Rules of Practice and Procedure; Rules of Practice and Procedure in Adjudicatory Proceedings; Civil Money Penalty Inflation Adjustments, 76354-76356 [2012-31187]
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76354
Federal Register / Vol. 77, No. 249 / Friday, December 28, 2012 / Rules and Regulations
rule appears to be providing public
notice of the rule’s content.
It is beneficial for regulated entities to
know what constitutes issuance of an
agency’s rules.3 Pursuant to a
commitment to using modern
technology to facilitate the Bureau’s
performance of its functions, the Bureau
regularly posts final rules on its Web
site. Typically on the same day, the
Bureau will submit the document to the
Office of the Federal Register. After a
period of time that depends on the
length of the document and other
factors, the Office of the Federal Register
will then make the document available
for public inspection and then publish
it in the Federal Register. The Bureau
does not believe that delaying issuance
until the rule is published in the
Federal Register is necessary or in the
public interest. Accordingly, today’s
rule provides that when a final rule 4 is
posted on the Bureau’s Web site before
it is published in the Federal Register,
the posting on the Web site shall
constitute the official issuance of the
rule.
Clarifying what constitutes issuance
of a rule is beneficial because in some
cases the date of issuance of a rule has
legal consequences.5 For example,
under section 1400(c)(3) of the DoddFrank Act, certain provisions of title
XIV will go into effect on the date that
is 18 months after the designated
transfer date,6 unless relevant
regulations are ‘‘issued’’ by that date.
Given the Bureau’s practice of posting
rules on its Web site before the Office
of the Federal Register makes the rules
available for public inspection or
publishes the rules in the Federal
Register, uncertainty could arise
regarding the date on which such rules
were issued. The Final Rule eliminates
uncertainty by clarifying when the
Bureau’s rules are deemed issued.
The Bureau generally intends to issue
rules by posting them on its Web site,
but, as a precaution, the Final Rule
provides that a rule will be considered
issued upon publication in the Federal
Register if by inadvertence or for some
other reason the rule is not posted on
the Web site or is published in the
Federal Register before it is posted on
the Web site.
srobinson on DSK4SPTVN1PROD with
3 It
is important to note that the date of issuance
of a rule and the effective date of a rule are distinct.
4 For the purposes of this rule, the Bureau intends
‘‘final rule’’ to encompass an interim final rule.
5 Clarity about what constitutes issuance may be
of practical moment for regulated entities,
potentially assisting in planning for implementation
of a rule.
6 Pursuant to section 1062 of the Dodd-Frank Act,
12 U.S.C. 5582, the Secretary of the Treasury
designated July 21, 2011 as the transfer date. 75 FR
57252.
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II. Legal Authority and Effective Date
Section 1022(b) of the Dodd-Frank
Act authorizes the Bureau to prescribe
rules as may be necessary and
appropriate to enable the Bureau to
administer and carry out the purposes
and objectives of the Federal consumer
financial laws, and to prevent evasions
of those laws. In addition, section
1012(a) of the Dodd-Frank Act
authorizes the Bureau ‘‘to establish the
general policies of the Bureau with
respect to all executive and
administrative functions, including—(1)
the establishment of rules for
conducting the general business of the
Bureau, in a manner not inconsistent
with this title * * * .’’
The Final Rule is procedural and not
substantive and, thus, is not subject to
the 30-day delay in effective date
required by 5 U.S.C. 553(d). The Bureau
is making the Final Rule effective
immediately upon publication in the
Federal Register.
III. Section 1022(b)(2) of the DoddFrank Act
In developing the Final Rule, the
Bureau has considered the potential
benefits, costs, and impacts, and the
Bureau has consulted or offered to
consult with the prudential regulators
and the Federal Trade Commission,
including with regard to consistency
with any prudential, market, or systemic
objectives administered by such
agencies.7
Certainty about the timing of issuance
of the Bureau’s rules will likely benefit
consumers and covered persons. The
Bureau is not aware of costs to
consumers or covered persons,
including the potential reduction of
access by consumers to consumer
financial products or services, that can
be predicted to result from treating rules
as issued when the Bureau has posted
them on its Web site.
