77852 Federal Register / Vol. 79, No. 248 / Monday, December 29, 2014 / Rules and Regulations 

1Public Law 111–203, 124 Stat. 1376 (2010). 

2See OCC interim final rule, 76 FR 48950 (Aug. 

9, 2011). 

PART 9036—REVIEW OF MATCHING 

FUND SUBMISSIONS AND 

CERTIFICATION OF PAYMENTS BY 

COMMISSION 

■ 246. The authority citation for part 

9036 continues to read as follows: 

Authority: 26 U.S.C. 9036 and 9039(b). 

§ 9036.2 [Amended] 

■ 247. Amend paragraph (b)(1)(v) of 

§ 9036.2 to remove ‘‘2 U.S.C. 432(c)(3), 

434(b)(3)(A)’’ and add in its place ‘‘52 

U.S.C. 30102(c)(3), 30104(b)(3)(A)’’. 

PART 9038—EXAMINATIONS AND 

AUDITS 

■ 248. The authority citation for part 

9038 continues to read as follows: 

Authority: 26 U.S.C. 9038 and 9039(b). 

§ 9038.1 [Amended] 

■ 249. In § 9038.1: 

■ a. Amend paragraph (b)(1)(iii) to 

remove ‘‘2 U.S.C. 437d’’ and add in its 

place ‘‘52 U.S.C. 30107’’; 

■ b. Amend paragraph (b)(1)(v) to 

remove ‘‘2 U.S.C. 437d(a)(1)’’ and add in 

its place ‘‘52 U.S.C. 30107(a)(1)’’ and to 

remove ‘‘2 U.S.C. 437(d)(a)(3)’’ and add 

in its place ‘‘52 U.S.C. 30107(a)(3)’’; and 

■ c. Amend paragraph (d)(2) to remove 

‘‘2 U.S.C. 437g’’ and add in its place ‘‘52 

U.S.C. 30109’’. 

PART 9039—REVIEW AND 

INVESTIGATION AUTHORITY 

■ 250. The authority citation for part 

9039 continues to read as follows: 

Authority: 26 U.S.C. 9039. 

§ 9039.3 [Amended] 

■ 251. Amend paragraphs (a)(2) and 

(b)(3) of § 9039.3 to remove ‘‘2 U.S.C. 

437g’’ and add in its place ‘‘52 U.S.C. 

30109’’. 

On behalf of the Commission. 

Dated: December 17, 2014. 

Lee E. Goodman, 

Chairman, Federal Election Commission. 

[FR Doc. 2014–29933 Filed 12–24–14; 8:45 am] 

BILLING CODE 6715–01–P 

DEPARTMENT OF THE TREASURY 

Office of the Comptroller of the 

Currency 

12 CFR Parts 25 and 195 

[Docket ID OCC–2014–0026] 

RIN 1557–AD89 

FEDERAL RESERVE SYSTEM 

12 CFR Part 228 

[Regulation BB; Docket No. R–1504] 

RIN 7100–AE25 

FEDERAL DEPOSIT INSURANCE 

CORPORATION 

12 CFR Part 345 

RIN 3064–AD90 

Community Reinvestment Act 

Regulations 

AGENCIES: Office of the Comptroller of 

the Currency, Treasury (OCC); Board of 

Governors of the Federal Reserve 

System (Board); and Federal Deposit 

Insurance Corporation (FDIC). 

ACTION: Joint final rule; technical 

amendment. 

SUMMARY: The OCC, the Board, and the 

FDIC (collectively, the Agencies) are 

amending their Community 

Reinvestment Act (CRA) regulations to 

adjust the asset-size thresholds used to 

define ‘‘small bank’’ or ‘‘small savings 

association’’ and ‘‘intermediate small 

bank’’ or ‘‘intermediate small savings 

association.’’ As required by the CRA 

regulations, the adjustment to the 

threshold amount is based on the 

annual percentage change in the 

Consumer Price Index. 

DATES: Effective January 1, 2015. 

