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

377 

Vol. 87, No. 3 

Wednesday, January 5, 2022 

1Public Law 104–134, Sec. 31001(s), 110 Stat. 

1321–373 (Apr. 26, 1996). The law is codified at 28 

U.S.C. 2461 note. 

2Public Law 101–410, 104 Stat. 890 (Oct. 5, 

1990), codified at 28 U.S.C. 2461 note. 

3Public Law 114–74, 129 Stat. 584 (Nov. 2, 2015). 

4 129 Stat. 599. 

5Public Law 114–74, Sec. 701(b)(1), 129 Stat. 584, 

599 (Nov. 2, 2015). 

6 81 FR 40152 (June 21, 2016); 81 FR 78028 (Nov. 

7, 2016). 

7Public Law 114–74, Sec. 701(b)(1), 129 Stat. 584, 

599 (Nov. 2, 2015). 

8 82 FR 7640 (Jan. 23, 2017). 

9 82 FR 29710 (June 30, 2017). 

10 83 FR 2029 (Jan. 16, 2018); 84 FR 2052 (Feb. 

6, 2019); 85 FR 2009 (Jan. 14, 2020); 86 FR 933 (Jan. 

7, 2021). 

11Public Law 114–74, Sec. 701(b)(1), 129 Stat. 

584, 599 (Nov. 2, 2015). 

12This index is published by the Department of 

Labor, Bureau of Labor Statistics, and is available 

at its website: https://www.bls.gov/cpi/. 

13Public Law 114–74, Sec. 701(b)(2)(B), 129 Stat. 

584, 600 (Nov. 2, 2015). 

14Public Law 114–74, Sec. 701(b)(1), 129 Stat. 

584, 600 (Nov. 2, 2015). 

15Public Law 114–74, Sec. 701(b)(4), 129 Stat. 

584, 601 (Nov. 2, 2015). 

16See OMB Memorandum M–22–07, 

Implementation of Penalty Inflation Adjustments 

for 2022, Pursuant to the Federal Civil Penalties 

Inflation Adjustment Act Improvements Act of 2015 

(December 15, 2021). 

NATIONAL CREDIT UNION 

ADMINISTRATION 

12 CFR Part 747 

RIN 3133–AF40 

Civil Monetary Penalty Inflation 

Adjustment 

AGENCY: National Credit Union 

Administration (NCUA). 

ACTION: Final rule. 

SUMMARY: The NCUA Board (Board) is 

amending its regulations to adjust the 

maximum amount of each civil 

monetary penalty (CMP) within its 

jurisdiction to account for inflation. 

This action, including the amount of the 

adjustments, is required under the 

Federal Civil Penalties Inflation 

Adjustment Act of 1990, as amended by 

the Debt Collection Improvement Act of 

1996 and the Federal Civil Penalties 

Inflation Adjustment Act Improvements 

Act of 2015. 

DATES: This final rule is effective 

January 5, 2022. 

FOR FURTHER INFORMATION CONTACT: Gira 

Bose, Senior Staff Attorney, at 1775 

Duke Street, Alexandria, VA 22314, or 

telephone: (703) 518–6562. 

SUPPLEMENTARY INFORMATION: 

I. Legal Background 

II. Regulatory Procedures 

I. Legal Background 

A. Statutory Requirements 

Every Federal agency, including the 

NCUA, is required by law to adjust its 

maximum CMP amounts each year to 

account for inflation. Prior to this being 

an annual requirement, agencies were 

required to adjust their CMPs at least 

once every four years. The previous 

four-year requirement stemmed from the 

Debt Collection Improvement Act of 

1996,1 which amended the Federal Civil 

Penalties Inflation Adjustment Act of 

1990.2

The current annual requirement stems 

from the Bipartisan Budget Act of 2015,3

which contains the Federal Civil 

Penalties Inflation Adjustment Act 

Improvements Act of 2015 (the 2015 

amendments).4 This legislation 

provided for an initial ‘‘catch-up’’ 

