Extensions of Credit by Federal Reserve Banks, 79671-79673 [2015-32295]
Download as PDF
<![CDATA[
asabaliauskas on DSK5VPTVN1PROD with RULES
Federal Register / Vol. 80, No. 246 / Wednesday, December 23, 2015 / Rules and Regulations
6.3) (incorporated by reference; see § 431.95),
and in ANSI/ASHRAE 37–2009 (incorporated
by reference; see § 431.95). In case of a
conflict between AHRI 340/360–2007 or
ANSI/ASHRAE 37–2009 and the CFR, the
CFR provisions control.
(2) Heating mode test method. The test
method for heating mode consists of the
methods and conditions in AHRI 340/360–
2007 sections 3, 4, and 6 (omitting section
6.3) (incorporated by reference; see § 431.95),
and in ANSI/ASHRAE 37–2009 (incorporated
by reference; see § 431.95). In case of a
conflict between AHRI 340/360–2007 or
ANSI/ASHRAE 37–2009 and the CFR, the
CFR provisions control.
(3) Minimum external static pressure. Use
the certified cooling capacity for the basic
model to choose the minimum external static
pressure found in table 5 of section 6 of AHRI
340/360–2007 (incorporated by reference; see
§ 431.95) for testing.
(4) Optional break-in period.
Manufacturers may optionally specify a
‘‘break-in’’ period, not to exceed 20 hours, to
operate the equipment under test prior to
conducting the test method in appendix A of
this part. A manufacturer who elects to use
an optional compressor break-in period in its
certification testing must record this
information (including the duration) as part
of the information in the supplemental
testing instructions under 10 CFR 429.43.
(5) Additional provisions for equipment
set-up. The only additional specifications
that may be used in setting up a unit for test
are those set forth in the installation and
operation manual shipped with the unit.
Each unit should be set up for test in
accordance with the manufacturer
installation and operation manuals.
Paragraphs (5)(i) through (ii) of this section
provide specifications for addressing key
information typically found in the
installation and operation manuals.
(i) If a manufacturer specifies a range of
superheat, sub-cooling, and/or refrigerant
pressure in its installation and operation
manual for a given basic model, any value(s)
within that range may be used to determine
refrigerant charge or mass of refrigerant,
unless the manufacturer clearly specifies a
rating value in its installation and operation
manual, in which case the specified rating
value shall be used.
(ii) The airflow rate used for testing must
be that set forth in the installation and
operation manuals being shipped to the
customer with the basic model and clearly
identified as that used to generate the DOE
performance ratings. If a certified airflow
value for testing is not clearly identified, a
value of 400 standard cubic feet per minute
(scfm) per ton shall be used.
(6) Indoor airflow testing and adjustment.
(i) When testing full-capacity cooling
operation at the required external static
pressure condition, the full-load indoor
airflow rate must be within +/¥ 3 percent of
the certified-rated airflow at full-capacity
cooling operation. If the indoor airflow rate
at the required minimum external pressure is
outside the +/¥ 3-percent tolerance, the unit
and/or test setup must be adjusted such that
both the airflow and ESP are within the
required tolerances. This process may
VerDate Sep<11>2014
16:43 Dec 22, 2015
Jkt 238001
include, but is not limited to, adjusting any
adjustable motor sheaves, adjusting variable
drive settings, or adjusting the code tester
fan.
(ii) When testing other than full-capacity
cooling operation using the full-load indoor
airflow rate (e.g., full-load heating), the fullload indoor airflow rate must be within +/¥
3 percent of the certified-rated full-load
cooling airflow (without regard to the
resulting external static pressure), unless the
unit is designed to operate at a different
airflow for cooling and heating mode. If
necessary, a test facility setup may be made
in order to maintain airflow within the
required tolerance; however, no adjustments
to the unit under test may be made.
(7) Condenser head pressure controls.
Condenser head pressure controls, if
typically shipped with units of the basic
model by the manufacturer or available as an
option to the basic model, must be active
during testing.
