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Federal Register / Vol. 86, No. 53 / Monday, March 22, 2021 / Rules and Regulations additional tier 1 capital under the agencies capital rule.
The agencies believe that the public interest is best served by implementing the interim final rule immediately upon publication in the Federal Register. The interim final rule will facilitate implementation of ECIP by providing certainty that the Senior Preferred Stock may be included in additional tier 1
capital and Subordinated Debt may be included in tier 2 capital under the capital rule. As noted above, Treasurys authority to make new capital investments in ECIP will end six months after the date on which the national emergency concerning the COVID19 outbreak declared by the President on March 13, 2020, under the National Emergencies Act terminates.15
For these reasons, the agencies find that there is good cause consistent with the public interest to issue the rule without advance notice and comment.16
The APA also requires a 30-day delayed effective date, except for 1
substantive rules that 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.17 Because the interim final rule relieves a restriction, the interim final rule is exempt from the APAs delayed effective date requirement.18
In addition, the agencies find good cause to publish the interim final rule with an immediate effective date for the same reasons set forth above under the discussion of section 553bB of the APA. While the agencies believe that there is good cause to issue the interim final rule without advance notice and comment and with an immediate effective date, as noted, the agencies are interested in the views of the public on all aspects of the interim final rule.
B. Congressional Review Act
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For purposes of Congressional Review Act CRA, the Office of Management and Budget OMB makes a determination as to whether a final rule constitutes a major rule.19 If a rule is deemed a major rule by the OMB, the CRA generally provides that the rule may not take effect until at least 60 days following its publication.20
The CRA 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 15 Public
Law 116260.
5 U.S.C. 553bB.
17 5 U.S.C. 553d.
18 5 U.S.C. 553d1.
19 5 U.S.C. 801 et seq.
20 5 U.S.C. 801a3.
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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.
For the same reasons set forth above, the agencies are adopting the interim final rule without the delayed effective date generally prescribed under the CRA. The delayed effective date required by the CRA 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.21
As required by the CRA, the agencies will submit the interim 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
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.22 The agencies have reviewed this interim final rule and have determined that this interim final rule does not introduce any new information collections or revise any existing information collections pursuant to the PRA for the agencies. In addition, the Board has reviewed this interim final rule pursuant to authority delegated by OMB. Therefore, no submissions will be made by the agencies to OMB for review.
D. Regulatory Flexibility Act The Regulatory Flexibility Act RFA 23 requires an agency to consider whether the rules it proposes will have a significant economic impact on a substantial number of small entities.24
The RFA applies only to rules for which an agency publishes a general notice of 21 5

U.S.C. 808.
U.S.C. 35013521.
23 5 U.S.C. 601 et seq.
24 Under regulations issued by the Small Business Administration, a small entity includes a depository institution, bank holding company, or savings and loan holding company with total assets of $600
million or less and trust companies with total assets of $41.5 million or less. See 13 CFR 121.201.
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proposed rulemaking pursuant to 5
U.S.C. 553b. As discussed previously, consistent with section 553bB of the APA, the agencies have determined for good cause that general notice and opportunity for public comment is unnecessary, and therefore the agencies are not issuing a notice of proposed rulemaking. Accordingly, the agencies have concluded that the RFAs requirements relating to initial and final regulatory flexibility analysis do not apply.
Nevertheless, the agencies seek comment on whether, and the extent to which, the interim final rule would affect a significant number of small entities.
E. Riegle Community Development and Regulatory Improvement Act of 1994
Section 302a of the Riegle Community Development and Regulatory Improvement Act of 1994
RCDRIA 25 requires that each federal banking agency, in determining the effective date and administrative compliance requirements for new regulations that impose additional reporting, disclosure, or other requirements on insured depository institutions, each federal banking agency must consider, consistent with principles of safety and soundness and the public interest, any administrative burdens that 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 302b of RCDRIA
requires new regulations and amendments to regulations that impose additional reporting, disclosures, or other new requirements on insured depository institutions 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.26 The agencies have determined that the final rule would not impose additional reporting, disclosure, or other requirements; therefore, the requirements of the RCDRIA do not apply.
F. Unfunded Mandates Reform Act of 1995
The OCC analyzes proposed rules for the factors listed in Section 202 of the Unfunded Mandates Reform Act of 1995
before promulgating a final rule for which a general notice of proposed rulemaking was published.27 As 25 12

U.S.C. 4802a.
U.S.C. 4802.
27 2 U.S.C. 1532.
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