Licensing Amendments: Technical Correction, 1254-1255 [2021-00101]
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Federal Register / Vol. 86, No. 5 / Friday, January 8, 2021 / Rules and Regulations
Wednesday, December 16, 2020, the
following correction is made:
§ 430.3
[Corrected]
On page 81359, in the third column,
amendatory instruction 3.c.,
‘‘Redesignating paragraphs (q) through
(u) and paragraphs (r) through (v); and’’
is corrected to read ‘‘Redesignating
paragraphs (q) through (u) as paragraphs
(r) through (v); and’’.
Signing Authority
This document of the Department of
Energy was signed on December 22,
2020, by Daniel R Simmons, Assistant
Secretary for Energy Efficiency and
Renewable Energy, pursuant to
delegated authority from the Secretary
of Energy. That document with the
original signature and date is
maintained by DOE. For administrative
purposes only, and in compliance with
requirements of the Office of the Federal
Register, the undersigned DOE Federal
Register Liaison Officer has been
authorized to sign and submit the
document in electronic format for
publication, as an official document of
the Department of Energy. This
administrative process in no way alters
the legal effect of this document upon
publication in the Federal Register.
Signed in Washington, DC, on December
22, 2020.
Treena V. Garrett,
Federal Register Liaison Officer, U.S.
Department of Energy.
[FR Doc. 2020–28761 Filed 1–7–21; 8:45 am]
BILLING CODE 6450–01–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 5
[Docket No. OCC–2019–0024]
RIN 1557–AE71
Licensing Amendments: Technical
Correction
Office of the Comptroller of the
Currency, Treasury (OCC).
ACTION: Final rule; correction.
AGENCY:
On December 11, 2020, the
Office of the Comptroller of the
Currency (OCC) published in the
Federal Register a final rule that revises
its regulations relating to policies and
procedures for corporate activities and
transactions involving national banks
and Federal savings associations to
update and clarify the policies and
procedures, eliminate unnecessary
tkelley on DSKBCP9HB2PROD with RULES
SUMMARY:
VerDate Sep<11>2014
16:26 Jan 07, 2021
Jkt 253001
requirements consistent with safety and
soundness, and make other technical
and conforming changes. This
correcting amendment supplements the
Effective Date discussion in the
SUPPLEMENTARY INFORMATION section of
the final rule as it appeared in the
Federal Register. It also makes three
technical changes to the regulatory text
of the final rule that appeared in the
Federal Register to correct
typographical errors.
This correction is effective
January 11, 2021.
DATES:
FOR FURTHER INFORMATION CONTACT:
Heidi M. Thomas, Special Counsel,
Chief Counsel’s Office, (202) 649–5490,
Office of the Comptroller of the
Currency, 400 7th Street SW,
Washington, DC 20219.
SUPPLEMENTARY INFORMATION:
I. Background and Description of
Correcting Amendment
On December 11, 2020, the OCC
published in the Federal Register a final
rule that revises its regulations relating
to policies and procedures for corporate
activities and transactions involving
national banks and Federal savings
associations to update and clarify the
policies and procedures, eliminate
unnecessary requirements consistent
with safety and soundness, and make
other technical and conforming
changes.1 This correcting amendment
adds a paragraph to the Effective Date
discussion in the SUPPLEMENTARY
INFORMATION section of the final rule that
was inadvertently omitted. This
paragraph describes the OCC’s good
cause determination that the quarterly
effective date requirement of section
302(b) of the Riegle Community
Development and Regulatory
Improvement Act of 1994 (RCDRIA) (12
U.S.C. 4802(b)) does not apply to the
final rule. This correcting amendment
also makes three technical changes to
the regulatory text of the final rule.
First, it adds a missing comma to the
cross reference to 12 U.S.C. 215(b), (e),
and (f) in paragraph (g)(2)(iv) of § 5.33,
Business combinations involving a
national bank or Federal savings
association. Second, it corrects the
paragraph designations in paragraph (g)
of § 5.58, Pass-through investments by a
Federal savings association. Third, it
removes the superfluous word ‘‘to’’ in
redesignated paragraph (g)(1) of § 5.58.
These last three changes correct
typographical errors and do not
substantively change the meaning of
these provisions.
1 85
PO 00000
FR 80404.
Frm 00002
Fmt 4700
Sfmt 4700
II. Administrative Law Matters
A. Administrative Procedure Act
The OCC is issuing this correcting
amendment without prior notice and
the opportunity for public comment
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 technical changes to correct
typographical errors in the final rule.
Therefore, the OCC believes it has good
cause to dispense with the APA prior
notice and public comment process.
