Community Reinvestment Act Regulations Asset-Size Thresholds, 106480-106481 [2024-30849]

Download as PDF 106480 Federal Register / Vol. 89, No. 249 / Monday, December 30, 2024 / Notices The news release is available on the FASAB website at https://www.fasab.gov/news-releases/. Copies can be obtained by contacting FASAB at (202) 512–7350. FOR FURTHER INFORMATION CONTACT: Ms. Monica R. Valentine, Executive Director, 441 G Street NW, Suite 1155, Washington, DC 20548, or call (202) 512–7350. Authority: 31 U.S.C. 3511(d); Federal Advisory Committee Act, 5 U.S.C. 1001–1014. ADDRESSES: Dated: December 20, 2024. Monica R. Valentine, Executive Director. [FR Doc. 2024–31253 Filed 12–27–24; 8:45 am] BILLING CODE 1610–02–P FEDERAL COMMUNICATIONS COMMISSION [OMB 3060–1328; FR ID 270090] Information Collection Being Reviewed by the Federal Communications Commission Federal Communications Commission. ACTION: Notice and request for comments. AGENCY: As part of its continuing effort to reduce paperwork burdens, and as required by the Paperwork Reduction Act (PRA) of 1995, the Federal Communications Commission (FCC or the Commission) invites the general public and other Federal agencies to take this opportunity to comment on the following information collection. Comments are requested concerning: whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; the accuracy of the Commission’s burden estimate; ways to enhance the quality, utility, and clarity of the information collected; ways to minimize the burden of the collection of information on the respondents, including the use of automated collection techniques or other forms of information technology; and ways to further reduce the information collection burden on small business concerns with fewer than 25 employees. DATES: Written PRA comments should be submitted on or before February 28, 2025. If you anticipate that you will be submitting comments, but find it difficult to do so within the period of time allowed by this notice, you should advise the contact listed below as soon as possible. ddrumheller on DSK120RN23PROD with NOTICES1 SUMMARY: VerDate Sep<11>2014 23:58 Dec 27, 2024 Jkt 265001 Direct all PRA comments to Nicole Ongele, FCC, via email PRA@ fcc.gov and to nicole.ongele@fcc.gov. FOR FURTHER INFORMATION CONTACT: For additional information about the information collection, contact Nicole Ongele, (202) 418–2991. SUPPLEMENTARY INFORMATION: The FCC may not conduct or sponsor a collection of information unless it displays a currently valid control number. No person shall be subject to any penalty for failing to comply with a collection of information subject to the PRA that does not display a valid Office of Management and Budget (OMB) control number. OMB Control Number: 3060–1328. Title: Participation Information Collection for the IoT Labeling Program. Form Number: N/A. Type of Review: Revision of a currently approved collection. Respondents: Business or other forprofit; Not-for-profit institutions. Number of Respondents and Responses: 332 respondents; 3,150 responses. Estimated Time per Response: 20 hours. Frequency of Response: One-time and on occasion reporting requirements; recordkeeping requirements. Obligation to Respond: Voluntary. Statutory authority for this collection is contained in 1, 2, 4(i), 4(n), 302, 303(r), 312, 333, and 503, of the Communications Act of 1934, as amended, 47 U.S.C. 151, 152, 154(i), 154(n), 302a, 303(r), 312, 333, 503; the IoT Cybersecurity Improvement Act of 2020, 15 U.S.C. 278g–3a to 278g–3e. Total Annual Burden: 43,100 hours. Total Annual Cost: No Cost. Needs and Uses: The Commission seeks to revise this collection to reflect changes to these rules adopted by the Commission in a Public Notice on September 10, 2024 (opening an application filing window and adopting for Cybersecurity Label Administrator (CLA) and Lead Administrator). The FCC’s consumer IoT cybersecurity labeling program will provide consumers with easily understood, accessible information on the relative security of a consumer IoT product they are considering for purchase, which will increase the security of devices consumers bring into their homes and as part of a national IoT ecosystem. CLAs will be authorized by the Commission to certify use of the FCC IoT Label, which includes the U.S. government certification mark (U.S. Cyber Trust Mark), by manufacturers whose products are found to be in compliance with the Commission’s IoT ADDRESSES: PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 cybersecurity labeling program