Federal Register / Vol. 74, No. 65 / Tuesday, April 7, 2009 / Rules and Regulations 15657 

1Public Law 109–351, 120 Stat. 1966 (Oct. 13, 

2006). 

2See 12 CFR part 24 (2008) (implementing 12 

U.S.C. 24(Eleventh)). 

3Public Law 109–351, § 305, 120 Stat. at 1970– 

71 (emphasis added). 

Corporation (CCC) nonrecourse 

marketing assistance loans or loan 

deficiency payments for honey for the 

2008 through 2012 crop years. 

Marketing loan gains and loan 

deficiency payments for the 2008 crop 

will be limited to the payment 

limitation rules applicable to the 2008 

crop. Beginning with the 2009 crop 

year, there will not be payment limits 

on marketing loan gains and loan 

deficiency payments. 

(b) Producers must comply with all 

provisions of this part and part 1421 of 

this chapter. 

■ 46. Amend § 1434.6 as follows: 

■ a. Remove paragraph (b) and 

redesignate paragraphs (c) through (e) as 

paragraphs (b) through (d), respectively; 

■ b. In newly redesignated paragraph (b) 

introductory text, remove the words 

‘‘control, title, and risk of loss in’’ and 

add, in their place, the words ‘‘title and 

control of’’; 

■ c. Revise newly redesignated 

paragraph (b)(1) to read as set forth 

below; and 

■ d. In newly redesignated paragraph 

(b)(2), remove the words ‘‘risk of loss,’’. 

§ 1434.6 Beneficial interest. 

* * * * * 

(b) * * * 

(1) Executes an option to purchase, 

whether or not a payment is made by 

the potential buyer for such option to 

purchase, with respect to such honey if 

all other eligibility requirements are met 

and the option to purchase contains the 

following provision: 

‘‘Notwithstanding any other provision of 

this option to purchase or any other contract, 

title and control of the honey and beneficial 

interest in the honey, as specified in 7 CFR 

1434.6, must remain with the producer until 

the buyer exercises this option to purchase 

the honey. This option to purchase will 

expire, notwithstanding any action or 

inaction by either the producer or the buyer, 

at the earlier of: 

(1) The maturity of any Commodity Credit 

Corporation (CCC) loan which is secured by 

such honey; 

(2) The date the CCC claims title to such 

honey; or 

(3) Such other date as provided in this 

option.’’ 

* * * * * 

■ 47. Amend § 1434.15 as follows: 

■ a. Revise the section heading to read 

as set forth below; 

■ b. Revise paragraph (c)(1) to read as 

set forth below; and 

■ c. In paragraph (c)(2), remove the 

words ‘‘25 percent’’ and add, in their 

place, the words ‘‘10 percent’’. 

§ 1434.15 Personal liability. 

* * * * * 

(c) * * * 

(1) Acted in good faith when the 

violation occurred, liquidated damages 

will be assessed by multiplying the 

quantity involved in the violation by 10 

percent of the loan rate applicable to the 

loan note for each offense. 

* * * * * 

■ 48. Amend § 1434.18 as follows: 

■ a. In paragraph (a), add the words 

‘‘during the loan period’’ immediately 

after the word ‘‘loan’’; and 

■ b. Add paragraph (a)(3) to read as set 

forth below. 

§ 1434.18 Loan repayments. 

(a) * * * 

(3) In the event of a severe disruption 

to marketing, transportation, or related 

infrastructure, the Secretary may modify 

the repayment rate otherwise applicable 

under this section for marketing 

assistance loans. Any adjustment made 

to the repayment rate for marketing 

assistance loans for honey under this 

part will be in effect on a short-term and 

temporary basis, as determined by the 

Secretary. 

* * * * * 

§ 1434.21 [Amended] 

■ 49. Amend § 1434.21(a) by removing 

the years ‘‘2002–2007’’ and adding, in 

their place, the words ‘‘2008 through 

2012’’. 

§ 1434.22 [Removed] 

§ 1434.23 [Redesignated as § 1434.22] 

■ 50. Remove § 1434.22 and redesignate 

§ 1434.23 as § 1434.22. 

