Community Reinvestment Act Regulations Asset-Size Thresholds, 78829-78831 [2022-27922]
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Federal Register / Vol. 87, No. 246 / Friday, December 23, 2022 / Rules and Regulations
Therefore, it is not a significant energy
action, and accordingly, DOE has not
prepared a Statement of Energy Effects.
L. Review Under the Information
Quality Bulletin for Peer Review
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On December 16, 2004, OMB, in
consultation with the Office of Science
and Technology Policy (‘‘OSTP’’),
issued its Final Information Quality
Bulletin for Peer Review (‘‘the
Bulletin’’). 70 FR 2664 (Jan. 14, 2005).
The Bulletin establishes that certain
scientific information shall be peer
reviewed by qualified specialists before
it is disseminated by the Federal
Government, including influential
scientific information related to agency
regulatory actions. The purpose of the
bulletin is to enhance the quality and
credibility of the Government’s
scientific information. Under the
Bulletin, the energy conservation
standards rulemaking analyses are
‘‘influential scientific information,’’
which the Bulletin defines as ‘‘scientific
information the agency reasonably can
determine will have, or does have, a
clear and substantial impact on
important public policies or private
sector decisions.’’ Id. at 70 FR 2667.
In response to OMB’s Bulletin, DOE
conducted formal peer reviews of the
energy conservation standards
development process and the analyses
that are typically used and has prepared
a Peer Review report pertaining to the
energy conservation standards
rulemaking analyses.15 Generation of
this report involved a rigorous, formal,
and documented evaluation using
objective criteria and qualified and
independent reviewers to make a
judgment as to the technical/scientific/
business merit, the actual or anticipated
results, and the productivity and
management effectiveness of programs
and/or projects. Because available data,
models, and technological
understanding have changed since 2007,
DOE has engaged with the National
Academy of Sciences (NAS) to review
DOE’s analytical methodologies to
ascertain whether modifications are
needed to improve the Department’s
analyses. DOE is in the process of
evaluating the resulting December 2021
NAS report.16
M. Congressional Notification
As required by 5 U.S.C. 801, DOE will
report to Congress on the promulgation
of this final determination prior to its
effective date. This report will state that
it has been determined that the final
determination is not a ‘‘major rule’’ as
defined by 5 U.S.C. 804(2).
V. Approval of the Office of the
Secretary
The Secretary of Energy has approved
publication of this final determination.
Signing Authority
This document of the Department of
Energy was signed on December 16,
2022, by Francisco Alejandro Moreno,
Acting 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
19, 2022.
Treena V. Garrett,
Federal Register Liaison Officer, U.S.
Department of Energy.
[FR Doc. 2022–27878 Filed 12–22–22; 8:45 am]
BILLING CODE 6450–01–P
FEDERAL RESERVE SYSTEM
12 CFR Part 228
[Regulation BB; Docket No. R–1795]
RIN 7100–AG 49
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 345
RIN 3064–AF87
Community Reinvestment Act
Regulations Asset-Size Thresholds
Board of Governors of the
Federal Reserve System (Board); Federal
Deposit Insurance Corporation (FDIC).
ACTION: Joint final rule; technical
amendment.
AGENCY:
15 ‘‘Energy
Conservation Standards Rulemaking
Peer Review Report.’’ 2007 (available at: energy.gov/
eere/buildings/downloads/energy-conservationstandards-rulemaking-peer-review-report-0).
16 The December 2021 NAS report is available at
www.nationalacademies.org/our-work/review-ofmethods-for-setting-building-and-equipmentperformance-standards.
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17:41 Dec 22, 2022
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The Board and the FDIC
(collectively, the Agencies) are
SUMMARY:
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78829
amending their Community
Reinvestment Act (CRA) regulations to
adjust the asset-size thresholds used to
define ‘‘small bank’’ and ‘‘intermediate
small bank.’’ 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).
DATES: Effective January 1, 2023.