FOR FURTHER INFORMATION CONTACT: 

OCC: Margaret Hesse, Senior Counsel, 

Community and Consumer Law 

Division, (202) 649–6350; Rima 

Kundnani, Attorney, Legislative and 

Regulatory Activities Division, (202) 

649–5490, for persons who are deaf or 

hard of hearing, TTY, (202) 649–5597; 

or Bobbie K. Kennedy, Bank Examiner, 

Compliance Policy Division, (202) 649– 

5470, Office of the Comptroller of the 

Currency, 400 7th Street SW., 

Washington, DC 20219. 

Board: Amal S. Patel, Senior 

Supervisory Consumer Financial 

Services Analyst, (202) 912–7879; or 

Nikita Pastor, Counsel, (202) 452–3667, 

Division of Consumer and Community 

Affairs, Board of Governors of the 

Federal Reserve System, 20th Street and 

Constitution Avenue NW., Washington, 

DC 20551. 

FDIC: Patience R. Singleton, Senior 

Policy Analyst, Supervisory Policy 

Branch, Division of Depositor and 

Consumer Protection, (202) 898–6859; 

or Richard M. Schwartz, Counsel, Legal 

Division, (202) 898–7424, Federal 

Deposit Insurance Corporation, 550 17th 

Street NW., Washington, DC 20429. 

SUPPLEMENTARY INFORMATION: 

Background and Description of the 

Joint Final Rule 

The Agencies’ CRA regulations 

establish CRA performance standards 

for small and intermediate small banks 

and savings associations. The 

regulations define small and 

intermediate small banks and savings 

associations by reference to asset-size 

criteria expressed in dollar amounts, 

and they further require the Agencies to 

publish annual adjustments to these 

dollar figures based on the year-to-year 

change in the average of the Consumer 

Price Index for Urban Wage Earners and 

Clerical Workers (CPIW), not seasonally 

adjusted, for each twelve-month period 

ending in November, with rounding to 

the nearest million. 12 CFR 25.12(u)(2), 

195.12(u)(2), 228.12(u)(2), and 

345.12(u)(2). This adjustment formula 

was first adopted for CRA purposes by 

the OCC, the Board, and the FDIC on 

August 2, 2005, effective September 1, 

2005. 70 FR 44256 (Aug. 2, 2005). As 

explained in the SUPPLEMENTARY

INFORMATION section of the Agencies’ 

2005 proposed rule, the Consumer Price 

Index also is used in other federal 

lending regulations, such as the Home 

Mortgage Disclosure Act. 70 FR 12148 

(Mar. 11, 2005). See 12 U.S.C. 2808; 12 

CFR 203.2(e)(1)(i) (2006). On March 22, 

2007, and effective July 1, 2007, the 

former Office of Thrift Supervision 

(OTS), the agency then responsible for 

regulating savings associations, adopted 

an annual adjustment formula 

consistent with that of the other federal 

banking agencies in its CRA rule 

previously set forth at 12 CFR 563e. 72 

FR 13429 (Mar. 22, 2007). Pursuant to 

the Dodd-Frank Wall Street Reform and 

Consumer Protection Act (Dodd-Frank 

Act),1 and effective July 21, 2011, CRA 

rulemaking authority for federal and 

state savings associations was 

transferred from the OTS to the OCC, 

and the OCC subsequently republished, 

at 12 CFR 195, the CRA regulations 

applicable to those institutions.2 In 

addition, the Dodd-Frank Act 

transferred responsibility for 

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Federal Register / Vol. 79, No. 248 / Monday, December 29, 2014 / Rules and Regulations 77853 

3See Board interim final rule, 76 FR 56508 (Sept. 

13, 2011). 

supervision of savings and loan holding 

companies and their non-depository 

subsidiaries from the OTS to the Board, 

and the Board subsequently amended its 

CRA regulation to reflect this transfer of 

supervision authority.3

The threshold for small banks and 

small savings associations was revised 

most recently on December 30, 2013, 

and became effective January 1, 2014 

(78 FR 79283 (Dec. 30, 2013)). The 

current CRA regulations provide that 

banks and savings associations that, as 

of December 31 of either of the prior two 

calendar years, had assets of less than 

$1.202 billion are small banks or small 

savings associations. Small banks and 

small savings associations with assets of 

at least $300 million as of December 31 

of both of the prior two calendar years 

and less than $1.202 billion as of 

December 31 of either of the prior two 

calendar years are intermediate small 

banks or intermediate small savings 

associations. 12 CFR 25.12(u)(1), 

195.12(u)(1), 228.12(u)(1), and 

345.12(u)(1). This joint final rule further 

revises these thresholds. 

