1254 Federal Register / Vol. 86, No. 5 / Friday, January 8, 2021 / Rules and Regulations 

1 85 FR 80404. 

2 5 U.S.C. 553. 

3 5 U.S.C. 553(b)(3)(A). 

4 5 U.S.C. 553(d). 

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

Wednesday, December 16, 2020, the 

following correction is made: 

§ 430.3 [Corrected] 

On page 81359, in the third column, 

amendatory instruction 3.c., 

‘‘Redesignating paragraphs (q) through 

(u) and paragraphs (r) through (v); and’’ 

is corrected to read ‘‘Redesignating 

paragraphs (q) through (u) as paragraphs 

(r) through (v); and’’. 

Signing Authority 

This document of the Department of 

Energy was signed on December 22, 

2020, by Daniel R Simmons, Assistant 

Secretary for Energy Efficiency and 

Renewable Energy, pursuant to 

delegated authority from the Secretary 

of Energy. That document with the 

original signature and date is 

maintained by DOE. For administrative 

purposes only, and in compliance with 

requirements of the Office of the Federal 

Register, the undersigned DOE Federal 

Register Liaison Officer has been 

authorized to sign and submit the 

document in electronic format for 

publication, as an official document of 

the Department of Energy. This 

administrative process in no way alters 

the legal effect of this document upon 

publication in the Federal Register. 

Signed in Washington, DC, on December 

22, 2020. 

Treena V. Garrett, 

Federal Register Liaison Officer, U.S. 

Department of Energy. 

[FR Doc. 2020–28761 Filed 1–7–21; 8:45 am] 

BILLING CODE 6450–01–P 

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. 

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 § 5.33, 

Business combinations involving a 

national bank or Federal savings 

association. Second, it corrects the 

paragraph designations in paragraph (g) 

of § 5.58, Pass-through investments by a 

Federal savings association. Third, it 

removes the superfluous word ‘‘to’’ in 

redesignated paragraph (g)(1) of § 5.58. 

These last three changes correct 

typographical errors and do not 

substantively change the meaning of 

these provisions. 

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. 

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. 

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 


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Federal Register / Vol. 86, No. 5 / Friday, January 8, 2021 / Rules and Regulations 1255 

6For 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). 

8 5 U.S.C. 801 et seq. 

9 5 U.S.C. 801(a)(3). 

10 5 U.S.C. 804(2). 

11 5 U.S.C. 601 et seq. 

12Under 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. 

13 2 U.S.C. 1531 et seq. 

14See 2 U.S.C. 1532(a). 

correction do not impose additional 

reporting, disclosure, or other 

requirements on insured depository 

institutions, section 302(a) of RCDRIA 

does not apply. 

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. 

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

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 foreignbased enterprises in domestic and 

export markets.10

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. 

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. 

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. 

§ 5.33 [Corrected] 

■ 2. On page 80450, in the third column, 

in amendment 25, in § 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)’’. 

§ 5.58 [Corrected] 

■ 3. On page 80469, in the first and 

second columns, in amendment 45, in 

§ 5.58, paragraphs (g)(i) through (g)(v) 

are corrected to be designated as 

paragraphs (g)(1) through (g)(5). 

■ 4. On page 80469, in the first column, 

in amendment 45, in § 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 


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