FOR FURTHER INFORMATION CONTACT:
Board: Amal S. Patel, Counsel, (202)
912–7879, Division of Consumer and
Community Affairs; or Gavin L. Smith,
Senior Counsel, (202) 452–3474, or
Cody M. Gaffney, Attorney, (202) 452–
2674, Legal Division, Board of
Governors of the Federal Reserve
System, 20th Street and Constitution
Avenue NW, Washington, DC 20551.
For the hearing impaired and users of
Telecommunications Device for the Deaf
(TDD) and TTY–TRS, please call 711
from any telephone, anywhere in the
United States.
FDIC: Patience R. Singleton, Senior
Policy Analyst, Supervisory Policy
Branch, Division of Depositor and
Consumer Protection, (202) 898–6859,
psingleton@fdic.gov; or Richard M.
Schwartz, Counsel, Legal Division, (202)
898–7424, rischwartz@fdic.gov, 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.
The CRA regulations define small and
intermediate small banks 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 yearto-year change in the average of the CPI–
W, not seasonally adjusted, for each 12month period ending in November, with
rounding to the nearest million. 12 CFR
228.12(u)(2) and 345.12(u)(2). This
adjustment formula was first adopted
for CRA purposes by the Board, the
Office of the Comptroller of the
Currency (OCC), and the FDIC on
August 2, 2005, effective September 1,
2005. 70 FR 44256 (Aug. 2, 2005). At
that time, 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
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78830
Federal Register / Vol. 87, No. 246 / Friday, December 23, 2022 / Rules and Regulations
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 OCC has determined that it will
adjust the asset-size criteria for
institutions that are subject to OCCissued CRA regulations, including
national banks and Federal and state
savings associations, by a means
separate from this rulemaking process.
The threshold for small banks was
revised most recently in December 2021
and became effective January 1, 2022. 86
FR 71813 (Dec. 20, 2021). The current
CRA regulations provide that banks that,
as of December 31 of either of the prior
two calendar years, had assets of less
than $1.384 billion are small banks.
Small banks with assets of at least $346
million as of December 31 of both of the
prior two calendar years and less than
$1.384 billion as of December 31 of
either of the prior two calendar years are
intermediate small banks. 12 CFR
228.12(u)(1) and 345.12(u)(1). This joint
final rule revises these thresholds.
During the 12-month period ending
November 2022, the CPI–W increased
by 8.60 percent. As a result, the
Agencies are revising 12 CFR
228.12(u)(1) and 345.12(u)(1) to make
this annual adjustment. Beginning
January 1, 2023, banks that, as of
December 31 of either of the prior two
calendar years, had assets of less than
$1.503 billion are small banks. Small
banks with assets of at least $376
million as of December 31 of both of the
prior two calendar years and less than
$1.503 billion as of December 31 of
either of the prior two calendar years are
intermediate small banks. The Agencies
also publish current and historical assetsize thresholds on the website of the
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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17:41 Dec 22, 2022
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Federal Financial Institutions
Examination Council at https://
www.ffiec.gov/cra/.
Administrative Procedure Act and
Effective Date
Under 5 U.S.C. 553(b)(B) of the
Administrative Procedure Act (APA), an
agency may, for good cause, find (and
incorporate the finding and a brief
statement of reasons therefore in the
rules issued) that notice and public
procedure thereon are impracticable,
unnecessary, or contrary to the public
interest.
The amendments to the regulations to
adjust the asset-size thresholds for small
and intermediate small banks 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,
§§ 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
§§ 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. For this reason,
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, 2023. 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 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.
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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.
Riegle Community Development and
Regulatory Improvement Act of 1994
Section 302 of the Riegle Community
Development and Regulatory
Improvement Act of 1994 (RCDRIA) (12
U.S.C. 4802) requires that each Federal
banking agency, 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), consider, consistent
with principles 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.4 In
addition, new regulations and
amendments to regulations that impose
additional reporting, disclosures, or
other new requirements on IDIs
generally must 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.5
Because the final rule does not
impose additional reporting, disclosure,
or other requirements on IDIs, section
302 of RCDRIA does not apply.