During the period ending November 

2014, the CPIW increased by 1.60 

percent. As a result, the Agencies are 

revising 12 CFR 25.12(u)(1), 

195.12(u)(1), 228.12(u)(1), and 

345.12(u)(1) to make this annual 

adjustment. Beginning January 1, 2015, 

banks and savings associations that, as 

of December 31 of either of the prior two 

calendar years, had assets of less than 

$1.221 billion are small banks or small 

savings associations. Small banks and 

small savings associations with assets of 

at least $305 million as of December 31 

of both of the prior two calendar years 

and less than $1.221 billion as of 

December 31 of either of the prior two 

calendar years are intermediate small 

banks or intermediate small savings 

associations. The Agencies also publish 

current and historical asset-size 

thresholds on the Web site of the 

Federal Financial Institutions 

Examination Council at http://

www.ffiec.gov/cra/. 

Administrative Procedure Act and 

Effective Date 

Under 5 U.S.C. 553(b)(B) of the 

Administrative Procedure Act (APA), an 

agency may, for good cause, find (and 

incorporate the finding and a brief 

statement of reasons therefore in the 

rules issued) that notice and public 

procedure thereon are impracticable, 

unnecessary, or contrary to the public 

interest. 

The amendments to the regulations to 

adjust the asset-size thresholds for small 

and intermediate small banks and 

savings associations result from the 

application of a formula established by 

a provision in the respective CRA 

regulations that the Agencies previously 

published for comment. See 70 FR 

12148 (Mar. 11, 2005), 70 FR 44256 

(Aug. 2, 2005), 71 FR 67826 (Nov. 24, 

2006), and 72 FR 13429 (Mar. 22, 2007). 

Sections 25.12(u)(1), 195.12(u)(1), 

228.12(u)(1), and 345.12(u)(1) are 

amended by adjusting the asset-size 

thresholds as provided for in 

§§ 25.12(u)(2), 195.12(u)(2), 

228.12(u)(2), and 345.12(u)(2). 

Accordingly, because the Agencies’ 

rules provide no discretion as to the 

computation or timing of the revisions 

to the asset-size criteria, the Agencies 

have determined that publishing a 

notice of proposed rulemaking and 

providing opportunity for public 

comment are unnecessary. 

The effective date of this joint final 

rule is January 1, 2015. Under 5 U.S.C. 

553(d)(3) of the APA, the required 

publication or service of a substantive 

rule shall be made not less than 30 days 

before its effective date, except, among 

other things, as provided by the agency 

for good cause found and published 

with the rule. Because this rule adjusts 

asset-size thresholds consistent with the 

procedural requirements of the CRA 

rules, the Agencies conclude that it is 

not substantive within the meaning of 

the APA’s delayed effective date 

provision. Moreover, the Agencies find 

that there is good cause for dispensing 

with the delayed effective date 

requirement, even if it applied, because 

their current rules already provide 

notice that the small and intermediate 

small asset-size thresholds will be 

adjusted as of December 31 based on 

twelve-month data as of the end of 

November each year. 

Regulatory Flexibility Act 

The Regulatory Flexibility Act (RFA) 

does not apply to a rulemaking where a 

general notice of proposed rulemaking 

is not required. 5 U.S.C. 603 and 604. 

As noted previously, the Agencies have 

determined that it is unnecessary to 

publish a general notice of proposed 

rulemaking for this joint final rule. 

Accordingly, the RFA’s requirements 

relating to an initial and final regulatory 

flexibility analysis do not apply. 

Paperwork Reduction Act of 1995 

In accordance with the Paperwork 

Reduction Act of 1995 (44 U.S.C. 3506; 

5 CFR 1320), the Agencies reviewed this 

final rule. No collections of information 

pursuant to the Paperwork Reduction 

Act are contained in the final rule. 