adjustment of CMPs in 2016, followed 

by annual adjustments. The catch-up 

adjustment reset CMP maximum 

amounts by setting aside the inflation 

adjustments that agencies made in prior 

years and instead calculated inflation 

with reference to the year when each 

CMP was enacted or last modified by 

Congress. Agencies were required to 

publish their catch-up adjustments in an 

interim final rule by July 1, 2016, and 

make them effective by August 1, 2016.5

The NCUA complied with these 

requirements in a June 2016 interim 

final rule, followed by a November 2016 

final rule to confirm the adjustments as 

final.6

The 2015 amendments also specified 

how agencies must conduct annual 

inflation adjustments after the 2016 

catch-up adjustment. Following the 

catch-up adjustment, agencies must 

make the required adjustments and 

publish them in the Federal Register by 

January 15 each year.7 For 2017, the 

NCUA issued an interim final rule on 

January 6, 2017,8 followed by a final 

rule issued on June 23, 2017.9 For 2018, 

2019, 2020, and 2021 the NCUA issued 

a final rule in each year to satisfy the 

agency’s annual requirements.10 This 

final rule satisfies the agency’s 

requirement for the 2022 annual 

adjustment. 

The law provides that the adjustments 

shall be made notwithstanding the 

section of the Administrative Procedure 

Act (APA) that requires prior notice and 

public comment for agency 

rulemaking.11 The 2015 amendments 

also specify that each CMP maximum 

must be increased by the percentage by 

which the consumer price index for 

urban consumers (CPI–U) 12 for October 

of the year immediately preceding the 

year the adjustment is made exceeds the 

CPI–U for October of the prior year.13

Thus, for the adjustment to be made in 

2022, an agency must compare the 

October 2020 and October 2021 CPI–U 

figures. 

An annual adjustment under the 2015 

amendments is not required if a CMP 

has been amended in the preceding 12 

months pursuant to other authority. 

Specifically, the statute provides that an 

agency is not required to make an 

annual adjustment to a CMP if in the 

preceding 12 months it has been 

increased by an amount greater than the 

annual adjustment required by the 2015 

amendments.14 The NCUA did not 

make any adjustments in the preceding 

12 months pursuant to other authority. 

Therefore, this rulemaking adjusts the 

NCUA’s CMPs pursuant to the 2015 

amendments. 

B. Application to the 2022 Adjustments 

and Office of Management and Budget 

Guidance 

This section applies the statutory 

requirements and the Office of 

Management and Budget’s (OMB) 

guidance to the NCUA’s CMPs and sets 

forth the Board’s calculation of the 2022 

adjustments. 

The 2015 amendments directed OMB 

to issue guidance to agencies on 

implementing the inflation 

adjustments.15 OMB is required to issue 

its guidance each December and, with 

respect to the 2022 annual adjustment, 

did so on December 15, 2021.16 For 

2022, Federal agencies must adjust the 

maximum amounts of their CMPs by the 

percentage by which the October 2021 


TKELLEY on DSK125TN23PROD with RULES1
378 Federal Register / Vol. 87, No. 3 / Wednesday, January 5, 2022 / Rules and Regulations 

17 Id. 

18Public Law 114–74, 129 Stat. 600 (Nov. 2, 

2015). 

19The table uses condensed descriptions of CMP 

tiers. Refer to the U.S. Code citations for complete 

descriptions. 

20Public Law 114–74, Sec. 701(b)(1), 129 Stat. 

584, 599 (Nov. 2, 2015). 

21See 5 U.S.C. 559; Asiana Airlines v. Fed. 

Aviation Admin., 134 F.3d 393, 396–99 (D.C. Cir. 

1998). 

CPI–U (276.589) exceeds the October 

2020 CPI–U (260.388). The resulting 

increase can be expressed as an inflation 

multiplier (1.06222) to apply to each 

current CMP maximum amount to 

determine the adjusted maximum. The 

OMB guidance also addresses 

rulemaking procedures and agency 

reporting and oversight requirements for 

CMPs.17

The table below presents the 

adjustment calculations. The current 

maximums are found at 12 CFR 

747.1001, as adjusted by the final rule 

that the Board approved in January 

2021. This amount is multiplied by the 

inflation multiplier to calculate the new 

maximum in the far-right column. Only 

these adjusted maximum amounts, and 

not the calculations, will be codified at 

12 CFR 747.1001 under this final rule. 

The adjusted amounts will be effective 

upon publication in the Federal 

Register and can be applied to 

violations that occurred on or after 

November 2, 2015, the date the 2015 

amendments were enacted.18

TABLE—CALCULATION OF MAXIMUM CMP ADJUSTMENTS

Citation Description and tier 19 Current maximum ($) Multiplier 

Adjusted maximum ($) 

(Current maximum × 

multiplier, rounded to 

nearest dollar) 

12 U.S.C. 1782(a)(3) .. Inadvertent failure to submit a report or the inadvertent submission of a false or misleading report.4,146 ............................. 1.06222 4,404. 

