Community Reinvestment Act Regulations, 78153-78155 [E8-30433]
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Federal Register / Vol. 73, No. 246 / Monday, December 22, 2008 / Rules and Regulations
consumers, AMS has determined that
the California walnut marketing order
should be continued. The order was
established to help the California
walnut industry work with USDA to
solve marketing problems. The order’s
regulations on grade and size, as well as
research and promotion, and collection
and dissemination of information
continue to be beneficial to producers,
handlers, and consumers.
AMS will continue to work with the
California walnut industry in
maintaining an effective marketing
order program.
Dated: December 16, 2008.
James E. Link,
Administrator, Agricultural Marketing
Service.
[FR Doc. E8–30309 Filed 12–19–08; 8:45 am]
BILLING CODE 3410–02–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 25
[Docket ID OCC–2008–0024]
RIN 1557–AD19
FEDERAL RESERVE SYSTEM
12 CFR Part 228
[Regulation BB; Docket No. R–1342]
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 345
RIN 3064–AD39
DEPARTMENT OF TREASURY
Office of Thrift Supervision
Background and Description of the
Joint Final Rule
12 CFR Part 563e
[Docket ID OTS–2008–0021]
RIN 1550–AC29
mstockstill on PROD1PC66 with RULES
Community Reinvestment Act
Regulations
AGENCIES: Office of the Comptroller of
the Currency, Treasury (OCC); Board of
Governors of the Federal Reserve
System (Board); Federal Deposit
Insurance Corporation (FDIC); Office of
Thrift Supervision, Treasury (OTS).
ACTION: Joint final rule; technical
amendment.
SUMMARY: The OCC, the Board, the
FDIC, and the OTS (collectively, the
‘‘agencies’’) are amending their
VerDate Aug<31>2005
16:38 Dec 19, 2008
Community Reinvestment Act (CRA)
regulations to adjust the asset-size
thresholds used to define ‘‘small bank’’
or ‘‘small savings association’’ and
‘‘intermediate small bank’’ or
‘‘intermediate small savings
association.’’ As required by the CRA
regulations, the adjustment to the
threshold amount is based on the
annual percentage change in the
Consumer Price Index.
DATES: Effective Date: January 1, 2009.
FOR FURTHER INFORMATION CONTACT:
OCC: Margaret Hesse, Special Counsel,
Community and Consumer Law
Division, (202) 874–5750; or Karen
Tucker, National Bank Examiner,
Compliance Policy Division, (202) 874–
4428, Office of the Comptroller of the
Currency, 250 E Street, SW.,
Washington, DC 20219.
Board: Anjanette M. Kichline, Senior
Supervisory Consumer Financial
Services Analyst, (202) 785–6054; or
Brent Lattin, Attorney, (202) 452–3667,
Division of Consumer and Community
Affairs, Board of Governors of the
Federal Reserve System, 20th Street and
Constitution Avenue, NW., Washington,
DC 20551.
FDIC: Deirdre Foley, Senior Policy
Analyst, Division of Supervision and
Consumer Protection, Compliance
Policy Branch, (202) 898–6612; or Susan
van den Toorn, Counsel, Legal Division,
(202) 898–8707, Federal Deposit
Insurance Corporation, 550 17th Street,
NW., Washington, DC 20429.
OTS: Celeste Anderson, Senior Project
Manager, Compliance and Consumer
Protection, (202) 906–7990; or Richard
Bennett, Senior Compliance Counsel,
Regulations and Legislation Division,
(202) 906–7409, Office of Thrift
Supervision, 1700 G Street, NW.,
Washington, DC 20552.
SUPPLEMENTARY INFORMATION:
Jkt 217001
The agencies’ CRA regulations
establish CRA performance standards
for small and intermediate small banks
and savings associations. The
regulations define small and
intermediate small institutions by
reference to asset-size criteria expressed
in dollar amounts, and they further
require the agencies to publish annual
adjustments to these dollar figures based
on the year-to-year change in the
average of the Consumer Price Index for
Urban Wage Earners and Clerical
Workers (CPIW), not seasonally
adjusted, for each twelve-month period
ending in November, with rounding to
the nearest million. 12 CFR 25.12(u)(2),
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Fmt 4700
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78153
228.12(u)(2), 345.12(u)(2), and
563e.12(u)(2).
