Rule2023-20187
National Bank Community Development Investments
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 19, 2023
Effective
September 19, 2023
Issuing agencies
Treasury DepartmentComptroller of the Currency
Abstract
The OCC is making a nonsubstantive amendment to form "CD-1-- National Bank Community Development (Part 24) Investments" to reflect the current expiration date assigned by the Office of Management and Budget under the Paperwork Reduction Act.
Full Text
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<title>Federal Register, Volume 88 Issue 180 (Tuesday, September 19, 2023)</title>
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[Federal Register Volume 88, Number 180 (Tuesday, September 19, 2023)]
[Rules and Regulations]
[Pages 64358-64365]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-20187]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
12 CFR Part 24
[Docket ID OCC-2023-0005]
RIN 1557-AF19
National Bank Community Development Investments
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Final rule; amendment of a form's expiration date.
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SUMMARY: The OCC is making a nonsubstantive amendment to form ``CD-1--
National Bank Community Development (Part 24) Investments'' to reflect
the current expiration date assigned by the Office of Management and
Budget under the Paperwork Reduction Act.
DATES: The final rule is effective on September 19, 2023.
FOR FURTHER INFORMATION CONTACT: Chandni Ohri, Director for Community
Development, (202) 649-6420, 400 7th Street SW, Washington, DC 20219.
If you are deaf, hard of hearing, or have a speech disability, please
dial 7-1-1 to access telecommunications relay services.
SUPPLEMENTARY INFORMATION: The OCC is amending 12 CFR part 24, Appendix
1 to update the expiration date included on ``CD-1--National Bank
Community Development (Part 24) Investments'' (CD-1 Form) to reflect
the current August 31, 2025, expiration date assigned by the Office of
Management and Budget (``OMB'') under the Paperwork Reduction Act.
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Administrative Law Statements
A. Administrative Procedure Act
The OCC is issuing the final rule without prior notice and the
opportunity for public comment and the delayed effective date
ordinarily prescribed by the Administrative Procedure Act (APA).\1\
Pursuant to section 553(b)(B) of the APA, general notice and the
opportunity for public comment are not required with respect to a
rulemaking when an ``agency for good cause finds (and incorporates the
finding and a brief statement of reasons therefor in the rules issued)
that notice and public procedure thereon are impracticable,
unnecessary, or contrary to the public interest.'' \2\ The final rule
merely implements a nonsubstantive amendment to update the CD-1 Form's
expiration date in 12 CFR part 24, Appendix 1; therefore, requesting
comment or delaying the correction would be unnecessary. For these
reasons, the OCC finds that there is good cause to issue the final rule
without notice and comment.\3\
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\1\ 5 U.S.C. 553.
\2\ 5 U.S.C. 553(b)(B).
\3\ 5 U.S.C. 553(b)(B); 553(d)(3).
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The final rule is effective immediately upon publication in the
Federal Register. The APA requires a 30-day delayed effective date,
except for (1) substantive rules which grant or recognize an exemption
or relieve a restriction; (2) interpretative rules and statements of
policy; or (3) as otherwise provided by the agency for good cause.\4\
The final rule merely implements a nonsubstantive amendment to update
the CD-1 Form's expiration date and has no substantive effect.\5\
Therefore, the OCC finds good cause to dispense with the 30-day delayed
effective date.
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\4\ 5 U.S.C. 553(d).
\5\ 5 U.S.C. 553(d)(1).
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B. Congressional Review Act
For purposes of the Congressional Review Act, OMB makes a
determination as to whether a final rule constitutes a ``major''
rule.\6\ If a rule is deemed a ``major rule'' by OMB, the Congressional
Review Act generally provides that the rule may not take effect until
at least 60 days following its publication.\7\
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\6\ 5 U.S.C. 801 et seq.
\7\ 5 U.S.C. 801(a)(3).
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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 foreign-based enterprises in domestic and
export markets.\8\ The OCC currently supervises approximately 1,060
national banks, federal savings associations, trust companies and
federal branches and agencies of foreign banks (collectively,
banks).\9\ This final rule will update the expiration date of the CD-1
Form that national banks must submit to provide an after-the-fact
notice or to request prior approval of a public welfare investment.
However, no new information is being collected by the form and no new
requirements are being imposed on OCC-supervised institutions. Thus, we
expect this change to have no impact and, thus, is not a ``major rule''
for purposes of the Congressional Review Act.
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\8\ 5 U.S.C. 804(2).
\9\ Based on data as of February 28, 2023.
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For the same reasons set forth above, the OCC is adopting this
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 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.'' \10\ In light of the fact that the final rule
has no substantive effect and merely updates the expiration date of the
CD-1 Form, delaying the effective date of the final rule is
unnecessary.
