Supplemental Lending Limits Program: Technical Correction, 61809-61811 [2020-18937]
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Federal Register / Vol. 85, No. 191 / Thursday, October 1, 2020 / Rules and Regulations
regulations will end with promulgation
of the rule. It is possible that without
the PSB program, human-assisted
dispersal of PSB would have occurred
more rapidly and extended to areas that
are not yet infested; the impact of the
rule on pine populations in natural and
urban environments within and outside
currently quarantined areas—and on
businesses that grow, use, or process
pine products—is indeterminate. Still,
PSB has caused negligible direct damage
despite having spread widely, and
compliance costs that will no longer be
incurred under the rule are minimal.
Based on this information, the APHIS
Administrator has determined that this
action will not have a significant
economic impact on a substantial
number of small entities.
Executive Order 12372
This program/activity is listed in the
Catalog of Federal Domestic Assistance
under No. 10.025 and is subject to
Executive Order 12372, which requires
intergovernmental consultation with
State and local officials. (See 2 CFR
chapter IV.)
Executive Order 12988
This final rule has been reviewed
under Executive Order 12988, Civil
Justice Reform. This rule: (1) Preempts
all State and local laws and regulations
that are inconsistent with this rule; (2)
has no retroactive effect; and (3) does
not require administrative proceedings
before parties may file suit in court
challenging this rule.
Congressional Review Act
Pursuant to the Congressional Review
Act (5 U.S.C. 801 et seq.), the Office of
Information and Regulatory Affairs
designated this rule as not a major rule,
as defined by 5U.S.C. 804(2).
Paperwork Reduction Act
This final rule contains no reporting
or recordkeeping requirements under
the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.).
List of Subjects
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Authority: 7 U.S.C. 7701–7772 and 7781–
7786; 7 CFR 2.22, 2.80, and 371.3.
Section 301.75–15 issued under Sec. 204,
Title II, Public Law 106–113, 113 Stat.
1501A–293; sections 301.75–15 and 301.75–
16 issued under Sec. 203, Title II, Public Law
106–224, 114 Stat. 400 (7 U.S.C. 1421 note).
Subpart G [Removed and Reserved]
2. Subpart G, consisting of §§ 301.50
through 301.50–10, is removed and
reserved.
■
PART 319—FOREIGN QUARANTINE
NOTICES
3. The authority citation for part 319
continues to read as follows:
■
Authority: 7 U.S.C. 1633, 7701–7772, and
7781–7786; 21 U.S.C. 136 and 136a; 7 CFR
2.22, 2.80, and 371.3.
§ 319.40–3
[Amended]
4. Section 319.40–3 is amended by:
a. In paragraph (a)(1)(i)(A), removing
‘‘, and;’’ and adding ‘‘; and’’ in its place;
■ b. Removing paragraph (a)(1)(i)(B);
and
■ c. Redesignating paragraph (a)(1)(i)(C)
as (a)(1)(i)(B).
■
■
§ 319.40–5
[Amended]
5. Section 319.40–5 is amended by
removing and reserving paragraph (m).
■
Done in Washington, DC, this 24th day of
September 2020.
Michael Watson,
Acting Administrator, Animal and Plant
Health Inspection Service.
[FR Doc. 2020–21800 Filed 9–30–20; 8:45 am]
BILLING CODE 3410–34–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
[Docket ID OCC–2018–0041]
RIN 1557–AE21
7 CFR Part 319
Coffee, Cotton, Fruits, Imports, Logs,
Nursery stock, Plant diseases and pests,
Quarantine, Reporting and
recordkeeping requirements, Rice,
Vegetables.
Accordingly, we are amending 7 CFR
parts 301 and 319 as follows:
21:58 Sep 30, 2020
1. The authority citation for part 301
continues to read as follows:
■
12 CFR Part 32
7 CFR Part 301
Agricultural commodities, Plant
diseases and pests, Quarantine,
Reporting and recordkeeping
requirements, Transportation.
VerDate Sep<11>2014
PART 301—DOMESTIC QUARANTINE
NOTICES
Supplemental Lending Limits Program:
Technical Correction
Office of the Comptroller of the
Currency (OCC), Treasury.
ACTION: Correcting amendment.