The threshold for small banks and
small savings associations was revised
most recently effective January 1, 2008
(72 FR 72571 (Dec. 21, 2007)). The CRA
regulations, as revised on December 21,
2007, provide that banks and savings
associations that, as of December 31 of
either of the prior two calendar years,
had assets of less than $1.061 billion are
‘‘small banks’’ or ‘‘small savings
associations.’’ Small banks and small
savings associations with assets of at
least $265 million as of December 31 of
both of the prior two calendar years and
less than $1.061 billion as of December
31 of either of the prior two calendar
years are ‘‘intermediate small banks’’ or
‘‘intermediate small savings
associations.’’ 12 CFR 25.12(u)(1),
228.12(u)(1), 345.12(u)(1), 563e.12(u)(1).
This joint final rule further revises these
thresholds.
During the period ending November
2008, the CPIW increased by 4.49
percent. As a result, the agencies are
revising 12 CFR 25.12(u)(1),
228.12(u)(1), 345.12(u)(1), and
563e.12(u)(1) to make this annual
adjustment. Beginning January 1, 2009,
banks and savings associations that, as
of December 31 of either of the prior two
calendar years, had assets of less than
$1.109 billion are ‘‘small banks’’ or
‘‘small savings associations.’’ Small
banks or small savings associations with
assets of at least $277 million as of
December 31 of both of the prior two
calendar years and less than $1.109
billion as of December 31 of either of the
prior two calendar years are
‘‘intermediate small banks’’ or
‘‘intermediate small savings
associations.’’ The agencies also publish
current and historical asset-size
thresholds on the Web site of the
Federal Financial Institutions
Examination Council at https://
www.ffiec.gov/cra/.
Administrative Procedure Act and
Effective Date
Under 5 U.S.C. 553(b)(B) of the
Administrative Procedure Act (APA), an
agency may, for good cause, find (and
incorporate the finding and a brief
statement of reasons therefore in the
rules issued) that notice and public
procedure thereon are impracticable,
unnecessary, or contrary to the public
interest.
The amendments to the regulations to
adjust the asset-size thresholds for small
and intermediate small banks and
savings associations result from the
application of a formula established by
a provision in the CRA regulations that
the agencies previously published for
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78154
Federal Register / Vol. 73, No. 246 / Monday, December 22, 2008 / Rules and Regulations
comment. See 70 FR 12148 (Mar. 11,
2005), 70 FR 44256 (Aug. 2, 2005), 71
FR 67826 (Nov. 24, 2006), and 72 FR
13429 (Mar. 22, 2007). Sections
25.12(u)(1), 228.12(u)(1), 345.12(u)(1),
and 563e.12(u)(1) are amended by
adjusting the asset threshold as
provided for in §§ 25.12(u)(2),
228.12(u)(2), 345.12(u)(2), and
563e.12(u)(2).
Accordingly, since the agencies’ rules
provide no discretion as to the
computation or timing of the revisions
to the asset-size criteria, the agencies
have determined that publishing a
notice of proposed rulemaking and
providing opportunity for public
comment are unnecessary.
The effective date of this joint final
rule is January 1, 2009. Under 5 U.S.C.
553(d)(3) of the APA, the required
publication or service of a substantive
rule shall be made not less than 30 days
before its effective date, except, among
other things, as provided by the agency
for good cause found and published
with the rule. Because this rule adjusts
asset-size thresholds consistent with the
requirements of the CRA rules, the
agencies conclude that it is not
substantive within the meaning of the
APA’s delayed effective date provision.
Moreover, the agencies find that there is
good cause for dispensing with the
delayed effective date requirement, even
if it applied, because their current rules
already provide notice that the small
and intermediate asset-size thresholds
will be adjusted as of December 31
based on twelve-month data as of the
end of November each year.