Signed in Washington, DC, on March 31, 

2009. 

Dennis J. Taitano, 

Acting Executive Vice President, Commodity 

Credit Corporation. 

[FR Doc. E9–7644 Filed 4–6–09; 8:45 am] 

BILLING CODE 3410–05–P 

DEPARTMENT OF THE TREASURY 

Office of the Comptroller of the 

Currency 

12 CFR Part 24 

[Docket ID OCC–2009–0006] 

RIN 1557–AD12 

Community and Economic 

Development Entities, Community 

Development Projects, and Other 

Public Welfare Investments 

AGENCY: Office of the Comptroller of the 

Currency, Treasury. 

ACTION: Final rule. 

SUMMARY: The Office of the Comptroller 

of the Currency (OCC) is adopting in 

final form and without change the 

interim final rule, issued on August 11, 

2008, which implemented the statutory 

change to national banks’ community 

development investment authority made 

in the Housing and Economic Recovery 

Act of 2008 (HERA). The OCC also is 

revising Appendix 1 to part 24, the CD– 

1 National Bank Community 

Development (Part 24) Investments 

Form, to make technical changes that 

are consistent with the HERA provision 

and the revised regulation. Section 2503 

of the HERA revised the community 

development investment authority in 

section 24(Eleventh) to restore a 

national bank’s authority to make 

investments designed primarily to 

promote the public welfare. 

DATES: Effective Date: April 7, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Stephen Van Meter, Assistant Director, 

Community and Consumer Law 

Division, (202) 874–5750; Michele 

Meyer, Assistant Director, Patrick T. 

Tierney, Senior Attorney, or Rebecca 

Smith, Attorney, Legislative and 

Regulatory Activities Division, (202) 

874–5090, Office of the Comptroller of 

the Currency, 250 E Street, SW., 

Washington, DC 20219. 

SUPPLEMENTARY INFORMATION: 

Background 

Introduction 

The Financial Services Regulatory 

Relief Act of 2006 (FSRRA) 1 made a 

number of changes to 12 U.S.C. 

24(Eleventh), the statute that authorizes 

national banks’ community 

development investments.2 Prior to its 

amendment by the FSRRA, 12 U.S.C. 

24(Eleventh) authorized a national bank 

‘‘[t]o make investments designed 

primarily to promote the public welfare, 

including the welfare of low- and 

moderate-income communities or 

families (such as by providing housing, 

services, or jobs)’’ (the public welfare 

test). The FSRRA, among other things, 

narrowed the grant of authority in 

section 24(Eleventh) by providing that a 

national bank may ‘‘make investments 

directly or indirectly, each of which 

promotes the public welfare by 

benefiting primarily low- and moderateincome communities or families (such 

as by providing housing, services, or 

jobs).’’ 3 On April 24, 2008, the OCC 

issued a final rule that implemented the 

15658 Federal Register / Vol. 74, No. 65 / Tuesday, April 7, 2009 / Rules and Regulations 

4 73 FR 22216 (Apr. 24, 2008). 

5Public Law 110–289, § 2503, 122 Stat. 2654, 

2857–58 (July 30, 2008). 

6 Id. (emphasis added). 

7 73 FR 46532 (Aug. 11, 2008). 

8Two commenters objected to a separate and 

unrelated HERA provision that places restrictions 

on down payment assistance programs. The OCC is 

not authorized to implement this provision, and it 

was not the subject of this rulemaking action. 

9 5 U.S.C. 601(2). 

10 5 U.S.C. 553(b)(B). 

11 73 FR 46534 (Aug. 11, 2008). 