12 U.S.C. 1782(a)(3) .. Non-inadvertent failure to submit a report or the 

non-inadvertent submission of a false or misleading report.

41,463 ........................... 1.06222 44,043. 

12 U.S.C. 1782(a)(3) .. Failure to submit a report or the submission of a 

false or misleading report done knowingly or 

with reckless disregard.

Lesser of 2,073,133 or 

1% of total credit 

union (CU) assets.

1.06222 Lesser of 2,202,123 or 

1% of total CU assets. 

12 U.S.C. 

1782(d)(2)(A).

Tier 1 CMP for inadvertent failure to submit certified statement of insured shares and charges 

due to the National Credit Union Share Insurance Fund (NCUSIF), or inadvertent submission of false or misleading statement.

3,791 ............................. 1.06222 4,027. 

12 U.S.C. 

1782(d)(2)(B).

Tier 2 CMP for non-inadvertent failure to submit 

certified statement or submission of false or 

misleading statement.

37,901 ........................... 1.06222 40,259. 

12 U.S.C. 

1782(d)(2)(C).

Tier 3 CMP for failure to submit a certified statement or the submission of a false or misleading statement done knowingly or with 

reckless disregard.

Lesser of 1,895,095 or 

1% of total CU assets.

1.06222 Lesser of 2,013,008 or 

1% of total CU assets. 

12 U.S.C. 1785(a)(3) .. Non-compliance with insurance logo requirements.129 ................................ 1.06222 137. 

12 U.S.C. 1785(e)(3) .. Non-compliance with NCUA security requirements.301 ................................ 1.06222 320. 

12 U.S.C. 

1786(k)(2)(A).

Tier 1 CMP for violations of law, regulation, and 

other orders or agreements.

10,366 ........................... 1.06222 11,011. 

12 U.S.C. 

1786(k)(2)(B).

Tier 2 CMP for violations of law, regulation, and 

other orders or agreements and for recklessly 

engaging in unsafe or unsound practices or 

breaches of fiduciary duty.

51,827 ........................... 1.06222 55,052. 

12 U.S.C. 

1786(k)(2)(C).

Tier 3 CMP for knowingly committing the violations under Tier 1 or 2 (natural person).2,073,133 ...................... 1.06222 2,202,123. 

12 U.S.C. 

1786(k)(2)(C).

Tier 3 (same) (CU) ............................................... Lesser of 2,073,133 or 

1% of total CU assets.

1.06222 Lesser of 2,202,123 or 

1% of total CU assets. 

12 U.S.C. 

1786(w)(5)(A)(ii).

Non-compliance with senior examiner post-employment restrictions.341,000 ......................... 1.06222 362,217. 

15 U.S.C. 1639e(k) .... Non-compliance with appraisal independence 

standards (first violation).

11,906 ........................... 1.06222 12,647. 

15 U.S.C. 1639e(k) .... Subsequent violations of the same ..................... 23,811 ........................... 1.06222 25,293. 

42 U.S.C. 4012a(f)(5) Non-compliance with flood insurance requirements.2,252 ............................. 1.06222 2,392. 

