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Federal Register / Vol. 86, No. 4 / Thursday, January 7, 2021 / Rules and Regulations independent basis, the Board finds that notice-and-comment procedures would be impracticable and unnecessary under the APA because of the largely ministerial and technical nature of the rule, which affords agencies limited discretion in promulgating the rule, and the statutory deadline for making the adjustments.22 In these circumstances, the Board finds good cause to issue a final rule without issuing a notice of proposed rulemaking or soliciting public comments. The Board also finds good cause to make the final rule effective upon publication because of the statutory deadline. Accordingly, this final rule is issued without prior notice and comment and will become effective immediately upon publication.

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B. Regulatory Flexibility Act The Regulatory Flexibility Act RFA
generally requires that when an agency issues a proposed rule or a final rule pursuant to the APA 23 or another law, the agency must prepare a regulatory flexibility analysis that meets the requirements of the RFA and publish such analysis in the Federal Register.24
Specifically, the RFA normally requires agencies to describe the impact of a rulemaking on small entities by providing a regulatory impact analysis.
For purposes of the RFA, the Board considers FICUs with assets less than $100 million to be small entities.25
As discussed previously, consistent with the APA,26 the Board has determined for good cause that general notice and opportunity for public comment is unnecessary, and therefore the Board is not issuing a notice of proposed rulemaking. Rules that are exempt from notice and comment procedures are also exempt from the RFA requirements, including conducting a regulatory flexibility analysis, when among other things the agency for good cause finds that notice and public procedure are impracticable, unnecessary, or contrary to the public interest. Accordingly, the Board has concluded that the RFAs requirements relating to initial and final regulatory flexibility analysis do not apply.
Nevertheless, the Board notes that this final rule will not have a significant economic impact on a substantial number of small credit unions because it affects only the maximum amounts of CMPs that may be assessed in 22 5 U.S.C. 553b3B; see Mid-Tex Elec. Co-op., Inc. v. Fed. Energy Regulatory Commn, 822 F.2d 1123 D.C. Cir. 1987.
23 5 U.S.C. 553b.
24 5 U.S.C. 603, 604.
25 NCUA Interpretive Ruling and Policy Statement 151. 80 FR 57512 Sept. 24, 2015.
26 5 U.S.C. 553b3B.

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individual cases, which are not numerous and generally do not involve assessments at the maximum level. In addition, several of the CMPs are limited to a percentage of a credit unions assets. Finally, in assessing CMPs, the Board generally must consider a partys financial resources.27
Because this final rule will affect few, if any, small credit unions, the Board certifies that the final rule will not have a significant economic impact on a substantial number of small entities.
C. Paperwork Reduction Act The Paperwork Reduction Act of 1995
PRA applies to rulemakings in which an agency creates a new paperwork burden on regulated entities or modifies an existing burden.28 For purposes of the PRA, a paperwork burden may take the form of either a reporting or a recordkeeping requirement, both referred to as information collections.
This final rule adjusts the maximum amounts of certain CMPs that the Board may assess against individuals, entities, or credit unions but does not require any reporting or recordkeeping.
Therefore, this final rule will not create new paperwork burdens or modify any existing paperwork burdens.
D. Executive Order 13132
Executive Order 13132 encourages independent regulatory agencies to consider the impact of their actions on state and local interests. In adherence to fundamental federalism principles, the NCUA, an independent regulatory agency as defined in 44 U.S.C. 35025, voluntarily complies with the Executive order. This final rule adjusts the maximum amounts of certain CMPs that the Board may assess against individuals, entities, and federally insured credit unions, including statechartered credit unions. However, the final rule does not create any new authority or alter the underlying statutory authorities that enable the Board to assess CMPs. Accordingly, this final rule will not have a substantial direct effect on the States, on the connection between the National Government and the States, or on the distribution of power and responsibilities among the various levels of government. The Board has determined that this final rule does not constitute a policy that has federalism implications for purposes of the Executive order.
27 12
28 44

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E. Assessment of Federal Regulations and Policies on Families The Board has determined that this final rule will not affect family wellbeing within the meaning of Section 654
of the Treasury and General Government Appropriations Act, 1999.29
F. Congressional Review Act For purposes of the Congressional Review Act,30 the OMB makes a determination as to whether a final rule constitutes a major rule. If OMB
deems a rule to be a major rule, the Congressional Review Act generally provides that the rule may not take effect until at least 60 days following its publication.
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 foreignbased enterprises in domestic and export markets.31
For the same reasons set forth above, the Board is adopting the 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 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.32
The Board believes this final rule is not a major rule. As required by the Congressional Review Act, the Board will submit the final rule and other appropriate reports to OMB, Congress, and the Government Accountability Office for review.
29 Public Law 105277, 112 Stat. 2681 Oct. 21, 1998.
30 5 U.S.C. 801808.
31 5 U.S.C. 8042.
32 5 U.S.C. 808.

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