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