(8) Standard CFM. In the referenced
sections of AHRI 340/360–2007 (incorporated
by reference; see § 431.95), all instances of
CFM refer to standard CFM (SCFM).
Likewise, all references to airflow or air
quantity refer to standard airflow and
standard air quantity.
(9) Capacity rating at part-load. When
testing to determine EER for the part-load
rating points (i.e. 75-percent load, 50-percent
load, and 25-percent load), if the measured
capacity expressed as a percent of full-load
capacity for a given part-load test is within
three percent above or below the target partload percentage, the EER calculated for the
test may be used without any interpolation
to determine IEER.
(10) Condenser air inlet temperature for
part-load testing. When testing to determine
EER for the part-load rating points (i.e. 75percent load, 50-percent load, and 25-percent
load), the condenser air inlet temperature
shall be calculated (using the equation in
Table 6 of AHRI 340/360–2007; incorporated
by reference; see § 431.95) for the target
percent load rather than for the percent load
measured in the test. Table 1 of this appendix
shows the condenser air inlet temperature
corresponding with each target percent load,
as calculated using the equation in Table 6
of AHRI 340/360–2007.
79671
FEDERAL RESERVE SYSTEM
12 CFR Part 201
[Docket No. R–1528; Regulation A]
RIN 7100–AE42
Extensions of Credit by Federal
Reserve Banks
Board of Governors of the
Federal Reserve System.
ACTION: Final rule.
AGENCY:
The Board of Governors of the
Federal Reserve System (‘‘Board’’) has
adopted final amendments to its
Regulation A to reflect the Board’s
approval of an increase in the rate for
primary credit at each Federal Reserve
Bank. The secondary credit rate at each
Reserve Bank automatically increased
by formula as a result of the Board’s
primary credit rate action.
DATES: The amendments to part 201
(Regulation A) are effective December
23, 2015. The rate changes for primary
and secondary credit were applicable on
December 17, 2015, as specified in 12
CFR 201.51, as amended.
FOR FURTHER INFORMATION CONTACT:
Stephanie Martin, Associate General
Counsel (202/452–3198), or Clinton N.
Chen, Attorney (202–452–3952), Legal
Division, or Lyle Kumasaka, Senior
Financial Analyst (202–452–2382); for
users of Telecommunications Device for
the Deaf (TDD) only, contact 202–263–
4869; Board of Governors of the Federal
Reserve System, 20th and C Streets
NW., Washington, DC 20551.
SUPPLEMENTARY INFORMATION: The
Federal Reserve Banks make primary
and secondary credit available to
depository institutions as a backup
source of funding on a short-term basis,
usually overnight. The primary and
secondary credit rates are the interest
rates that the twelve Federal Reserve
Banks charge for extensions of credit
under these programs. In accordance
with the Federal Reserve Act, the
primary and secondary credit rates are
TABLE 1 TO APPENDIX A TO SUBPART established by the boards of directors of
F OF PART 431—CONDENSER AIR the Federal Reserve Banks, subject to
the review and determination of the
INLET TEMPERATURES FOR PART- Board.
LOAD TESTS
The Board approved requests by the
Reserve Banks to increase by 1⁄4
Condenser air
percentage point the primary credit rate
Target percent load
inlet temperain effect at each of the twelve Federal
(%)
ture
Reserve Banks, thereby increasing from
(°F)
0.75 percent to 1.00 percent the rate that
25 ........................................
65
each Reserve Bank charges for
50 ........................................
68
extensions of primary credit. In
75 ........................................
81.5 addition, the Board had previously
approved requests by the Reserve Banks
[FR Doc. 2015–31906 Filed 12–22–15; 8:45 a.m.]
to renew the formula for the secondary
BILLING CODE 6450–01–P
credit rate, the primary credit rate plus
PO 00000
Frm 00017
Fmt 4700
Sfmt 4700
SUMMARY:
E:\FR\FM\23DER1.SGM
23DER1
79672
Federal Register / Vol. 80, No. 246 / Wednesday, December 23, 2015 / Rules and Regulations
50 basis points. Under the formula, the
secondary credit rate in effect at each of
the twelve Federal Reserve Banks
increased by 1⁄4 percentage point as a
result of the Board’s primary credit rate
action, thereby increasing from 1.25
percent to 1.50 percent the rate that
each Reserve Bank charges for
extensions of secondary credit. The
amendments to Regulation A reflect
these rate changes.