FSRRA’s narrowing of the public 

welfare test.4

On July 30, 2008, the President signed 

into law the HERA, which reinstated the 

pre-FSRRA public welfare test.5

Specifically, section 2503 of the HERA 

revised section 24(Eleventh) to provide 

that a national bank may ‘‘* * * make 

investments directly or indirectly, each 

of which is designed primarily to 

promote the public welfare, including 

the welfare of low- and moderateincome communities or families (such 

as by providing housing, services, or 

jobs).’’ 6

On August 11, 2008, the OCC issued 

an interim final rule to implement 

section 2503 of the HERA.7 Under 

section 2503 of the HERA and the 

revisions made by the interim final rule, 

national banks and their subsidiaries are 

able to make a broader range of 

investments that will strengthen and 

stabilize communities, including 

communities affected by rising 

foreclosures. The OCC is now adopting 

the interim final rule in final form 

without change. 

Description of the Interim Final Rule 

The interim final rule made the 

following revisions to part 24 in order 

to implement the HERA’s changes to the 

public welfare test. 

Definition of ‘‘Community and 

Economic Development Entity’’ (CEDE) 

(§ 24.2(c)) 

The interim final rule amended the 

definition of a CEDE in § 24.2(c) to 

implement the HERA change to the 

public welfare test. Thus, paragraph (c) 

of the interim final rule defined a CEDE 

as ‘‘an entity that makes investments or 

conducts activities that primarily 

benefit low- and moderate-income 

individuals, low- and moderate-income 

areas, or other areas targeted by a 

governmental entity for redevelopment, 

or would receive consideration as 

qualified investments under 12 CFR 

25.23.’’ 

Removing the Definition of ‘‘Benefiting 

Primarily Low- and Moderate-Income 

Areas or Individuals’’ (§ 24.2(g)) 

As discussed above, the FSRRA 

authorized a national bank and its 

subsidiaries to make investments that 

promote the public welfare by 

‘‘benefiting primarily’’ low- and 

moderate-income areas or individuals. 

The April 2008 final rule that 

implemented the FSRRA added a 

definition of ‘‘benefiting primarily low 

and moderate-income areas or 

individuals.’’ Consistent with the HERA 

change to section 24(Eleventh), the 

August 2008 interim final rule removed 

the definition of ‘‘benefiting primarily 

low- and moderate-income areas or 

individuals’’ from part 24. 

Public Welfare Investments (§ 24.3) 

The interim final rule revised § 24.3, 

which authorizes national banks to 

make investments pursuant to section 

24(Eleventh), to conform the wording of 

the regulation to the changes made by 

the HERA. 

Examples of Qualifying Public Welfare 

Investments (§ 24.6) 

Section 24.6 contains examples of 

qualifying public welfare investments. 

The interim final rule revised the 

introductory language in § 24.6 to reflect 

the HERA changes and restored to the 

examples references to investments in 

‘‘targeted redevelopment areas,’’ which 

were removed by the April 2008 FSRRA 

final rule. 

Revision to Appendix 1 to Part 24, the 

CD–1 National Bank Community 

Development (Part 24) Investments 

Form 

The interim final rule also revised 

Appendix 1 to part 24, the CD–1 

National Bank Community Development 

(Part 24) Investments Form, to reflect 

the changes to the regulation. 

Comments on the Interim Final Rule 

The OCC’s interim final rule included 

a request for public comment on the 

changes implementing the HERA’s 

revisions to section 24(Eleventh). The 

comment period closed on September 

10, 2008. The OCC received nine 

comments, seven of which addressed 

the interim final rule.8 The seven 

commenters unanimously supported the 

interim final rule. One commenter 

expressed concern that, because many 

of the examples of qualifying public 

investments listed in § 24.6 pertain to 

investments that benefit low- and 

moderate-income areas or individuals, 

the list of examples could be interpreted 

as a requirement for national banks to 

demonstrate that the primary 

beneficiaries of an investment are lowand moderate-income individuals or 

areas. The commenter asserted that such 

an interpretation would be inconsistent 

with the flexibility afforded by the 

§ 24.3 public welfare investment 

standard, which also permits 

investments in areas targeted by a 

governmental entity for redevelopment 

or investments that would be 

considered ‘‘qualified investments’’ 

under § 25.23 of the OCC’s Community 

Reinvestment Act (CRA) regulations. 

The commenter encouraged the OCC to 

clarify that the HERA changes to part 24 

provide national banks with additional 

flexibility to make community 

development investments. 