AGENCY:
On July 14, 2020, the Office
of the Comptroller of the Currency
(OCC) published in the Federal Register
SUMMARY:
PO 00000
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61809
a final rule that, among other revisions,
made technical changes to the OCC’s
supplemental lending limits rule. This
correcting amendment makes a
correction to those regulations by
reinstating two paragraphs to the
lending limits rules that were
inadvertently deleted.
DATES: This rule is effective on October
1, 2020.
FOR FURTHER INFORMATION CONTACT:
Marta E. Stewart-Bates, Senior Attorney,
Chief Counsel’s Office, (202) 649–5490,
for persons who are deaf or hearing
impaired, TTY, (202) 649–5597, Office
of the Comptroller of the Currency, 400
7th Street SW, Washington, DC 20219.
SUPPLEMENTARY INFORMATION:
I. Background and Description of
Correcting Amendment
On July 14, 2020, the OCC published
in the Federal Register a final rule 1 that
made technical changes to the OCC’s
supplemental lending limits rules,
among other revisions. Specifically, the
terms ‘‘small business loans’’ and
‘‘small farm loans or extensions of
credit’’ were replaced with the terms
‘‘loans to small businesses’’ and ‘‘loans
or extensions of credit to small farms,’’
respectively, to conform with the Call
Report instructions. These technical
changes were made to the supplemental
lending limits rules in §§ 32.7(a)(1),
32.7(a)(2), and 32.7(d). However,
§§ 32.7(a)(4) and (a)(5) were
inadvertently deleted by the final rule.
This correcting amendment reinstates
§§ 32.7(a)(4) and (a)(5).
II. Administrative Law Matters
A. Administrative Procedure Act
The OCC is issuing this correcting
amendment without prior notice and
the opportunity for public comment and
the delayed effective date ordinarily
prescribed by the Administrative
Procedure Act (APA).2 Pursuant to
section 553(b)(B) of the APA, general
notice and the opportunity for public
comment are not required with respect
to a rulemaking when an ‘‘agency for
good cause finds (and incorporates the
finding and a brief statement of reasons
therefor in the rules issued) that notice
and public procedure thereon are
impracticable, unnecessary, or contrary
to the public interest.’’ 3
The OCC finds that public notice and
comment are unnecessary because this
correcting amendment makes a
technical change to correct an erroneous
removal of two paragraphs in the
1 85
FR 42630.
U.S.C. 553.
3 5 U.S.C. 553(b)(3)(A).
25
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Federal Register / Vol. 85, No. 191 / Thursday, October 1, 2020 / Rules and Regulations
supplemental lending limits rule.
Therefore, there is good cause to
dispense with the APA prior notice and
public comment process.
The APA also requires a 30-day
delayed effective date, except for: (1)
Substantive rules which grant or
recognize an exemption or relieve a
restriction; (2) interpretative rules and
statements of policy; or (3) as otherwise
provided by the agency for good cause.4
As described above, there is good cause
to issue this correcting amendment
without a delayed effective date.
Therefore, this correcting amendment is
exempt from the APA’s delayed
effective date requirement.5
B. Congressional Review Act
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For purposes of the Congressional
Review Act, the Office of Management
and Budget (OMB) makes a
determination as to whether a final rule
constitutes a ‘‘major rule.’’ 6 If a rule is
deemed a ‘‘major rule’’ by the OMB, the
Congressional Review Act generally
provides that the rule may not take
effect until at least 60 days following its
publication.7
The Congressional Review Act defines
a ‘‘major rule’’ as any rule that the
Administrator of the Office of
Information and Regulatory Affairs of
the OMB finds has resulted in or is
likely to result in: (1) An annual effect
on the economy of $100,000,000 or
more; (2) a major increase in costs or
prices for consumers, individual
industries, Federal, State, or local
government agencies, or geographic
regions; or (3) significant adverse effects
on competition, employment,
investment, productivity, innovation, or
on the ability of United States-based
enterprises to compete with foreignbased enterprises in domestic and
export markets.8
The delayed effective date required by
the Congressional Review Act does not
apply to ‘‘any rule which an agency for
good cause finds (and incorporates the
finding and a brief statement of reasons
therefor in the rule issued) that notice
and public procedure thereon are
impracticable, unnecessary, or contrary
to the public interest.’’ 9 For the same
reasons set forth above, the OCC finds
that it has good cause to adopt this
correcting amendment without the
delayed effective date generally
prescribed under the Congressional
Review Act. As required by the
45
U.S.C. 553(d).
