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.

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new books are listed in the first FEDERAL

REGISTER issue of each week.

Rules and Regulations Federal Register

19195 

Vol. 80, No. 69 

Friday, April 10, 2015 

DEPARTMENT OF THE TREASURY 

Community Development Financial 

Institutions Fund 

12 CFR Part 1805 

Modification of CDFI Certification 

Requirements 

AGENCY: Community Development 

Financial Institutions Fund (CDFI 

Fund), Department of the Treasury. 

ACTION: Interim rule. 

SUMMARY: The Community Development 

Financial Institutions Fund (CDFI Fund) 

is amending the CDFI certification 

regulation with respect to the financing 

entity requirement and participation as 

an Eligible CDFI in the CDFI Bond 

Guarantee Program. This regulatory 

change creates a means for the CDFI 

Fund, in its discretion, to permit a 

CDFI’s Affiliate, which applies for CDFI 

certification, to rely on the Controlling 

CDFI’s activity or track record in order 

to meet the financing entity 

requirement, solely for the purpose of 

the Affiliate participating as an Eligible 

CDFI under the CDFI Bond Guarantee 

Program. 

DATES: Effective on April 10, 2015. 

Comment due date: June 9, 2015. 

ADDRESSES: All comments concerning 

this revised interim rule should be 

addressed to the Certification, 

Compliance Monitoring and Evaluation 

Manager, Community Development 

Financial Institutions Fund, Department 

of the Treasury, 1500 Pennsylvania 

Avenue NW., Washington, DC 20220; by 

email to; by email to cdfihelp@

cdfi.treas.gov; or by facsimile at (202) 

453–2466. 

Electronic Submission of Comments: 

Interested persons are encouraged to 

submit comments electronically through 

the Federal eRulemaking Portal at 

http://www.regulations.gov. Electronic 

submission of comments allows the 

commenter maximum time to prepare 

and submit a comment, ensures timely 

receipt, and enables the Department to 

make them available to the public. 

Comments submitted electronically 

through the http://www.regulations.gov 

Web site can be viewed by other 

commenters and interested members of 

the public. Commenters should follow 

the instructions provided on that site to 

submit comments electronically. 

All properly submitted comments will 

be available for inspection and 

downloading at http://

www.regulations.gov. In general, 

comments received, including 

attachments and other supporting 

materials, are part of the public record 

and are available to the public. Do not 

submit any information in your 

comment or supporting materials that 

you consider confidential or 

inappropriate for public disclosure. 

FOR FURTHER INFORMATION CONTACT: 

David Meyer, Acting Manager, 

Certification, Compliance Monitoring 

and Evaluation, by mail to the CDFI 

Fund, Department of the Treasury, 1500 

Pennsylvania Avenue NW., Washington, 

DC 20220; by email to cdfihelp@

cdfi.treas.gov; or by facsimile at (202) 

453–2466 (This is not a toll free 

number). 

SUPPLEMENTARY INFORMATION: The CDFI 

Fund, Department of the Treasury, was 

established by the Community 

Development Banking and Financial 

Institutions Act of 1994, as amended (12 

U.S.C. 4701 et seq.). The mission of the 

Community Development Financial 

Institutions Fund (CDFI Fund) is to 

increase economic opportunity and 

promote community development 

investments for underserved 

populations in distressed communities 

in the United States. Its long-term vision 

is to economically empower America’s 

underserved and distressed 

communities. The CDFI Fund’s 

programs are designed to facilitate the 

flow of lending and investment capital 

to distressed communities and to 

individuals who have been unable to 

take full advantage of the financial 

services industry. Access to credit, 

investment capital, and financial 

services are essential ingredients for 

creating and retaining jobs, developing 

affordable housing, revitalizing 

neighborhoods, unleashing the 

economic potential of small businesses, 

and empowering people. 

An important component of the CDFI 

Fund’s authority is the certification of 

entities as Community Development 

Financial Institutions (CDFIs), which 

permits such entities to have access to 

financial assistance through the 

Community Development Financial 

Institutions Program (CDFI Program) 

and other CDFI Fund programs, 

including the CDFI Bond Guarantee 

Program. 