We agree that § 24.6 serves as a nonexclusive list of examples that illustrate 

how a national bank may permissibly 

use its authority to make public welfare 

investments. The list cannot, and does 

not, restrict the express authorization in 

§ 24.3, which, as the commenter noted, 

permits investments in areas targeted by 

a governmental entity for 

redevelopment or investments that 

would be considered ‘‘qualified 

investments’’ under § 25.23 of the CRA 

regulations. Moreover, to provide 

guidance to national banks and OCC 

bank examiners, the OCC provides 

detailed information about part 24 

public welfare investments on its Web 

site at http://www.occ.gov/cdd/ 

pt24toppage.htm. If, after reviewing 

§ 24.6 and OCC’s Web site, a national 

bank is still uncertain about whether a 

particular investment is permissible, the 

bank also may submit a prior approval 

request under § 24.5 and receive from 

the OCC a permissibility determination. 

Accordingly, the OCC has concluded 

that the list in § 24.6 need not include 

an example of each type of investment 

that part 24 and the statute permit. 

Accordingly, the OCC has determined 

that it is appropriate to adopt as final 

the interim final rule as originally 

published on August 11, 2008. 

Regulatory Flexibility Act Analysis 

The Regulatory Flexibility Act (Pub. 

L. 96–354, Sept. 19, 1980) (RFA) applies 

only to rules for which an agency 

publishes a general notice of proposed 

rulemaking pursuant to 5 U.S.C. 553(b).9

Pursuant to the Administrative 

Procedure Act (APA) at 5 U.S.C. 

553(b)(B), general notice and an 

opportunity for public comment are not 

required prior to the issuance of a final 

rule when an agency, for good cause, 

finds that ‘‘notice and public procedure 

thereon are impracticable, unnecessary, 

or contrary to the public interest.’’ 10

For the reasons set forth in the interim 

final rule,11 the OCC determined for 

good cause that the APA did not require 

general notice and public comment on 

Federal Register / Vol. 74, No. 65 / Tuesday, April 7, 2009 / Rules and Regulations 15659 

the interim final rule and, therefore, did 

not publish a general notice of proposed 

rulemaking. Thus, the RFA, pursuant to 

5 U.S.C. 601(2), does not apply to this 

final rule. 

Executive Order 12866 

The OCC has concluded that this final 

rule is not a significant regulatory action 

under Executive Order 12866. The 

changes made by this final rule will not 

have an annual effect on the economy 

of $100 million or more within the 

meaning of Executive Order 12866. The 

OCC further concludes that this final 

rule does not meet any of the other 

standards for a significant regulatory 

action set forth in Executive Order 

12866. 

Unfunded Mandates Reform Act of 

1995 Determinations 

Section 202 of the Unfunded 

Mandates Reform Act of 1995, Pub. L. 

104–4 (2 U.S.C. 1532) (Unfunded 

Mandates Act), requires that an agency 

prepare a budgetary impact statement 

before promulgating any final rule for 

which a general notice of proposed 

rulemaking was published. As 

discussed above, the OCC determined 

for good cause that the APA did not 

require general notice and public 

comment on the interim final rule and, 

therefore, the OCC did not publish a 

general notice of proposed rulemaking. 

Accordingly, the final rule is not subject 

to section 202 of the Unfunded 

Mandates Act. 

Paperwork Reduction Act 

In accordance with the requirements 

of the Paperwork Reduction Act of 1995 

(44 U.S.C. 3506), the OCC has reviewed 

the final rule and determined that it 

contains no collections of information 

as defined by the Paperwork Reduction 

Act. 

Lists of Subjects in 12 CFR Part 24 

Community development, Credit, 

Investments, Low and moderate income 

housing, National banks, Reporting and 

recordkeeping requirements, Rural 

areas, Small businesses. 

