This section of the FEDERAL REGISTER

contains regulatory documents having general

applicability and legal effect, most of which

are keyed to and codified in the Code of

Federal Regulations, which is published under

50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by

the Superintendent of Documents.

Rules and Regulations Federal Register

83747 

Vol. 85, No. 247 

Wednesday, December 23, 2020 

1Public Law 111–203, 124 Stat. 1376 (2010). 

2See OCC interim final rule, 76 FR 48950 (Aug. 

9, 2011). 

3See Board interim final rule, 76 FR 56508 (Sept. 

13, 2011). 

4 85 FR 34734 (June 5, 2020). The final rule is 

effective October 1, 2020. Institutions subject to the 

final rule must comply with its provisions by 

October 1, 2020, January 1, 2023, or January 1, 

2024, as applicable. Id. at 34784. 

FEDERAL RESERVE SYSTEM 

12 CFR Part 228 

[Regulation BB; Docket No. R–1735] 

RIN 7100–AG05 

FEDERAL DEPOSIT INSURANCE 

CORPORATION 

12 CFR Part 345 

RIN 3064–AF68 

Community Reinvestment Act 

Regulations 

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 Date: January 1, 2021. 

FOR FURTHER INFORMATION CONTACT: 

Board: Amal S. Patel, Counsel, (202) 

912–7879, or Cathy Gates, Senior Project 

Manager, (202) 452–2099, Division of 

Consumer and Community Affairs; or 

Gavin L. Smith, Senior Counsel, (202) 

452–3474, Legal Division, Board of 

Governors of the Federal Reserve 

System, 20th Street and Constitution 

Avenue NW, Washington, DC 20551. 

For users of Telecommunications 

Device for the Deaf (TDD) contact (202) 

263–4869. 

FDIC: Patience R. Singleton, Senior 

Policy Analyst, Supervisory Policy 

Branch, Division of Depositor and 

Consumer Protection, (202) 898–6859; 

or Richard M. Schwartz, Counsel, Legal 

Division, (202) 898–7424, 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 

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 

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

On May 20, 2020, the OCC issued a 

CRA final rule establishing a revised 

CRA regulatory framework 4 and has 

determined that it will adjust the assetsize 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 2019 

and became effective January 1, 2020. 84 

FR 71738 (Dec. 30, 2019). 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 $1.305 billion are small banks. 

Small banks with assets of at least $326 

million as of December 31 of both of the 

prior two calendar years and less than 

$1.305 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 2020, the CPI–W increased 

by 1.29 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, 2021, banks that, as of 

December 31 of either of the prior two 

calendar years, had assets of less than 

$1.322 billion are small banks. Small 

banks with assets of at least $330 

million as of December 31 of both of the 

prior two calendar years and less than 

$1.322 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 

Federal Financial Institutions 

Examination Council at http://

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 


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83748 Federal Register / Vol. 85, No. 247 / Wednesday, December 23, 2020 / Rules and Regulations 

5 12 U.S.C 4802(a). 

6 12 U.S.C 4802(b). 

7 5 U.S.C. 801 et seq. 

8 5 U.S.C. 801(a)(3). 

9 5 U.S.C. 804(2). 

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, 2021. 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.5 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.6

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 

FDIC 

For purposes of Congressional Review 

Act, the OMB makes a determination as 

to whether a final rule constitutes a 

‘‘major’’ rule.7 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.8

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.9 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, 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) 

■ 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. 

■ 2. Section 228.12 is amended by 

revising paragraph (u)(1) to read as 

follows: 

§ 228.12 Definitions. 

* * * * * 

(u) * * * (1) Definition. Small bank 

means a bank that, as of December 31 

of either of the prior two calendar years, 


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Federal Register / Vol. 85, No. 247 / Wednesday, December 23, 2020 / Rules and Regulations 83749 

1 15 U.S.C. 1681g. 

2 15 U.S.C. 1681j(a). 

had assets of less than $1.322 billion. 

Intermediate small bank means a small 

bank with assets of at least $330 billion 

as of December 31 of both of the prior 

two calendar years and less than $1.322 

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 Board of 

Directors of 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). 

■ 4. Section 345.12 is amended by 

revising paragraph (u)(1) to read as 

follows: 

§ 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 $1.322 billion. 

Intermediate small bank means a small 

bank with assets of at least $330 million 

as of December 31 of both of the prior 

two calendar years and less than $1.322 

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. 