rules. The September 2024 Public Notice adopted rules for the CLAs and the Lead Administrator to reduce the risk of unauthorized access, use, disclosure, disruption, modification, or destruction of program data. Under this collection, each CLA will be required to create, update, and implement a cybersecurity risk management plan identifying the cyber risks that the entity faces, the controls used to mitigate those risks, and the steps taken to ensure that these controls are applied effectively to their operations. The plan must also describe how the CLA employs its organizational resources and processes to ensure the confidentiality, integrity, and availability of its information and information systems. The CLA’s cybersecurity risk management plan must be available to the Commission upon request. Federal Communications Commission. Marlene Dortch, Secretary. Office of the Secretary. [FR Doc. 2024–31013 Filed 12–27–24; 8:45 am] BILLING CODE 6712–01–P FEDERAL RESERVE SYSTEM FEDERAL DEPOSIT INSURANCE CORPORATION Community Reinvestment Act Regulations Asset-Size Thresholds Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC). ACTION: Announcement of 2025 assetsize thresholds. AGENCY: Under their Community Reinvestment Act (CRA) regulations, the Board and the FDIC (collectively, the Agencies) annually 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 amounts is based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). Applying this annual inflation adjustment methodology, the Agencies are announcing that, from January 1, 2025, through December 31, 2025, ‘‘small bank’’ will mean a bank that, as of December 31 of either of the prior two calendar years, had assets of less than $1.609 billion; and ‘‘intermediate small bank’’ will mean a small bank with assets of at least $402 million as of December 31 of both of the prior two calendar years and less than $1.609 billion as of December 31 of either of the prior two calendar years. SUMMARY: E:\FR\FM\30DEN1.SGM 30DEN1 Federal Register / Vol. 89, No. 249 / Monday, December 30, 2024 / Notices These asset-size thresholds are in effect from January 1, 2025, through December 31, 2025. FOR FURTHER INFORMATION CONTACT: Board: Amal S. Patel, Senior Counsel, Division of Consumer and Community Affairs; or Sumeet Shroff, Counsel, or Cody Gaffney, Counsel, Legal Division, Board of Governors of the Federal Reserve System at (202) 452–2412. 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; Cassandra Duhaney, Counsel, (202) 898–6804, cduhaney@fdic.gov; or Alys V. Brown, Senior Attorney, (202), 898–3565, alybrown@fdic.gov, Legal Division, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429. SUPPLEMENTARY INFORMATION: DATES: ddrumheller on DSK120RN23PROD with NOTICES1 Community Reinvestment Act AssetSize Thresholds Under the current CRA regulations,1 ‘‘small bank’’ means a bank that, as of December 31 of either of the prior two calendar years, had assets of less than $1.564 billion; and ‘‘intermediate small bank’’ means a small bank with assets of at least $391 million as of December 31 of both of the prior two calendar years and less than $1.564 billion as of December 31 of either of the prior two calendar years.2 Pursuant to the annual inflation adjustment methodology described below, the Agencies are announcing that from January 1, 2025, through December 31, 2025, ‘‘small bank’’ will mean a bank that, as of December 31 of either of the prior two calendar years, had assets of less than $1.609 billion; and ‘‘intermediate small bank’’ will mean a small bank with assets of at least $402 million as of 1 In October 2023, the Agencies and the Office of the Comptroller of the Currency (OCC) jointly issued a final rule to strengthen and modernize their Community Reinvestment Act regulations. See 89 FR 6574 (Feb. 1, 2024). Although the final rule was intended to take effect on April 1, 2024, the final rule has been challenged in litigation, and the final rule is currently enjoined. As such, the legacy CRA regulations (referred to in this notice as the ‘‘current CRA regulations’’) remain in effect. The text of the current CRA regulations may be found: (i) in the 2022, 2023, or 2024 bound versions of title 12 of the Code of Federal Regulations; (ii) in the historical version of the Electronic Code of Federal Regulations (eCFR) as of March 29, 2024; or (iii) in appendix G of the final rule, as published in the eCFR on February 1, 2024. 