Federal Register / Vol. 86, No. 242 / Tuesday, December 21, 2021 / Notices 72277 

C. Submission Requirements 

Nominations must include the 

following information: 

• Name, title, and organization of the 

nominee and a description of the 

organization, sector, or other interest the 

nominee will represent; 

• Nominee’s mailing address, email 

address, and telephone number; 

• Nominee’s re ́sume ́ or curriculum 

vitae, including relevant organizations 

and associations; 

• A statement summarizing the 

nominee’s qualifications and reasons 

why the nominee should be appointed 

to TIWG; and 

• A statement, if the nominee will 

represent a specific organization, 

describing the organization as well as 

the benefit of having the organization 

represented on TIWG. 

D. Member Selection 

The Secretary will select TIWG 

members on the basis of their 

experience, knowledge, and competence 

in the field as appropriate for each of 

the three slots. Although the Federal 

Advisory Committee Act does not apply 

to the TIWG, nominees will be 

evaluated for potential conflicts of 

interests. Information received through 

this nomination process, in addition to 

other relevant sources for information, 

will assist the Secretary in appointing 

members to TIWG. In selecting TIWG 

members, the Secretary will consider 

individuals nominated in response to 

this Federal Register document, as well 

as other qualified individuals. 

Authority and Signature 

Rajesh D. Nayak, Assistant Secretary 

for Policy, Office of the Assistant 

Secretary for Policy, U.S. Department of 

Labor, 200 Constitution Avenue NW, 

Washington, DC 20210, authorized the 

preparation of this document. 

Signed at Washington, DC, on December 

17, 2021. 

Rajesh D. Nayak, 

Assistant Secretary for Policy, Office of the 

Assistant Secretary for Policy. 

[FR Doc. 2021–27755 Filed 12–17–21; 4:15 pm] 

BILLING CODE 4510–HX–P 

OFFICE OF MANAGEMENT AND 

BUDGET 

North American Industry Classification 

System—Revision for 2022; Update of 

Statistical Policy Directive No. 8, North 

American Industry Classification 

System: Classification of 

Establishments; and Elimination of 

Statistical Policy Directive No. 9, 

Standard Industrial Classification of 

Enterprises 

AGENCY: Office of Information and 

Regulatory Affairs, Office of 

Management and Budget, Executive 

Office of the President. 

ACTION: Notice of NAICS 2022 Final 

Decisions; Update of Statistical Policy 

Directive No. 8, North American 

Industry Classification System: 

Classification of Establishments; and 

Elimination of Statistical Policy 

Directive No. 9, Standard Industrial 

Classification of Enterprises. 

SUMMARY: The Office of Management 

and Budget (OMB) announces its final 

decisions to accept the 

recommendations of the Economic 

Classification Policy Committee (ECPC), 

as outlined in the July 2, 2021, Federal 

Register notice. OMB accepts the ECPC 

recommendations for the 2022 revisions 

to the North American Industry 

Classification System (NAICS), as well 

as the recommendations to update OMB 

Statistical Policy Directive No. 8, North 

American Industry Classification 

System: Classification of Establishments 

and to eliminate OMB Statistical Policy 

Directive No. 9, Standard Industrial 

Classification of Enterprises. In large 

part, the series of revisions for NAICS 

are designed to address decreasing 

usefulness of employing the mode of 

delivery (online versus in store/print) as 

an industry delineation criterion in the 

Wholesale Trade, Retail Trade, and 

Information sectors. In short, the 

internet has developed from a 

specialized activity to a generic method 

of delivery for goods and services. 

Therefore, the 2022 revisions to NAICS 

reflect a deemphasis on the delivery 

method as an industry function used in 

NAICS classification. In addition, OMB 

has accepted the ECPC 

recommendations with respect to 

biobased products manufacturing and 

renewable chemicals manufacturing 

topic areas, including the decision to 

continue research and outreach in this 

important emerging area. There are four 

parts in the SUPPLEMENTARY INFORMATION

section below, which provide more 

information. Part I summarizes the 

background of NAICS and this revision 

cycle. Part II contains a summary of 

public comments in response to the July 

2, 2021, Federal Register notice. Part III 

includes a summary of the ECPC 

recommendations. Part IV outlines 

OMB’s final decisions. 