Unfunded Mandates Reform Act of
1995
■
Section 202 of the Unfunded
Mandates Reform Act of 1995, 2 U.S.C.
1532 (Unfunded Mandates Act),
requires that an agency must prepare a
budgetary impact statement before
promulgating any final rule for which a
general notice of proposed rulemaking
was published. As discussed above, the
agencies have determined that the
publication of a general notice of
proposed rulemaking is unnecessary.
Accordingly, this joint final rule is not
subject to section 202 of the Unfunded
Mandates Act.
§ 25.12
Executive Order 13132
Federal Reserve System
The OCC and OTS have each
determined that its portion of this joint
final rule does not have any Federalism
implications as required by Executive
Order 13132.
12 CFR Chapter II
Regulatory Flexibility Act
Community development, Credit,
Investments, Reporting and
recordkeeping requirements, Savings
associations.
The Regulatory Flexibility Act (RFA)
does not apply to a rulemaking where a
general notice of proposed rulemaking
is not required. 5 U.S.C. 603 and 604.
As noted previously, the agencies have
determined that it is unnecessary to
publish a notice of proposed rulemaking
for this joint final rule. Accordingly, the
RFA’s requirements relating to an initial
and final regulatory flexibility analysis
do not apply.
Paperwork Reduction Act of 1995
There are no collection of information
requirements in this joint final rule.
mstockstill on PROD1PC66 with RULES
Executive Order 12866
The OCC and OTS have each
determined that its portion of this joint
final rule is not a significant regulatory
action as defined in Executive Order
12866.
VerDate Aug<31>2005
16:38 Dec 19, 2008
Jkt 217001
List of Subjects
12 CFR Part 25
Community development, Credit,
Investments, National banks, Reporting
and recordkeeping requirements.
12 CFR Part 228
Banks, banking, Community
development, Credit, Investments,
Reporting and recordkeeping
requirements.
12 CFR Part 345
2. Revise § 25.12(u)(1) to read as
follows:
Definitions.
*
*
*
*
*
(u) Small bank—(1) Definition. Small
bank means a bank that, as of December
31 of either of the prior two calendar
years, had assets of less than $1.109
billion. Intermediate small bank means
a small bank with assets of at least $277
million as of December 31 of both of the
prior two calendar years and less than
$1.109 billion as of December 31 of
either of the prior two calendar years.
*
*
*
*
*
For the reasons set forth in the joint
preamble, the Board of Governors of the
Federal Reserve System amends part
228 of chapter II of title 12 of the Code
of Federal Regulations as follows:
■
PART 228—COMMUNITY
REINVESTMENT (REGULATION BB)
1. The authority citation for part 228
continues to read as follows:
■
Authority: 12 U.S.C. 321, 325, 1828(c),
1842, 1843, 1844, and 2901 et seq.
2. Revise § 228.12(u)(1) to read as
follows:
■
§ 228.12
Definitions.
*
Banks, banking, Community
development, Credit, Investments,
Reporting and recordkeeping
requirements.
12 CFR Part 563e
Department of the Treasury
*
*
*
*
(u) Small bank—(1) Definition. Small
bank means a bank that, as of December
31 of either of the prior two calendar
years, had assets of less than $1.109
billion. Intermediate small bank means
a small bank with assets of at least $277
million as of December 31 of both of the
prior two calendar years and less than
$1.109 billion as of December 31 of
either of the prior two calendar years.
*
*
*
*
*
Office of the Comptroller of the
Currency
Federal Deposit Insurance Corporation
12 CFR Chapter I
Authority and Issuance
For the reasons discussed in the joint
preamble, 12 CFR part 25 is amended as
follows:
■
■
PART 25—COMMUNITY
REINVESTMENT ACT AND
INTERSTATE DEPOSIT PRODUCTION
REGULATIONS
12 CFR Chapter III
For the reasons set forth in the joint
preamble, the Board of Directors of the
Federal Deposit Insurance Corporation
amends part 345 of chapter III of title12
of the Code of Federal Regulations to
read as follows:
PART 345—COMMUNITY
REINVESTMENT
1. The authority citation for part 25
continues to read as follows:
■
Authority: 12 U.S.C. 21, 22, 26, 27, 30, 36,
93a, 161, 215, 215a, 481, 1814, 1816, 1828(c),
1835a, 2901 through 2907, and 3101 through
3111.