2 See 12 CFR 228.12(u)(1) and 345.12(u)(1) of the current CRA regulations. VerDate Sep<11>2014 23:58 Dec 27, 2024 Jkt 265001 December 31 of both of the prior two calendar years and less than $1.609 billion as of December 31 of either of the prior two calendar years.3 Calculation Methodology The Agencies’ CRA regulations establish CRA performance standards for small banks 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.4 This adjustment formula was first adopted for CRA purposes by the Agencies and the OCC in 2005.5 During the 12-month period ending November 2024, the CPI–W increased by 2.91 percent. Because the year-toyear change in the CPI–W was non-zero, the Agencies are making this annual adjustment. Beginning January 1, 2025, banks that, as of December 31 of either of the prior two calendar years, had assets of less than $1.609 billion are small banks. Small banks with assets of at least $402 million as of December 31 of both of the prior two calendar years and less than $1.609 billion as of December 31 of either of the prior two calendar years are intermediate small banks. The Agencies publish current and historical asset-size thresholds on the 3 Historically, the Agencies have announced these annual inflation adjustments via rulemakings that amend the ‘‘small bank’’ and ‘‘intermediate small bank’’ definitions in their CRA regulations. See, e.g., 88 FR 87895 (Dec. 20, 2023) (implementing annual inflation adjustments for 2024). However, because the eCFR has been updated to reflect the text of the October 2023 final rule, and because the October 2023 final rule is currently enjoined, the Agencies have determined that this document (rather than a rulemaking) is the best vehicle for announcing the annual inflation adjustments for 2025. Once the litigation is resolved, the Agencies expect to resume their historical practice of announcing these annual inflation adjustments via rulemakings. The OCC adjusts the asset-size criteria for institutions that are subject to OCC-issued CRA regulations, including national banks and Federal and State savings associations, separately from the Agencies. 4 See 12 CFR 228.12(u)(2) and 345.12(u)(2) of the current CRA regulations. 5 See 70 FR 44256 (Aug. 2, 2005). Subsequently, the Office of Thrift Supervision (OTS), the agency then responsible for regulating savings associations, adopted an annual inflation adjustment methodology consistent with that of the Agencies and the OCC for its CRA regulations, previously set forth at 12 CFR part 563e. See 72 FR 13429 (Mar. 22, 2007). The Dodd-Frank Wall Street Reform and Consumer Protection Act transferred CRA rulemaking authority for Federal and State savings associations from the OTC to the OCC. See 12 U.S.C. 5412. PO 00000 Frm 00076 Fmt 4703 Sfmt 4703 106481 website of the Federal Financial Institutions Examination Council.6 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, 2024. James P. Sheesley, Assistant Executive Secretary. [FR Doc. 2024–30849 Filed 12–27–24; 8:45 am] BILLING CODE 6210–01–P; 6714–01–P FEDERAL MARITIME COMMISSION Notice of Agreements Filed The Commission hereby gives notice of filing of the following agreement under the Shipping Act of 1984. Interested parties may submit comments, relevant information, or documents regarding the agreement to the Secretary by email at Secretary@ fmc.gov, or by mail, Federal Maritime Commission, 800 North Capitol Street, Washington, DC 20573. Comments will be most helpful to the Commission if received within 12 days of the date this notice appears in the Federal Register, and the Commission requests that comments be submitted within 7 days on agreements that request expedited review. Copies of agreement are available through the Commission’s website (www.fmc.gov) or by contacting the Office of Agreements at (202)–523– 5793 or tradeanalysis@fmc.gov. Agreement No.: 201438. Agreement Name: Maesk/HL Mediterranean Vessel Sharing Agreement. Parties: Maersk A/S; Hapag-Lloyd AG. Filing Party: Wayne Rohde, Cozen O’Connor. Synopsis: The Agreement authorizes the Parties to share vessels in the trades between the U.S. East Coast on the one hand and ports in Turkey, Italy, and Morocco on the other hand. Proposed Effective Date: 1/27/2025. Location: https://www2.fmc.gov/ FMC.Agreements.Web/Public/ AgreementHistory/87583. Agreement No.: 201439. Agreement Name: Hapag-Lloyd/ZIM Med-North America/Jamaica Slot Exchange and Slot Charter Agreement. Parties: Hapag Lloyd AG; ZIM Integrated Shipping Services Ltd. 6 See https://www.ffiec.gov/cra/examinations.htm (‘‘Current and Historical Asset-Size Thresholds and Examples’’). E:\FR\FM\30DEN1.SGM 30DEN1