DATES: Effective Date for 2022 NAICS 

United States codes and Statistical 

Policy Directives: Federal statistical 

establishment data published for 

reference years beginning on or after 

January 1, 2022, should be published 

using the 2022 NAICS United States 

codes. Publication of NAICS United 

States, 2022 Manual is planned for 

January 2022 on the NAICS website at 

www.census.gov/naics. The updated 

Statistical Policy Directive No. 8, North 

American Industry Classification 

System: Classification of 

Establishments, will be effective 

immediately and will be posted on the 

OMB Statistical Programs and Standards 

website at www.whitehouse.gov/omb/ 

information-regulatory-affairs/ 

statistical-programs-standards/. 

Statistical Policy Directive No. 9, 

Standard Industrial Classification of 

Enterprises, will be eliminated effective 

immediately. 

ADDRESSES: Correspondence about the 

adoption and implementation of the 

2022 NAICS as shown in the July 2, 

2021, Federal Register notice should be 

sent to: Office of the Chief Statistician, 

Office of Management and Budget, New 

Executive Office Building, Washington, 

DC 20503; email: econ.naics2022@

census.gov. 

Inquiries about the content of 

industries or requests for electronic 

copies of the 2022 NAICS tables that 

cannot be satisfied by use of the NAICS 

website should be sent by email to: 

econ.naics2022@census.gov. 

Electronic Availability: Federal 

Register notices are available 

electronically at 

www.federalregister.gov/. This 

document and the July 2, 2021, Federal 

Register notice are also available on the 

NAICS website at www.census.gov/ 

naics. The revision for 2022 will result 

in a number of code and title changes 

for NAICS. For that reason, a full list of 

NAICS 2022 industry codes and titles 

will be posted on the NAICS website 

referenced above prior to publication of 

the NAICS United States, 2022 Manual 

for reference and implementation 

planning. The NAICS website 

referenced above also contains previous 

NAICS United States Federal Register 

notices, ECPC Issues Papers, ECPC 

Reports, the structures, industry 

definitions, and related documents for 

previous versions of NAICS United 

States. 


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72278 Federal Register / Vol. 86, No. 242 / Tuesday, December 21, 2021 / Notices 

1A Corresponding Index Entry complements the 

definition of the NAICS industry by providing 

specific, illustrative examples to clarify the work 

that is captured in the NAICS industry. 

FOR FURTHER INFORMATION CONTACT: 

NAICS classification staff may be 

reached by email at econ.naics2022@

census.gov. 

For information about this notice, 

contact Kerrie Leslie, Office of 

Management and Budget, 9215 New 

Executive Office Building, 725 17th St. 

NW, Washington, DC 20503, telephone 

(202) 395–1093. 

SUPPLEMENTARY INFORMATION: 

I. Background: The North American 

Industry Classification System (NAICS) 

is a system for classifying 

establishments (individual business 

locations) by type of economic activity. 

Mexico’s Instituto Nacional de 

Estadı ́stica y Geografı ́a (INEGI), 

Statistics Canada, and the United States 

Office of Management and Budget 

(OMB), through its interagency 

Economic Classification Policy 

Committee (ECPC), jointly developed 

NAICS in 1997 and continue to 

collaborate on NAICS to make the 

industry statistics produced by the three 

countries comparable. NAICS helps 

ensure that establishment data produced 

across the Federal statistical system are 

comparable and can be used together in 

analysis. 

It is important to note that NAICS is 

designed and maintained solely for 

statistical purposes to improve and keep 

current this Federal statistical standard. 

Consequently, although the 

classification may also be used for 

various nonstatistical purposes (e.g., for 

administrative, regulatory, or taxation 

functions), the requirements of 

government agencies or private users 

that choose to use NAICS for 

nonstatistical purposes play no role in 

its development or revision. 