U.S.C. 553(d)(1).
6 5 U.S.C. 801 et seq.
7 5 U.S.C. 801(a)(3).
8 5 U.S.C. 804(2).
9 5 U.S.C. 808(2).
55
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Congressional Review Act, the OCC will
submit the correcting amendment and
other appropriate reports to Congress
and the Government Accountability
Office for review.
rulemaking. Accordingly, the OCC has
concluded that the RFA’s requirements
relating to initial and final regulatory
flexibility analysis do not apply.
C. Riegle Community Development and
Regulatory Improvement Act of 1994
Pursuant to section 302(a) of the
Riegle Community Development and
Regulatory Improvement Act
(RCDRIA),10 in determining the effective
date and administrative compliance
requirements for new regulations that
impose additional reporting, disclosure,
or other requirements on insured
depository institutions (IDIs), each
Federal banking agency must consider,
consistent with the principle of safety
and soundness and the public interest,
any administrative burdens that such
regulations would place on depository
institutions, including small depository
institutions, and customers of
depository institutions, as well as the
benefits of such regulations. In addition,
section 302(b) of RCDRIA requires new
regulations and amendments to
regulations that impose additional
reporting, disclosures, or other new
requirements on IDIs generally to take
effect on the first day of a calendar
quarter that begins on or after the date
on which the regulations are published
in final form, with certain exceptions,
including for good cause.11 For the
reasons described above, the OCC finds
good cause exists under section 302 of
RCDRIA to publish this correcting
amendment with an immediate effective
date. As such, the correcting
amendment will be effective
immediately.
As a general matter, the Unfunded
Mandates Act of 1995 (UMRA) 14
requires the preparation of a budgetary
impact statement before promulgating a
rule that includes a Federal mandate
that may result in the expenditure by
State, local, and tribal governments, in
the aggregate, or by the private sector, of
$100 million or more in any one year.
However, the UMRA does not apply to
final rules for which a general notice of
proposed rulemaking was not
published.15 Therefore, because the
OCC has found good cause to dispense
with notice and comment for this
correcting amendment, the OCC has not
prepared an economic analysis of the
rule under the UMRA.
D. Regulatory Flexibility Act
The Regulatory Flexibility Act
(RFA) 12 requires an agency to consider
whether the rules it proposes will have
a significant economic impact on a
substantial number of small entities.13
The RFA applies only to rules for which
an agency publishes a general notice of
proposed rulemaking pursuant to 5
U.S.C. 553(b). As discussed previously,
consistent with section 553(b)(B) of the
APA, the OCC has determined for good
cause that general notice and
opportunity for public comment is
unnecessary, and, therefore, the OCC is
not issuing a notice of proposed
10 12
U.S.C. 4802(a).
U.S.C. 4802.
12 5 U.S.C. 601 et seq.
13 Under regulations issued by the Small Business
Administration, a small entity includes a depository
institution, bank holding company, or savings and
loan holding company with total assets of $600
million or less and trust companies with total assets
of $41.5 million or less. See 13 CFR 121.201.
11 12
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Fmt 4700
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E. Unfunded Mandates
List of Subjects in 12 CFR Part 32
National banks, Reporting and
recordkeeping requirements.
For the reasons set out in the
preamble, the OCC corrects 12 CFR part
32 by making the following correcting
amendment:
PART 32—LENDING LIMITS
1. The authority citation for part 32
continues to read as follows:
■
Authority: 12 U.S.C. 1 et seq., 12 U.S.C. 84,
93a, 1462a, 1463, 1464(u), 5412(b)(2)(B), and
15 U.S.C. 1639h.
2. Section 32.7 is amended by adding
paragraphs (a)(4) and (5) to read as
follows:
■
§ 32.7 Residential real estate loans, loans
to small businesses, and loans or
extensions of credit to small farms
(‘‘Supplemental Lending Limits Program’’).
(a) * * *
(4) The total outstanding amount of a
national bank’s or savings association’s
loans and extensions of credit to one
borrower made under § 32.3(a) and (b),
together with loans and extensions of
credit to the borrower made pursuant to
paragraphs (a)(1), (2), and (3) of this
section, shall not exceed 25 percent of
the bank’s or savings association’s
capital and surplus.