Nevertheless, the requirements of
section 302 of RCDRIA, and the
administrative burdens and benefits of
the final rule, were considered as part
of the overall rulemaking process.
4 12
5 12
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U.S.C. 4802(a).
U.S.C. 4802(b).
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Federal Register / Vol. 87, No. 246 / Friday, December 23, 2022 / Rules and Regulations
Congressional Review Act
FDIC
For purposes of Congressional Review
Act, the 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—(A) an annual effect
on the economy of $100,000,000 or
more; (B) a major increase in costs or
prices for consumers, individual
industries, Federal, State, or local
government agencies or geographic
regions; or (C) 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 As required by the
Congressional Review Act, the FDIC
will submit the final rule and other
appropriate reports to Congress and the
Government Accountability Office for
review.
List of Subjects
12 CFR Part 228
Banks, Banking, Community
development, Credit, Federal Reserve
System, Investments, Reporting and
recordkeeping requirements.
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1. The authority citation for part 228
continues to read as follows:
Authority: 12 U.S.C. 321, 325, 1828(c),
1842, 1843, 1844, and 2901 et seq.
65
U.S.C. 801 et seq.
U.S.C. 801(a)(3).
8 5 U.S.C. 804(2).
*
*
*
*
(u) * * *
(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 $1.503 billion.
Intermediate small bank means a small
bank with assets of at least $376 million
as of December 31 of both of the prior
two calendar years and less than $1.503
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
common preamble, 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
3. 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).
Definitions.
*
*
*
*
*
(u) * * *
(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 $1.503 billion.
Intermediate small bank means a small
bank with assets of at least $376 million
as of December 31 of both of the prior
two calendar years and less than $1.503
billion as of December 31 of either of the
prior two calendar years.
*
*
*
*
*
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.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on December 15,
2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022–27922 Filed 12–22–22; 8:45 am]
75
17:41 Dec 22, 2022
*
§ 345.12
12 CFR Chapter II
For the reasons set forth in the
common preamble, 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:
■
Definitions.
4. Section 345.12 is amended by
revising paragraph (u)(1) to read as
follows:
Federal Reserve System
PART 228—COMMUNITY
REINVESTMENT (REGULATION BB)
§ 228.12
■
12 CFR Part 345
Banks, Banking, Community
development, Credit, Investments,
Reporting and recordkeeping
requirements.
VerDate Sep<11>2014
2. Section 228.12 is amended by
revising paragraph (u)(1) to read as
follows:
■
BILLING CODE 6210–01–P; 6714–01–P
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78831
BUREAU OF CONSUMER FINANCIAL
PROTECTION
12 CFR Part 1026
Truth in Lending (Regulation Z) Annual
Threshold Adjustments (Credit Cards,
HOEPA, and Qualified Mortgages)
Bureau of Consumer Financial
Protection.
ACTION: Final rule; official
interpretation.
AGENCY:
The Consumer Financial
Protection Bureau (Bureau) is issuing
this final rule amending the regulation
text and official interpretations for
Regulation Z, which implements the
Truth in Lending Act (TILA). The
Bureau calculates the dollar amounts for
several provisions in Regulation Z
annually; this final rule revises, as
applicable, the dollar amounts for
provisions implementing TILA and
amendments to TILA, including under
the Home Ownership and Equity
Protection Act of 1994 (HOEPA), and
the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Dodd-Frank
Act). The Bureau is adjusting these
amounts, where appropriate, based on
the annual percentage change reflected
in the Consumer Price Index (CPI) in
effect on June 1, 2022.
DATES: This final rule is effective
January 1, 2023.
FOR FURTHER INFORMATION CONTACT:
Thomas Dowell, Senior Counsel, Office
of Regulations, at (202) 435–7700. If you
require this document in an alternative
electronic format, please contact CFPB_
Accessibility@cfpb.gov.
