Community Reinvestment Act Regulations, 61143-61145 [2017-27813]

Download as PDF Federal Register / Vol. 82, No. 247 / Wednesday, December 27, 2017 / Rules and Regulations (c) If the respondent fails to file a required report and the Commission cannot calculate the level of activity under paragraph (d) of this section, then the civil money penalty shall be $7,797. * * * * * § 111.44 [Amended] 4. In § 111.44, amend paragraph (a)(1) by removing ‘‘$139’’ and adding in its place ‘‘$142’’. ■ Dated: December 19, 2017. On behalf of the Commission. Steven T. Walther, Chairman, Federal Election Commission. [FR Doc. 2017–27808 Filed 12–26–17; 8:45 am] BILLING CODE 6715–01–P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency 12 CFR Parts 25 and 195 [Docket ID OCC–2017–0025] RIN 1557–AE30 FEDERAL RESERVE SYSTEM 12 CFR Part 228 [Regulation BB; Docket No. R–1574] RIN 7100–AE84 Background and Description of the Joint Final Rule FEDERAL DEPOSIT INSURANCE CORPORATION 12 CFR Part 345 RIN 3064–AE58 Community Reinvestment Act Regulations 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. AGENCY: 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 for Urban Wage Earners and Clerical Workers (CPI–W). The FDIC is also amending its definition daltland on DSKBBV9HB2PROD with RULES SUMMARY: VerDate Sep<11>2014 18:49 Dec 26, 2017 Jkt 244001 of ‘‘consumer loan’’ to correct a typographical error included in a CRA final rule issued on November 24, 2017. DATES: Effective Date: January 1, 2018. FOR FURTHER INFORMATION CONTACT: OCC: Emily Boyes, Attorney, Community and Consumer Law Division, (202) 649–6350; Christopher Rafferty, Law Clerk, Legislative and Regulatory Activities Division, (202) 649–5490; for persons who are deaf or hearing impaired, TTY, (202) 649–5597; or Vonda Eanes, Director, Compliance Risk 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 Cathy Gates, Senior Project Manager, (202) 452–2099, 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: The Agencies’ CRA regulations establish CRA performance standards for small and intermediate small banks and savings associations. The CRA 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 CPI–W, not seasonally adjusted, for each 12-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). The Agencies noted that the CPI–W is also used in connection with other federal laws, such as the Home Mortgage Disclosure Act. See 12 U.S.C. 2808; 12 CFR 1003.2. 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 PO 00000 Frm 00015 Fmt 4700 Sfmt 4700 61143 an annual adjustment formula consistent with that of the other federal banking agencies in its CRA rule previously set forth at 12 CFR part 563e. 72 FR 13429 (Mar. 22, 2007). Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act),1 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 part 195, the CRA regulations applicable to those institutions.2 In addition, the DoddFrank Act transferred responsibility for 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 supervisory authority.3 The threshold for small banks and small savings associations was revised most recently in December 2016 and became effective January 18, 2017. 82 FR 5354 (Jan. 18, 2017). 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 $1.226 billion are small banks or small savings associations. Small banks and small savings associations with assets of at least $307 million as of December 31 of both of the prior two calendar years and less than $1.226 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 revises these thresholds. During the 12-month period ending November 2017, the CPI–W increased by 2.11 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, 2018, banks and savings associations that, as of December 31 of either of the prior two calendar years, had assets of less than $1.252 billion are small banks or small savings associations. Small banks and small savings associations with assets of at least $313 million as of December 31 of both of the prior two calendar years and less than $1.252 billion as of December 31 of either of the prior two calendar years are intermediate small banks or intermediate small savings 1 Public Law 111–203, 124 Stat. 1376 (2010). OCC interim final rule, 76 FR 48950 (Aug. 9, 2011). 3 See Board interim final rule, 76 FR 56508 (Sept. 13, 2011). 2 See E:\FR\FM\27DER1.SGM 27DER1 61144 Federal Register / Vol. 82, No. 247 / Wednesday, December 27, 2017 / Rules and Regulations daltland on DSKBBV9HB2PROD with RULES associations. The Agencies also publish current and historical asset-size thresholds on the website of the Federal Financial Institutions Examination Council at http://www.ffiec.gov/cra/. Additionally, on November 24, 2017, the Agencies amended their collective CRA regulations (82 FR 55734) to be consistent with prior amendments to Regulation C by the Consumer Financial Protection Bureau. Section 345.12(j) of the FDIC’s CRA regulation, which provides for the definition of ‘‘consumer loan,’’ contained a typographical error in the Federal Register publication: § 345.12(j)(4) was reserved in error. To correct this error, § 345.12(j)(5) is redesignated as § 345.12(j)(4) and § 345.12(j)(5) is removed. 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). As a result, §§ 25.12(u)(1), 195.12(u)(1), 228.12(u)(1), and 345.12(u)(1) of the Agencies’ respective CRA regulations 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, the Agencies’ rules provide no discretion as to the computation or timing of the revisions to the asset-size criteria. Furthermore, amending the FDIC’s definition of ‘‘consumer loan’’ to correct a typographical error is a technical and non-substantive revision. For these reasons, 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, 2018. 