(5) The total outstanding amount of a
national bank’s or savings association’s
loans and extensions of credit to all of
its borrowers made pursuant to the
supplemental lending limits provided in
paragraphs (a)(1), (2), and (3) of this
section may not exceed 100 percent of
14 2
U.S.C. 1531 et seq.
2 U.S.C. 1532(a).
15 See
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Federal Register / Vol. 85, No. 191 / Thursday, October 1, 2020 / Rules and Regulations
the bank’s or saving association’s capital
and surplus.
*
*
*
*
*
DEPARTMENT OF TRANSPORTATION
Jonathan V. Gould,
Senior Deputy Comptroller and Chief
Counsel.
14 CFR Part 39
[Docket No. FAA–2020–0443; Project
Identifier AD–2020–00178–E; Amendment
39–21268; AD 2020–20–12]
[FR Doc. 2020–18937 Filed 9–30–20; 8:45 am]
BILLING CODE 4810–33–P
RIN 2120–AA64
Airworthiness Directives; General
Electric Company Turbofan Engines
FARM CREDIT ADMINISTRATION
Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule.
AGENCY:
12 CFR Part 624
RIN 3052–AD43
Farm Credit Administration.
Interim final rule; correction.
AGENCY:
The Farm Credit
Administration is correcting a final rule
that was published in the Federal
Register on July 1, 2020.The Farm
Credit Administration (FCA), along with
the Comptroller of the Currency, the
Board of Governors of the Federal
Reserve System, the Federal Deposit
Insurance Corporation, and the Federal
Housing Finance Agency published an
interim final rule amending regulations
that require swap dealers, securitybased swap dealers, major swap
participants, and major security-based
swap participants under the Agencies’
respective jurisdictions to exchange
margin with their counterparties for
swaps that are not centrally cleared
(non-cleared swaps) (Swap Margin
Rule). In that publication, the
Regulatory Identification Number (RIN)
for the FCA was incorrect. This
document corrects that error.
DATES: Effective October 1, 2020.
FOR FURTHER INFORMATION CONTACT:
Richard A. Katz, Senior Counsel, Office
of General Counsel, (703) 883–4020,
TTY (703) 883–4056, Farm Credit
Administration, 1501 Farm Credit Drive,
McLean, VA 22102–5090.
SUPPLEMENTARY INFORMATION: In FR Doc.
2020–14094, ‘‘Margin and Capital
Requirements for Covered Swap
Entities’’ that published in the Federal
Register on Wednesday, July 1, 2020 at
85 FR 39464, in the second column on
page 39464, correct the RIN to read
3052–AD43.
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SUMMARY:
Dated: September 1, 2020.
Dale Aultman,
Secretary, Farm Credit Administration Board.
[FR Doc. 2020–19712 Filed 9–30–20; 8:45 am]
BILLING CODE 6705–01–P
VerDate Sep<11>2014
21:58 Sep 30, 2020
Jkt 253001
The FAA is adopting a new
airworthiness directive (AD) for all
General Electric Company (GE) GEnx–
1B64, –1B64/P1, –1B64/P2, –1B67,
–1B67/P1, –1B67P2, –1B70, –1B70/75/
P1, –1B70/75/P2, –1B70/P1, –1B70/P2,
–1B70C/P1, –1B70C/P2, –1B74/75/P1,
–1B74/75/P2, –1B76/P2, and –1B76A/
P2 model turbofan engines. This AD
was prompted by reports of combustor
case burn-through. This AD requires
installation of electronic engine control
(EEC) software, version B205 or later.
The FAA is issuing this AD to address
the unsafe condition on these products.
DATES: This AD is effective November 5,
2020.
ADDRESSES: For service information
identified in this final rule, contact
General Electric Company, 1 Neumann
Way, Cincinnati, OH 45215; phone:
513–552–3272; email:
aviation.fleetsupport@ae.ge.com;
website: www.ge.com. You may view
this service information at the FAA,
Airworthiness Products Section,
Operational Safety Branch, 1200 District
Avenue, Burlington, MA 01803. For
information on the availability of this
material at the FAA, call 781–238–7759.
It is also available on the internet at
https://www.regulations.gov by
searching for and locating Docket No.
FAA–2020–0443.