Authority: 12 U.S.C. 1814–1817, 1819–
1820, 1828, 1831u and 2901–2907, 3103–
3104, and 3108(a).
■
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Fmt 4700
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1. The authority citation for part 345
continues to read as follows:
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Federal Register / Vol. 73, No. 246 / Monday, December 22, 2008 / Rules and Regulations
2. Revise § 345.12(u)(1) to read as
follows:
■
§ 345.12
*
*
Definitions.
*
*
*
(u) Small bank—(1) Definition. Small
bank means a bank that, as of December
31 of either of the prior two calendar
years, had assets of less than $1.109
billion. Intermediate small bank means
a small bank with assets of at least $277
million as of December 31 of both of the
prior two calendar years and less than
$1.109 billion as of December 31 of
either of the prior two calendar years.
*
*
*
*
*
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
Dated: December 11, 2008.
By the Office of Thrift Supervision.
John M. Reich,
Director.
[FR Doc. E8–30433 Filed 12–19–08; 8:45 am]
BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P;
6720–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 327
Department of the Treasury
RIN 3064–AD35
Office of Thrift Supervision
Risk Based Assessments
12 CFR Chapter V
For the reasons discussed in the joint
preamble, 12 CFR part 563e is amended
as follows:
■
PART 563e—COMMUNITY
REINVESTMENT
1. The authority citation for part 563e
continues to read as follows:
■
Authority: 12 U.S.C. 1462a, 1463, 1464,
1467a, 1814, 1816, 1828(c), and 2901 through
2907.
2. Revise § 563e.12(u)(1) to read as
follows:
■
§ 563e.12
Definitions.
*
*
*
*
*
mstockstill on PROD1PC66 with RULES
(u) Small savings association—(1)
Definition. Small savings association
means a savings association that, as of
December 31 of either of the prior two
calendar years, had assets of less than
$1.109 billion. Intermediate small
savings association means a small
savings association with assets of at
least $277 million as of December 31 of
both of the prior two calendar years and
less than $1.109 billion as of December
31 of either of the prior two calendar
years.
*
*
*
*
*
Dated: December 16, 2008.
Julie L. Williams,
First Senior Deputy Comptroller and Chief
Counsel.
By order of the Board of Governors of the
Federal Reserve System.
Dated: December 16, 2008.
Robert deV. Frierson,
Deputy Secretary of the Board.
By order of the Board of Directors.
Dated at Washington, DC, this 16th day of
December, 2008.
VerDate Aug<31>2005
21:33 Dec 19, 2008
Jkt 217001
AGENCY: Federal Deposit Insurance
Corporation (FDIC).
ACTION: Final rule.
SUMMARY: The FDIC is amending our
regulations to increase risk-based
assessment rates effective for the first
quarter 2009 assessment period. This is
in accordance with the Restoration plan
for the DIF published on October 16,
2008, in the Federal Register.
DATES: The final rule will become
effective on January 1, 2009.
FOR FURTHER INFORMATION CONTACT:
Matthew Green, Chief, Fund Analysis
and Pricing Section, Division of
Insurance and Research, (202) 898–
3670; and Christopher Bellotto, Counsel,
Legal Division, (202) 898–3801.
SUPPLEMENTARY INFORMATION:
I. Background: Restoration Plan and
Proposed Rule
Recent failures of FDIC-insured
institutions caused the reserve ratio of
the Deposit Insurance Fund (DIF) to
decline from 1.19 percent as of March
30, 2008, to 1.01 percent as of June 30
and 0.76 percent as of September 30.
The FDIC expects a higher rate of
institution failures in the next few years
compared to recent years, leading to a
further decline in the reserve ratio.