The 1⁄4 percentage point increase in
the primary credit rate was associated
with an increase in the target range for
the federal funds rate (from a target
range of 0 to 1⁄4 percent to a target range
of 1⁄4 to 1⁄2 percent) announced by the
Federal Open Market Committee
(‘‘Committee’’) on December 16, 2015. A
press release announcing these actions
indicated that:
Information received since the Federal
Open Market Committee met in October
suggests that economic activity has been
expanding at a moderate pace. Household
spending and business fixed investment have
been increasing at solid rates in recent
months, and the housing sector has improved
further; however, net exports have been soft.
A range of recent labor market indicators,
including ongoing job gains and declining
unemployment, shows further improvement
and confirms that underutilization of labor
resources has diminished appreciably since
early this year. Inflation has continued to run
below the Committee’s 2 percent longer-run
objective, partly reflecting declines in energy
prices and in prices of non-energy imports.
Market-based measures of inflation
compensation remain low; some surveybased measures of longer-term inflation
expectations have edged down.
Consistent with its statutory mandate, the
Committee seeks to foster maximum
employment and price stability. The
Committee currently expects that, with
gradual adjustments in the stance of
monetary policy, economic activity will
continue to expand at a moderate pace and
labor market indicators will continue to
strengthen. Overall, taking into account
domestic and international developments,
the Committee sees the risks to the outlook
for both economic activity and the labor
market as balanced. Inflation is expected to
rise to 2 percent over the medium term as the
transitory effects of declines in energy and
import prices dissipate and the labor market
strengthens further.
Administrative Procedure Act
The notice, public comment, and
delayed effective date requirements of 5
U.S.C. 553 is inapplicable ‘‘to the extent
that there is involved . . . a matter
relating to agency management or
personnel or to public property, loans,
grants, benefits, or contracts.’’ 1 This
rulemaking involves a matter relating to
loans, as the Board is revising the
interest rates that the twelve Federal
Reserve Banks charge for extensions of
credit under the primary and secondary
credit programs.
Furthermore, the Board has
determined that delaying
implementation of the changes in the
primary and secondary credit rates in
order to allow notice and public
comment would be unnecessary and
contrary to the public interest.
Therefore, the Board has found good
cause to not follow the provisions of 5
U.S.C. 553(b) relating to notice and
public participation. The Board’s
revisions to these rates were taken with
a view to accommodating commerce
and business and with regard to their
bearing upon the general credit situation
of the country. Notice and public
participation would prevent the Board’s
action from being effective as promptly
as necessary in the public interest.
Seeking notice and comment on the rate
changes would not aid the persons
affected and would otherwise serve no
useful purpose. For these same reasons,
the Board also has found good cause not
to provide 30 days prior notice of the
effective date of the rule under 5 U.S.C.
553(d).
Regulatory Flexibility Analysis
The Regulatory Flexibility Act
(‘‘RFA’’) does not apply to a rulemaking
where a general notice of proposed
asabaliauskas on DSK5VPTVN1PROD with RULES
Federal reserve bank
25
U.S.C. 553(a)(2) (emphasis added).
U.S.C. 603 and 604.
VerDate Sep<11>2014
16:43 Dec 22, 2015
Jkt 238001
Paperwork Reduction Act
In accordance with the Paperwork
Reduction Act (‘‘PRA’’) of 1995 (44
U.S.C. 3506; 5 CFR part 1320 Appendix
A.1), the Board reviewed the final rule
under the authority delegated to the
Board by the Office of Management and
Budget. The final rule contains no
requirements subject to the PRA.
List of Subjects in 12 CFR Part 201
Banks, Banking, Federal Reserve
System, Reporting and recordkeeping.