Through the CDFI Bond Guarantee 

Program, the Secretary of the Treasury 

provides a Guarantee for Bond(s) issued 

by a Qualified Issuer as part of a Bond 

Issue. In turn, the Qualified Issuer uses 

Bond Proceeds to make Bond Loans to 

Eligible CDFIs for Eligible Purposes, as 

those terms are defined in 12 CFR 

1808.102. Under the CDFI Bond 

Guarantee Program, for a CDFI to be an 

Eligible CDFI, the CDFI must be 

certified by the CDFI Fund as meeting 

certification requirements (see 12 CFR 

1808.202(a)). 

In order for an entity to be certified 

as a CDFI, it must meet six criteria that 

are set forth in the regulation that 

governs CDFI certification: (i) Primary 

mission (12 CFR 1805.201(b)(1)); (ii) 

financing entity (12 CFR 

1805.201(b)(2)); (iii) Target Market (12 

CFR 1805.201(b)(3)); (iv) Development 

Services (12 CFR 1805.201(b)(4)); (v) 

accountability (12 CFR 1805.201(b)(5)); 

and (vi) non-government entity (12 CFR 

1805.201(b)(6)). 

The CDFI Fund is amending the CDFI 

certification regulation only with 

respect to the financing entity 

requirement and participation as an 

Eligible CDFI in the CDFI Bond 

Guarantee Program. This regulatory 

change creates a means for the CDFI 

Fund, in its discretion, to permit a 

CDFI’s Affiliate (as defined in 12 CFR 

1805.104(b)), which applies for CDFI 

certification, to rely on the Controlling 

CDFI’s activity or track record in order 

to meet the financing entity 

requirement, solely for the purpose of 

the Affiliate participating as an Eligible 

CDFI under the CDFI Bond Guarantee 

Program. 

In other words, this revised regulation 

states that, for purposes of participating 

in the CDFI Bond Guarantee Program, 

the Eligible CDFI, if it is an Affiliate of 

a CDFI, need not meet the financing 

entity requirement based on its own 

merit or activity but may instead rely on 

the financing entity track record of the 


rljohnson on DSK3VPTVN1PROD with RULES
19196 Federal Register / Vol. 80, No. 69 / Friday, April 10, 2015 / Rules and Regulations 

affiliated CDFI. This regulatory revision 

affects only the Affiliate’s ability to meet 

the financing entity requirement for 

CDFI certification: said entity must meet 

the other five certification criteria in 

accordance with the existing regulation. 

Further, in this revised regulation, the 

CDFI Fund reserves the authority, in its 

discretion, to set additional parameters 

and restrictions on the financing entity 

requirement, which will be set forth in 

the Notice of Guarantee Availability 

(NOGA) for a particular application 

round of the CDFI Bond Guarantee 

Program. Such additional parameters or 

restrictions may include, for example, 

(i) a deadline by which the Affiliate 

must meet the financing entity 

requirement based on its own merit or 

activity, rather than relying on that of 

the affiliated CDFI, and (ii) a 

requirement that the affiliated CDFI 

must maintain its CDFI certification 

until such time that the Affiliate is able 

to meet all CDFI certification 

requirements based on its own merit or 

activity. 

Regulatory Analysis and Notices 

Executive Order 12866 

It has been determined that this rule 

is not a significant regulatory action as 

defined in Executive Order 12866. 

Therefore, a regulatory assessment is not 

required. 

Regulatory Flexibility Act 

Because no notice of proposed 

rulemaking is required under the 

Administrative Procedure Act (5 U.S.C. 

553) or any other law, the Regulatory 

Flexibility Act does not apply. 

Paperwork Reduction Act 

The collections of information 

contained in this interim rule have been 

previously reviewed and approved by 

the Office of Management and Budget 

(OMB) in accordance with the 

Paperwork Reduction Act of 1995 and 

assigned OMB Control Numbers 1559– 

0006, 1559–0021, and 1559–0022. An 

agency may not conduct or sponsor, and 

a person is not required to respond to, 

a collection of information unless it 

displays a valid control number 

assigned by OMB. This document 

restates the collections of information 

without substantive change. 