Because the fund reserve ratio fell below
1.15 percent as of June 30 and was
expected to remain below 1.15 percent,
the Reform Act required the FDIC to
establish and implement a Restoration
Plan to restore the reserve ratio to at
least 1.15 percent within five years.
On October 7, 2008, the FDIC
established a Restoration Plan for the
DIF, published on October 16 (see 73 FR
61598). In the FDIC’s view, restoring the
reserve ratio to at least 1.15 percent
within five years requires an increase in
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Frm 00007
Fmt 4700
Sfmt 4700
78155
assessment rates. Since the current rates
are already three basis points above the
existing base rate schedule, a new
rulemaking was required. Consequently,
the FDIC Board of Directors adopted,
also on October 7, 2008, a notice of
proposed rulemaking with request for
comments on revisions to the FDIC’s
assessment regulations (12 CFR part
327).1 The rulemaking proposed that,
effective January 1, 2009, current
assessment rates would increase
uniformly by 7 basis points for the first
quarter 2009 assessment period.
Effective April 1, 2009, the rulemaking
proposed to alter the way in which the
FDIC’s risk-based assessment system
differentiates for risk and set new
deposit insurance assessment rates. Also
effective on April 1, 2009, the proposal
would make technical and other
changes to the rules governing the riskbased assessment system. The proposed
rule was published concurrently with
the Restoration Plan on October 16,
2008 (see 73 FR 61560), with a comment
period scheduled to end on November
17, 2008.
On November 7, 2008, the FDIC Board
approved an extension of the comment
period until December 17, 2008, on the
parts of the proposed rulemaking that
would become effective on April 1,
2009. The comment period for the
proposed 7 basis point rate increase for
the first quarter of 2009, with its
separate proposed effective date of
January 1, 2009, was not extended and
expired on November 17, 2008.
This final rule will implement a
uniform increase to current rates for the
first quarter 2009 assessment period
only. The FDIC will issue another final
rule early in 2009, to be effective April
1, 2009, to change the way that the
FDIC’s assessment system differentiates
for risk, to set new assessment rates
beginning with the second quarter of
2009, and make certain technical and
other changes to the assessment rules.
II. The Final Rule: Assessment Rate
Schedule for the First Quarter of 2009
The final rule raises the current rates
uniformly by 7 basis points for the
quarterly assessment period beginning
January 1, 2009 only. The higher
assessments would be reflected in the
fund balance as of March 31, 2009, and
collected on June 30, 2009. Rates for the
first quarter of 2009 are shown in Table
1 as follows:
1 At the same meeting, the Board set the
Designated Reserve Ratio of the DIF at 1.25 percent
for 2009.
E:\FR\FM\22DER1.SGM
22DER1
]]>Agencies
[Federal Register Volume 73, Number 246 (Monday, December 22, 2008)]
[Rules and Regulations]
[Pages 78153-78155]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-30433]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
12 CFR Part 25
[Docket ID OCC-2008-0024]
RIN 1557-AD19
FEDERAL RESERVE SYSTEM
12 CFR Part 228
[Regulation BB; Docket No. R-1342]
FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Part 345
RIN 3064-AD39
DEPARTMENT OF TREASURY
Office of Thrift Supervision
12 CFR Part 563e
[Docket ID OTS-2008-0021]
RIN 1550-AC29
Community Reinvestment Act Regulations
AGENCIES: Office of the Comptroller of the Currency, Treasury (OCC);
Board of Governors of the Federal Reserve System (Board); Federal
Deposit Insurance Corporation (FDIC); Office of Thrift Supervision,
Treasury (OTS).
ACTION: Joint final rule; technical amendment.
-----------------------------------------------------------------------
SUMMARY: The OCC, the Board, the FDIC, and the OTS (collectively, the
``agencies'') are amending their Community Reinvestment Act (CRA)
regulations to adjust the asset-size thresholds used to define ``small
bank'' or ``small savings association'' and ``intermediate small bank''
or ``intermediate small savings association.'' As required by the CRA
regulations, the adjustment to the threshold amount is based on the
annual percentage change in the Consumer Price Index.