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\10\ 5 U.S.C. 808(2).
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As required by the Congressional Review Act, the OCC will submit
the final rule and other appropriate reports to Congress and the
Government Accountability Office for review.
C. Paperwork Reduction Act
The Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3521) (PRA)
states that no agency may conduct or sponsor, nor is the respondent
required to respond to, an information collection unless it displays a
currently valid OMB control number. OCC has determined that this final
rule does not substantively affect any current information collections
or create any new collections. The final rule will update the image of
Form CD-1, ``National Bank Community Development Investments'' (1557-
0194), that is included in 12 CFR part 24, Appendix 1 so that it
reflects the expiration date of the currently approved information
collection.
D. Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA) \11\ requires an agency to
consider whether the rules it proposes will have a significant economic
impact on a substantial number of small entities. The RFA applies only
to rules for which an agency publishes a general notice of proposed
rulemaking pursuant to 5 U.S.C. 553(b). Consistent with section
553(b)(B) of the APA, the OCC has determined for good cause that
general notice and opportunity for public comment is unnecessary, and,
therefore, the OCC did not issue a notice of proposed rulemaking.
Accordingly, the RFA's requirements relating to initial and final
regulatory flexibility analyses do not apply.
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\11\ 5 U.S.C. 601 et seq.
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E. Riegle Community Development and Regulatory Improvement Act of 1994
Pursuant to section 302(a) of the Riegle Community Development and
Regulatory Improvement Act (RCDRIA),\12\ in determining the effective
date and administrative compliance requirements for new regulations
that impose additional reporting, disclosure, or other requirements on
insured depository institutions (IDIs), each Federal banking agency
must consider, consistent with the principle of safety and soundness
and the public interest, any administrative burdens that such
regulations would place on depository institutions, including small
depository institutions, and customers of depository institutions, as
well as the benefits of such regulations. In addition, section 302(b)
of RCDRIA requires new regulations and amendments to regulations that
impose additional reporting, disclosures, or other new requirements on
IDIs generally to take effect on the first day of a calendar quarter
that begins on or after the date on which the regulations are published
in final form, with certain exceptions, including for good cause.\13\
For the reasons described above, the OCC finds good cause exists under
section 302 of RCDRIA to publish this final rule with an immediate
effective date.
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\12\ 12 U.S.C. 4802(a).
\13\ 12 U.S.C. 4802(b)(1).
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F. Use of Plain Language
Section 722 of the Gramm-Leach-Bliley Act \14\ requires the Federal
[[Page 64360]]
banking agencies to use plain language in all proposed and final rules
published after January 1, 2000. The OCC has sought to present the
final rule in a simple and straightforward manner.
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\14\ 12 U.S.C. 4809.
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G. Unfunded Mandates
As a general matter, the Unfunded Mandates Act of 1995 (UMRA), 2
U.S.C. 1531 et seq., requires the preparation of a budgetary impact
statement before promulgating a rule that includes a Federal mandate
that may result in the expenditure by State, local, and tribal
governments, in the aggregate, or by the private sector, of $100
million or more in any one year. However, the UMRA does not apply to
final rules for which a general notice of proposed rulemaking was not
published. See 2 U.S.C. 1532(a). Therefore, because the OCC has found
good cause to dispense with notice and comment for this final rule, the
OCC has not prepared a budgetary impact statement for the final rule
under the UMRA.
List of Subjects in 12 CFR Part 24
Community development, Credit, Investments, Low and moderate income
housing, Manpower, National banks, Reporting and recordkeeping
requirements, Rural areas, Small businesses.
Authority and Issuance
For the reasons stated in the SUPPLEMENTARY INFORMATION section,
the Office of the Comptroller of the Currency amends 12 CFR part 24 as
follows:
PART 24--COMMUNITY AND ECONOMIC DEVELOPMENT ENTITIES, COMMUNITY
DEVELOPMENT PROJECTS, AND OTHER PUBLIC WELFARE INVESTMENTS
0
1. The authority citation for part 24 continues to read as follows:
Authority: 12 U.S.C. 24(Eleventh), 93a, 481 and 1818.
0
2. Revise Appendix 1 to Part 24--CD-1--National Bank Community
Development (Part 24) Investments 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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[GRAPHIC] [TIFF OMITTED] TR19SE23.093
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[GRAPHIC] [TIFF OMITTED] TR19SE23.096
Benjamin W. McDonough,
Senior Deputy Comptroller and Chief Counsel.
[FR Doc. 2023-20187 Filed 9-18-23; 8:45 am]
BILLING CODE 4810-33-C
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</html>Indexed from Federal Register on September 19, 2023.
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