Further, the Bureau is not aware of
any unique impact the Final Rule might
7 Section 1022(b)(2)(A) of the Dodd-Frank Act
calls for the Bureau to consider the potential
benefits and costs of a regulation to consumers and
covered persons, including the potential reduction
of access by consumers to consumer financial
products or services; the impact on depository
institutions and credit unions with $10 billion or
less in total assets as described in section 1026 of
the Dodd-Frank Act; and the impact on consumers
in rural areas. Section 1022(b)(2)(B) directs the
Bureau to consult with the appropriate prudential
regulators or other Federal agencies regarding
consistency with objectives those agencies
administer. The manner and extent to which these
provisions apply to a rulemaking of this kind,
which establishes Bureau procedures and imposes
no standards of conduct, is unclear. Nevertheless,
to inform this rulemaking more fully, the Bureau
performed the analyses and consultations described
in those provisions of the Dodd-Frank Act.
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have on insured depository institutions
or insured credit unions with total
assets of $10 billion or less as described
in section 1026(a) of the Dodd-Frank
Act, or on rural consumers.
IV. Regulatory Requirements
The Final Rule relates solely to
agency procedure and practice and,
thus, is not subject to the notice and
comment requirements of the
Administrative Procedure Act, 5 U.S.C.
553(b). Because no notice of proposed
rulemaking is required, this rule does
not require an initial or a final
regulatory flexibility analysis pursuant
to the Regulatory Flexibility Act (RFA),
5 U.S.C. 601 et seq.
List of Subjects in 12 CFR Part 1074
Administrative practice and
procedure.
Authority and Issuance
For the reasons set forth in the
preamble, the Bureau adds part 1074 to
Chapter X in Title 12 of the Code of
Federal Regulations to read as follows:
PART 1074—PROCEDURE RELATING
TO RULEMAKING
Sec.
§ 1074.1
Date of issuance of Bureau rules.
Authority: 12 U.S.C. 5492(a)(1), 5512(b).
§ 1074.1
Date of issuance of Bureau rules.
A final Bureau of Consumer Financial
Protection (Bureau) rule is deemed
issued upon the earlier of the following:
(a) When the final rule is posted on
the Bureau’s Web site; or
(b) When the final rule is published
in the Federal Register.
■
Dated: December 21, 2012.
Richard Cordray,
Director, Bureau of Consumer Financial
Protection.
[FR Doc. 2012–31310 Filed 12–27–12; 8:45 am]
BILLING CODE 4810–AM–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Parts 19 and 109
[Docket ID OCC–2012–0011]
RIN 1557–AD61
Rules of Practice and Procedure;
Rules of Practice and Procedure in
Adjudicatory Proceedings; Civil Money
Penalty Inflation Adjustments
Office of the Comptroller of the
Currency, Treasury.
AGENCY:
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Federal Register / Vol. 77, No. 249 / Friday, December 28, 2012 / Rules and Regulations
Final rule; technical
amendment.
ACTION:
SUMMARY: The Office of the Comptroller
of the Currency (OCC) is clarifying the
effective dates of the adjustments to the
maximum amount of CMPs the OCC
administers that were published on
November 6, 2012.
DATES: Effective Date: December 28,
2012.
Jean
Campbell, Senior Attorney, Legislative
and Regulatory Activities Division,
(202) 649–6293, Office of the
Comptroller of the Currency, 400
Seventh Street SW., Washington, DC
20219.
FOR FURTHER INFORMATION CONTACT:
SUPPLEMENTARY INFORMATION:
Background
srobinson on DSK4SPTVN1PROD with
On November 6, 2012, the OCC
published a final rule that revised the
charts set forth at 12 CFR 19.240(a) and
at 12 CFR 109.103(c), to adjust the
maximum amount of the CMPs the OCC
administers to account for inflation.1 77
FR 66529 (Nov. 6, 2012). These inflation
adjustments were made pursuant to the
Inflation Adjustment Act, 28 U.S.C.
2461 note, which requires the OCC, as
well as other Federal agencies with CMP
authority, periodically to evaluate and
publish by regulation the inflationadjusted maximum assessment for each
CMP authorized by a law that the
agency has jurisdiction to administer.
The charts set forth at 12 CFR
19.240(a) and 109.103(c) also reflected
the new maximum CMP prescribed by
section 100208 of the Biggert-Waters
Flood Insurance Reform Act of 2012,2
42 U.S.C. 4012a(f)(5), which increased
the maximum amount for each violation
of certain provisions of the National
Flood Insurance Act to $2,000 and
eliminated the $135,000 cap on the total
amount of penalties for these violations
that could be assessed against a single
regulated lender in any calendar year.
