Community Reinvestment Act Regulations, 77852-77854 [2014-30256]

Download as PDF 77852 Federal Register / Vol. 79, No. 248 / Monday, December 29, 2014 / Rules and Regulations PART 9036—REVIEW OF MATCHING FUND SUBMISSIONS AND CERTIFICATION OF PAYMENTS BY COMMISSION DEPARTMENT OF THE TREASURY 246. The authority citation for part 9036 continues to read as follows: 12 CFR Parts 25 and 195 Office of the Comptroller of the Currency ■ [Docket ID OCC–2014–0026] Authority: 26 U.S.C. 9036 and 9039(b). § 9036.2 RIN 1557–AD89 [Amended] FEDERAL RESERVE SYSTEM 247. Amend paragraph (b)(1)(v) of § 9036.2 to remove ‘‘2 U.S.C. 432(c)(3), 434(b)(3)(A)’’ and add in its place ‘‘52 U.S.C. 30102(c)(3), 30104(b)(3)(A)’’. ■ PART 9038—EXAMINATIONS AND AUDITS 248. The authority citation for part 9038 continues to read as follows: RIN 3064–AD90 Community Reinvestment Act Regulations [Amended] 249. In § 9038.1: a. Amend paragraph (b)(1)(iii) to remove ‘‘2 U.S.C. 437d’’ and add in its place ‘‘52 U.S.C. 30107’’; ■ b. Amend paragraph (b)(1)(v) to remove ‘‘2 U.S.C. 437d(a)(1)’’ and add in its place ‘‘52 U.S.C. 30107(a)(1)’’ and to remove ‘‘2 U.S.C. 437(d)(a)(3)’’ and add in its place ‘‘52 U.S.C. 30107(a)(3)’’; and ■ c. Amend paragraph (d)(2) to remove ‘‘2 U.S.C. 437g’’ and add in its place ‘‘52 U.S.C. 30109’’. ■ ■ PART 9039—REVIEW AND INVESTIGATION AUTHORITY 250. The authority citation for part 9039 continues to read as follows: ■ Authority: 26 U.S.C. 9039. [Amended] 251. Amend paragraphs (a)(2) and (b)(3) of § 9039.3 to remove ‘‘2 U.S.C. 437g’’ and add in its place ‘‘52 U.S.C. 30109’’. ■ On behalf of the Commission. Dated: December 17, 2014. Lee E. Goodman, Chairman, Federal Election Commission. [FR Doc. 2014–29933 Filed 12–24–14; 8:45 am] mstockstill on DSK4VPTVN1PROD with RULES BILLING CODE 6715–01–P VerDate Sep<11>2014 18:05 Dec 24, 2014 RIN 7100–AE25 12 CFR Part 345 Authority: 26 U.S.C. 9038 and 9039(b). § 9039.3 [Regulation BB; Docket No. R–1504] FEDERAL DEPOSIT INSURANCE CORPORATION ■ § 9038.1 12 CFR Part 228 Jkt 235001 Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (Board); and Federal Deposit Insurance Corporation (FDIC). ACTION: Joint final rule; technical amendment. AGENCIES: The OCC, the Board, and the FDIC (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 January 1, 2015. FOR FURTHER INFORMATION CONTACT: OCC: Margaret Hesse, Senior Counsel, Community and Consumer Law Division, (202) 649–6350; Rima Kundnani, Attorney, Legislative and Regulatory Activities Division, (202) 649–5490, for persons who are deaf or hard of hearing, TTY, (202) 649–5597; or Bobbie K. Kennedy, Bank Examiner, Compliance Policy Division, (202) 649– 5470, Office of the Comptroller of the Currency, 400 7th Street SW., Washington, DC 20219. Board: Amal S. Patel, Senior Supervisory Consumer Financial Services Analyst, (202) 912–7879; or Nikita Pastor, Counsel, (202) 452–3667, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, 20th Street and SUMMARY: PO 00000 Frm 00020 Fmt 4700 Sfmt 4700 Constitution Avenue NW., Washington, DC 20551. FDIC: Patience R. Singleton, Senior Policy Analyst, Supervisory Policy Branch, Division of Depositor and Consumer Protection, (202) 898–6859; or Richard M. Schwartz, Counsel, Legal Division, (202) 898–7424, Federal Deposit Insurance Corporation, 550 17th Street NW., Washington, DC 20429. 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 banks and savings associations 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), 195.12(u)(2), 228.12(u)(2), and 345.12(u)(2). This adjustment formula was first adopted for CRA purposes by the OCC, the Board, and the FDIC on August 2, 2005, effective September 1, 2005. 70 FR 44256 (Aug. 2, 2005). As explained in the SUPPLEMENTARY INFORMATION section of the Agencies’ 2005 proposed rule, the Consumer Price Index also is used in other federal lending regulations, such as the Home Mortgage Disclosure Act. 70 FR 12148 (Mar. 11, 2005). See 12 U.S.C. 2808; 12 CFR 203.2(e)(1)(i) (2006). On March 22, 2007, and effective July 1, 2007, the former Office of Thrift Supervision (OTS), the agency then responsible for regulating savings associations, adopted an annual adjustment formula consistent with that of the other federal banking agencies in its CRA rule previously set forth at 12 CFR 563e. 72 FR 13429 (Mar. 22, 2007). Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act),1 and effective July 21, 2011, CRA rulemaking authority for federal and state savings associations was transferred from the OTS to the OCC, and the OCC subsequently republished, at 12 CFR 195, the CRA regulations applicable to those institutions.2 In addition, the Dodd-Frank Act transferred responsibility for 1 Public Law 111–203, 124 Stat. 1376 (2010). OCC interim final rule, 76 FR 48950 (Aug. 9, 2011). 