[Federal Register Volume 86, Number 5 (Friday, January 8, 2021)]
[Rules and Regulations]
[Pages 1254-1255]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-00101]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

12 CFR Part 5

[Docket No. OCC-2019-0024]
RIN 1557-AE71


Licensing Amendments: Technical Correction

AGENCY: Office of the Comptroller of the Currency, Treasury (OCC).

ACTION: Final rule; correction.

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SUMMARY: On December 11, 2020, the Office of the Comptroller of the 
Currency (OCC) published in the Federal Register a final rule that 
revises its regulations relating to policies and procedures for 
corporate activities and transactions involving national banks and 
Federal savings associations to update and clarify the policies and 
procedures, eliminate unnecessary requirements consistent with safety 
and soundness, and make other technical and conforming changes. This 
correcting amendment supplements the Effective Date discussion in the 
SUPPLEMENTARY INFORMATION section of the final rule as it appeared in 
the Federal Register. It also makes three technical changes to the 
regulatory text of the final rule that appeared in the Federal Register 
to correct typographical errors.

DATES: This correction is effective January 11, 2021.

FOR FURTHER INFORMATION CONTACT: Heidi M. Thomas, Special Counsel, 
Chief Counsel's Office, (202) 649-5490, Office of the Comptroller of 
the Currency, 400 7th Street SW, Washington, DC 20219.

SUPPLEMENTARY INFORMATION:

I. Background and Description of Correcting Amendment

    On December 11, 2020, the OCC published in the Federal Register a 
final rule that revises its regulations relating to policies and 
procedures for corporate activities and transactions involving national 
banks and Federal savings associations to update and clarify the 
policies and procedures, eliminate unnecessary requirements consistent 
with safety and soundness, and make other technical and conforming 
changes.\1\ This correcting amendment adds a paragraph to the Effective 
Date discussion in the SUPPLEMENTARY INFORMATION section of the final 
rule that was inadvertently omitted. This paragraph describes the OCC's 
good cause determination that the quarterly effective date requirement 
of section 302(b) of the Riegle Community Development and Regulatory 
Improvement Act of 1994 (RCDRIA) (12 U.S.C. 4802(b)) does not apply to 
the final rule. This correcting amendment also makes three technical 
changes to the regulatory text of the final rule. First, it adds a 
missing comma to the cross reference to 12 U.S.C. 215(b), (e), and (f) 
in paragraph (g)(2)(iv) of Sec.  5.33, Business combinations involving 
a national bank or Federal savings association. Second, it corrects the 
paragraph designations in paragraph (g) of Sec.  5.58, Pass-through 
investments by a Federal savings association. Third, it removes the 
superfluous word ``to'' in redesignated paragraph (g)(1) of Sec.  5.58. 
These last three changes correct typographical errors and do not 
substantively change the meaning of these provisions.
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    \1\ 85 FR 80404.
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II. Administrative Law Matters

A. Administrative Procedure Act

    The OCC is issuing this correcting amendment without prior notice 
and the opportunity for public comment ordinarily prescribed by the 
Administrative Procedure Act (APA).\2\ Pursuant to section 553(b)(B) of 
the APA, general notice and the opportunity for public comment are not 
required with respect to a rulemaking when an agency for good cause 
finds (and incorporates the finding and a brief statement of reasons 
therefor in the rules issued) that notice and public procedure thereon 
are impracticable, unnecessary, or contrary to the public interest.\3\ 
The OCC finds that public notice and comment are unnecessary because 
this correcting amendment makes technical changes to correct 
typographical errors in the final rule. Therefore, the OCC believes it 
has good cause to dispense with the APA prior notice and public comment 
process.
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    \2\ 5 U.S.C. 553.
    \3\ 5 U.S.C. 553(b)(3)(A).
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    The OCC also is issuing this correcting amendment without the 
delayed effective date ordinarily prescribed by the APA. The APA 
requires a 30-day delayed effective date, except for: (1) Substantive 
rules which grant or recognize an exemption or relieve a restriction; 
(2) interpretative rules and statements of policy; or (3) as otherwise 
provided by the agency for good cause.\4\ Because this correcting 
amendment makes technical changes to correct typographical errors in 
the final rule, the OCC believes it has good cause to issue this 
correcting amendment without a delayed effective date.
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    \4\ 5 U.S.C. 553(d).
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B. Riegle Community Development and Regulatory Improvement Act

    Pursuant to section 302(a) of the Riegle Community Development and 
Regulatory Improvement Act (RCDRIA),\5\ in determining the effective 
date and administrative compliance requirements for new regulations 
that impose additional reporting, disclosure, or other requirements on 
insured depository institutions, each Federal banking agency must 
consider, consistent with the principle 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. Because the changes made by this 
technical

[[Page 1255]]

correction do not impose additional reporting, disclosure, or other 
requirements on insured depository institutions, section 302(a) of 
RCDRIA does not apply.
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    \5\ 12 U.S.C. 4802(a).
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    Section 302(b) of RCDRIA requires that regulations issued by a 
Federal banking agency \6\ imposing additional reporting, disclosure, 
or other requirements on insured depository institutions take effect on 
the first day of a calendar quarter that begins on or after the date of 
publication of the final rule, unless, among other things, the agency 
determines for good cause that the regulations should become effective 
before such time.\7\ For the same reasons set forth above regarding the 
APA delayed effective date, the OCC finds that it has good cause to 
adopt this correcting amendment without the delayed effective date 
generally prescribed under the RCDRIA.
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    \6\ For purposes of RCDRIA, ``Federal banking agency'' means the 
OCC, FDIC, and Board. See 12 U.S.C. 4801.
    \7\ 12 U.S.C. 4802(b).
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C. Congressional Review Act