By order of the Board of Directors. 

Dated at Washington, DC, on December 15, 

2020. 

James P. Sheesley, 

Assistant Executive Secretary. 

[FR Doc. 2020–28116 Filed 12–22–20; 8:45 am] 

BILLING CODE 6210–01–P; 4810–33–P; 6714–01–P 

FARM CREDIT ADMINISTRATION 

12 CFR Part 615 

RIN 3052–AD35 

Organization; Funding and Fiscal 

Affairs, Loan Policies and Operations, 

and Funding Operations; Investment 

Eligibility 

AGENCY: Farm Credit Administration. 

ACTION: Notification of effective date. 

SUMMARY: The Farm Credit 

Administration (FCA or we) issued a 

final rule that amends its investment 

regulations to authorize Farm Credit 

System (FCS or System) associations to 

purchase in the secondary market and 

hold as investments, portions of loans 

that non-FCS lenders originate, and that 

the United States Department of 

Agriculture (USDA) fully and 

unconditionally guarantees or insures as 

to the timely payment of principal and 

interest. In accordance with statute, the 

effective date of the final rule is no 

earlier than 30 days from the date of 

publication in the Federal Register 

during which either or both House of 

Congress are in session. 

DATES: The final rule regulation 

amending 12 CFR part 615 published on 

October 6, 2020 (85 FR 62945), and 

corrected on November 6, 2020 (85 FR 

62949), is effective as of December 23, 

2020. 

FOR FURTHER INFORMATION CONTACT: 

Technical information: David J. 

Lewandrowski, Senior Policy Analyst, 

Finance & Capital Market Team, Office 

of Regulatory Policy, (703) 883–4414, 

TTY (703) 883–4056, lewandrowskid@

fca.gov. 

Legal information: Richard A. Katz, 

Senior Counsel, Office of General 

Counsel, (703) 883–4020, TTY (703) 

883–4056, katzr@fca.gov. 

SUPPLEMENTARY INFORMATION: On August 

13, 2020, the FCA issued a final rule 

that amended § 615.5140(b) so FCS 

associations are authorized to purchase 

in the secondary market and hold as 

investments, portions of loans that nonSystem lenders originate, and the USDA 

fully and unconditionally guarantees as 

to the payment of principal and interest. 

The final rule was published in the 

Federal Register on October 6, 2020. 

In accordance with 12 U.S.C. 

2252(c)(1), the effective date of the final 

rule is no earlier than 30 days from the 

date of publication in the Federal 

Register during which either or both 

Houses of Congress are in session. Based 

on the records of the sessions of 

Congress, the effective date of the 

regulation is December 23, 2020. 

Dated: December 7, 2020. 

Dale Aultman, 

Secretary, Farm Credit Administration Board. 

[FR Doc. 2020–27144 Filed 12–22–20; 8:45 am] 

BILLING CODE 6705–01–P 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

12 CFR Part 1022 

Fair Credit Reporting Act Disclosures 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Final rule; official 

interpretation. 

SUMMARY: The Bureau of Consumer 

Financial Protection (Bureau) is issuing 

this final rule amending an appendix for 

Regulation V, which implements the 

Fair Credit Reporting Act (FCRA). The 

Bureau is required to calculate annually 

the dollar amount of the maximum 

allowable charge for disclosures by a 

consumer reporting agency to a 

consumer pursuant to FCRA section 

609; this final rule establishes the 

maximum allowable charge for the 2021 

calendar year. 

DATES: This final rule is effective 

January 1, 2021. 

FOR FURTHER INFORMATION CONTACT: 

Willie Williams, Paralegal Specialist; 

Rachel Ross, Attorney-Advisor; 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 appendix O for 

Regulation V, which implements the 

FCRA, to establish the maximum 

allowable charge for disclosures by a 

consumer reporting agency to a 

consumer for 2021. The maximum 

allowable charge will be $13.00 for 

2021. 

I. Background 

Under section 609 of the FCRA, a 

consumer reporting agency must, upon 

a consumer’s request, disclose to the 

consumer information in the consumer’s 

file.1 Section 612(a) of the FCRA gives 

consumers the right to a free file 

disclosure upon request once every 12 

months from the nationwide consumer 

reporting agencies and nationwide 

specialty consumer reporting agencies.2

Section 612 of the FCRA also gives 

consumers the right to a free file 

disclosure under certain other, specified 


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