DATES: Effective Date: January 1, 2009.
FOR FURTHER INFORMATION CONTACT: OCC: Margaret Hesse, Special Counsel,
Community and Consumer Law Division, (202) 874-5750; or Karen Tucker,
National Bank Examiner, Compliance Policy Division, (202) 874-4428,
Office of the Comptroller of the Currency, 250 E Street, SW.,
Washington, DC 20219.
Board: Anjanette M. Kichline, Senior Supervisory Consumer Financial
Services Analyst, (202) 785-6054; or Brent Lattin, Attorney, (202) 452-
3667, Division of Consumer and Community Affairs, Board of Governors of
the Federal Reserve System, 20th Street and Constitution Avenue, NW.,
Washington, DC 20551.
FDIC: Deirdre Foley, Senior Policy Analyst, Division of Supervision
and Consumer Protection, Compliance Policy Branch, (202) 898-6612; or
Susan van den Toorn, Counsel, Legal Division, (202) 898-8707, Federal
Deposit Insurance Corporation, 550 17th Street, NW., Washington, DC
20429.
OTS: Celeste Anderson, Senior Project Manager, Compliance and
Consumer Protection, (202) 906-7990; or Richard Bennett, Senior
Compliance Counsel, Regulations and Legislation Division, (202) 906-
7409, Office of Thrift Supervision, 1700 G Street, NW., Washington, DC
20552.
SUPPLEMENTARY INFORMATION:
Background and Description of the Joint Final Rule
The agencies' CRA regulations establish CRA performance standards
for small and intermediate small banks and savings associations. The
regulations define small and intermediate small institutions by
reference to asset-size criteria expressed in dollar amounts, and they
further require the agencies to publish annual adjustments to these
dollar figures based on the year-to-year change in the average of the
Consumer Price Index for Urban Wage Earners and Clerical Workers
(CPIW), not seasonally adjusted, for each twelve-month period ending in
November, with rounding to the nearest million. 12 CFR 25.12(u)(2),
228.12(u)(2), 345.12(u)(2), and 563e.12(u)(2).
The threshold for small banks and small savings associations was
revised most recently effective January 1, 2008 (72 FR 72571 (Dec. 21,
2007)). The CRA regulations, as revised on December 21, 2007, provide
that banks and savings associations that, as of December 31 of either
of the prior two calendar years, had assets of less than $1.061 billion
are ``small banks'' or ``small savings associations.'' Small banks and
small savings associations with assets of at least $265 million as of
December 31 of both of the prior two calendar years and less than
$1.061 billion as of December 31 of either of the prior two calendar
years are ``intermediate small banks'' or ``intermediate small savings
associations.'' 12 CFR 25.12(u)(1), 228.12(u)(1), 345.12(u)(1),
563e.12(u)(1). This joint final rule further revises these thresholds.
During the period ending November 2008, the CPIW increased by 4.49
percent. As a result, the agencies are revising 12 CFR 25.12(u)(1),
228.12(u)(1), 345.12(u)(1), and 563e.12(u)(1) to make this annual
adjustment. Beginning January 1, 2009, banks and savings associations
that, as of December 31 of either of the prior two calendar years, had
assets of less than $1.109 billion are ``small banks'' or ``small
savings associations.'' Small banks or small savings associations with
assets of at least $277 million as of December 31 of both of the prior
two calendar years and less than $1.109 billion as of December 31 of
either of the prior two calendar years are ``intermediate small banks''
or ``intermediate small savings associations.'' The agencies also
publish current and historical asset-size thresholds on the Web site of
the Federal Financial Institutions Examination Council at https://
www.ffiec.gov/cra/.
Administrative Procedure Act and Effective Date
Under 5 U.S.C. 553(b)(B) of the Administrative Procedure Act (APA),
an agency may, for good cause, find (and incorporate the finding and a
brief statement of reasons therefore in the rules issued) that notice
and public procedure thereon are impracticable, unnecessary, or
contrary to the public interest.