Authority and Issuance
For the reasons set forth in the
preamble, the Board is amending 12
CFR Chapter II as follows:
PART 201—EXTENSIONS OF CREDIT
BY FEDERAL RESERVE BANKS
(REGULATION A)
1. The authority citation for part 201
continues to read as follows:
■
Authority: 12 U.S.C. 248(i)–(j), 343 et seq.,
347a, 347b, 347c, 348 et seq., 357, 374, 374a,
and 461.
2. In § 201.51, paragraphs (a) and (b)
are revised to read as follows:
■
§ 201.51 Interest rates applicable to credit
extended by a Federal Reserve Bank.1
(a) Primary credit. The interest rates
for primary credit provided to
depository institutions under § 201.4(a)
are:
Rate
Boston ............................................................................
New York ........................................................................
Philadelphia ....................................................................
Cleveland ........................................................................
Richmond .......................................................................
Atlanta ............................................................................
Chicago ..........................................................................
St. Louis .........................................................................
Minneapolis ....................................................................
Kansas City ....................................................................
Dallas ..............................................................................
San Francisco .................................................................
15
rulemaking is not required.2 As noted
previously, a general notice of proposed
rulemaking is not required if the final
rule involves a matter relating to loans.
Furthermore, the Board has determined
that it is unnecessary and contrary to
the public interest to publish a general
notice of proposed rulemaking for this
final rule. Accordingly, the RFA’s
requirements relating to an initial and
final regulatory flexibility analysis do
not apply.
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
Effective
December
December
December
December
December
December
December
December
December
December
December
December
17,
17,
17,
17,
17,
17,
17,
17,
17,
17,
17,
17,
2015.
2015.
2015.
2015.
2015.
2015.
2015.
2015.
2015.
2015.
2015.
2015.
1 The primary, secondary, and seasonal credit
rates described in this section apply to both
advances and discounts made under the primary,
PO 00000
Frm 00018
Fmt 4700
Sfmt 4700
secondary, and seasonal credit programs,
respectively.
E:\FR\FM\23DER1.SGM
23DER1
Federal Register / Vol. 80, No. 246 / Wednesday, December 23, 2015 / Rules and Regulations
(b) Secondary credit. The interest
rates for secondary credit provided to
depository institutions under § 201.4(b)
are:
Federal reserve bank
Rate
Boston ............................................................................
New York ........................................................................
Philadelphia ....................................................................
Cleveland ........................................................................
Richmond .......................................................................
Atlanta ............................................................................
Chicago ..........................................................................
St. Louis .........................................................................
Minneapolis ....................................................................
Kansas City ....................................................................
Dallas ..............................................................................
San Francisco .................................................................
*
*
*
*
[FR Doc. 2015–32295 Filed 12–22–15; 8:45 am]
BILLING CODE 6210–02–P
BUREAU OF CONSUMER FINANCIAL
PROTECTION
12 CFR Part 1003
Home Mortgage Disclosure
(Regulation C) Adjustment to AssetSize Exemption Threshold
Bureau of Consumer Financial
Protection.
ACTION: Final rule; official commentary.
AGENCY:
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
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 will remain at $44
million. This amendment is based on
the 0.4 percent decrease in the average
of the CPI–W for the 12-month period
ending in November 2015. Therefore,
banks, savings associations, and credit
unions with assets of $44 million or less
as of December 31, 2015, are exempt
from collecting data in 2016.
DATES: This final rule is effective
January 1, 2016.
FOR FURTHER INFORMATION CONTACT:
James Wylie or Jaclyn Maier, Counsels,
Office of Regulations, at (202) 435–7700.
SUPPLEMENTARY INFORMATION:
asabaliauskas on DSK5VPTVN1PROD with RULES
VerDate Sep<11>2014
16:43 Dec 22, 2015
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
Effective
December
December
December
December
December
December
December
December
December
December
December
December
17,
17,
17,
17,
17,
17,
17,
17,
17,
17,
17,
17,
2015.
2015.
2015.
2015.
