892 36.4392
36.4893 36.4393
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[FR Doc. 2010-14156 Filed 6-14-10; 8:45 am]
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