II. Regulatory Procedures 

A. Final Rule Under the APA 

In the 2015 amendments, Congress 

provided that agencies shall make the 

required inflation adjustments in 2017 

and subsequent years notwithstanding 5 

U.S.C. 553,20 which generally requires 

agencies to follow notice-and-comment 

procedures in rulemaking and to make 

rules effective no sooner than 30 days 

after publication in the Federal 

Register. The 2015 amendments provide 

a clear exception to these 

requirements.21 In addition, as an 


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Federal Register / Vol. 87, No. 3 / Wednesday, January 5, 2022 / Rules and Regulations 379 

22 5 U.S.C. 553(b)(3)(B); see Mid-Tex Elec. Co-op., 

Inc. v. Fed. Energy Regulatory Comm’n, 822 F.2d 

1123 (D.C. Cir. 1987). For the same reasons, this 

final rule does not include the usual 60-day 

comment period under NCUA Interpretive Ruling 

and Policy Statement (IRPS) 87–2, as amended by 

IRPS 03–2 and 15–1 (Sept. 24, 2015). 

23 5 U.S.C. 553(b). 

24 5 U.S.C. 603, 604. 

25NCUA IRPS 15–1. 

26 5 U.S.C. 553(b)(3)(B). 

27 12 U.S.C. 1786(k)(2)(G)(i). 

28 44 U.S.C. 3507(d); 5 CFR part 1320. 

29Public Law 105–277, 112 Stat. 2681 (Oct. 21, 

1998). 

30 5 U.S.C. 801–808. 

31 5 U.S.C. 804(2). 

32 5 U.S.C. 808. 

independent basis, the Board finds that 

notice-and-comment procedures would 

be impracticable and unnecessary under 

the APA because of the largely 

ministerial and technical nature of the 

rule, which affords agencies limited 

discretion in promulgating the rule, and 

the statutory deadline for making the 

adjustments.22 In these circumstances, 

the Board finds good cause to issue a 

final rule without issuing a notice of 

proposed rulemaking or soliciting 

public comments. The Board also finds 

good cause to make the final rule 

effective upon publication because of 

the statutory deadline. Accordingly, this 

final rule is issued without prior notice 

and comment and will become effective 

immediately upon publication. 

B. Regulatory Flexibility Act 

The Regulatory Flexibility Act (RFA) 

generally requires that when an agency 

issues a proposed rule or a final rule 

pursuant to the APA 23 or another law, 

the agency must prepare a regulatory 

flexibility analysis that meets the 

requirements of the RFA and publish 

such analysis in the Federal Register.24

Specifically, the RFA normally requires 

agencies to describe the impact of a 

rulemaking on small entities by 

providing a regulatory impact analysis. 

For purposes of the RFA, the Board 

considers federally insured credit 

unions (FICUs) with assets less than 

$100 million to be small entities.25

As discussed previously, consistent 

with the APA,26 the Board has 

determined for good cause that general 

notice and opportunity for public 

comment is unnecessary, and therefore 

the Board is not issuing a notice of 

proposed rulemaking. Rules that are 

exempt from notice and comment 

procedures are also exempt from the 

RFA requirements, including 

conducting a regulatory flexibility 

analysis, when among other things the 

agency for good cause finds that notice 

and public procedure are impracticable, 

unnecessary, or contrary to the public 

interest. Accordingly, the Board has 

concluded that the RFA’s requirements 

relating to initial and final regulatory 

flexibility analysis do not apply. 

Nevertheless, the Board notes that this 

final rule will not have a significant 

economic impact on a substantial 

number of small credit unions because 

it affects only the maximum amounts of 

CMPs that may be assessed in 

individual cases, which are not 

numerous and generally do not involve 

assessments at the maximum level. In 

addition, several of the CMPs are 

limited to a percentage of a credit 

union’s assets. Finally, in assessing 

CMPs, the Board generally must 

consider a party’s financial resources.27

Because this final rule will affect few, if 

any, small credit unions, the Board 

certifies that the final rule will not have 

a significant economic impact on a 

substantial number of small entities. 

C. Paperwork Reduction Act 

The Paperwork Reduction Act of 1995 

(PRA) applies to rulemakings in which 

an agency creates a new paperwork 

burden on regulated entities or modifies 

an existing burden.28 For purposes of 

the PRA, a paperwork burden may take 

the form of either a reporting or a 

recordkeeping requirement, both 

referred to as information collections. 

This final rule adjusts the maximum 

amounts of certain CMPs that the Board 

may assess against individuals, entities, 

or credit unions but does not require 

any reporting or recordkeeping. 

Therefore, this final rule will not create 

new paperwork burdens or modify any 

existing paperwork burdens. 