2015.
2015.
2015.
2015.
2015.
2015.
2015.
2015.
I. Background
*
By order of the Board of Governors of the
Federal Reserve System, December 18, 2015.
Robert deV. Frierson,
Secretary of the Board.
SUMMARY:
Jkt 238001
79673
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
it provided for annual adjustments
thereafter based on the annual
percentage increase in the CPI–W,
rounded to the nearest multiple of $1
million dollars.
The definition of ‘‘financial
institution’’ in Regulation C provides
that the Bureau will adjust the asset
threshold based on the year-to-year
change in the average of the CPI–W, not
seasonally adjusted, for each 12-month
period ending in November, rounded to
the nearest million. 12 CFR 1003.2. For
2015, the threshold was $44 million.
During the 12-month period ending in
November 2015, the average of the CPI–
W decreased by 0.4 percent. This results
in a change of zero when rounded to the
nearest million. Thus, the exemption
threshold will remain at $44 million.
Therefore, banks, savings associations,
and credit unions with assets of $44
million or less as of December 31, 2015,
are exempt from collecting data in 2016.
PO 00000
Frm 00019
Fmt 4700
Sfmt 4700
An institution’s exemption from
collecting data in 2016 does not affect
its responsibility to report data it was
required to collect in 2015.
II. Procedural Requirements
A. Administrative Procedure Act
Under the Administrative Procedure
Act (APA), notice and opportunity for
public comment are not required if the
Bureau finds that notice and public
comment are impracticable,
unnecessary, or contrary to the public
interest. 5 U.S.C. 553(b)(B). Pursuant to
this final rule, comment 1003.2
(Financial institution)–2 in Regulation
C, supplement I is amended to update
the exemption threshold. The
amendment in this final rule is
technical and non-discretionary, and it
merely applies the formula established
by Regulation C for determining any
adjustments to the exemption threshold.
For these reasons, the Bureau has
determined that publishing a notice of
proposed rulemaking and providing
opportunity for public comment are
unnecessary. Therefore, the amendment
is adopted in final form.
Section 553(d) of the APA generally
requires publication of a final rule not
less than 30 days before its effective
date, except for (1) a substantive rule
which grants or recognizes an
exemption or relieves a restriction; (2)
interpretive rules and statements of
policy; or (3) as otherwise provided by
the agency for good cause found and
published with the rule. 5 U.S.C. 553(d).
At a minimum, the Bureau believes the
amendments fall under the third
exception to section 553(d). The Bureau
finds that there is good cause to make
the amendments effective on January 1,
2016. The amendment in this final rule
is technical and non-discretionary, and
it applies the method previously
established in the agency’s regulations
for determining adjustments to the
threshold.
E:\FR\FM\23DER1.SGM
23DER1
]]>Agencies
[Federal Register Volume 80, Number 246 (Wednesday, December 23, 2015)]
[Rules and Regulations]
[Pages 79671-79673]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-32295]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
12 CFR Part 201
[Docket No. R-1528; Regulation A]
RIN 7100-AE42
Extensions of Credit by Federal Reserve Banks
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Board of Governors of the Federal Reserve System
(``Board'') has adopted final amendments to its Regulation A to reflect
the Board's approval of an increase in the rate for primary credit at
each Federal Reserve Bank. The secondary credit rate at each Reserve
Bank automatically increased by formula as a result of the Board's
primary credit rate action.
DATES: The amendments to part 201 (Regulation A) are effective December
23, 2015. The rate changes for primary and secondary credit were
applicable on December 17, 2015, as specified in 12 CFR 201.51, as
amended.
FOR FURTHER INFORMATION CONTACT: Stephanie Martin, Associate General
Counsel (202/452-3198), or Clinton N. Chen, Attorney (202-452-3952),
Legal Division, or Lyle Kumasaka, Senior Financial Analyst (202-452-
2382); for users of Telecommunications Device for the Deaf (TDD) only,
contact 202-263-4869; Board of Governors of the Federal Reserve System,
20th and C Streets NW., Washington, DC 20551.