The amendments to the regulations to adjust the asset-size
thresholds for small and intermediate small banks and savings
associations result from the application of a formula established by a
provision in the CRA regulations that the agencies previously published
for
[[Page 78154]]
comment. See 70 FR 12148 (Mar. 11, 2005), 70 FR 44256 (Aug. 2, 2005),
71 FR 67826 (Nov. 24, 2006), and 72 FR 13429 (Mar. 22, 2007). Sections
25.12(u)(1), 228.12(u)(1), 345.12(u)(1), and 563e.12(u)(1) are amended
by adjusting the asset threshold as provided for in Sec. Sec.
25.12(u)(2), 228.12(u)(2), 345.12(u)(2), and 563e.12(u)(2).
Accordingly, since the agencies' rules provide no discretion as to
the computation or timing of the revisions to the asset-size criteria,
the agencies have determined that publishing a notice of proposed
rulemaking and providing opportunity for public comment are
unnecessary.
The effective date of this joint final rule is January 1, 2009.
Under 5 U.S.C. 553(d)(3) of the APA, the required publication or
service of a substantive rule shall be made not less than 30 days
before its effective date, except, among other things, as provided by
the agency for good cause found and published with the rule. Because
this rule adjusts asset-size thresholds consistent with the
requirements of the CRA rules, the agencies conclude that it is not
substantive within the meaning of the APA's delayed effective date
provision. Moreover, the agencies find that there is good cause for
dispensing with the delayed effective date requirement, even if it
applied, because their current rules already provide notice that the
small and intermediate asset-size thresholds will be adjusted as of
December 31 based on twelve-month data as of the end of November each
year.
Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA) does not apply to a rulemaking
where a general notice of proposed rulemaking is not required. 5 U.S.C.
603 and 604. As noted previously, the agencies have determined that it
is unnecessary to publish a notice of proposed rulemaking for this
joint final rule. Accordingly, the RFA's requirements relating to an
initial and final regulatory flexibility analysis do not apply.
Paperwork Reduction Act of 1995
There are no collection of information requirements in this joint
final rule.
Executive Order 12866
The OCC and OTS have each determined that its portion of this joint
final rule is not a significant regulatory action as defined in
Executive Order 12866.
Unfunded Mandates Reform Act of 1995
Section 202 of the Unfunded Mandates Reform Act of 1995, 2 U.S.C.
1532 (Unfunded Mandates Act), requires that an agency must prepare a
budgetary impact statement before promulgating any final rule for which
a general notice of proposed rulemaking was published. As discussed
above, the agencies have determined that the publication of a general
notice of proposed rulemaking is unnecessary. Accordingly, this joint
final rule is not subject to section 202 of the Unfunded Mandates Act.
Executive Order 13132
The OCC and OTS have each determined that its portion of this joint
final rule does not have any Federalism implications as required by
Executive Order 13132.
List of Subjects
12 CFR Part 25
Community development, Credit, Investments, National banks,
Reporting and recordkeeping requirements.
12 CFR Part 228
Banks, banking, Community development, Credit, Investments,
Reporting and recordkeeping requirements.
12 CFR Part 345
Banks, banking, Community development, Credit, Investments,
Reporting and recordkeeping requirements.
12 CFR Part 563e
Community development, Credit, Investments, Reporting and
recordkeeping requirements, Savings associations.
Department of the Treasury
Office of the Comptroller of the Currency
12 CFR Chapter I
0
For the reasons discussed in the joint preamble, 12 CFR part 25 is
amended as follows:
PART 25--COMMUNITY REINVESTMENT ACT AND INTERSTATE DEPOSIT
PRODUCTION REGULATIONS
0
1. The authority citation for part 25 continues to read as follows:
Authority: 12 U.S.C. 21, 22, 26, 27, 30, 36, 93a, 161, 215,
215a, 481, 1814, 1816, 1828(c), 1835a, 2901 through 2907, and 3101
through 3111.