SUMMARY:
Margin and Capital Requirements for
Covered Swap Entities; Correction
ACTION:
Federal Aviation Administration
Examining the AD Docket
You may examine the AD docket on
the internet at https://
www.regulations.gov by searching for
and locating Docket No. FAA–2020–
0443; or in person at Docket Operations
between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
The AD docket contains this final rule,
any comments received, and other
information. The address for Docket
Operations is U.S. Department of
Transportation, Docket Operations, M–
30, West Building Ground Floor, Room
W12–140, 1200 New Jersey Avenue SE,
Washington, DC 20590.
PO 00000
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61811
FOR FURTHER INFORMATION CONTACT:
Mehdi Lamnyi, Aerospace Engineer,
ECO Branch, FAA, 1200 District
Avenue, Burlington, MA 01803; phone:
781–238–7743; fax: 781–238–7199;
email: Mehdi.Lamnyi@faa.gov.
SUPPLEMENTARY INFORMATION:
Background
The FAA issued a notice of proposed
rulemaking (NPRM) to amend 14 CFR
part 39 by adding an AD that would
apply to all GE GEnx–1B64, –1B64/P1,
–1B64/P2, –1B67, –1B67/P1, –1B67P2,
–1B70, –1B70/75/P1, –1B70/75/P2,
–1B70/P1, –1B70/P2, –1B70C/P1,
–1B70C/P2, –1B74/75/P1, –1B74/75/P2,
–1B76/P2, and –1B76A/P2 model
turbofan engines. The NPRM published
in the Federal Register on May 6, 2020
(85 FR 26891). The NPRM was
prompted by reports of combustor case
burn-through. The NPRM proposed to
require installation of EEC software,
version B205 or later. The FAA is
issuing this AD to address the unsafe
condition on these products.
Comments
The FAA gave the public the
opportunity to participate in developing
this final rule. The following presents
the comments received on the NPRM
and the FAA’s response to each
comment.
Request To Supersede Existing AD
American Airlines (AAL) suggested
that the FAA change this AD to
supersede docket number FAA–2019–
0683, project identifier 2015–NE–02–AD
(84 FR 63820, November 19, 2019)
(‘‘NPRM 2015–NE–02–AD’’). NPRM
2015–NE–02–AD proposed removing
EEC software version B195 and earlier
from GEnx-1B engines, along with an
equivalent EEC software for GEnx–2B
engines to improve safeguards against
ice crystal icing. EEC software version
B205 incorporates all required changes
that satisfy the intent of NPRM 2015–
NE–02.
The FAA disagrees. The unsafe
condition addressed by this AD was
prompted by reports of combustor case
burn-through. In contrast, the final rule
to NPRM 2015–NE–02–AD, AD 2020–
13–04, Amendment 39–21149 (85 FR
37000, June 19, 2020) (‘‘AD 2020–13–
04’’) was prompted by power loss in ice
crystal icing conditions. Although the
ice crystal icing required actions of AD
2020–13–04 are achieved through the
update to EEC software version B205,
the unsafe conditions that prompted
each AD are different, and the corrective
actions are independent. Further, AD
2020–13–04 affects more GEnx model
turbofan engines than this AD.
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]]>Agencies
[Federal Register Volume 85, Number 191 (Thursday, October 1, 2020)]
[Rules and Regulations]
[Pages 61809-61811]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-18937]
=======================================================================
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
12 CFR Part 32
[Docket ID OCC-2018-0041]
RIN 1557-AE21
Supplemental Lending Limits Program: Technical Correction
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Correcting amendment.
-----------------------------------------------------------------------
SUMMARY: On July 14, 2020, the Office of the Comptroller of the
Currency (OCC) published in the Federal Register a final rule that,
among other revisions, made technical changes to the OCC's supplemental
lending limits rule. This correcting amendment makes a correction to
those regulations by reinstating two paragraphs to the lending limits
rules that were inadvertently deleted.
DATES: This rule is effective on October 1, 2020.
FOR FURTHER INFORMATION CONTACT: Marta E. Stewart-Bates, Senior
Attorney, Chief Counsel's Office, (202) 649-5490, for persons who are
deaf or hearing impaired, TTY, (202) 649-5597, Office of the
Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219.