SUPPLEMENTARY INFORMATION: The Federal Reserve Banks make primary and
secondary credit available to depository institutions as a backup
source of funding on a short-term basis, usually overnight. The primary
and secondary credit rates are the interest rates that the twelve
Federal Reserve Banks charge for extensions of credit under these
programs. In accordance with the Federal Reserve Act, the primary and
secondary credit rates are established by the boards of directors of
the Federal Reserve Banks, subject to the review and determination of
the Board.
The Board approved requests by the Reserve Banks to increase by \1/
4\ percentage point the primary credit rate in effect at each of the
twelve Federal Reserve Banks, thereby increasing from 0.75 percent to
1.00 percent the rate that each Reserve Bank charges for extensions of
primary credit. In addition, the Board had previously approved requests
by the Reserve Banks to renew the formula for the secondary credit
rate, the primary credit rate plus
[[Page 79672]]
50 basis points. Under the formula, the secondary credit rate in effect
at each of the twelve Federal Reserve Banks increased by \1/4\
percentage point as a result of the Board's primary credit rate action,
thereby increasing from 1.25 percent to 1.50 percent the rate that each
Reserve Bank charges for extensions of secondary credit. The amendments
to Regulation A reflect these rate changes.
The \1/4\ percentage point increase in the primary credit rate was
associated with an increase in the target range for the federal funds
rate (from a target range of 0 to \1/4\ percent to a target range of
\1/4\ to \1/2\ percent) announced by the Federal Open Market Committee
(``Committee'') on December 16, 2015. A press release announcing these
actions indicated that:
Information received since the Federal Open Market Committee met
in October suggests that economic activity has been expanding at a
moderate pace. Household spending and business fixed investment have
been increasing at solid rates in recent months, and the housing
sector has improved further; however, net exports have been soft. A
range of recent labor market indicators, including ongoing job gains
and declining unemployment, shows further improvement and confirms
that underutilization of labor resources has diminished appreciably
since early this year. Inflation has continued to run below the
Committee's 2 percent longer-run objective, partly reflecting
declines in energy prices and in prices of non-energy imports.
Market-based measures of inflation compensation remain low; some
survey-based measures of longer-term inflation expectations have
edged down.
Consistent with its statutory mandate, the Committee seeks to
foster maximum employment and price stability. The Committee
currently expects that, with gradual adjustments in the stance of
monetary policy, economic activity will continue to expand at a
moderate pace and labor market indicators will continue to
strengthen. Overall, taking into account domestic and international
developments, the Committee sees the risks to the outlook for both
economic activity and the labor market as balanced. Inflation is
expected to rise to 2 percent over the medium term as the transitory
effects of declines in energy and import prices dissipate and the
labor market strengthens further.
Administrative Procedure Act
The notice, public comment, and delayed effective date requirements
of 5 U.S.C. 553 is inapplicable ``to the extent that there is involved
. . . a matter relating to agency management or personnel or to public
property, loans, grants, benefits, or contracts.'' \1\ This rulemaking
involves a matter relating to loans, as the Board is revising the
interest rates that the twelve Federal Reserve Banks charge for
extensions of credit under the primary and secondary credit programs.
---------------------------------------------------------------------------
\1\ 5 U.S.C. 553(a)(2) (emphasis added).
---------------------------------------------------------------------------
Furthermore, the Board has determined that delaying implementation
of the changes in the primary and secondary credit rates in order to
allow notice and public comment would be unnecessary and contrary to
the public interest. Therefore, the Board has found good cause to not
follow the provisions of 5 U.S.C. 553(b) relating to notice and public
participation. The Board's revisions to these rates were taken with a
view to accommodating commerce and business and with regard to their
bearing upon the general credit situation of the country. Notice and
public participation would prevent the Board's action from being
effective as promptly as necessary in the public interest. Seeking
notice and comment on the rate changes would not aid the persons
affected and would otherwise serve no useful purpose. For these same
reasons, the Board also has found good cause not to provide 30 days
prior notice of the effective date of the rule under 5 U.S.C. 553(d).