■ For the reasons set forth in the 

preamble, under the authority at 12 

U.S.C. 24(Eleventh), 93a, 481 and 1818, 

the interim rule amending 12 CFR part 

24, which was published at 73 FR 46532 

on August 11, 2008, is adopted as final 

with the following change: 

PART 24—COMMUNITY AND 

ECONOMIC DEVELOPMENT ENTITIES, 

COMMUNITY DEVELOPMENT 

PROJECTS, AND OTHER PUBLIC 

WELFARE INVESTMENTS 

■ 1. The authority citation for part 24 

continues to read as follows: 

Authority: 12 U.S.C. 24(Eleventh), 93a, 

481 and 1818. 

■ 2. Appendix 1 to Part 24 is revised to 

read as follows: 

APPENDIX 1 TO PART 24—CD–1— 

NATIONAL BANK COMMUNITY 

DEVELOPMENT (PART 24) 

INVESTMENTS 

BILLING CODE 4810–33–P 

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15664 Federal Register / Vol. 74, No. 65 / Tuesday, April 7, 2009 / Rules and Regulations 

Dated: March 31, 2009. 

John C. Dugan, 

Comptroller of the Currency. 

[FR Doc. E9–7861 Filed 4–6–09; 8:45 am] 

BILLING CODE 4810–33–C 


ER07AP09.004</GPH>
Federal Register / Vol. 74, No. 65 / Tuesday, April 7, 2009 / Rules and Regulations 15665 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 39 

[Docket No. FAA–2009–0313; Directorate 

Identifier 2008–NM–144–AD; Amendment 

39–15769; AD 2008–26–03] 

RIN 2120–AA64 

Airworthiness Directives; Bombardier 

Model DHC–8–102, DHC–8–103, DHC– 

8–106, DHC–8–201, DHC–8–202, DHC– 

8–301, DHC–8–311, and DHC–8–315 

Airplanes Equipped With a Cockpit 

Door Electronic Strike System Installed 

in Accordance With Supplemental 

Type Certificate (STC) ST02014NY 

AGENCY: Federal Aviation 

Administration (FAA), Department of 

Transportation (DOT). 

ACTION: Final rule; request for 

comments. 

SUMMARY: This document publishes in 

the Federal Register an amendment 

adopting airworthiness directive (AD) 

2008–26–03. This AD requires 

modifying the electronic strike system 

of the cockpit door. This AD results 

from a report indicating that the 

equipment is defective. We are issuing 

this AD to prevent failure of this 

equipment, which could compromise 

flight safety. 

DATES: This AD becomes effective 

April 13, 2009 to all persons. 

We must receive comments on this 

AD by May 7, 2009. 

ADDRESSES: You may send comments by 

any of the following methods: 

• Federal eRulemaking Portal: Go to 

http://www.regulations.gov. Follow the 

instructions for submitting comments. 

• Fax: 202–493–2251. 

• Mail: U.S. Department of 

Transportation, Docket Operations, M– 

30, West Building Ground Floor, Room 

W12–140, 1200 New Jersey Avenue, SE., 

Washington, DC 20590. 

• Hand Delivery: U.S. Department of 

Transportation, Docket Operations, M– 

30, West Building Ground Floor, Room 

W12–140, 1200 New Jersey Avenue, SE., 

Washington, DC 20590, between 9 a.m. 

and 5 p.m., Monday through Friday, 

except Federal holidays. 

Examining the AD Docket 

You may examine the AD docket on 

the Internet at http:// 

www.regulations.gov; or in person at the 

Docket Management Facility between 

9 a.m. and 5 p.m., Monday through 

Friday, except Federal holidays. The AD 

docket contains this AD, the regulatory 

evaluation, any comments received, and 

other information. The street address for 

the Docket Office (telephone 800–647– 

5527) is in the ADDRESSES section. 

Comments will be available in the AD 

docket shortly after receipt. 

FOR FURTHER INFORMATION CONTACT: 

Fabio Buttitta, Aerospace Engineer, 

Systems and Flight Test Branch, ANE– 

171, FAA, New York Aircraft 

Certification Office, 1600 Stewart 

Avenue, Suite 410, Westbury, New York 

11590; telephone (516) 228–7303; fax 

(516) 794–5531. 