For the 2022 revision, Canada, 

Mexico, and the United States focused 

on new and emerging industries, as well 

as the continued usefulness of 

employing the mode of delivery (online 

versus in store/print) as an industry 

delineation criterion in the Wholesale 

Trade, Retail Trade, and Information 

sectors. 

The July 2, 2021, Federal Register 

notice: (1) Summarized the background 

for the proposed revisions to NAICS 

2017 in Part I; (2) contained a summary 

of public comments to the February 26, 

2020, Federal Register notice (85 FR 

11120) regarding priorities for changes 

to NAICS in 2022, the ECPC 

recommendation to update OMB 

Statistical Policy Directive No. 8, 

Standard Industrial Classification of 

Establishments, and the ECPC 

recommendation to withdraw OMB 

Statistical Policy Directive No. 9, 

Standard Industrial Classification of 

Enterprises in Part II; (3) included a list 

of title changes for NAICS industries 

that clarify, but do not change, the 

existing content of the industries in Part 

III; and (4) provided a comprehensive 

listing of changes for national industries 

and their links to NAICS 2017 

industries in Part IV. 

II. Summary of Comments Received: 

Twenty-nine public comments were 

received in response to the ECPC 

proposals presented in the July 2, 2021, 

Federal Register notice (86 FR 35350). 

The public comments received are 

available for public view on 

www.regulations.gov. Comments 

received were supportive of proposed 

changes, suggested changes that the 

ECPC believed would be incompatible 

with the principles of NAICS or with 

other proposals that were 

recommended, or were outside the 

scope of the NAICS revision. Comments 

addressed numerous topic areas, 

including: 

• Employing the mode of delivery 

(online versus in store/print) as an 

industry delineation criterion. OMB 

received very little response in this 

topic area. One commenter supported 

the ECPC recommended changes and a 

couple others indicated slight 

opposition, citing decreased usefulness 

of some uses of the data. 

The following two areas received the 

most public comments 

• Biobased products manufacturing 

and renewable chemicals 

manufacturing. Five commenters 

disagreed with the ECPC 

recommendations, which were to create 

a Compost Manufacturing industry, to 

not create any other new NAICS 

industries for biobased products 

manufacturers and renewable chemicals 

manufacturers, and to create numerous 

North American Product Classification 

System (NAPCS) product codes for 

these areas. Some of these commenters 

noted the requirement in the 2018 Farm 

Bill for the Department of Commerce 

and Department of Agriculture to work 

together toward developing NAICS 

codes for these topic areas. 

• Cannabis. Five commenters 

advocated for more cannabis-specific 

industry classifications, and one 

commenter requested alignment with 

Canada for these detailed industries. 

No comments were received on the 

proposed update to Statistical Policy 

Directive No. 8 or the elimination of 

Statistical Policy Directive No. 9. 

III. ECPC Recommendations: The 

ECPC reviewed the comments received 

in response to the July 2, 2021, Federal 

Register notice. ECPC review was 

guided by the NAICS classification 

principles and with consideration of 

impacts on trilateral NAICS agreements 

with Canada and Mexico, as these 

measures provide an important way in 

which to coordinate the measurement of 

business activity across the three 

countries. Detailed ECPC responses to 

each comment are available on the 

NAICS website at www.census.gov/ 

naics. 

Ultimately, the ECPC made no 

changes to its recommendations to OMB 

for 2022 NAICS codes or titles. 

However, the ECPC did make some 

minor revisions to its recommendations 

for Corresponding Index Entries.1

IV. Final Decisions: OMB considered 

the comments submitted in direct 

response to the July 2, 2021, Federal 

Register notice and the 

recommendations from the ECPC. OMB 

believes that the approach taken by the 

ECPC for these revisions is responsive to 

the needs identified by Federal 

statistical agencies and stakeholders 

more broadly, while adhering to the 

longstanding principles governing 

updates to the NAICS. In addition, OMB 

agrees with the ECPC approach for 

nascent industries of introducing new 

product codes for NAPCS, in line with 

previous practice. 