    For purposes of the Congressional Review Act, the Office of 
Management and Budget (OMB) makes a determination as to whether a final 
rule constitutes a ``major rule.'' \8\ 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.\9\
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    \8\ 5 U.S.C. 801 et seq.
    \9\ 5 U.S.C. 801(a)(3).
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    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: (1) 
An annual effect on the economy of $100,000,000 or more; (2) a major 
increase in costs or prices for consumers, individual industries, 
Federal, State, or local government agencies, or geographic regions; or 
(3) a significant adverse effect 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.\10\
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    \10\ 5 U.S.C. 804(2).
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    As required by the Congressional Review Act, the OCC will submit 
the correcting amendment and other appropriate reports to Congress and 
the Government Accountability Office for review.

E. Regulatory Flexibility Act

    The Regulatory Flexibility Act (RFA) \11\ requires an agency to 
consider whether the rules it proposes will have a significant economic 
impact on a substantial number of small entities.\12\ The RFA applies 
only to rules for which an agency publishes a general notice of 
proposed rulemaking pursuant to 5 U.S.C. 553(b). As discussed 
previously, consistent with section 553(b)(B) of the APA, the OCC has 
determined for good cause that general notice and opportunity for 
public comment is unnecessary, and therefore the OCC is not issuing a 
notice of proposed rulemaking. Accordingly, the RFA's requirements 
relating to initial and final regulatory flexibility analyses do not 
apply.
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    \11\ 5 U.S.C. 601 et seq.
    \12\ Under regulations issued by the Small Business 
Administration, a small entity includes a depository institution, 
bank holding company, or savings and loan holding company with total 
assets of $600 million or less and trust companies with total assets 
of $41.5 million or less. See 13 CFR 121.201.
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F. Unfunded Mandates

    As a general matter, the Unfunded Mandates Act of 1995 (UMRA) \13\ 
requires the preparation of a budgetary impact statement before 
promulgating a rule that includes a Federal mandate that may result in 
the expenditure by State, local, and tribal governments, in the 
aggregate, or by the private sector, of $100 million or more in any one 
year. However, the UMRA does not apply to final rules for which a 
general notice of proposed rulemaking was not published.\14\ Therefore, 
because the OCC has found good cause to dispense with notice and 
comment for this correcting amendment, the OCC has not prepared an 
economic analysis of the rule under the UMRA.
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    \13\ 2 U.S.C. 1531 et seq.
    \14\ See 2 U.S.C. 1532(a).
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G. Paperwork Reduction Act

    The Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3521) (PRA) 
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 OMB control number. This correcting amendment does not 
contain any information collection requirements therefore no 
submissions will be made by the agencies to OMB in connection with this 
rulemaking.

Corrections

    In the final rule document OCC-2020-25595 published in the Federal 
Register on December 11, 2020, at 85 FR 80404, the following 
corrections are made:
    1. On page 80434, in the first column, the discussion under ``E. 
Effective Date'' is corrected by adding the following at the end of the 
section to read as follows:
    Section 302(b) of the RCDRIA, 12 U.S.C. 4802(b), requires that 
regulations issued by a Federal banking agency imposing additional 
reporting, disclosure, or other requirements on insured depository 
institutions take effect on the first day of a calendar quarter that 
begins on or after the date of publication of the final rule, unless, 
among other things, the agency determines for good cause that the 
regulations should become effective before such time. Applying RCDRIA's 
quarterly effective date requirement in conjunction with the APA's 30 
day delayed effective date requirement would result in an April 1, 
2021, effective date. However, much of the final rule increases 
flexibility for filing procedures, eliminates redundant or unnecessary 
reporting requirements consistent with safety and soundness, and 
updates policies and procedures that increase clarity and reduce 
ambiguity for banks seeking compliance with 12 CFR part 5 requirements. 
In order for OCC-regulated institutions to take advantage of these 
burden-reducing amendments as soon as possible, the OCC finds that the 
benefits of an earlier effective date of the final rule outweighs the 
burden of a delayed April 1, 2021, effective date. Therefore, the OCC 
has determined that it has good cause to make the final rule effective 
before April 1, 2021.


Sec.  5.33  [Corrected]

0
2. On page 80450, in the third column, in amendment 25, in Sec.  5.33, 
paragraph (g)(2)(iv), ``12 U.S.C. 215(b), (e) and (f)'' is corrected to 
read ``12 U.S.C. 215(b), (e), and (f)''.


Sec.  5.58  [Corrected]

0
3. On page 80469, in the first and second columns, in amendment 45, in 
Sec.  5.58, paragraphs (g)(i) through (g)(v) are corrected to be 
designated as paragraphs (g)(1) through (g)(5).

0
4. On page 80469, in the first column, in amendment 45, in Sec.  5.58, 
in redesignated (g)(1), ``limited to those to activities'' is corrected 
to read ``limited to those activities''.

Jonathan V. Gould,
Senior Deputy Comptroller and Chief Counsel.
[FR Doc. 2021-00101 Filed 1-7-21; 8:45 am]
BILLING CODE 4810-33-P