SUPPLEMENTARY INFORMATION:
I. Background and Description of Correcting Amendment
On July 14, 2020, the OCC published in the Federal Register a final
rule \1\ that made technical changes to the OCC's supplemental lending
limits rules, among other revisions. Specifically, the terms ``small
business loans'' and ``small farm loans or extensions of credit'' were
replaced with the terms ``loans to small businesses'' and ``loans or
extensions of credit to small farms,'' respectively, to conform with
the Call Report instructions. These technical changes were made to the
supplemental lending limits rules in Sec. Sec. 32.7(a)(1), 32.7(a)(2),
and 32.7(d). However, Sec. Sec. 32.7(a)(4) and (a)(5) were
inadvertently deleted by the final rule. This correcting amendment
reinstates Sec. Sec. 32.7(a)(4) and (a)(5).
---------------------------------------------------------------------------
\1\ 85 FR 42630.
---------------------------------------------------------------------------
II. Administrative Law Matters
A. Administrative Procedure Act
The OCC is issuing this correcting amendment without prior notice
and the opportunity for public comment and the delayed effective date
ordinarily prescribed by the Administrative Procedure Act (APA).\2\
Pursuant to section 553(b)(B) of the APA, general notice and the
opportunity for public comment are not required with respect to a
rulemaking when an ``agency for good cause finds (and incorporates the
finding and a brief statement of reasons therefor in the rules issued)
that notice and public procedure thereon are impracticable,
unnecessary, or contrary to the public interest.'' \3\
---------------------------------------------------------------------------
\2\ 5 U.S.C. 553.
\3\ 5 U.S.C. 553(b)(3)(A).
---------------------------------------------------------------------------
The OCC finds that public notice and comment are unnecessary
because this correcting amendment makes a technical change to correct
an erroneous removal of two paragraphs in the
[[Page 61810]]
supplemental lending limits rule. Therefore, there is good cause to
dispense with the APA prior notice and public comment process.
The APA also requires a 30-day delayed effective date, except for:
(1) Substantive rules which grant or recognize an exemption or relieve
a restriction; (2) interpretative rules and statements of policy; or
(3) as otherwise provided by the agency for good cause.\4\ As described
above, there is good cause to issue this correcting amendment without a
delayed effective date. Therefore, this correcting amendment is exempt
from the APA's delayed effective date requirement.\5\
---------------------------------------------------------------------------
\4\ 5 U.S.C. 553(d).
\5\ 5 U.S.C. 553(d)(1).
---------------------------------------------------------------------------
B. Congressional Review Act
For purposes of the Congressional Review Act, the Office of
Management and Budget (OMB) makes a determination as to whether a final
rule constitutes a ``major rule.'' \6\ If a rule is deemed a ``major
rule'' by the OMB, the Congressional Review Act generally provides that
the rule may not take effect until at least 60 days following its
publication.\7\
---------------------------------------------------------------------------
\6\ 5 U.S.C. 801 et seq.
\7\ 5 U.S.C. 801(a)(3).
---------------------------------------------------------------------------
The Congressional Review Act defines a ``major rule'' as any rule
that the Administrator of the Office of Information and Regulatory
Affairs of the OMB finds has resulted in or is likely to result in: (1)
An annual effect on the economy of $100,000,000 or more; (2) a major
increase in costs or prices for consumers, individual industries,
Federal, State, or local government agencies, or geographic regions; or
(3) significant adverse effects on competition, employment, investment,
productivity, innovation, or on the ability of United States-based
enterprises to compete with foreign-based enterprises in domestic and
export markets.\8\
---------------------------------------------------------------------------
\8\ 5 U.S.C. 804(2).
---------------------------------------------------------------------------
The delayed effective date required by the Congressional Review Act
does not apply to ``any rule which an agency for good cause finds (and
incorporates the finding and a brief statement of reasons therefor in
the rule issued) that notice and public procedure thereon are
impracticable, unnecessary, or contrary to the public interest.'' \9\
For the same reasons set forth above, the OCC finds that it has good
cause to adopt this correcting amendment without the delayed effective
date generally prescribed under the Congressional Review Act. As
required by the Congressional Review Act, the OCC will submit the
correcting amendment and other appropriate reports to Congress and the
Government Accountability Office for review.
---------------------------------------------------------------------------
\9\ 5 U.S.C. 808(2).
