Community Reinvestment Act Regulations, 77852-77854 [2014-30256]
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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]
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BILLING CODE 6715–01–P
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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
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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:
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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
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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 https://
www.ffiec.gov/cra/.
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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).
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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
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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
*
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*
*
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:
■
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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
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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]
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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
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]]>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.
-----------------------------------------------------------------------
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 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 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