The effective date of the final rule was
described as December 6, 2012.
Moreover, §§ 19.240(b) and 109.103(c)
1 Pursuant to Title III of the Dodd-Frank Wall
Street Reform and Consumer Protection Act, Public
Law 111–203, 124 Stat. 1376 (2010), Congress
transferred the powers, authorities, rights, and
duties of the Office of Thrift Supervision (OTS) to
the OCC on July 21, 2011, and the OCC assumed
all functions of the OTS and the Director of the OTS
relating to Federal savings associations. Therefore,
the OCC now has responsibility for the ongoing
supervision, examination, and regulation of Federal
savings associations as of the transfer date.
Although the final rule amended both 12 CFR part
19 and 12 CFR part 109, the OCC expects to
consolidate these provisions in the future as part of
its integration of the OCC and OTS rules.
2 Public Law 112–141, 126 Stat. 919 (July 6,
2012).
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stated that all of the adjustments in the
revised charts would apply to violations
that occurred after December 6, 2012.
Description of the Technical Correction
The effective date of the final rule
published on November 6, 2012 was
described as December 6, 2012. This
technical correction amends
§§ 19.240(b) and 109.103(c) to clarify
that the inflation adjustments to the
maximum amount of the OCC’s CMPs
made pursuant to the Inflation
Adjustment Act apply to violations that
occurred both on or after December 6,
2012, consistent with the effective date
of the rule.
This technical correction also clarifies
the effective date of the changes to the
flood insurance CMP described in the
revised charts set forth at §§ 19.240(a)
and 109.103(c), published on November
6, 2012. The OCC amended these CMP
charts to incorporate the statutory
changes to the flood insurance CMP at
the same time it amended these charts
to account for inflation. The effective
date of the final rule was described as
December 6, 2012, and the rule did not
specifically provide a different effective
date for the changes to the flood
insurance CMP mandated by section
100208 of the Biggert-Waters Flood
Insurance Reform Act, 42 U.S.C.
4012a(f)(5), which were effective upon
enactment, i.e., July 6, 2012.
Accordingly, the OCC is amending 12
CFR parts 19 and 109 to clarify that the
changes to the flood insurance CMP
prescribed by 42 U.S.C. 4012a(f)(5),
incorporated into its CMP charts, apply
to violations that occurred both on or
after July 6, 2012, consistent with the
effective date of section 100208 of the
Biggert-Waters Flood Insurance Reform
Act.
Procedural Issues
Notice and Comment Procedure
Under the Administrative Procedure
Act (APA), the requirement to provide
public notice and an opportunity for
comment does not apply if the agency
finds, for good cause, that these
procedural requirements are
impracticable, unnecessary, or contrary
to the public interest. See 5 U.S.C.
553(b)(B). As described above, this final
rule is a technical correction that merely
clarifies the effective date of the
inflation adjustments to the OCC’s
CMPs and changes the effective date of
the flood insurance CMP in parts 19 and
109 to confirm with that mandated by
Congress. It is in the public interest to
clarify these effective dates and
eliminate any potential confusion as
quickly as possible. For this reason, the
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76355
OCC has concluded that notice and
comment procedures are unnecessary
and contrary to the public interest and
that good cause exists for dispensing
with them.
Effective Date
The APA generally requires an agency
to publish a substantive rule 30 days
prior to its effective date. See 5 U.S.C.
553(d). As described above, this final
rule merely clarifies the effective date of
the inflation adjustments to the OCC’s
CMPs and the changes to the flood
insurance CMP that were mandated by
Congress. It is in the public interest to
clarify the effective date as quickly as
possible. Accordingly, the OCC finds
that good cause exists to dispense with
a delayed effective date.
The Riegle Community Development
and Regulatory Improvement Act of
1994 (RCDRIA) requires that the
effective date of new regulations and
amendments to regulations that impose
additional reporting, disclosures, or
other new requirements on insured
depository institutions shall be the first
day of a calendar quarter that begins on
or after the date the regulations are
published in final form. See 12 U.S.C.
4802(b)(1). The RCDRIA does not apply
to this final rule because the rule does
not impose any additional reporting,
disclosures, or other new requirements.
Accordingly, the OCC finds good cause
for an immediate effective date.
Regulatory Flexibility Act
The Regulatory Flexibility Act applies
only to rules for which an agency
publishes a general notice of proposed
rulemaking pursuant to 5 U.S.C. 553(b).