SUPPLEMENTARY INFORMATION: The
Bureau is amending the regulation text
and official interpretations for
Regulation Z, which implements TILA,
to update the dollar amounts of various
thresholds that it must adjust annually
to reflect the annual percentage change
in the CPI as published by the Bureau
of Labor Statistics (BLS). Specifically,
for open-end consumer credit plans
under TILA, the threshold that triggers
requirements to disclose minimum
interest charges will remain unchanged
at $1.00 in 2023. For HOEPA loans, the
adjusted total loan amount threshold for
high-cost mortgages in 2023 will be
$24,866. The adjusted points-and-fees
dollar trigger for high-cost mortgages in
2023 will be $1,243. For qualified
mortgages (QMs) under the General QM
loan definition in § 1026.43(e)(2), the
thresholds for the spread between the
annual percentage rate (APR) and the
average prime offer rate (APOR) in 2023
will be: 2.25 or more percentage points
for a first-lien covered transaction with
SUMMARY:
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]]>Agencies
[Federal Register Volume 87, Number 246 (Friday, December 23, 2022)]
[Rules and Regulations]
[Pages 78829-78831]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-27922]
=======================================================================
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
12 CFR Part 228
[Regulation BB; Docket No. R-1795]
RIN 7100-AG 49
FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Part 345
RIN 3064-AF87
Community Reinvestment Act Regulations Asset-Size Thresholds
AGENCY: Board of Governors of the Federal Reserve System (Board);
Federal Deposit Insurance Corporation (FDIC).
ACTION: Joint final rule; technical amendment.
-----------------------------------------------------------------------
SUMMARY: 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'' and
``intermediate small bank.'' 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).
DATES: Effective January 1, 2023.
FOR FURTHER INFORMATION CONTACT:
Board: Amal S. Patel, Counsel, (202) 912-7879, Division of Consumer
and Community Affairs; or Gavin L. Smith, Senior Counsel, (202) 452-
3474, or Cody M. Gaffney, Attorney, (202) 452-2674, Legal Division,
Board of Governors of the Federal Reserve System, 20th Street and
Constitution Avenue NW, Washington, DC 20551. For the hearing impaired
and users of Telecommunications Device for the Deaf (TDD) and TTY-TRS,
please call 711 from any telephone, anywhere in the United States.
FDIC: Patience R. Singleton, Senior Policy Analyst, Supervisory
Policy Branch, Division of Depositor and Consumer Protection, (202)
898-6859, [email protected]; or Richard M. Schwartz, Counsel, Legal
Division, (202) 898-7424, [email protected], 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. The CRA regulations define
small and intermediate small banks 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 228.12(u)(2) and 345.12(u)(2). This adjustment
formula was first adopted for CRA purposes by the Board, the Office of
the Comptroller of the Currency (OCC), and the FDIC on August 2, 2005,
effective September 1, 2005. 70 FR 44256 (Aug. 2, 2005). At that time,
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
[[Page 78830]]
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\
---------------------------------------------------------------------------
\1\ Public Law 111-203, 124 Stat. 1376 (2010).
\2\ See OCC interim final rule, 76 FR 48950 (Aug. 9, 2011).
\3\ See Board interim final rule, 76 FR 56508 (Sept. 13, 2011).
---------------------------------------------------------------------------
The OCC has determined that it will adjust the asset-size criteria
for institutions that are subject to OCC-issued CRA regulations,
including national banks and Federal and state savings associations, by
a means separate from this rulemaking process.
The threshold for small banks was revised most recently in December
2021 and became effective January 1, 2022. 86 FR 71813 (Dec. 20, 2021).
The current CRA regulations provide that banks that, as of December 31
of either of the prior two calendar years, had assets of less than
$1.384 billion are small banks. Small banks with assets of at least
$346 million as of December 31 of both of the prior two calendar years
and less than $1.384 billion as of December 31 of either of the prior
two calendar years are intermediate small banks. 12 CFR 228.12(u)(1)
and 345.12(u)(1). This joint final rule revises these thresholds.