D. Executive Order 13132 

Executive Order 13132 encourages 

independent regulatory agencies to 

consider the impact of their actions on 

state and local interests. In adherence to 

fundamental federalism principles, the 

NCUA, an independent regulatory 

agency as defined in 44 U.S.C. 3502(5), 

voluntarily complies with the Executive 

order. This final rule adjusts the 

maximum amounts of certain CMPs that 

the Board may assess against 

individuals, entities, and federally 

insured credit unions, including statechartered credit unions. However, the 

final rule does not create any new 

authority or alter the underlying 

statutory authorities that enable the 

Board to assess CMPs. Accordingly, this 

final rule will not have a substantial 

direct effect on the states, on the 

connection between the National 

Government and the states, or on the 

distribution of power and 

responsibilities among the various 

levels of government. The Board has 

determined that this final rule does not 

constitute a policy that has federalism 

implications for purposes of the 

Executive order. 

E. Assessment of Federal Regulations 

and Policies on Families 

The Board has determined that this 

final rule will not affect family wellbeing within the meaning of Section 654 

of the Treasury and General 

Government Appropriations Act, 

1999.29

F. Congressional Review Act 

For purposes of the Congressional 

Review Act,30 the OMB makes a 

determination as to whether a final rule 

constitutes a ‘‘major’’ rule. If OMB 

deems a rule to be a ‘‘major rule,’’ the 

Congressional Review Act generally 

provides that the rule may not take 

effect until at least 60 days following its 

publication. 

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.31

For the same reasons set forth above, 

the Board is adopting the final rule 

without the delayed effective date 

generally prescribed under the 

Congressional Review Act. The delayed 

effective date required by the 

Congressional Review Act does not 

apply to any rule for which an agency 

for good cause finds (and incorporates 

the finding and a brief statement of 

reasons therefor in the rule issued) that 

notice and public procedure thereon are 

impracticable, unnecessary, or contrary 

to the public interest.32

The Board believes this final rule is 

not a major rule. As required by the 

Congressional Review Act, the Board 

will submit the final rule and other 

appropriate reports to OMB, Congress, 

and the Government Accountability 

Office for review. 


TKELLEY on DSK125TN23PROD with RULES1
380 Federal Register / Vol. 87, No. 3 / Wednesday, January 5, 2022 / Rules and Regulations 

List of Subjects in 12 CFR Part 747 

Civil monetary penalties, Credit 

unions. 

By the National Credit Union 

Administration Board on December 30, 2021. 

Melane Conyers-Ausbrooks, 

Secretary of the Board. 

For the reasons stated in the 

preamble, the Board amends 12 CFR 

part 747 as follows: 

PART 747—ADMINISTRATIVE 

ACTIONS, ADJUDICATIVE HEARINGS, 

RULES OF PRACTICE AND 

PROCEDURE, AND INVESTIGATIONS 

■ 1. The authority for part 747 

continues to read as follows: 

Authority: 12 U.S.C. 1766, 1782, 1784, 

1785, 1786, 1787, 1790a, 1790d; 15 U.S.C. 

1639e; 42 U.S.C. 4012a; Pub. L. 101–410; 

Pub. L. 104–134; Pub. L. 109–351; Pub. L. 

114–74. 

■ 2. Revise § 747.1001 to read as 

follows: 

§ 747.1001 Adjustment of civil monetary 

penalties by the rate of inflation. 

(a) The NCUA is required by the 

Federal Civil Penalties Inflation 

Adjustment Act of 1990 (Pub. L. 101– 

410, 104 Stat. 890, as amended (28 

U.S.C. 2461 note)), to adjust the 

maximum amount of each civil 

monetary penalty (CMP) within its 

jurisdiction by the rate of inflation. The 

following chart displays those adjusted 

amounts, as calculated pursuant to the 

statute: 

U.S. Code citation CMP description New maximum amount 

(1) 12 U.S.C. 1782(a)(3) ......... Inadvertent failure to submit a report or the inadvertent submission of a 

false or misleading report.

$4,404. 

(2) 12 U.S.C. 1782(a)(3) ......... Non-inadvertent failure to submit a report or the non-inadvertent submission of a false or misleading report.$44,043. 