2 See E:\FR\FM\29DER1.SGM 29DER1 Federal Register / Vol. 79, No. 248 / Monday, December 29, 2014 / Rules and Regulations supervision of savings and loan holding companies and their non-depository subsidiaries from the OTS to the Board, and the Board subsequently amended its CRA regulation to reflect this transfer of supervision authority.3 The threshold for small banks and small savings associations was revised most recently on December 30, 2013, and became effective January 1, 2014 (78 FR 79283 (Dec. 30, 2013)). The current CRA regulations provide that banks and savings associations that, as of December 31 of either of the prior two calendar years, had assets of less than $1.202 billion are small banks or small savings associations. Small banks and small savings associations with assets of at least $300 million as of December 31 of both of the prior two calendar years and less than $1.202 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), 195.12(u)(1), 228.12(u)(1), and 345.12(u)(1). This joint final rule further revises these thresholds. During the period ending November 2014, the CPIW increased by 1.60 percent. As a result, the Agencies are revising 12 CFR 25.12(u)(1), 195.12(u)(1), 228.12(u)(1), and 345.12(u)(1) to make this annual adjustment. Beginning January 1, 2015, banks and savings associations that, as of December 31 of either of the prior two calendar years, had assets of less than $1.221 billion are small banks or small savings associations. Small banks and small savings associations with assets of at least $305 million as of December 31 of both of the prior two calendar years and less than $1.221 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 http:// www.ffiec.gov/cra/. mstockstill on DSK4VPTVN1PROD with RULES 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. 3 See Board interim final rule, 76 FR 56508 (Sept. 13, 2011). VerDate Sep<11>2014 18:05 Dec 24, 2014 Jkt 235001 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 respective CRA regulations that the Agencies previously published for 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), 195.12(u)(1), 228.12(u)(1), and 345.12(u)(1) are amended by adjusting the asset-size thresholds as provided for in §§ 25.12(u)(2), 195.12(u)(2), 228.12(u)(2), and 345.12(u)(2). Accordingly, because 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, 2015. 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 procedural 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 small 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 general 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 In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 3506; 5 CFR 1320), the Agencies reviewed this final rule. No collections of information PO 00000 Frm 00021 Fmt 4700 Sfmt 4700 77853 pursuant to the Paperwork Reduction Act are contained in the final rule. 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 the OCC to prepare a budgetary impact statement before promulgating any final rule for which a general notice of proposed rulemaking was published. As discussed above, the OCC has 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. List of Subjects 12 CFR Part 25 Community development, Credit, Investments, National banks, Reporting and recordkeeping requirements. 12 CFR Part 195 Community development, Credit, Investments, Reporting and recordkeeping requirements, Savings associations. 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. Department of the Treasury Office of the Comptroller of the Currency 12 CFR Chapter I For the reasons discussed in the section, 12 CFR parts 25 and 195 are amended as follows: SUPPLEMENTARY INFORMATION PART 25—COMMUNITY REINVESTMENT ACT AND INTERSTATE DEPOSIT PRODUCTION REGULATIONS 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 2908, and 3101 through 3111. 