See 5 U.S.C. 601(2). Because the OCC
has determined for good cause that the
APA does not require public notice and
comment on this final rule, we are not
publishing a general notice of proposed
rulemaking. Thus, the Regulatory
Flexibility Act does not apply to this
final rule.
Unfunded Mandates Reform Act of
1995
Section 202 of the Unfunded
Mandates Reform Act of 1995, 2 U.S.C.
1532, requires an agency to prepare a
budgetary impact statement before
promulgating any rule likely to result in
a Federal mandate that may result in the
expenditure by State, local, and tribal
governments, in the aggregate, or by the
private sector of $100 million or more,
as adjusted for inflation, in any one
year. The Unfunded Mandates Reform
Act applies only when an agency issues
a general notice of proposed
rulemaking. Because we are not
publishing a notice of proposed
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76356
Federal Register / Vol. 77, No. 249 / Friday, December 28, 2012 / Rules and Regulations
rulemaking, this final rule is not subject
to section 202 of the Unfunded
Mandates Reform Act.
List of Subjects
12 CFR Part 19
Administrative practice and
procedure, Crime, Equal access to
justice, Investigations, National banks,
Penalties, Securities.
12 CFR Part 109
Administrative practice and
procedure, Penalties.
violations that occurred on or after July
6, 2012.
PART 109—RULES OF PRACTICE AND
PROCEDURE IN ADJUDICATORY
PROCEEDINGS
4. The authority citation for part 109
continues to read as follows:
■
Authority: 5 U.S.C. 504, 554–557; 12
U.S.C. 1464, 1467, 1467a, 1468, 1817(j), 1818,
1820(k), 1829(e), 3349, 4717, 5412(b)(2)(B);
15 U.S.C. 78(l), 78o–5, 78u–2; 28 U.S.C. 2461
note; 31 U.S.C. 5321; and 42 U.S.C. 4012a.
5. Section 109.103 is amended by
revising the introductory text to
paragraph (c), and adding paragraph (d)
to read as follows:
■
Authority and Issuance
For the reasons set out in the
preamble, parts 19 and 109 of chapter I
of title 12 of the Code of Federal
Regulations are amended as follows:
PART 19—RULES OF PRACTICE AND
PROCEDURE
1. The authority citation for part 19
continues to read as follows:
■
Authority: 5 U.S.C. 504, 554–557; 12
U.S.C. 93(b), 93a, 164, 505, 1817, 1818, 1820,
1831m, 1831o, 1972, 3102, 3108(a), 3909, and
4717; 15 U.S.C. 78(h) and (i), 78o–4(c), 78o–
5, 78q–1, 78s, 78u, 78u–2, 78u–3, and 78w;
28 U.S.C. 2461 note; 31 U.S.C. 330 and 5321;
and 42 U.S.C. 4012a.
Subpart O—Civil Money Penalty
Adjustments
§ 109.103
Civil money penalties.
*
*
*
*
*
(c) Maximum amount of civil money
penalties. Except as provided in
paragraph (d) of this section, the
maximum amount of each civil money
penalty in the chart below applies to
violations that occurred on or after
December 6, 2012:
*
*
*
*
*
(d) Flood insurance penalty. The
maximum amount of the civil money
penalty prescribed by 42 U.S.C.
4012a(f), set forth in the chart in
paragraph (c) of this section, applies to
violations that occurred on or after July
6, 2012.
through the FCA Board (Board), issued
a final rule under part 630 on September
26, 2012 (77 FR 59050) amending our
regulations relating to the Federal Farm
Credit Banks Funding Corporation
System Audit Committee and the Farm
Credit System annual report to
investors. In accordance with 12 U.S.C.
2252, the effective date of the final rule
is 30 days from the date of publication
in the Federal Register during which
either or both Houses of Congress are in
session. Based on the records of the
sessions of Congress, the effective date
of the regulations is December 12, 2012.
DATES: Effective Date: Under the
authority of 12 U.S.C. 2252, the
regulation amending 12 CFR part 630
published on September 26, 2012 (77 FR
59050) is effective December 12, 2012.
FOR FURTHER INFORMATION CONTACT:
Deborah Wilson, Senior Accountant,
Office of Regulatory Policy, Farm
Credit Administration, McLean,
Virginia 22102–5090, (703) 883–4498,
TTY (703) 883–4434, or
Laura McFarland, Senior Counsel,
Office of General Counsel, Farm
Credit Administration, McLean,
Virginia 22102–5090, (703) 883–4020,
TTY (703) 883–4020.