(3) 12 U.S.C. 1782(a)(3) ......... Failure to submit a report or the submission of a false or misleading report done knowingly or with reckless disregard.$2,202,123 or 1 percent of the total 

assets of the credit union, whichever is less. 

(4) 12 U.S.C. 1782(d)(2)(A) .... Tier 1 CMP for inadvertent failure to submit certified statement of insured 

shares and charges due to the National Credit Union Share Insurance 

Fund (NCUSIF), or inadvertent submission of false or misleading 

statement.

$4,027. 

(5) 12 U.S.C. 1782(d)(2)(B) .... Tier 2 CMP for non-inadvertent failure to submit certified statement or 

submission of false or misleading statement.

$40,259. 

(6) 12 U.S.C. 1782(d)(2)(C) .... Tier 3 CMP for failure to submit a certified statement or the submission 

of a false or misleading statement done knowingly or with reckless disregard.

$2,013,008 or 1 percent of the total 

assets of the credit union, whichever is less. 

(7) 12 U.S.C. 1785(a)(3) ......... Non-compliance with insurance logo requirements .................................... $137. 

(8) 12 U.S.C. 1785(e)(3) ......... Non-compliance with NCUA security requirements .................................... $320. 

(9) 12 U.S.C. 1786(k)(2)(A) .... Tier 1 CMP for violations of law, regulation, and other orders or agreements.$11,011. 

(10) 12 U.S.C. 1786(k)(2)(B) .. Tier 2 CMP for violations of law, regulation, and other orders or agreements and for recklessly engaging in unsafe or unsound practices or 

breaches of fiduciary duty.

$55,052. 

(11) 12 U.S.C. 1786(k)(2)(C) .. Tier 3 CMP for knowingly committing the violations under Tier 1 or 2 

(natural person).

$2,202,123. 

(12) 12 U.S.C. 1786(k)(2)(C) .. Tier 3 CMP for knowingly committing the violations under Tier 1 or 2 (insured credit union).$2,202,123 or 1 percent of the total 

assets of the credit union, whichever is less. 

(13) 12 U.S.C. 

1786(w)(5)(A)(ii).

Non-compliance with senior examiner post-employment restrictions ........ $362,217. 

(14) 15 U.S.C. 1639e(k) ......... Non-compliance with appraisal independence requirements ..................... First violation: $12,647; Subsequent 

violations: $25,293. 

(15) 42 U.S.C. 4012a(f)(5) ...... Non-compliance with flood insurance requirements ................................... $2,392. 

(b) The adjusted amounts displayed in 

paragraph (a) of this section apply to 

civil monetary penalties that are 

assessed after the date the increase takes 

effect, including those whose associated 

violation or violations pre-dated the 

increase and occurred on or after 

November 2, 2015. 

[FR Doc. 2021–28555 Filed 1–4–22; 8:45 am] 

BILLING CODE 7535–01–P 

SMALL BUSINESS ADMINISTRATION 

13 CFR Part 121 

RIN 3245–AG94 

Consolidation of Mentor-Prote ́ge ́

Programs and Other Government 

Contracting Amendments; Correction 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Correcting amendment. 

SUMMARY: The U.S. Small Business 

Administration (SBA) is correcting a 

final rule that was published in the 

Federal Register on October 16, 2020. 

The rule merged the 8(a) Business 

Development (BD) Mentor-Prote ́ge ́

Program and the All Small MentorProte ́ge ́ Program to eliminate confusion 

and remove unnecessary duplication of 

functions within SBA. This document is 

making a correction to the final 

regulations. 

DATES: Effective January 5, 2022. 

FOR FURTHER INFORMATION CONTACT: 

Mark Hagedorn, U.S. Small Business 

Administration, Office of General 

Counsel, 409 Third Street SW, 

Washington, DC 20416; (202) 205–7625; 

mark.hagedorn@sba.gov. 

SUPPLEMENTARY INFORMATION: On 

October 16, 2020, SBA published a final 

rule revising the regulations pertaining 

to the 8(a) BD and size programs in 

order to further reduce unnecessary or 

excessive burdens on small businesses 

and to more clearly delineate SBA’s 


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