2. Revise § 25.12(u)(1) to read as follows: ■ § 25.12 * E:\FR\FM\29DER1.SGM Definitions. * * 29DER1 * * 77854 Federal Register / Vol. 79, No. 248 / Monday, December 29, 2014 / Rules and Regulations (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 $1.221 billion. Intermediate small bank means a small bank with assets of at least $305 million as of December 31 of both of the prior two calendar years and less than $1.221 billion as of December 31 of either of the prior two calendar years. * * * * * prior two calendar years and less than $1.221 billion as of December 31 of either of the prior two calendar years. * * * * * BUREAU OF CONSUMER FINANCIAL PROTECTION Federal Deposit Insurance Corporation 12 CFR Chapter III Home Mortgage Disclosure (Regulation C) Adjustment to AssetSize Exemption Threshold Authority and Issuance AGENCY: 3. The authority citation for part 195 continues to read as follows: For the reasons set forth in the section, the Board of Directors of the Federal Deposit Insurance Corporation amends part 345 of chapter III of title 12 of the Code of Federal Regulations to read as follows: Authority: 12 U.S.C. 1462a, 1463, 1464, 1814, 1816, 1828(c), 2901 through 2908, and 5412(b)(2)(B). PART 345—COMMUNITY REINVESTMENT 4. Revise § 195.12(u)(1) to read as follows: ■ PART 195—COMMUNITY REINVESTMENT ■ ■ § 195.12 7. The authority citation for part 345 continues to read as follows: 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 $1.221 billion. Intermediate small savings association means a small savings association with assets of at least $305 million as of December 31 of both of the prior two calendar years and less than $1.221 billion as of December 31 of either of the prior two calendar years. * * * * * Federal Reserve System 12 CFR Chapter II For the reasons set forth in the section, 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: SUPPLEMENTARY INFORMATION PART 228—COMMUNITY REINVESTMENT (REGULATION BB) 5. 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. 6. Revise § 228.12(u)(1) to read as follows: ■ mstockstill on DSK4VPTVN1PROD with RULES 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 $1.221 billion. Intermediate small bank means a small bank with assets of at least $305 million as of December 31 of both of the VerDate Sep<11>2014 18:05 Dec 24, 2014 Jkt 235001 Authority: 12 U.S.C. 1814–1817, 1819– 1820, 1828, 1831u and 2901–2908, 3103– 3104, and 3108(a). 8. 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 $1.221 billion. Intermediate small bank means a small bank with assets of at least $305 million as of December 31 of both of the prior two calendar years and less than $1.221 billion as of December 31 of either of the prior two calendar years. * * * * * Dated: December 17, 2014. Amy S. Friend, Senior Deputy Comptroller and Chief Counsel. By order of the Board of Governors of the Federal Reserve System, acting through the Secretary of the Board under delegated authority, December 18, 2014. Robert deV. Frierson, Secretary of the Board. ■ § 228.12 SUPPLEMENTARY INFORMATION By order of the Board of Directors. Dated at Washington, DC, this 18th day of December, 2014. Federal Deposit Insurance Corporation. Robert E. Feldman, Executive Secretary. [FR Doc. 2014–30256 Filed 12–24–14; 8:45 am] BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P PO 00000 Frm 00022 Fmt 4700 Sfmt 4700 12 CFR Part 1003 Bureau of Consumer Financial Protection. ACTION: Final rule; official commentary. The Bureau of Consumer Financial Protection (Bureau) is issuing a final rule amending the official commentary that interprets the requirements of the Bureau’s Regulation C (Home Mortgage Disclosure) to reflect a change in the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). The exemption threshold is adjusted to increase to $44 million from $43 million. The adjustment is based on the 1.1 percent increase in the average of the CPI–W for the 12-month period ending in November 2014. Therefore, banks, savings associations, and credit unions with assets of $44 million or less as of December 31, 2014, are exempt from collecting data in 2015. DATES: This final rule is effective January 1, 2015. FOR FURTHER INFORMATION CONTACT: James Wylie, Counsel, Office of Regulations, at (202) 435–7700. SUPPLEMENTARY INFORMATION: SUMMARY: I. Background The Home Mortgage Disclosure Act of 1975 (HMDA) (12 U.S.C. 2801–2810) requires most mortgage lenders located in metropolitan areas to collect data about their housing-related lending activity. Annually, lenders must report that data to the appropriate Federal agencies and make the data available to the public. The Bureau’s Regulation C (12 CFR part 1003) implements HMDA. Prior to 1997, HMDA exempted certain depository institutions as defined in HMDA (i.e., banks, savings associations, and credit unions) with assets totaling $10 million or less as of the preceding year-end. In 1996, HMDA was amended to expand the asset-size exemption for these depository institutions. 12 U.S.C. 2808(b). The amendment increased the dollar amount of the asset-size exemption threshold by requiring a one-time adjustment of the $10 million figure based on the percentage by which the CPI–W for 1996 exceeded the CPI–W for 1975, and E:\FR\FM\29DER1.SGM 29DER1