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 VerDate Sep<11>2014 18:49 Dec 26, 2017 Jkt 244001 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 12month data as of the end of November each year. Regulatory Flexibility Act The Regulatory Flexibility Act (RFA) does not apply to a rulemaking when 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 The Paperwork Reduction Act of 1995 (44 U.S.C. 3501–3521) states that no agency may conduct or sponsor, nor is the respondent required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The Agencies have determined that this final rule does not create any new, or revise any existing, collections of information pursuant to the Paperwork Reduction Act. Consequently, no information collection request will be submitted to the OMB for review. Unfunded Mandates Reform Act of 1995 Section 202 of the Unfunded Mandates Reform Act of 1995 (Unfunded Mandates Act), 2 U.S.C. 1532, 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. PO 00000 Frm 00016 Fmt 4700 Sfmt 4700 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. Section 25.12 is amended by revising paragraph (u)(1) to read as follows: ■ § 25.12 Definitions. * * * * * (u) Small bank—(1) Definition. Small bank means a bank that, as of December 31 of either of the prior two calendar years, had assets of less than $1.252 billion. Intermediate small bank means a small bank with assets of at least $313 million as of December 31 of both of the prior two calendar years and less than $1.252 billion as of December 31 of either of the prior two calendar years. * * * * * PART 195—COMMUNITY REINVESTMENT 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). 4. Section 195.12 is amended by revising paragraph (u)(1) to read as follows: ■ E:\FR\FM\27DER1.SGM 27DER1 Federal Register / Vol. 82, No. 247 / Wednesday, December 27, 2017 / Rules and Regulations § 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 $1.252 billion. Intermediate small savings association means a small savings association with assets of at least $313 million as of December 31 of both of the prior two calendar years and less than $1.252 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 is revised to read as follows: ■ Authority: 12 U.S.C. 321, 325, 1828(c), 1842, 1843, 1844, and 2901 et seq. 6. Section 228.12 is amended by revising paragraph (u)(1) to read as follows: ■ § 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 $1.252 billion. Intermediate small bank means a small bank with assets of at least $313 million as of December 31 of both of the prior two calendar years and less than $1.252 billion as of December 31 of either of the prior two calendar years. * * * * * Authority: 12 U.S.C. 1814–1817, 1819– 1820, 1828, 1831u and 2901–2908, 3103– 3104, and 3108(a). 8. Section 345.12 is amended by redesignating paragraph (j)(5) as paragraph (j)(4) and revising paragraph (u)(1) to read as follows: ■ § 345.12 * * * * * (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 $1.252 billion. Intermediate small bank means a small bank with assets of at least $313 million as of December 31 of both of the prior two calendar years and less than $1.252 billion as of December 31 of either of the prior two calendar years. * * * * * Dated: December 19, 2017. Karen Solomon, Acting 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. Ann E. Misback, Secretary of the Board. By order of the Board of Directors. Dated at Washington, DC, this 14th day of December 2017. Federal Deposit Insurance Corporation. Robert E. Feldman, Executive Secretary. [FR Doc. 2017–27813 Filed 12–26–17; 8:45 am] BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Part 790 RIN 3133–AE81 Agency Reorganization; Correction daltland on DSKBBV9HB2PROD with RULES 12 CFR Chapter III SUMMARY: 7. The authority citation for part 345 continues to read as follows: ■ VerDate Sep<11>2014 18:49 Dec 26, 2017 Jkt 244001 § 790.2 [Corrected] On page 60292, in the second column, in part 790, in amendment 10, the instruction ‘‘In § 790.2, revise the second sentence of paragraph (b)(6), paragraph (b)(12), the third sentence of paragraph (b)(13), and paragraph (b)(15) to read as follows:’’ is corrected to read ‘‘In § 790.2, revise the second sentence of paragraph (b)(6), paragraph (b)(12), the fourth sentence of paragraph (b)(13), and paragraph (b)(15) to read as follows:’’ By the National Credit Union Administration Board on December 21, 2017. Gerard Poliquin, Secretary of the Board [FR Doc. 2017–27962 Filed 12–26–17; 8:45 am] BILLING CODE 7535–01–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). Based on the 2.1 percent increase in the average of the CPI–W for the 12-month period ending in November 2017, the exemption threshold is adjusted to increase to $45 million from $44 million. Therefore, banks, savings associations, and credit unions with assets of $45 million or less as of December 31, 2017, are exempt from collecting data in 2018. DATES: This final rule is effective January 1, 2018. FOR FURTHER INFORMATION CONTACT: Monique Chenault, Paralegal Specialist, Office of Regulations, Consumer Financial Protection Bureau, 1700 G SUMMARY: National Credit Union Administration (NCUA). ACTION: Final rule; correction. PART 345—COMMUNITY REINVESTMENT In FR Doc. 2017–27411, appearing on page 60290 in the Federal Register of Wednesday, December 20, 2017, the following corrections are made: SUPPLEMENTARY INFORMATION: ■ Definitions. FEDERAL DEPOSIT INSURANCE CORPORATION 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: AGENCY: The NCUA is correcting a final rule that appeared in the Federal Register on December 20, 2017. The document implemented certain features of the NCUA reorganization that the NCUA Board announced earlier this year. This correction amends one reference within the document. DATES: This correction is effective January 6, 2018. FOR FURTHER INFORMATION CONTACT: Elizabeth Wirick, Senior Staff Attorney, Office of General Counsel, 1775 Duke Street, Alexandria, VA 22314 or telephone (703) 518–6540. PO 00000 Frm 00017 Fmt 4700 61145 Sfmt 4700 E:\FR\FM\27DER1.SGM 27DER1