During the 12-month period ending November 2022, the CPI-W
increased by 8.60 percent. As a result, the Agencies are revising 12
CFR 228.12(u)(1) and 345.12(u)(1) to make this annual adjustment.
Beginning January 1, 2023, banks that, as of December 31 of either of
the prior two calendar years, had assets of less than $1.503 billion
are small banks. Small banks with assets of at least $376 million as of
December 31 of both of the prior two calendar years and less than
$1.503 billion as of December 31 of either of the prior two calendar
years are intermediate small banks. The Agencies also publish current
and historical asset-size thresholds on the website of the Federal
Financial Institutions Examination Council at https://www.ffiec.gov/cra/.
Administrative Procedure Act and Effective Date
Under 5 U.S.C. 553(b)(B) of the Administrative Procedure Act (APA),
an agency may, for good cause, find (and incorporate the finding and a
brief statement of reasons therefore in the rules issued) that notice
and public procedure thereon are impracticable, unnecessary, or
contrary to the public interest.
The amendments to the regulations to adjust the asset-size
thresholds for small and intermediate small banks 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. 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. 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. For
this reason, 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, 2023.
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.
Riegle Community Development and Regulatory Improvement Act of 1994
Section 302 of the Riegle Community Development and Regulatory
Improvement Act of 1994 (RCDRIA) (12 U.S.C. 4802) requires that each
Federal banking agency, 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), consider, consistent with principles 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.\4\ In
addition, new regulations and amendments to regulations that impose
additional reporting, disclosures, or other new requirements on IDIs
generally must 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.\5\
---------------------------------------------------------------------------
\4\ 12 U.S.C. 4802(a).
\5\ 12 U.S.C. 4802(b).
---------------------------------------------------------------------------
Because the final rule does not impose additional reporting,
disclosure, or other requirements on IDIs, section 302 of RCDRIA does
not apply. Nevertheless, the requirements of section 302 of RCDRIA, and
the administrative burdens and benefits of the final rule, were
considered as part of the overall rulemaking process.
[[Page 78831]]
Congressional Review Act
FDIC
For purposes of Congressional Review Act, the 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--(A)
an annual effect on the economy of $100,000,000 or more; (B) a major
increase in costs or prices for consumers, individual industries,
Federal, State, or local government agencies or geographic regions; or
(C) 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\ As required by the Congressional Review Act, the
FDIC will submit the final rule and other appropriate reports to
Congress and the Government Accountability Office for review.
---------------------------------------------------------------------------
\8\ 5 U.S.C. 804(2).
---------------------------------------------------------------------------
List of Subjects
12 CFR Part 228
Banks, Banking, Community development, Credit, Federal Reserve
System, Investments, Reporting and recordkeeping requirements.
12 CFR Part 345
Banks, Banking, Community development, Credit, Investments,
Reporting and recordkeeping requirements.
Federal Reserve System
12 CFR Chapter II
For the reasons set forth in the common preamble, 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
1. The authority citation for part 228 continues to read as follows:
Authority: 12 U.S.C. 321, 325, 1828(c), 1842, 1843, 1844, and
2901 et seq.
0
2. Section 228.12 is amended by revising paragraph (u)(1) to read as
follows:
Sec. 228.12 Definitions.
* * * * *
(u) * * *
(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 $1.503
billion. Intermediate small bank means a small bank with assets of at
least $376 million as of December 31 of both of the prior two calendar
years and less than $1.503 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 common preamble, 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
3. 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
4. Section 345.12 is amended by revising paragraph (u)(1) to read as
follows:
Sec. 345.12 Definitions.
* * * * *
(u) * * *
(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 $1.503
billion. Intermediate small bank means a small bank with assets of at
least $376 million as of December 31 of both of the prior two calendar
years and less than $1.503 billion as of December 31 of either of the
prior two calendar years.
* * * * *
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.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on December 15, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-27922 Filed 12-22-22; 8:45 am]
BILLING CODE 6210-01-P; 6714-01-P