Agencies

[Federal Register Volume 89, Number 249 (Monday, December 30, 2024)]
[Notices]
[Pages 106480-106481]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-30849]


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FEDERAL RESERVE SYSTEM

FEDERAL DEPOSIT INSURANCE CORPORATION


Community Reinvestment Act Regulations Asset-Size Thresholds

AGENCY: Board of Governors of the Federal Reserve System (Board); 
Federal Deposit Insurance Corporation (FDIC).

ACTION: Announcement of 2025 asset-size thresholds.

-----------------------------------------------------------------------

SUMMARY: Under their Community Reinvestment Act (CRA) regulations, the 
Board and the FDIC (collectively, the Agencies) annually 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 amounts is based on the annual percentage change in the 
Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-
W). Applying this annual inflation adjustment methodology, the Agencies 
are announcing that, from January 1, 2025, through December 31, 2025, 
``small bank'' will mean a bank that, as of December 31 of either of 
the prior two calendar years, had assets of less than $1.609 billion; 
and ``intermediate small bank'' will mean a small bank with assets of 
at least $402 million as of December 31 of both of the prior two 
calendar years and less than $1.609 billion as of December 31 of either 
of the prior two calendar years.

[[Page 106481]]


DATES: These asset-size thresholds are in effect from January 1, 2025, 
through December 31, 2025.

FOR FURTHER INFORMATION CONTACT: 
    Board: Amal S. Patel, Senior Counsel, Division of Consumer and 
Community Affairs; or Sumeet Shroff, Counsel, or Cody Gaffney, Counsel, 
Legal Division, Board of Governors of the Federal Reserve System at 
(202) 452-2412. 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]; Cassandra Duhaney, Counsel, (202) 898-
6804, [email protected]; or Alys V. Brown, Senior Attorney, (202), 898-
3565, [email protected], Legal Division, Federal Deposit Insurance 
Corporation, 550 17th Street NW, Washington, DC 20429.

SUPPLEMENTARY INFORMATION:

Community Reinvestment Act Asset-Size Thresholds

    Under the current CRA regulations,\1\ ``small bank'' means a bank 
that, as of December 31 of either of the prior two calendar years, had 
assets of less than $1.564 billion; and ``intermediate small bank'' 
means a small bank with assets of at least $391 million as of December 
31 of both of the prior two calendar years and less than $1.564 billion 
as of December 31 of either of the prior two calendar years.\2\ 
Pursuant to the annual inflation adjustment methodology described 
below, the Agencies are announcing that from January 1, 2025, through 
December 31, 2025, ``small bank'' will mean a bank that, as of December 
31 of either of the prior two calendar years, had assets of less than 
$1.609 billion; and ``intermediate small bank'' will mean a small bank 
with assets of at least $402 million as of December 31 of both of the 
prior two calendar years and less than $1.609 billion as of December 31 
of either of the prior two calendar years.\3\
---------------------------------------------------------------------------