Authority: 12 U.S.C. 2252(a)(9) and (10).
Dated: December 20, 2012.
Dale L. Aultman,
Secretary, Farm Credit Administration Board.
2. The heading to subpart O is revised
as set forth above.
■ 3. Section 19.240 is amended by
revising the section heading, the
introductory text to paragraph (a), (b),
and adding paragraph (c) to read as
follows:
Dated: December 21, 2012.
Daniel P. Stipano,
Acting Chief Counsel.
BILLING CODE 4810–33–P
COMMODITY FUTURES TRADING
COMMISSION
§ 19.240
FARM CREDIT ADMINISTRATION
17 CFR Part 160
12 CFR Part 630
Privacy of Consumer Financial
Information Under Title V of the
Gramm-Leach-Bliley Act
■
Civil Money Penalties.
srobinson on DSK4SPTVN1PROD with
(a) The maximum amount of each
civil money penalty within the OCC’s
jurisdiction is set forth as follows:
*
*
*
*
*
(b) Except as provided in paragraph
(c) of this section, the maximum amount
of each civil money penalty, set forth in
the chart in paragraph (a) of this section,
applies to violations that occurred on or
after December 6, 2012.
(c) The maximum amount of the civil
money penalty prescribed by 42 U.S.C.
4012a(f)(5), set forth in the chart in
paragraph (a) of this section, applies to
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[FR Doc. 2012–31103 Filed 12–27–12; 8:45 am]
BILLING CODE 6705–01–P
[FR Doc. 2012–31187 Filed 12–27–12; 8:45 am]
RIN 3052–AC77
Disclosure to Investors in System-wide
and Consolidated Bank Debt
Obligations of the Farm Credit System;
System Audit Committee; Effective
Date
Farm Credit Administration.
Notice of effective date.
AGENCY:
ACTION:
The Farm Credit
Administration (FCA or Agency),
SUMMARY:
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CFR Correction
In Title 17 of the Code of Federal
Regulations, Parts 1 to 199, revised as of
April 1, 2012, on page 958, appendices
A and B to part 160 are reinstated to
read as follows;
Appendix A to Part 160—Model
Privacy Form
A. The Model Privacy Form
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]]>Agencies
[Federal Register Volume 77, Number 249 (Friday, December 28, 2012)]
[Rules and Regulations]
[Pages 76354-76356]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-31187]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
12 CFR Parts 19 and 109
[Docket ID OCC-2012-0011]
RIN 1557-AD61
Rules of Practice and Procedure; Rules of Practice and Procedure
in Adjudicatory Proceedings; Civil Money Penalty Inflation Adjustments
AGENCY: Office of the Comptroller of the Currency, Treasury.
[[Page 76355]]
ACTION: Final rule; technical amendment.
-----------------------------------------------------------------------
SUMMARY: The Office of the Comptroller of the Currency (OCC) is
clarifying the effective dates of the adjustments to the maximum amount
of CMPs the OCC administers that were published on November 6, 2012.
DATES: Effective Date: December 28, 2012.
FOR FURTHER INFORMATION CONTACT: Jean Campbell, Senior Attorney,
Legislative and Regulatory Activities Division, (202) 649-6293, Office
of the Comptroller of the Currency, 400 Seventh Street SW., Washington,
DC 20219.
SUPPLEMENTARY INFORMATION:
Background
On November 6, 2012, the OCC published a final rule that revised
the charts set forth at 12 CFR 19.240(a) and at 12 CFR 109.103(c), to
adjust the maximum amount of the CMPs the OCC administers to account
for inflation.\1\ 77 FR 66529 (Nov. 6, 2012). These inflation
adjustments were made pursuant to the Inflation Adjustment Act, 28
U.S.C. 2461 note, which requires the OCC, as well as other Federal
agencies with CMP authority, periodically to evaluate and publish by
regulation the inflation-adjusted maximum assessment for each CMP
authorized by a law that the agency has jurisdiction to administer.
---------------------------------------------------------------------------
\1\ Pursuant to Title III of the Dodd-Frank Wall Street Reform
and Consumer Protection Act, Public Law 111-203, 124 Stat. 1376
(2010), Congress transferred the powers, authorities, rights, and
duties of the Office of Thrift Supervision (OTS) to the OCC on July
21, 2011, and the OCC assumed all functions of the OTS and the
Director of the OTS relating to Federal savings associations.