Agencies

[Federal Register Volume 79, Number 248 (Monday, December 29, 2014)]
[Rules and Regulations]
[Pages 77852-77854]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-30256]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

12 CFR Parts 25 and 195

[Docket ID OCC-2014-0026]
RIN 1557-AD89

FEDERAL RESERVE SYSTEM

12 CFR Part 228

[Regulation BB; Docket No. R-1504]
RIN 7100-AE25

FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 345

RIN 3064-AD90


Community Reinvestment Act Regulations

AGENCIES:  Office of the Comptroller of the Currency, Treasury (OCC); 
Board of Governors of the Federal Reserve System (Board); and Federal 
Deposit Insurance Corporation (FDIC).

ACTION: Joint final rule; technical amendment.

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SUMMARY: The OCC, the Board, and the FDIC (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 January 1, 2015.

FOR FURTHER INFORMATION CONTACT:  OCC: Margaret Hesse, Senior Counsel, 
Community and Consumer Law Division, (202) 649-6350; Rima Kundnani, 
Attorney, Legislative and Regulatory Activities Division, (202) 649-
5490, for persons who are deaf or hard of hearing, TTY, (202) 649-5597; 
or Bobbie K. Kennedy, Bank Examiner, Compliance Policy Division, (202) 
649-5470, Office of the Comptroller of the Currency, 400 7th Street 
SW., Washington, DC 20219.
    Board: Amal S. Patel, Senior Supervisory Consumer Financial 
Services Analyst, (202) 912-7879; or Nikita Pastor, Counsel, (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: Patience R. Singleton, Senior Policy Analyst, Supervisory 
Policy Branch, Division of Depositor and Consumer Protection, (202) 
898-6859; or Richard M. Schwartz, Counsel, Legal Division, (202) 898-
7424, Federal Deposit Insurance Corporation, 550 17th Street NW., 
Washington, DC 20429.

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 banks and savings 
associations 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), 195.12(u)(2), 228.12(u)(2), and 345.12(u)(2). This 
adjustment formula was first adopted for CRA purposes by the OCC, the 
Board, and the FDIC on August 2, 2005, effective September 1, 2005. 70 
FR 44256 (Aug. 2, 2005). As explained in the Supplementary Information 
section of the Agencies' 2005 proposed rule, the Consumer Price Index 
also is used in other federal lending regulations, such as the Home 
Mortgage Disclosure Act. 70 FR 12148 (Mar. 11, 2005). See 12 U.S.C. 
2808; 12 CFR 203.2(e)(1)(i) (2006). On March 22, 2007, and effective 
July 1, 2007, the former Office of Thrift Supervision (OTS), the agency 
then responsible for regulating savings associations, adopted an annual 
adjustment formula consistent with that of the other federal banking 
agencies in its CRA rule previously set forth at 12 CFR 563e. 72 FR 
13429 (Mar. 22, 2007). Pursuant to the Dodd-Frank Wall Street Reform 
and Consumer Protection Act (Dodd-Frank Act),\1\ and effective July 21, 
2011, CRA rulemaking authority for federal and state savings 
associations was transferred from the OTS to the OCC, and the OCC 
subsequently republished, at 12 CFR 195, the CRA regulations applicable 
to those institutions.\2\ In addition, the Dodd-Frank Act transferred 
responsibility for

[[Page 77853]]

supervision of savings and loan holding companies and their non-
depository subsidiaries from the OTS to the Board, and the Board 
subsequently amended its CRA regulation to reflect this transfer of 
supervision authority.\3\
---------------------------------------------------------------------------

    \1\ Public Law 111-203, 124 Stat. 1376 (2010).
    \2\ See OCC interim final rule, 76 FR 48950 (Aug. 9, 2011).
    \3\ See Board interim final rule, 76 FR 56508 (Sept. 13, 2011).
---------------------------------------------------------------------------