National Environmental Policy Act 

This revised interim rule has been 

reviewed in accordance with 12 CFR 

part 1815. The CDFI Fund’s 

Environmental Regulations under the 

National Environmental Protection Act 

of 1969 (NEPA) require that the CDFI 

Fund adequately consider the 

cumulative impact proposed activities 

have upon the human environment. It is 

the determination of the CDFI Fund that 

the interim rule does not constitute a 

major federal action significantly 

affecting the quality of the human 

environment and, in accordance with 

the NEPA and the CDFI Fund 

Environmental Quality Regulations, 12 

CFR part 1815, neither an 

Environmental Assessment nor an 

Environmental Impact Statement is 

required. 

Administrative Procedure Act 

Because this interim rule relates to 

loans and grants, notice and public 

procedure and a delayed effective date 

are not required pursuant to the 

Administrative Procedure Act, 5 U.S.C. 

553(a)(2). 

Catalogue of Federal Domestic 

Assistance Number 

Community Development Financial 

Institutions Program—21.020. 

List of Subjects in 12 CFR Part 1805 

Community development, Grant 

programs-housing and community 

development, Loan programs-housing 

and community development, Reporting 

and recordkeeping requirements, Small 

businesses. 

Amendment to the Regulations 

For the reasons discussed in the 

preamble, the CDFI Fund is amending 

12 CFR chapter XVII, part 1805 as 

follows: 

PART 1805—COMMUNITY 

DEVELOPMENT FINANCIAL 

INSTITUTIONS PROGRAM 

■ 1. The authority citation for part 1805 

continues to read as follows: 

Authority: 12 U.S.C. 4703, 4703 note, 4710, 

4717; and 31 U.S.C. 321. 

■ 2. Section 1805.201(b)(2) is revised to 

read as follows: 

§ 1805.201 Certification as a Community 

Development Financial Institution. 

* * * * * 

(b) * * * 

(2) Financing entity. (i) A CDFI shall 

be an entity whose predominant 

business activity is the provision, in 

arms-length transactions, of Financial 

Products, Development Services, and/or 

other similar financing. An Applicant 

may demonstrate that it is such an 

entity if it is a(n): 

(A) Depository Institution Holding 

Company; 

(B) Insured Depository Institution, 

Insured Credit Union, or State-Insured 

Credit Union; or 

(C) Organization that is deemed by the 

CDFI Fund to have such a predominant 

business activity as a result of analysis 

of its financial statements, organizing 

documents, and any other information 

required to be submitted as part of its 

application. In conducting such 

analysis, the CDFI Fund may take into 

consideration an Applicant’s total assets 

and its use of personnel. 

(ii) For the sole purpose of 

participating as an Eligible CDFI in the 

CDFI Bond Guarantee Program (see 12 

CFR part 1808), an Affiliate of a 

Controlling CDFI may be deemed to 

meet the financing entity requirement of 

this subsection by relying on the CDFI 

Fund’s determination that the 

Controlling CDFI has met said 

requirement; provided, however, that 

the CDFI Fund reserves the right, in its 

sole discretion, to set additional 

parameters and restrictions on such, 

which parameters and restrictions shall 

be set forth in the applicable Notice of 

Guarantee Availability for a CDFI Bond 

Guarantee Program application round. 

(iii) Further, for the sole purpose of 

participating as an Eligible CDFI in the 

CDFI Bond Guarantee Program, the 

provision of Financial Products, 

Development Services, and/or other 

similar financing by an Affiliate of a 

Controlling CDFI need not be armslength if such transaction is by and 

between the Affiliate and the 

Controlling CDFI, pursuant to an 

operating agreement that includes 

management and ownership provisions 

and is in form and substance that is 

acceptable to the CDFI Fund. 

* * * * * 

Dated: April 7, 2015. 

Mary Ann Donovan, 

Director, Community Development Financial 

Institutions Fund. 

[FR Doc. 2015–08356 Filed 4–9–15; 8:45 am] 

BILLING CODE 4810–70–P 

NATIONAL AERONAUTICS AND 

SPACE ADMINISTRATION 

14 CFR Part 1245 

[Docket No: NASA–2015–0001] 

RIN 2700–AE02 

Patents and Other Intellectual Property 

Rights 

AGENCY: National Aeronautics and 

Space Administration (NASA). 

ACTION: Direct final rule. 

SUMMARY: NASA has adopted as final, 

without change, a proposed rule 

amending its patent waivers regulations 

to update citations and the patent 

waiver policy, and to clarify and update 


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