SUPPLEMENTARY INFORMATION: 

Discussion 

Transport Canada Civil Aviation 

(TCCA), which is the airworthiness 

authority for Canada, notified us that an 

unsafe condition may exist on 

Bombardier Model DHC–8–102, DHC– 

8–103, DHC–8–106, DHC–8–201, DHC– 

8–202, DHC–8–301, DHC–8–311, and 

DHC–8–315 airplanes equipped with a 

cockpit door electronic strike system 

installed in accordance with 

supplemental type certificate (STC) 

SA03–70 issue No. 1 or issue No. 2 

(which is equivalent to STC 

ST02014NY). TCCA advises that the 

electronic strike system of the cockpit 

door is defective. (STC SA03–70 issue 

No. 3 incorporates the enhanced 

security measures for these doors.) 

Defective equipment, if not corrected, 

could compromise flight safety. 

Transport Canada Civil Aviation (TCCA) 

issued Canadian airworthiness directive 

CF–2008–26R1, dated August 15, 2008 

(referred to after this as the Mandatory 

Continuing Airworthiness Information 

or ‘‘MCAI’’) to ensure the continued 

airworthiness of these airplanes in 

Canada. 

FAA’s Determination and Requirements 

of this AD 

This product has been approved by 

the aviation authority of another 

country, and is approved for operation 

in the United States. Pursuant to our 

bilateral agreement with the State of 

Design Authority, we have been notified 

of the unsafe condition described in the 

MCAI referenced above. We are issuing 

this AD because we evaluated all 

pertinent information and determined 

an unsafe condition exists and is likely 

to exist or develop on other products of 

the same type design. 

Therefore, we are issuing AD 2008– 

26–03 to prevent failure of the 

electronic strike system, which could 

compromise flight safety. This AD 

requires modifying the electronic strike 

system of the cockpit door in 

accordance with a method approved by 

the Manager, New York Aircraft 

Certification Office (ACO), FAA. 

None of the airplanes affected by this 

action are on the U.S. Register. 

Therefore, providing notice and 

opportunity for public comment is 

unnecessary before this AD is issued, 

and this AD may be made effective in 

less than 30 days after it is published in 

the Federal Register. However, this rule 

is necessary to ensure that the described 

unsafe condition is addressed if any of 

these products are placed on the U.S. 

Register in the future. The AD is hereby 

published in the Federal Register as an 

amendment to section 39.13 of the 

Federal Aviation Regulations (14 CFR 

39.13) to make it effective to all persons. 

Comments Invited 

This AD is a final rule that involves 

requirements affecting flight safety, and 

we did not provide you with notice and 

an opportunity to provide your 

comments before it becomes effective. 

However, we invite you to send any 

written data, views, or arguments about 

this AD. Send your comments to an 

address listed under the ADDRESSES

section. Include ‘‘Docket No. FAA– 

2009–0313; Directorate Identifier 2008– 

NM–144–AD’’ at the beginning of your 

comments. We specifically invite 

comments on the overall regulatory, 

economic, environmental, and energy 

aspects of this AD. We will consider all 

comments received by the closing date 

and may amend this AD because of 

those comments. 

We will post all comments we 

receive, without change, to http:// 

www.regulations.gov, including any 

personal information you provide. We 

will also post a report summarizing each 

substantive verbal contact we receive 

about this AD. 

Authority for This Rulemaking 

Title 49 of the United States Code 

specifies the FAA’s authority to issue 

rules on aviation safety. Subtitle I, 

Section 106, describes the authority of 

the FAA Administrator. Subtitle VII, 

Aviation Programs, describes in more 

detail the scope of the Agency’s 

authority. 

We are issuing this rulemaking under 

the authority described in Subtitle VII, 

Part A, Subpart III, Section 44701, 

‘‘General requirements.’’ Under that 

section, Congress charges the FAA with 

promoting safe flight of civil aircraft in 

air commerce by prescribing regulations 

for practices, methods, and procedures 

the Administrator finds necessary for 

safety in air commerce. This regulation