Given the substantive comments 

received in opposition to the ECPC 

recommendations for biobased products 

manufacturing and renewable chemicals 

manufacturing, OMB is providing more 

explanation for its decision to accept 

these ECPC recommendations. OMB 

understands the importance of these 

growing topic areas; however, evidence 

to date suggests that further delineating 

the relevant industries at this time 

would risk the ability of Federal 

statistical agencies to publish industry 

data at this granular level given the 

small size of the potential industries. 

Further delineation would also 

jeopardize existing time series’ 

continuity. Instead, creating new 

product codes for NAPCS allows 

Federal statistical agencies to begin 

collecting and publishing more granular 

information about products relevant to 

these topic areas, allowing Federal 

statistical agencies and stakeholders to 

track the size and scope of these 

growing topic areas, which will help 

inform any future relevant NAICS 

revisions. OMB believes creating new 

product codes for NAPCS is an 

important initial step, and notes that 

this approach aligns with past 

implementation for other nascent 

industries. OMB also appreciates and 


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Federal Register / Vol. 86, No. 242 / Tuesday, December 21, 2021 / Notices 72279 

1 82 FR 46298 (Oct. 4, 2017). 

2The Board last set the NOL at 1.38 percent on 

December 9, 2019. The Board retained the 1.38 

percent NOL at its December 17, 2020, meeting. 

3As noted, the Board adopted this policy for 

setting the NOL in 2017. The Board emphasizes 

that, as a general statement of the NCUA’s policy 

regarding setting the NOL, the Board is not required 

to follow the notice-and-comment rulemaking 

process when revising this policy. See 5 U.S.C. 

553(b)(3)(a). Nevertheless, the Board voluntarily 

solicited public input on this policy. 

4One basis point is one hundredth of one percent. 

5Federally insured credit unions are required to 

maintain a deposit equal to one percent of their 

insured shares with the Share Insurance Fund. 12 

U.S.C. 1782(c)(1)(A)(i). 

6 12 U.S.C. 1782(h)(4). 

agrees with the ECPC about the 

importance of continued research and 

stakeholder engagement on these topic 

areas toward maintaining a relevant and 

objective statistical classification 

standard. 

Therefore, OMB has decided to accept 

all ECPC recommendations outlined in 

the July 2, 2021 Federal Register notice, 

making no changes to the scope and 

substance of those recommendations. 

Under the authority of the Budget and 

Accounting Procedures Act of 1950 (31 

U.S.C. 1104(d)) and the Paperwork 

Reduction Act of 1995 (44 U.S.C. 

3504(e)), OMB hereby announces its 

final decisions for adoption of NAICS 

revisions for 2022; for its update of 

Statistical Policy Directive No. 8, North 

American Industry Classification 

System: Classification of 

Establishments; and for elimination of 

Statistical Policy Directive No. 9, 

Standard Industrial Classification of 

Enterprises. 

Sharon I. Block, 

Associate Administrator, Office of 

Information and Regulatory Affairs. 

Statistical Policy Directive No. 8 

North American Industry Classification 

System: Classification of Establishments 

The North American Industry 

Classification System (NAICS) is to be 

used to classify reporting establishments 

by types of industrial activity in which 

they are engaged. Details are presented 

in the North American Industry 

Classification System, United States, 

issued by the Office of Management and 

Budget, as amended and revised in the 

future. Revisions are considered every 

five years in calendar years ending with 

2 and 7. 