The OCC also is issuing this
correcting amendment without the
delayed effective date ordinarily
prescribed by the APA. The APA
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 Because this correcting
amendment makes technical changes to
correct typographical errors in the final
rule, the OCC believes it has good cause
to issue this correcting amendment
without a delayed effective date.
B. Riegle Community Development and
Regulatory Improvement Act
Pursuant to section 302(a) of the
Riegle Community Development and
Regulatory Improvement Act
(RCDRIA),5 in determining the effective
date and administrative compliance
requirements for new regulations that
impose additional reporting, disclosure,
or other requirements on insured
depository institutions, 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. Because the
changes made by this technical
25
U.S.C. 553.
U.S.C. 553(b)(3)(A).
4 5 U.S.C. 553(d).
5 12 U.S.C. 4802(a).
35
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08JAR1
Federal Register / Vol. 86, No. 5 / Friday, January 8, 2021 / Rules and Regulations
correction do not impose additional
reporting, disclosure, or other
requirements on insured depository
institutions, section 302(a) of RCDRIA
does not apply.
Section 302(b) of RCDRIA requires
that regulations issued by a Federal
banking agency 6 imposing additional
reporting, disclosure, or other
requirements on insured depository
institutions take effect on the first day
of a calendar quarter that begins on or
after the date of publication of the final
rule, unless, among other things, the
agency determines for good cause that
the regulations should become effective
before such time.7 For the same reasons
set forth above regarding the APA
delayed effective date, the OCC finds
that it has good cause to adopt this
correcting amendment without the
delayed effective date generally
prescribed under the RCDRIA.
C. Congressional Review Act
tkelley on DSKBCP9HB2PROD with RULES
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.’’ 8 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.9
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) a significant adverse
effect 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.10
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.
6 For purposes of RCDRIA, ‘‘Federal banking
agency’’ means the OCC, FDIC, and Board. See 12
U.S.C. 4801.
7 12 U.S.C. 4802(b).
8 5 U.S.C. 801 et seq.
9 5 U.S.C. 801(a)(3).
10 5 U.S.C. 804(2).
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Jkt 253001
E. Regulatory Flexibility Act
The Regulatory Flexibility Act
(RFA) 11 requires an agency to consider
whether the rules it proposes will have
a significant economic impact on a
substantial number of small entities.12
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 RFA’s
requirements relating to initial and final
regulatory flexibility analyses do not
apply.
F. Unfunded Mandates
As a general matter, the Unfunded
Mandates Act of 1995 (UMRA) 13
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.14 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.
G. Paperwork Reduction Act
The Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3521) (PRA) 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 OMB control
number. This correcting amendment
does not contain any information
collection requirements therefore no
submissions will be made by the
agencies to OMB in connection with
this rulemaking.
Corrections
In the final rule document OCC–
2020–25595 published in the Federal
Register on December 11, 2020, at 85 FR
11 5
U.S.C. 601 et seq.
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.
13 2 U.S.C. 1531 et seq.
14 See 2 U.S.C. 1532(a).
12 Under
PO 00000
Frm 00003
Fmt 4700
Sfmt 9990
1255
80404, the following corrections are
made:
1. On page 80434, in the first column,
the discussion under ‘‘E. Effective Date’’
is corrected by adding the following at
the end of the section to read as follows:
Section 302(b) of the RCDRIA, 12
U.S.C. 4802(b), requires that regulations
issued by a Federal banking agency
imposing additional reporting,
disclosure, or other requirements on
insured depository institutions take
effect on the first day of a calendar
quarter that begins on or after the date
of publication of the final rule, unless,
among other things, the agency
determines for good cause that the
regulations should become effective
before such time. Applying RCDRIA’s
quarterly effective date requirement in
conjunction with the APA’s 30 day
delayed effective date requirement
would result in an April 1, 2021,
effective date. However, much of the
final rule increases flexibility for filing
procedures, eliminates redundant or
unnecessary reporting requirements
consistent with safety and soundness,
and updates policies and procedures
that increase clarity and reduce
ambiguity for banks seeking compliance
with 12 CFR part 5 requirements. In
order for OCC-regulated institutions to
take advantage of these burden-reducing
amendments as soon as possible, the
OCC finds that the benefits of an earlier
effective date of the final rule outweighs
the burden of a delayed April 1, 2021,
effective date. Therefore, the OCC has
determined that it has good cause to
make the final rule effective before April
1, 2021.
§ 5.33
[Corrected]
2. On page 80450, in the third column,
in amendment 25, in § 5.33, paragraph
(g)(2)(iv), ‘‘12 U.S.C. 215(b), (e) and (f)’’
is corrected to read ‘‘12 U.S.C. 215(b),
(e), and (f)’’.