Agencies

[Federal Register Volume 82, Number 247 (Wednesday, December 27, 2017)]
[Rules and Regulations]
[Pages 61143-61145]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-27813]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

12 CFR Parts 25 and 195

[Docket ID OCC-2017-0025]
RIN 1557-AE30

FEDERAL RESERVE SYSTEM

12 CFR Part 228

[Regulation BB; Docket No. R-1574]
RIN 7100-AE84

FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 345

RIN 3064-AE58


Community Reinvestment Act Regulations

AGENCY: 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 for Urban Wage 
Earners and Clerical Workers (CPI-W). The FDIC is also amending its 
definition of ``consumer loan'' to correct a typographical error 
included in a CRA final rule issued on November 24, 2017.

DATES: Effective Date: January 1, 2018.

FOR FURTHER INFORMATION CONTACT:
    OCC: Emily Boyes, Attorney, Community and Consumer Law Division, 
(202) 649-6350; Christopher Rafferty, Law Clerk, Legislative and 
Regulatory Activities Division, (202) 649-5490; for persons who are 
deaf or hearing impaired, TTY, (202) 649-5597; or Vonda Eanes, 
Director, Compliance Risk 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 Cathy Gates, Senior Project 
Manager, (202) 452-2099, 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 
CRA 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 CPI-W, not seasonally adjusted, for each 12-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). The Agencies noted that the CPI-W is also used 
in connection with other federal laws, such as the Home Mortgage 
Disclosure Act. See 12 U.S.C. 2808; 12 CFR 1003.2. 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 
part 563e. 72 FR 13429 (Mar. 22, 2007).
    Pursuant to the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (Dodd-Frank Act),\1\ 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 part 195, the CRA regulations applicable to 
those institutions.\2\ In addition, the Dodd-Frank Act transferred 
responsibility for 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 supervisory authority.\3\
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    \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).
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    The threshold for small banks and small savings associations was 
revised most recently in December 2016 and became effective January 18, 
2017. 82 FR 5354 (Jan. 18, 2017). 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 $1.226 billion 
are small banks or small savings associations. Small banks and small 
savings associations with assets of at least $307 million as of 
December 31 of both of the prior two calendar years and less than 
$1.226 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 revises these thresholds.
    During the 12-month period ending November 2017, the CPI-W 
increased by 2.11 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, 2018, banks and savings 
associations that, as of December 31 of either of the prior two 
calendar years, had assets of less than $1.252 billion are small banks 
or small savings associations. Small banks and small savings 
associations with assets of at least $313 million as of December 31 of 
both of the prior two calendar years and less than $1.252 billion as of 
December 31 of either of the prior two calendar years are intermediate 
small banks or intermediate small savings