    \1\ In October 2023, the Agencies and the Office of the 
Comptroller of the Currency (OCC) jointly issued a final rule to 
strengthen and modernize their Community Reinvestment Act 
regulations. See 89 FR 6574 (Feb. 1, 2024). Although the final rule 
was intended to take effect on April 1, 2024, the final rule has 
been challenged in litigation, and the final rule is currently 
enjoined. As such, the legacy CRA regulations (referred to in this 
notice as the ``current CRA regulations'') remain in effect. The 
text of the current CRA regulations may be found: (i) in the 2022, 
2023, or 2024 bound versions of title 12 of the Code of Federal 
Regulations; (ii) in the historical version of the Electronic Code 
of Federal Regulations (eCFR) as of March 29, 2024; or (iii) in 
appendix G of the final rule, as published in the eCFR on February 
1, 2024.
    \2\ See 12 CFR 228.12(u)(1) and 345.12(u)(1) of the current CRA 
regulations.
    \3\ Historically, the Agencies have announced these annual 
inflation adjustments via rulemakings that amend the ``small bank'' 
and ``intermediate small bank'' definitions in their CRA 
regulations. See, e.g., 88 FR 87895 (Dec. 20, 2023) (implementing 
annual inflation adjustments for 2024). However, because the eCFR 
has been updated to reflect the text of the October 2023 final rule, 
and because the October 2023 final rule is currently enjoined, the 
Agencies have determined that this document (rather than a 
rulemaking) is the best vehicle for announcing the annual inflation 
adjustments for 2025. Once the litigation is resolved, the Agencies 
expect to resume their historical practice of announcing these 
annual inflation adjustments via rulemakings. The OCC adjusts the 
asset-size criteria for institutions that are subject to OCC-issued 
CRA regulations, including national banks and Federal and State 
savings associations, separately from the Agencies.
---------------------------------------------------------------------------

Calculation Methodology

    The Agencies' CRA regulations establish CRA performance standards 
for small banks 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.\4\ This adjustment formula was first adopted for 
CRA purposes by the Agencies and the OCC in 2005.\5\
---------------------------------------------------------------------------

    \4\ See 12 CFR 228.12(u)(2) and 345.12(u)(2) of the current CRA 
regulations.
    \5\ See 70 FR 44256 (Aug. 2, 2005). Subsequently, the Office of 
Thrift Supervision (OTS), the agency then responsible for regulating 
savings associations, adopted an annual inflation adjustment 
methodology consistent with that of the Agencies and the OCC for its 
CRA regulations, previously set forth at 12 CFR part 563e. See 72 FR 
13429 (Mar. 22, 2007). The Dodd-Frank Wall Street Reform and 
Consumer Protection Act transferred CRA rulemaking authority for 
Federal and State savings associations from the OTC to the OCC. See 
12 U.S.C. 5412.
---------------------------------------------------------------------------

    During the 12-month period ending November 2024, the CPI-W 
increased by 2.91 percent. Because the year-to-year change in the CPI-W 
was non-zero, the Agencies are making this annual adjustment. Beginning 
January 1, 2025, banks that, as of December 31 of either of the prior 
two calendar years, had assets of less than $1.609 billion are small 
banks. Small banks with assets of at least $402 million as of December 
31 of both of the prior two calendar years and less than $1.609 billion 
as of December 31 of either of the prior two calendar years are 
intermediate small banks.
    The Agencies publish current and historical asset-size thresholds 
on the website of the Federal Financial Institutions Examination 
Council.\6\
---------------------------------------------------------------------------

    \6\ See https://www.ffiec.gov/cra/examinations.htm (``Current 
and Historical Asset-Size Thresholds and Examples'').
---------------------------------------------------------------------------

    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, 2024.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2024-30849 Filed 12-27-24; 8:45 am]
BILLING CODE 6210-01-P; 6714-01-P


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