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Federal Register / Vol. 86, No. 28 / Friday, February 12, 2021 / Rules and Regulations
except to the extent that reduced compliance costs and additional assurance, relative to the baseline, that the Bureau will follow the 2018
Statement in the future might indirectly make some credit more available, as discussed above.
Impact on Consumers in Rural Areas.
The Bureau does not believe that the final rule would have any unique impact on consumers in rural areas, and so the impact on these consumers should be similar to consumers generally.
B. Regulatory Flexibility Act The Regulatory Flexibility Act RFA
generally requires an agency to conduct an initial regulatory flexibility analysis IRFA and a final regulatory flexibility analysis FRFA of any rule subject to notice-and-comment rulemaking requirements, unless the head of the agency certifies that the rule will not, if promulgated, have a significant economic impact on a substantial number of small entities.33 The Bureau also is subject to certain additional procedures under the RFA involving the convening of a panel to consult with small business representatives prior to proposing a rule for which an IRFA is required.34 In the Proposal, the Bureau determined that an IRFA and small business review panel was not required because the Director of the Bureau certified the Proposed Rule, if adopted, would not have a significant economic impact on a substantial number of small entities. The Bureau explained that the Proposed Rule would not impose any obligations on regulated entities, and regulated entities would not need to take any action in response to this Proposed Rule. The Bureau did not receive comments on its analysis of the impact of the Proposal on small entities.
Accordingly, the Director of the Bureau certifies that the final rule will not have a significant economic impact on a substantial number of small entities.
C. Paperwork Reduction Act The Bureau has determined that this final rule does not impose any new or revise any existing recordkeeping, reporting, or disclosure requirements on covered entities or members of the public that would be collections of information requiring approval by the Office of Management and Budget under the Paperwork Reduction Act.35
33 5

U.S.C. 601612.
U.S.C. 609.
35 44 U.S.C. 35013521.

D. Congressional Review Act Pursuant to the Congressional Review Act 36 the Bureau will submit a report containing this rule and other required information to the United States Senate, the United States House of Representatives, and the Comptroller General of the United States prior to the rule taking effect. The Office of Information and Regulatory Affairs OIRA has designated this rule as not a major rule as defined by 5 U.S.C.
8042.
E. Signing Authority The Director of the Bureau, Kathleen L. Kraninger, having reviewed and approved this document, is delegating the authority to electronically sign this document to Grace Feola, a Bureau Federal Register Liaison, for purposes of publication in the Federal Register.
List of Subjects in 12 CFR Part 1074
Administrative practice and procedure.
Authority and Issuance For the reasons set forth above, the Bureau amends 12 CFR part 1074 as set forth below:
PART 1074RULEMAKING AND
GUIDANCE
1. The authority citation for part 1074
continues to read as follows:

Authority: 12 U.S.C. 5492a1, 5512b.

2. The heading to part 1074 is revised as set forth above.
3. Add a heading for new subpart A
to read as follows:

Subpart AProcedure for Issuance of Bureau Rules 1074.1

Designated as Subpart A

4. Designate 1074.1 as new subpart A.
5. Add subpart B, consisting of 1074.2 and 1074.3, to read as follows:

Subpart BUse of Supervisory Guidance Sec.
1074.2 Purpose.
1074.3 Implementation of the Statement Clarifying the Role of Supervisory Guidance.
1074.2

Purpose.

The Bureau issues regulations and guidance as part of its supervisory function. This subpart reiterates the distinctions between regulations and guidance, as stated in the Statement Clarifying the Role of Supervisory
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Guidance appendix A to this part Statement, and provides that the Statement is binding on the Bureau.
1074.3 Implementation of the Statement Clarifying the Role of Supervisory Guidance.

The Statement describes the official policy of the Bureau with respect to the use of supervisory guidance in the supervisory process. The Statement is binding on the Bureau.
6. Appendix A to part 1074 is added to read as follows:
Appendix A to Part 1074Statement Clarifying the Role of Supervisory Guidance Statement Clarifying the Role of Supervisory Guidance The Bureau is issuing this statement to explain the role of supervisory guidance and to describe the Bureaus approach to supervisory guidance.
Difference Between Supervisory Guidance and Laws or Regulations Supervisory agencies like the Bureau issue various types of supervisory guidance, including interagency statements, advisories, bulletins, policy statements, questions and answers, or frequently asked questions, to their respective supervised institutions. A
law or regulation has the force and effect of law.1 Unlike a law or regulation, supervisory guidance does not have the force and effect of law, and the Bureau does not take enforcement actions based on supervisory guidance. Rather, supervisory guidance outlines the Bureaus supervisory expectations or priorities and articulates the Bureaus general views regarding appropriate practices for a given subject area. Supervisory guidance often provides examples of practices that the Bureau generally considers consistent with applicable laws and regulations, including those designed to protect consumers. Supervised institutions at times request supervisory guidance, and such guidance is important to provide insight to industry, as well as supervisory staff, in a transparent way that helps to ensure consistency in the supervisory approach.
Ongoing Efforts To Clarify the Role of Supervisory Guidance The Bureau is clarifying the following policies and practices related to supervisory guidance:
The Bureau intends to limit the use of numerical thresholds or other bright-lines in describing expectations in supervisory guidance. Where numerical thresholds are used, the Bureau intends to clarify that the thresholds are exemplary only and not suggestive of requirements. The Bureau will continue to use numerical thresholds to tailor, and otherwise make clear, the applicability of supervisory guidance or programs to supervised institutions, and as required by statute.
Examiners will not criticize through the issuance of matters requiring attention, matters requiring immediate attention,
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