0
2. Revise Sec. 25.12(u)(1) to read as follows:
Sec. 25.12 Definitions.
* * * * *
(u) Small bank--(1) Definition. Small bank means a bank that, as of
December 31 of either of the prior two calendar years, had assets of
less than $1.109 billion. Intermediate small bank means a small bank
with assets of at least $277 million as of December 31 of both of the
prior two calendar years and less than $1.109 billion as of December 31
of either of the prior two calendar years.
* * * * *
Federal Reserve System
12 CFR Chapter II
0
For the reasons set forth in the joint preamble, the Board of Governors
of the Federal Reserve System amends part 228 of chapter II of title 12
of the Code of Federal Regulations as follows:
PART 228--COMMUNITY REINVESTMENT (REGULATION BB)
0
1. The authority citation for part 228 continues to read as follows:
Authority: 12 U.S.C. 321, 325, 1828(c), 1842, 1843, 1844, and
2901 et seq.
0
2. Revise Sec. 228.12(u)(1) to read as follows:
Sec. 228.12 Definitions.
* * * * *
(u) Small bank--(1) Definition. Small bank means a bank that, as of
December 31 of either of the prior two calendar years, had assets of
less than $1.109 billion. Intermediate small bank means a small bank
with assets of at least $277 million as of December 31 of both of the
prior two calendar years and less than $1.109 billion as of December 31
of either of the prior two calendar years.
* * * * *
Federal Deposit Insurance Corporation
12 CFR Chapter III
Authority and Issuance
0
For the reasons set forth in the joint preamble, the Board of Directors
of the Federal Deposit Insurance Corporation amends part 345 of chapter
III of title12 of the Code of Federal Regulations to read as follows:
PART 345--COMMUNITY REINVESTMENT
0
1. The authority citation for part 345 continues to read as follows:
Authority: 12 U.S.C. 1814-1817, 1819-1820, 1828, 1831u and 2901-
2907, 3103-3104, and 3108(a).
[[Page 78155]]
0
2. Revise Sec. 345.12(u)(1) to read as follows:
Sec. 345.12 Definitions.
* * * * *
(u) Small bank--(1) Definition. Small bank means a bank that, as of
December 31 of either of the prior two calendar years, had assets of
less than $1.109 billion. Intermediate small bank means a small bank
with assets of at least $277 million as of December 31 of both of the
prior two calendar years and less than $1.109 billion as of December 31
of either of the prior two calendar years.
* * * * *
Department of the Treasury
Office of Thrift Supervision
12 CFR Chapter V
0
For the reasons discussed in the joint preamble, 12 CFR part 563e is
amended as follows:
PART 563e--COMMUNITY REINVESTMENT
0
1. The authority citation for part 563e continues to read as follows:
Authority: 12 U.S.C. 1462a, 1463, 1464, 1467a, 1814, 1816,
1828(c), and 2901 through 2907.
0
2. Revise Sec. 563e.12(u)(1) to read as follows:
Sec. 563e.12 Definitions.
* * * * *
(u) Small savings association--(1) Definition. Small savings
association means a savings association that, as of December 31 of
either of the prior two calendar years, had assets of less than $1.109
billion. Intermediate small savings association means a small savings
association with assets of at least $277 million as of December 31 of
both of the prior two calendar years and less than $1.109 billion as of
December 31 of either of the prior two calendar years.
* * * * *
Dated: December 16, 2008.
Julie L. Williams,
First Senior Deputy Comptroller and Chief Counsel.
By order of the Board of Governors of the Federal Reserve
System.
Dated: December 16, 2008.
Robert deV. Frierson,
Deputy Secretary of the Board.
By order of the Board of Directors.
Dated at Washington, DC, this 16th day of December, 2008.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
Dated: December 11, 2008.
By the Office of Thrift Supervision.
John M. Reich,
Director.
[FR Doc. E8-30433 Filed 12-19-08; 8:45 am]
BILLING CODE 4810-33-P; 6210-01-P; 6714-01-P; 6720-01-P