1. Use for Federal Nonstatistical 

Program Purposes 

NAICS shall not be used in the 

administration of any regulatory, 

administrative, or tax program unless 

the Secretary (Administrator) has first 

determined that the use of such industry 

definition is appropriate to the 

implementation of the program’s 

objectives. If the term ‘‘North American 

Industry Classification System’’ (NAICS) 

is to be used in the operative text of a 

statute or regulation to define industry 

(or trade or commerce), language similar 

to the following should be used to 

assure sufficient flexibility: ‘‘An 

industry or grouping of industries shall 

mean a North American Industry 

Classification System industry or 

grouping of industries as defined by the 

Office of Management and Budget 

subject to such modifications with 

respect to individual industries or 

groupings of industries as the Secretary 

(Administrator) may determine to be 

appropriate for the purpose of this Act 

(regulation).’’ The use, interpretation, 

and application of NAICS for 

nonstatistical purposes is controlled by 

and defined by the agencies or 

regulations that use the statistical 

standard for those nonstatistical 

purposes. 

2. Titles and Descriptions 

The North American Industry 

Classification System, United States, 

Manual includes titles and descriptions 

of the industries and an alphabetic 

index of illustrative activities classified 

to industries. It is available online at: 

www.census.gov/naics. 

[FR Doc. 2021–27536 Filed 12–20–21; 8:45 am] 

BILLING CODE 3110–01–P 

NATIONAL CREDIT UNION 

ADMINISTRATION 

Policy for Setting the Normal 

Operating Level 

AGENCY: National Credit Union 

Administration (NCUA). 

ACTION: Notice. 

SUMMARY: In May 2021, the NCUA 

Board (Board) invited comment on the 

policy to set the National Credit Union 

Share Insurance Fund (Share Insurance 

Fund) Normal Operating Level (NOL). 

The Board requested comment on eight 

specific factors that impact the 

calculation of the NOL. This final notice 

responds to comments on these factors 

as well as other subjects on which the 

Board received comment in the notice. 

FOR FURTHER INFORMATION CONTACT: 

Russell Moore or Amy Ward, Risk 

Analysis Officers, National Credit Union 

Administration, Office of Examination, 

and Insurance at (703) 518–6383 or 

(703) 819–1770. 

SUPPLEMENTARY INFORMATION: 

I. Background 

On September 28, 2017, the Board 

approved the following actions: 1

• Closing the Temporary Corporate 

Credit Union Stabilization Fund 

(Stabilization Fund) and distributing its 

funds, property, and other assets and 

liabilities to the Share Insurance Fund, 

effective October 1, 2017. 

• Setting the NOL of the Insurance 

Fund to 1.39 percent, effective 

September 28, 2017.2

• Adopting the policy for setting the 

NOL, as outlined below. 

Policy for Setting the NOL 

The policy for setting the NOL was 

adopted in 2017 and established a 

periodic review of the equity needs of 

the Share Insurance Fund, the results of 

which are communicated to 

stakeholders.3 At least annually, NCUA 

staff reviews the level at which the NOL 

is set and reports this information to the 

Board. Board action is only necessary 

when a change in the NOL is warranted. 

The policy establishes that any change 

to the NOL of more than one basis point 

shall be made only after a public 

announcement of the proposed 

adjustment, with an opportunity for 

comment.4 For any such adjustment, the 

NCUA would issue a report and request 

for comment that includes data 

supporting the proposed adjustment. 

The policy established the following 

objectives for the Board to satisfy when 

setting the NOL: 

• Retain public confidence in federal 

share insurance; 

• Prevent impairment of the one 

percent contributed capital deposit; 5

and 

• Ensure the Share Insurance Fund 

can withstand a moderate recession 

without the equity ratio declining below 

1.20 percent over a five-year period. 

The current economic landscape and 

pending resolution of the obligations 

associated with the corporate credit 

union asset management estates and 

NCUA Guaranteed Notes (NGN) 

Program, discussed later in this 

document, warrant a re-evaluation of 

the NCUA’s current NOL policy. 

II. Legal Authority 

Pursuant to the Federal Credit Union 

Act (Act), the NOL is an equity ratio 

specified by the Board, which may not 

be less than 1.20 percent and not more 

than 1.50 percent.6 The Board has 

historically set the NOL as the target 

equity ratio for the Share Insurance 

Fund. 

The Share Insurance Fund’s calendar 

year-end equity ratio is part of the 

statutory basis to determine whether the 


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