■
§ 5.58
[Corrected]
3. On page 80469, in the first and
second columns, in amendment 45, in
§ 5.58, paragraphs (g)(i) through (g)(v)
are corrected to be designated as
paragraphs (g)(1) through (g)(5).
■
4. On page 80469, in the first column,
in amendment 45, in § 5.58, in
redesignated (g)(1), ‘‘limited to those to
activities’’ is corrected to read ‘‘limited
to those activities’’.
■
Jonathan V. Gould,
Senior Deputy Comptroller and Chief
Counsel.
[FR Doc. 2021–00101 Filed 1–7–21; 8:45 am]
BILLING CODE 4810–33–P
E:\FR\FM\08JAR1.SGM
08JAR1
Agencies
[Federal Register Volume 86, Number 5 (Friday, January 8, 2021)]
[Rules and Regulations]
[Pages 1254-1255]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-00101]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
12 CFR Part 5
[Docket No. OCC-2019-0024]
RIN 1557-AE71
Licensing Amendments: Technical Correction
AGENCY: Office of the Comptroller of the Currency, Treasury (OCC).
ACTION: Final rule; correction.
-----------------------------------------------------------------------
SUMMARY: On December 11, 2020, the Office of the Comptroller of the
Currency (OCC) published in the Federal Register a final rule that
revises its regulations relating to policies and procedures for
corporate activities and transactions involving national banks and
Federal savings associations to update and clarify the policies and
procedures, eliminate unnecessary requirements consistent with safety
and soundness, and make other technical and conforming changes. This
correcting amendment supplements the Effective Date discussion in the
SUPPLEMENTARY INFORMATION section of the final rule as it appeared in
the Federal Register. It also makes three technical changes to the
regulatory text of the final rule that appeared in the Federal Register
to correct typographical errors.
DATES: This correction is effective January 11, 2021.
FOR FURTHER INFORMATION CONTACT: Heidi M. Thomas, Special Counsel,
Chief Counsel's Office, (202) 649-5490, Office of the Comptroller of
the Currency, 400 7th Street SW, Washington, DC 20219.
SUPPLEMENTARY INFORMATION:
I. Background and Description of Correcting Amendment
On December 11, 2020, the OCC published in the Federal Register a
final rule that revises its regulations relating to policies and
procedures for corporate activities and transactions involving national
banks and Federal savings associations to update and clarify the
policies and procedures, eliminate unnecessary requirements consistent
with safety and soundness, and make other technical and conforming
changes.\1\ This correcting amendment adds a paragraph to the Effective
Date discussion in the SUPPLEMENTARY INFORMATION section of the final
rule that was inadvertently omitted. This paragraph describes the OCC's
good cause determination that the quarterly effective date requirement
of section 302(b) of the Riegle Community Development and Regulatory
Improvement Act of 1994 (RCDRIA) (12 U.S.C. 4802(b)) does not apply to
the final rule. This correcting amendment also makes three technical
changes to the regulatory text of the final rule. First, it adds a
missing comma to the cross reference to 12 U.S.C. 215(b), (e), and (f)
in paragraph (g)(2)(iv) of Sec. 5.33, Business combinations involving
a national bank or Federal savings association. Second, it corrects the
paragraph designations in paragraph (g) of Sec. 5.58, Pass-through
investments by a Federal savings association. Third, it removes the
superfluous word ``to'' in redesignated paragraph (g)(1) of Sec. 5.58.
These last three changes correct typographical errors and do not
substantively change the meaning of these provisions.
---------------------------------------------------------------------------
\1\ 85 FR 80404.
---------------------------------------------------------------------------
II. Administrative Law Matters
A. Administrative Procedure Act
The OCC is issuing this correcting amendment without prior notice
and the opportunity for public comment 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 technical changes to correct
typographical errors in the final rule. Therefore, the OCC believes it
has good cause to dispense with the APA prior notice and public comment
process.
---------------------------------------------------------------------------
\2\ 5 U.S.C. 553.
\3\ 5 U.S.C. 553(b)(3)(A).
---------------------------------------------------------------------------
The OCC also is issuing this correcting amendment without the
delayed effective date ordinarily prescribed by the APA. The APA
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\ Because this correcting
amendment makes technical changes to correct typographical errors in
the final rule, the OCC believes it has good cause to issue this
correcting amendment without a delayed effective date.
---------------------------------------------------------------------------
\4\ 5 U.S.C. 553(d).
---------------------------------------------------------------------------
B. Riegle Community Development and Regulatory Improvement Act
Pursuant to section 302(a) of the Riegle Community Development and
Regulatory Improvement Act (RCDRIA),\5\ in determining the effective
date and administrative compliance requirements for new regulations
that impose additional reporting, disclosure, or other requirements on
insured depository institutions, 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. Because the changes made by this
technical
[[Page 1255]]
correction do not impose additional reporting, disclosure, or other
requirements on insured depository institutions, section 302(a) of
RCDRIA does not apply.