---------------------------------------------------------------------------
C. Riegle Community Development and Regulatory Improvement Act of 1994
Pursuant to section 302(a) of the Riegle Community Development and
Regulatory Improvement Act (RCDRIA),\10\ in determining the effective
date and administrative compliance requirements for new regulations
that impose additional reporting, disclosure, or other requirements on
insured depository institutions (IDIs), each Federal banking agency
must consider, consistent with the principle of safety and soundness
and the public interest, any administrative burdens that such
regulations would place on depository institutions, including small
depository institutions, and customers of depository institutions, as
well as the benefits of such regulations. In addition, section 302(b)
of RCDRIA requires new regulations and amendments to regulations that
impose additional reporting, disclosures, or other new requirements on
IDIs generally to take effect on the first day of a calendar quarter
that begins on or after the date on which the regulations are published
in final form, with certain exceptions, including for good cause.\11\
For the reasons described above, the OCC finds good cause exists under
section 302 of RCDRIA to publish this correcting amendment with an
immediate effective date. As such, the correcting amendment will be
effective immediately.
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\10\ 12 U.S.C. 4802(a).
\11\ 12 U.S.C. 4802.
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D. Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA) \12\ requires an agency to
consider whether the rules it proposes will have a significant economic
impact on a substantial number of small entities.\13\ The RFA applies
only to rules for which an agency publishes a general notice of
proposed rulemaking pursuant to 5 U.S.C. 553(b). As discussed
previously, consistent with section 553(b)(B) of the APA, the OCC has
determined for good cause that general notice and opportunity for
public comment is unnecessary, and, therefore, the OCC is not issuing a
notice of proposed rulemaking. Accordingly, the OCC has concluded that
the RFA's requirements relating to initial and final regulatory
flexibility analysis do not apply.
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\12\ 5 U.S.C. 601 et seq.
\13\ Under regulations issued by the Small Business
Administration, a small entity includes a depository institution,
bank holding company, or savings and loan holding company with total
assets of $600 million or less and trust companies with total assets
of $41.5 million or less. See 13 CFR 121.201.
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E. Unfunded Mandates
As a general matter, the Unfunded Mandates Act of 1995 (UMRA) \14\
requires the preparation of a budgetary impact statement before
promulgating a rule that includes a Federal mandate that may result in
the expenditure by State, local, and tribal governments, in the
aggregate, or by the private sector, of $100 million or more in any one
year. However, the UMRA does not apply to final rules for which a
general notice of proposed rulemaking was not published.\15\ Therefore,
because the OCC has found good cause to dispense with notice and
comment for this correcting amendment, the OCC has not prepared an
economic analysis of the rule under the UMRA.
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\14\ 2 U.S.C. 1531 et seq.
\15\ See 2 U.S.C. 1532(a).
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List of Subjects in 12 CFR Part 32
National banks, Reporting and recordkeeping requirements.
For the reasons set out in the preamble, the OCC corrects 12 CFR
part 32 by making the following correcting amendment:
PART 32--LENDING LIMITS
0
1. The authority citation for part 32 continues to read as follows:
Authority: 12 U.S.C. 1 et seq., 12 U.S.C. 84, 93a, 1462a, 1463,
1464(u), 5412(b)(2)(B), and 15 U.S.C. 1639h.
0
2. Section 32.7 is amended by adding paragraphs (a)(4) and (5) to read
as follows:
Sec. 32.7 Residential real estate loans, loans to small businesses,
and loans or extensions of credit to small farms (``Supplemental
Lending Limits Program'').
(a) * * *
(4) The total outstanding amount of a national bank's or savings
association's loans and extensions of credit to one borrower made under
Sec. 32.3(a) and (b), together with loans and extensions of credit to
the borrower made pursuant to paragraphs (a)(1), (2), and (3) of this
section, shall not exceed 25 percent of the bank's or savings
association's capital and surplus.
(5) The total outstanding amount of a national bank's or savings
association's loans and extensions of credit to all of its borrowers
made pursuant to the supplemental lending limits provided in paragraphs
(a)(1), (2), and (3) of this section may not exceed 100 percent of
[[Page 61811]]
the bank's or saving association's capital and surplus.
* * * * *
Jonathan V. Gould,
Senior Deputy Comptroller and Chief Counsel.
[FR Doc. 2020-18937 Filed 9-30-20; 8:45 am]
BILLING CODE 4810-33-P