Unfunded Mandates Reform Act of 

1995 

Section 202 of the Unfunded 

Mandates Reform Act of 1995, 2 U.S.C. 

1532 (Unfunded Mandates Act), 

requires the OCC to 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 has 

determined that the publication of a 

general notice of proposed rulemaking 

is unnecessary. Accordingly, this joint 

final rule is not subject to section 202 

of the Unfunded Mandates Act. 

List of Subjects 

12 CFR Part 25 

Community development, Credit, 

Investments, National banks, Reporting 

and recordkeeping requirements. 

12 CFR Part 195 

Community development, Credit, 

Investments, Reporting and 

recordkeeping requirements, Savings 

associations. 

12 CFR Part 228 

Banks, Banking, Community 

development, Credit, Investments, 

Reporting and recordkeeping 

requirements. 

12 CFR Part 345 

Banks, Banking, Community 

development, Credit, Investments, 

Reporting and recordkeeping 

requirements. 

Department of the Treasury 

Office of the Comptroller of the 

Currency 

12 CFR Chapter I 

For the reasons discussed in the 

SUPPLEMENTARY INFORMATION section, 12 

CFR parts 25 and 195 are amended as 

follows: 

PART 25—COMMUNITY 

REINVESTMENT ACT AND 

INTERSTATE DEPOSIT PRODUCTION 

REGULATIONS 

■ 1. The authority citation for part 25 

continues to read as follows: 

Authority: 12 U.S.C. 21, 22, 26, 27, 30, 36, 

93a, 161, 215, 215a, 481, 1814, 1816, 1828(c), 

1835a, 2901 through 2908, and 3101 through 

3111. 

■ 2. Revise § 25.12(u)(1) to read as 

follows: 

§ 25.12 Definitions. 

* * * * * 

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77854 Federal Register / Vol. 79, No. 248 / Monday, December 29, 2014 / Rules and Regulations 

(u) Small bank—(1) Definition. Small 

bank means a bank that, as of December 

31 of either of the prior two calendar 

years, had assets of less than $1.221 

billion. Intermediate small bank means 

a small bank with assets of at least $305 

million as of December 31 of both of the 

prior two calendar years and less than 

$1.221 billion as of December 31 of 

either of the prior two calendar years. 

* * * * * 

PART 195—COMMUNITY 

REINVESTMENT 

■ 3. The authority citation for part 195 

continues to read as follows: 

Authority: 12 U.S.C. 1462a, 1463, 1464, 

1814, 1816, 1828(c), 2901 through 2908, and 

5412(b)(2)(B). 

■ 4. Revise § 195.12(u)(1) to read as 

follows: 

§ 195.12 Definitions. 

* * * * * 

(u) Small savings association—(1) 

Definition. Small savings association 

means a savings association that, as of 

December 31 of either of the prior two 

calendar years, had assets of less than 

$1.221 billion. Intermediate small 

savings association means a small 

savings association with assets of at 

least $305 million as of December 31 of 

both of the prior two calendar years and 

less than $1.221 billion as of December 

31 of either of the prior two calendar 

years. 

* * * * * 

Federal Reserve System 

12 CFR Chapter II 

For the reasons set forth in the 

SUPPLEMENTARY INFORMATION section, the 

Board of Governors of the Federal 

Reserve System amends part 228 of 

chapter II of title 12 of the Code of 

Federal Regulations as follows: 

PART 228—COMMUNITY 

REINVESTMENT (REGULATION BB) 

■ 5. The authority citation for part 228 

continues to read as follows: 

Authority: 12 U.S.C. 321, 325, 1828(c), 

1842, 1843, 1844, and 2901 et seq. 

■ 6. Revise § 228.12(u)(1) to read as 

follows: 

§ 228.12 Definitions. 

* * * * * 

(u) Small bank—(1) Definition. Small 

bank means a bank that, as of December 

31 of either of the prior two calendar 

years, had assets of less than $1.221 

billion. Intermediate small bank means 

a small bank with assets of at least $305 

million as of December 31 of both of the 

prior two calendar years and less than 

$1.221 billion as of December 31 of 

either of the prior two calendar years. 