Therefore, the OCC now has responsibility for the ongoing
supervision, examination, and regulation of Federal savings
associations as of the transfer date. Although the final rule
amended both 12 CFR part 19 and 12 CFR part 109, the OCC expects to
consolidate these provisions in the future as part of its
integration of the OCC and OTS rules.
---------------------------------------------------------------------------
The charts set forth at 12 CFR 19.240(a) and 109.103(c) also
reflected the new maximum CMP prescribed by section 100208 of the
Biggert-Waters Flood Insurance Reform Act of 2012,\2\ 42 U.S.C.
4012a(f)(5), which increased the maximum amount for each violation of
certain provisions of the National Flood Insurance Act to $2,000 and
eliminated the $135,000 cap on the total amount of penalties for these
violations that could be assessed against a single regulated lender in
any calendar year.
---------------------------------------------------------------------------
\2\ Public Law 112-141, 126 Stat. 919 (July 6, 2012).
---------------------------------------------------------------------------
The effective date of the final rule was described as December 6,
2012. Moreover, Sec. Sec. 19.240(b) and 109.103(c) stated that all of
the adjustments in the revised charts would apply to violations that
occurred after December 6, 2012.
Description of the Technical Correction
The effective date of the final rule published on November 6, 2012
was described as December 6, 2012. This technical correction amends
Sec. Sec. 19.240(b) and 109.103(c) to clarify that the inflation
adjustments to the maximum amount of the OCC's CMPs made pursuant to
the Inflation Adjustment Act apply to violations that occurred both on
or after December 6, 2012, consistent with the effective date of the
rule.
This technical correction also clarifies the effective date of the
changes to the flood insurance CMP described in the revised charts set
forth at Sec. Sec. 19.240(a) and 109.103(c), published on November 6,
2012. The OCC amended these CMP charts to incorporate the statutory
changes to the flood insurance CMP at the same time it amended these
charts to account for inflation. The effective date of the final rule
was described as December 6, 2012, and the rule did not specifically
provide a different effective date for the changes to the flood
insurance CMP mandated by section 100208 of the Biggert-Waters Flood
Insurance Reform Act, 42 U.S.C. 4012a(f)(5), which were effective upon
enactment, i.e., July 6, 2012. Accordingly, the OCC is amending 12 CFR
parts 19 and 109 to clarify that the changes to the flood insurance CMP
prescribed by 42 U.S.C. 4012a(f)(5), incorporated into its CMP charts,
apply to violations that occurred both on or after July 6, 2012,
consistent with the effective date of section 100208 of the Biggert-
Waters Flood Insurance Reform Act.
Procedural Issues
Notice and Comment Procedure
Under the Administrative Procedure Act (APA), the requirement to
provide public notice and an opportunity for comment does not apply if
the agency finds, for good cause, that these procedural requirements
are impracticable, unnecessary, or contrary to the public interest. See
5 U.S.C. 553(b)(B). As described above, this final rule is a technical
correction that merely clarifies the effective date of the inflation
adjustments to the OCC's CMPs and changes the effective date of the
flood insurance CMP in parts 19 and 109 to confirm with that mandated
by Congress. It is in the public interest to clarify these effective
dates and eliminate any potential confusion as quickly as possible. For
this reason, the OCC has concluded that notice and comment procedures
are unnecessary and contrary to the public interest and that good cause
exists for dispensing with them.
Effective Date
The APA generally requires an agency to publish a substantive rule
30 days prior to its effective date. See 5 U.S.C. 553(d). As described
above, this final rule merely clarifies the effective date of the
inflation adjustments to the OCC's CMPs and the changes to the flood
insurance CMP that were mandated by Congress. It is in the public
interest to clarify the effective date as quickly as possible.
Accordingly, the OCC finds that good cause exists to dispense with a
delayed effective date.
The Riegle Community Development and Regulatory Improvement Act of
1994 (RCDRIA) requires that the effective date of new regulations and
amendments to regulations that impose additional reporting,
disclosures, or other new requirements on insured depository
institutions shall be the first day of a calendar quarter that begins
on or after the date the regulations are published in final form. See
12 U.S.C. 4802(b)(1). The RCDRIA does not apply to this final rule
because the rule does not impose any additional reporting, disclosures,
or other new requirements. Accordingly, the OCC finds good cause for an
immediate effective date.