Regulatory Flexibility Analysis
The Regulatory Flexibility Act (``RFA'') does not apply to a
rulemaking where a general notice of proposed rulemaking is not
required.\2\ As noted previously, a general notice of proposed
rulemaking is not required if the final rule involves a matter relating
to loans. Furthermore, the Board has determined that it is unnecessary
and contrary to the public interest to publish a general notice of
proposed rulemaking for this final rule. Accordingly, the RFA's
requirements relating to an initial and final regulatory flexibility
analysis do not apply.
---------------------------------------------------------------------------
\2\ 5 U.S.C. 603 and 604.
---------------------------------------------------------------------------
Paperwork Reduction Act
In accordance with the Paperwork Reduction Act (``PRA'') of 1995
(44 U.S.C. 3506; 5 CFR part 1320 Appendix A.1), the Board reviewed the
final rule under the authority delegated to the Board by the Office of
Management and Budget. The final rule contains no requirements subject
to the PRA.
List of Subjects in 12 CFR Part 201
Banks, Banking, Federal Reserve System, Reporting and
recordkeeping.
Authority and Issuance
For the reasons set forth in the preamble, the Board is amending 12
CFR Chapter II as follows:
PART 201--EXTENSIONS OF CREDIT BY FEDERAL RESERVE BANKS (REGULATION
A)
0
1. The authority citation for part 201 continues to read as follows:
Authority: 12 U.S.C. 248(i)-(j), 343 et seq., 347a, 347b, 347c,
348 et seq., 357, 374, 374a, and 461.
0
2. In Sec. 201.51, paragraphs (a) and (b) are revised to read as
follows:
Sec. 201.51 Interest rates applicable to credit extended by a Federal
Reserve Bank.\1\
---------------------------------------------------------------------------
\1\ The primary, secondary, and seasonal credit rates described
in this section apply to both advances and discounts made under the
primary, secondary, and seasonal credit programs, respectively.
---------------------------------------------------------------------------
(a) Primary credit. The interest rates for primary credit provided
to depository institutions under Sec. 201.4(a) are:
------------------------------------------------------------------------
Federal reserve bank Rate Effective
------------------------------------------------------------------------
Boston............................. 1.00 December 17, 2015.
New York........................... 1.00 December 17, 2015.
Philadelphia....................... 1.00 December 17, 2015.
Cleveland.......................... 1.00 December 17, 2015.
Richmond........................... 1.00 December 17, 2015.
Atlanta............................ 1.00 December 17, 2015.
Chicago............................ 1.00 December 17, 2015.
St. Louis.......................... 1.00 December 17, 2015.
Minneapolis........................ 1.00 December 17, 2015.
Kansas City........................ 1.00 December 17, 2015.
Dallas............................. 1.00 December 17, 2015.
San Francisco...................... 1.00 December 17, 2015.
------------------------------------------------------------------------
[[Page 79673]]
(b) Secondary credit. The interest rates for secondary credit
provided to depository institutions under Sec. 201.4(b) are:
------------------------------------------------------------------------
Federal reserve bank Rate Effective
------------------------------------------------------------------------
Boston............................. 1.50 December 17, 2015.
New York........................... 1.50 December 17, 2015.
Philadelphia....................... 1.50 December 17, 2015.
Cleveland.......................... 1.50 December 17, 2015.
Richmond........................... 1.50 December 17, 2015.
Atlanta............................ 1.50 December 17, 2015.
Chicago............................ 1.50 December 17, 2015.
St. Louis.......................... 1.50 December 17, 2015.
Minneapolis........................ 1.50 December 17, 2015.
Kansas City........................ 1.50 December 17, 2015.
Dallas............................. 1.50 December 17, 2015.
San Francisco...................... 1.50 December 17, 2015.
------------------------------------------------------------------------
* * * * *
By order of the Board of Governors of the Federal Reserve
System, December 18, 2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015-32295 Filed 12-22-15; 8:45 am]
BILLING CODE 6210-02-P