* * * * * 

Federal Deposit Insurance Corporation 

12 CFR Chapter III 

Authority and Issuance 

For the reasons set forth in the 

SUPPLEMENTARY INFORMATION section, the 

Board of Directors of the Federal 

Deposit Insurance Corporation amends 

part 345 of chapter III of title 12 of the 

Code of Federal Regulations to read as 

follows: 

PART 345—COMMUNITY 

REINVESTMENT 

■ 7. The authority citation for part 345 

continues to read as follows: 

Authority: 12 U.S.C. 1814–1817, 1819– 

1820, 1828, 1831u and 2901–2908, 3103– 

3104, and 3108(a). 

■ 8. Revise § 345.12(u)(1) to read as 

follows: 

§ 345.12 Definitions. 

* * * * * 

(u) Small bank—(1) Definition. Small 

bank means a bank that, as of December 

31 of either of the prior two calendar 

years, had assets of less than $1.221 

billion. Intermediate small bank means 

a small bank with assets of at least $305 

million as of December 31 of both of the 

prior two calendar years and less than 

$1.221 billion as of December 31 of 

either of the prior two calendar years. 

* * * * * 

Dated: December 17, 2014. 

Amy S. Friend, 

Senior Deputy Comptroller and Chief 

Counsel. 

By order of the Board of Governors of the 

Federal Reserve System, acting through the 

Secretary of the Board under delegated 

authority, December 18, 2014. 

Robert deV. Frierson, 

Secretary of the Board. 

By order of the Board of Directors. 

Dated at Washington, DC, this 18th day of 

December, 2014. 

Federal Deposit Insurance Corporation. 

Robert E. Feldman, 

Executive Secretary. 

[FR Doc. 2014–30256 Filed 12–24–14; 8:45 am] 

BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

12 CFR Part 1003 

Home Mortgage Disclosure 

(Regulation C) Adjustment to AssetSize Exemption Threshold 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Final rule; official commentary. 

SUMMARY: The Bureau of Consumer 

Financial Protection (Bureau) is issuing 

a final rule amending the official 

commentary that interprets the 

requirements of the Bureau’s Regulation 

C (Home Mortgage Disclosure) to reflect 

a change in the asset-size exemption 

threshold for banks, savings 

associations, and credit unions based on 

the annual percentage change in the 

average of the Consumer Price Index for 

Urban Wage Earners and Clerical 

Workers (CPI–W). The exemption 

threshold is adjusted to increase to $44 

million from $43 million. The 

adjustment is based on the 1.1 percent 

increase in the average of the CPI–W for 

the 12-month period ending in 

November 2014. Therefore, banks, 

savings associations, and credit unions 

with assets of $44 million or less as of 

December 31, 2014, are exempt from 

collecting data in 2015. 

DATES: This final rule is effective 

January 1, 2015. 

FOR FURTHER INFORMATION CONTACT: 

James Wylie, Counsel, Office of 

Regulations, at (202) 435–7700. 

SUPPLEMENTARY INFORMATION: 

I. Background 

The Home Mortgage Disclosure Act of 

1975 (HMDA) (12 U.S.C. 2801–2810) 

requires most mortgage lenders located 

in metropolitan areas to collect data 

about their housing-related lending 

activity. Annually, lenders must report 

that data to the appropriate Federal 

agencies and make the data available to 

the public. The Bureau’s Regulation C 

(12 CFR part 1003) implements HMDA. 

Prior to 1997, HMDA exempted 

certain depository institutions as 

defined in HMDA (i.e., banks, savings 

associations, and credit unions) with 

assets totaling $10 million or less as of 

the preceding year-end. In 1996, HMDA 

was amended to expand the asset-size 

exemption for these depository 

institutions. 12 U.S.C. 2808(b). The 

amendment increased the dollar amount 

of the asset-size exemption threshold by 

requiring a one-time adjustment of the 

$10 million figure based on the 

percentage by which the CPI–W for 

1996 exceeded the CPI–W for 1975, and 

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