Community Reinvestment Act Regulations Asset-Size Thresholds
Joint final rule; technical amendment.
CFR Part: "12 CFR Part 228"; "12 CFR Part 345"
RIN Number: "RIN 7100-AG 49"; "RIN 3064-AF87"
Citation: "87 FR 78829"
Document Number: "Regulation BB; Docket No. R-1795"
Page Number: "78829"
"Rules and Regulations"
Agency: "
SUMMARY: The Board and the
DATES:
Effective
FOR FURTHER INFORMATION CONTACT:
Board:
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
Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), /1/ effective
FOOTNOTE 1 Public Law 111-203, 124 Stat. 1376 (2010). END FOOTNOTE
FOOTNOTE 2 See OCC interim final rule, 76 FR 48950 (
FOOTNOTE 3 See Board interim final rule, 76 FR 56508 (
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
During the 12-month period ending
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 (
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
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
Section 302 of the
FOOTNOTE 4 12 U.S.C. 4802(a). END FOOTNOTE
FOOTNOTE 5 12 U.S.C. 4802(b). END FOOTNOTE
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.
Congressional Review Act
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/
FOOTNOTE 6 5 U.S.C.
FOOTNOTE 7 5 U.S.C. 801(a)(3). END FOOTNOTE
The Congressional Review Act defines a "major rule" as any rule that the Administrator of the
FOOTNOTE 8 5 U.S.C. 804(2). END FOOTNOTE
List of Subjects
12 CFR Part 228
Banks, Banking, Community development, Credit,
12 CFR Part 345
Banks, Banking, Community development, Credit, Investments, Reporting and recordkeeping requirements.
12 CFR Chapter II For the reasons set forth in the common preamble, the
PART 228--COMMUNITY REINVESTMENT (REGULATION BB)
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
2. Section 228.12 is amended by revising paragraph (u)(1) to read as follows:
*****
(u) * * *
(1) Definition. Small bank means a bank that, as of
*****
12 CFR Chapter III
Authority and Issuance
For the reasons set forth in the common preamble, the
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).
4. Section 345.12 is amended by revising paragraph (u)(1) to read as follows:
*****
(u) * * *
(1) Definition. Small bank means a bank that, as of
*****
By order of the
Secretary of the Board.
Dated at
Assistant Executive Secretary.
[FR Doc. 2022-27922 Filed 12-22-22;
BILLING CODE 6210-01-P; 6714-01-P
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