[[Page 61144]]

associations. The Agencies also publish current and historical asset-
size thresholds on the website of the Federal Financial Institutions 
Examination Council at http://www.ffiec.gov/cra/.
    Additionally, on November 24, 2017, the Agencies amended their 
collective CRA regulations (82 FR 55734) to be consistent with prior 
amendments to Regulation C by the Consumer Financial Protection Bureau. 
Section 345.12(j) of the FDIC's CRA regulation, which provides for the 
definition of ``consumer loan,'' contained a typographical error in the 
Federal Register publication: Sec.  345.12(j)(4) was reserved in error. 
To correct this error, Sec.  345.12(j)(5) is redesignated as Sec.  
345.12(j)(4) and Sec.  345.12(j)(5) is removed.

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). As a result, Sec. Sec.  25.12(u)(1), 195.12(u)(1), 
228.12(u)(1), and 345.12(u)(1) of the Agencies' respective CRA 
regulations 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, the Agencies' rules provide no discretion as to the 
computation or timing of the revisions to the asset-size criteria. 
Furthermore, amending the FDIC's definition of ``consumer loan'' to 
correct a typographical error is a technical and non-substantive 
revision. For these reasons, 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, 2018. 
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 12-month data as of the end of November each 
year.

Regulatory Flexibility Act

    The Regulatory Flexibility Act (RFA) does not apply to a rulemaking 
when 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

    The Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3521) states 
that no agency may conduct or sponsor, nor is the respondent required 
to respond to, an information collection unless it displays a currently 
valid Office of Management and Budget (OMB) control number. The 
Agencies have determined that this final rule does not create any new, 
or revise any existing, collections of information pursuant to the 
Paperwork Reduction Act. Consequently, no information collection 
request will be submitted to the OMB for review.

Unfunded Mandates Reform Act of 1995

    Section 202 of the Unfunded Mandates Reform Act of 1995 (Unfunded 
Mandates Act), 2 U.S.C. 1532, 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. Section 25.12 is amended by revising paragraph (u)(1) to read as 
follows:


Sec.  25.12  Definitions.

* * * * *
    (u) Small bank--(1) Definition. Small bank means a bank that, as of 
December 31 of either of the prior two calendar years, had assets of 
less than $1.252 billion. Intermediate small bank means a small bank 
with assets of at least $313 million as of December 31 of both of the 
prior two calendar years and less than $1.252 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. Section 195.12 is amended by revising paragraph (u)(1) to read as 
follows:

[[Page 61145]]

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 $1.252 
billion. Intermediate small savings association means a small savings 
association with assets of at least $313 million as of December 31 of 
both of the prior two calendar years and less than $1.252 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 is revised to read as follows:

    Authority: 12 U.S.C. 321, 325, 1828(c), 1842, 1843, 1844, and 
2901 et seq.


0
6. Section 228.12 is amended by revising paragraph (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 $1.252 billion. Intermediate small bank means a small bank 
with assets of at least $313 million as of December 31 of both of the 
prior two calendar years and less than $1.252 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. Section 345.12 is amended by redesignating paragraph (j)(5) as 
paragraph (j)(4) and revising paragraph (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 $1.252 billion. Intermediate small bank means a small bank 
with assets of at least $313 million as of December 31 of both of the 
prior two calendar years and less than $1.252 billion as of December 31 
of either of the prior two calendar years.
* * * * *

    Dated: December 19, 2017.
Karen Solomon,
Acting 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.
Ann E. Misback,
Secretary of the Board.
    By order of the Board of Directors.

    Dated at Washington, DC, this 14th day of December 2017.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2017-27813 Filed 12-26-17; 8:45 am]
 BILLING CODE 4810-33-P; 6210-01-P; 6714-01-P