---------------------------------------------------------------------------
\5\ 12 U.S.C. 4802(a).
---------------------------------------------------------------------------
Section 302(b) of RCDRIA requires that regulations issued by a
Federal banking agency \6\ imposing additional reporting, disclosure,
or other requirements on insured depository institutions take effect on
the first day of a calendar quarter that begins on or after the date of
publication of the final rule, unless, among other things, the agency
determines for good cause that the regulations should become effective
before such time.\7\ For the same reasons set forth above regarding the
APA delayed effective date, the OCC finds that it has good cause to
adopt this correcting amendment without the delayed effective date
generally prescribed under the RCDRIA.
---------------------------------------------------------------------------
\6\ For purposes of RCDRIA, ``Federal banking agency'' means the
OCC, FDIC, and Board. See 12 U.S.C. 4801.
\7\ 12 U.S.C. 4802(b).
---------------------------------------------------------------------------
C. 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.'' \8\ 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.\9\
---------------------------------------------------------------------------
\8\ 5 U.S.C. 801 et seq.
\9\ 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) a significant adverse effect 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.\10\
---------------------------------------------------------------------------
\10\ 5 U.S.C. 804(2).
---------------------------------------------------------------------------
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.
E. Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA) \11\ requires an agency to
consider whether the rules it proposes will have a significant economic
impact on a substantial number of small entities.\12\ 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 RFA's requirements
relating to initial and final regulatory flexibility analyses do not
apply.
---------------------------------------------------------------------------
\11\ 5 U.S.C. 601 et seq.
\12\ 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.
---------------------------------------------------------------------------
F. Unfunded Mandates
As a general matter, the Unfunded Mandates Act of 1995 (UMRA) \13\
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.\14\ 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.
---------------------------------------------------------------------------
\13\ 2 U.S.C. 1531 et seq.
\14\ See 2 U.S.C. 1532(a).
---------------------------------------------------------------------------
G. Paperwork Reduction Act
The Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3521) (PRA)
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 OMB control number. This correcting amendment does not
contain any information collection requirements therefore no
submissions will be made by the agencies to OMB in connection with this
rulemaking.
Corrections
In the final rule document OCC-2020-25595 published in the Federal
Register on December 11, 2020, at 85 FR 80404, the following
corrections are made:
1. On page 80434, in the first column, the discussion under ``E.
Effective Date'' is corrected by adding the following at the end of the
section to read as follows:
Section 302(b) of the RCDRIA, 12 U.S.C. 4802(b), requires that
regulations issued by a Federal banking agency imposing additional
reporting, disclosure, or other requirements on insured depository
institutions take effect on the first day of a calendar quarter that
begins on or after the date of publication of the final rule, unless,
among other things, the agency determines for good cause that the
regulations should become effective before such time. Applying RCDRIA's
quarterly effective date requirement in conjunction with the APA's 30
day delayed effective date requirement would result in an April 1,
2021, effective date. However, much of the final rule increases
flexibility for filing procedures, eliminates redundant or unnecessary
reporting requirements consistent with safety and soundness, and
updates policies and procedures that increase clarity and reduce
ambiguity for banks seeking compliance with 12 CFR part 5 requirements.
In order for OCC-regulated institutions to take advantage of these
burden-reducing amendments as soon as possible, the OCC finds that the
benefits of an earlier effective date of the final rule outweighs the
burden of a delayed April 1, 2021, effective date. Therefore, the OCC
has determined that it has good cause to make the final rule effective
before April 1, 2021.
Sec. 5.33 [Corrected]
0
2. On page 80450, in the third column, in amendment 25, in Sec. 5.33,
paragraph (g)(2)(iv), ``12 U.S.C. 215(b), (e) and (f)'' is corrected to
read ``12 U.S.C. 215(b), (e), and (f)''.
Sec. 5.58 [Corrected]
0
3. On page 80469, in the first and second columns, in amendment 45, in
Sec. 5.58, paragraphs (g)(i) through (g)(v) are corrected to be
designated as paragraphs (g)(1) through (g)(5).
0
4. On page 80469, in the first column, in amendment 45, in Sec. 5.58,
in redesignated (g)(1), ``limited to those to activities'' is corrected
to read ``limited to those activities''.
Jonathan V. Gould,
Senior Deputy Comptroller and Chief Counsel.
[FR Doc. 2021-00101 Filed 1-7-21; 8:45 am]
BILLING CODE 4810-33-P