    The threshold for small banks and small savings associations was 
revised most recently on December 30, 2013, and became effective 
January 1, 2014 (78 FR 79283 (Dec. 30, 2013)). The current CRA 
regulations provide that banks and savings associations that, as of 
December 31 of either of the prior two calendar years, had assets of 
less than $1.202 billion are small banks or small savings associations. 
Small banks and small savings associations with assets of at least $300 
million as of December 31 of both of the prior two calendar years and 
less than $1.202 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), 195.12(u)(1), 228.12(u)(1), 
and 345.12(u)(1). This joint final rule further revises these 
thresholds.
    During the period ending November 2014, the CPIW increased by 1.60 
percent. As a result, the Agencies are revising 12 CFR 25.12(u)(1), 
195.12(u)(1), 228.12(u)(1), and 345.12(u)(1) to make this annual 
adjustment. Beginning January 1, 2015, banks and savings associations 
that, as of December 31 of either of the prior two calendar years, had 
assets of less than $1.221 billion are small banks or small savings 
associations. Small banks and small savings associations with assets of 
at least $305 million as of December 31 of both of the prior two 
calendar years and less than $1.221 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 http://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 respective CRA regulations that the Agencies 
previously published for 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), 195.12(u)(1), 228.12(u)(1), and 
345.12(u)(1) are amended by adjusting the asset-size thresholds as 
provided for in Sec. Sec.  25.12(u)(2), 195.12(u)(2), 228.12(u)(2), and 
345.12(u)(2).
    Accordingly, because 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, 2015. 
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 procedural 
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 small 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 general 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

    In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 
3506; 5 CFR 1320), the Agencies reviewed this final rule. No 
collections of information pursuant to the Paperwork Reduction Act are 
contained in the final rule.

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 the OCC to prepare a budgetary 
impact statement before promulgating any final rule for which a general 
notice of proposed rulemaking was published. As discussed above, the 
OCC has 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.

List of Subjects

12 CFR Part 25

    Community development, Credit, Investments, National banks, 
Reporting and recordkeeping requirements.

12 CFR Part 195

    Community development, Credit, Investments, Reporting and 
recordkeeping requirements, Savings associations.

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.

Department of the Treasury

Office of the Comptroller of the Currency

12 CFR Chapter I

    For the reasons discussed in the SUPPLEMENTARY INFORMATION section, 
12 CFR parts 25 and 195 are 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 2908, and 3101 
through 3111.


0
2. Revise Sec.  25.12(u)(1) to read as follows:


Sec.  25.12  Definitions.

* * * * *

[[Page 77854]]

    (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 $1.221 billion. Intermediate small bank means a small bank 
with assets of at least $305 million as of December 31 of both of the 
prior two calendar years and less than $1.221 billion as of December 31 
of either of the prior two calendar years.
* * * * *

PART 195--COMMUNITY REINVESTMENT

0
3. The authority citation for part 195 continues to read as follows:

    Authority:  12 U.S.C. 1462a, 1463, 1464, 1814, 1816, 1828(c), 
2901 through 2908, and 5412(b)(2)(B).


0
4. Revise Sec.  195.12(u)(1) to read as follows:


Sec.  195.12  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 $1.221 
billion. Intermediate small savings association means a small savings 
association with assets of at least $305 million as of December 31 of 
both of the prior two calendar years and less than $1.221 billion as of 
December 31 of either of the prior two calendar years.
* * * * *

Federal Reserve System

12 CFR Chapter II

    For the reasons set forth in the Supplementary Information section, 
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
5. 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
6. 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 $1.221 billion. Intermediate small bank means a small bank 
with assets of at least $305 million as of December 31 of both of the 
prior two calendar years and less than $1.221 billion as of December 31 
of either of the prior two calendar years.
* * * * *

Federal Deposit Insurance Corporation

12 CFR Chapter III

Authority and Issuance

    For the reasons set forth in the Supplementary Information section, 
the Board of Directors of the Federal Deposit Insurance Corporation 
amends part 345 of chapter III of title 12 of the Code of Federal 
Regulations to read as follows:

PART 345--COMMUNITY REINVESTMENT

0
7. The authority citation for part 345 continues to read as follows:

    Authority:  12 U.S.C. 1814-1817, 1819-1820, 1828, 1831u and 
2901-2908, 3103-3104, and 3108(a).


0
8. 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 $1.221 billion. Intermediate small bank means a small bank 
with assets of at least $305 million as of December 31 of both of the 
prior two calendar years and less than $1.221 billion as of December 31 
of either of the prior two calendar years.
* * * * *

    Dated: December 17, 2014.
Amy S. Friend,
Senior Deputy Comptroller and Chief Counsel.

    By order of the Board of Governors of the Federal Reserve 
System, acting through the Secretary of the Board under delegated 
authority, December 18, 2014.
Robert deV. Frierson,
Secretary of the Board.

    By order of the Board of Directors.

    Dated at Washington, DC, this 18th day of December, 2014.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2014-30256 Filed 12-24-14; 8:45 am]
BILLING CODE 4810-33-P; 6210-01-P; 6714-01-P