Regulatory Flexibility Act
The Regulatory Flexibility Act applies only to rules for which an
agency publishes a general notice of proposed rulemaking pursuant to 5
U.S.C. 553(b). See 5 U.S.C. 601(2). Because the OCC has determined for
good cause that the APA does not require public notice and comment on
this final rule, we are not publishing a general notice of proposed
rulemaking. Thus, the Regulatory Flexibility Act does not apply to this
final rule.
Unfunded Mandates Reform Act of 1995
Section 202 of the Unfunded Mandates Reform Act of 1995, 2 U.S.C.
1532, requires an agency to prepare a budgetary impact statement before
promulgating any rule likely to result in a Federal mandate that may
result in the expenditure by State, local, and tribal governments, in
the aggregate, or by the private sector of $100 million or more, as
adjusted for inflation, in any one year. The Unfunded Mandates Reform
Act applies only when an agency issues a general notice of proposed
rulemaking. Because we are not publishing a notice of proposed
[[Page 76356]]
rulemaking, this final rule is not subject to section 202 of the
Unfunded Mandates Reform Act.
List of Subjects
12 CFR Part 19
Administrative practice and procedure, Crime, Equal access to
justice, Investigations, National banks, Penalties, Securities.
12 CFR Part 109
Administrative practice and procedure, Penalties.
Authority and Issuance
For the reasons set out in the preamble, parts 19 and 109 of
chapter I of title 12 of the Code of Federal Regulations are amended as
follows:
PART 19--RULES OF PRACTICE AND PROCEDURE
0
1. The authority citation for part 19 continues to read as follows:
Authority: 5 U.S.C. 504, 554-557; 12 U.S.C. 93(b), 93a, 164,
505, 1817, 1818, 1820, 1831m, 1831o, 1972, 3102, 3108(a), 3909, and
4717; 15 U.S.C. 78(h) and (i), 78o-4(c), 78o-5, 78q-1, 78s, 78u,
78u-2, 78u-3, and 78w; 28 U.S.C. 2461 note; 31 U.S.C. 330 and 5321;
and 42 U.S.C. 4012a.
Subpart O--Civil Money Penalty Adjustments
0
2. The heading to subpart O is revised as set forth above.
0
3. Section 19.240 is amended by revising the section heading, the
introductory text to paragraph (a), (b), and adding paragraph (c) to
read as follows:
Sec. 19.240 Civil Money Penalties.
(a) The maximum amount of each civil money penalty within the OCC's
jurisdiction is set forth as follows:
* * * * *
(b) Except as provided in paragraph (c) of this section, the
maximum amount of each civil money penalty, set forth in the chart in
paragraph (a) of this section, applies to violations that occurred on
or after December 6, 2012.
(c) The maximum amount of the civil money penalty prescribed by 42
U.S.C. 4012a(f)(5), set forth in the chart in paragraph (a) of this
section, applies to violations that occurred on or after July 6, 2012.
PART 109--RULES OF PRACTICE AND PROCEDURE IN ADJUDICATORY
PROCEEDINGS
0
4. The authority citation for part 109 continues to read as follows:
Authority: 5 U.S.C. 504, 554-557; 12 U.S.C. 1464, 1467, 1467a,
1468, 1817(j), 1818, 1820(k), 1829(e), 3349, 4717, 5412(b)(2)(B); 15
U.S.C. 78(l), 78o-5, 78u-2; 28 U.S.C. 2461 note; 31 U.S.C. 5321; and
42 U.S.C. 4012a.
0
5. Section 109.103 is amended by revising the introductory text to
paragraph (c), and adding paragraph (d) to read as follows:
Sec. 109.103 Civil money penalties.
* * * * *
(c) Maximum amount of civil money penalties. Except as provided in
paragraph (d) of this section, the maximum amount of each civil money
penalty in the chart below applies to violations that occurred on or
after December 6, 2012:
* * * * *
(d) Flood insurance penalty. The maximum amount of the civil money
penalty prescribed by 42 U.S.C. 4012a(f), set forth in the chart in
paragraph (c) of this section, applies to violations that occurred on
or after July 6, 2012.
Dated: December 21, 2012.
Daniel P. Stipano,
Acting Chief Counsel.
[FR Doc. 2012-31187 Filed 12-27-12; 8:45 am]
BILLING CODE 4810-33-P
