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jbell on DSKJLSW7X2PROD with PROPOSALS

Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Proposed Rules rule would affect all small OCCsupervised entities, and thus a substantial number of them.
Unfunded Mandates Reform Act.
Consistent with the Unfunded Mandates Reform Act of 1995 UMRA, 2 U.S.C.
1532, the OCC considers whether the proposed rule 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 adjusted for inflation currently $157 million in any one year. The OCC estimates the expenditures that may be associated with compliance costs for this proposed rule, if implemented, would be as much as $412,000. The estimate for expenditures is for modifying a banks policies and procedures on premises.
However, it should be noted that the proposed rule does not require banks to modify their policies and procedures.
Therefore, the OCC concludes that implementation of the proposed rule would not result in an expenditure of $157 million or more annually by state, local, and tribal governments, or by the private sector.
Riegle Community Development and Regulatory Improvement Act. Pursuant to section 302a of the Riegle Community Development and Regulatory Improvement Act of 1994
RCDRIA, 12 U.S.C. 4802a, in determining the effective date and administrative compliance requirements for new regulations that impose additional reporting, disclosure, or other requirements on insured depository institutions, the OCC must consider, consistent with principles 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 302b of RCDRIA, 12 U.S.C.
4802b, 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. Although the proposed rule does not impose additional reporting, disclosures, or other new requirements on insured depository institutions, the OCC invites comments that will inform its consideration of the administrative burdens and the benefits of its proposal, as well as the effective date of the final rule.

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List of Subjects in 12 CFR Part 7
Computer technology, Credit, Derivatives, Federal savings associations, Insurance, Investments, Metals, National banks, Reporting and recordkeeping requirements, Securities, Security bonds.
Authority and Issuance For the reasons stated in the preamble, the OCC proposes to amend 12 CFR part 7 as follows.
PART 7ACTIVITIES AND
OPERATIONS
1. The authority citation for part 7
continues to read as follows:

Authority: 12 U.S.C. 1 et seq., 25b, 29, 71, 71a, 92, 92a, 93, 93a, 95b1, 371, 371d, 481, 484, 1463, 1464, 1465, 1818, 1828m and 5412b2B.

2. Amend Part 7 by adding 7.1024 to read as follows:

7.1024 National bank or Federal savings association ownership of property.

a Definitions.
1 Bank occupied office premises means bank occupied premises containing offices where professional or clerical duties are performed.
2 Bank occupied premises means real estate acquired and held in good faith and in which more than 50 percent of each building or severable piece of land is, or consistent with paragraph c2ii of this section, will be used by bank persons for the transaction of a national banks or Federal savings associations business, including facilities that may be operated by third parties to provide amenities and services to bank persons or otherwise facilitate national bank or Federal savings association business operations.
3 Bank persons mean a national bank or Federal savings associations employees, contractors, consultants, vendors, and any other individuals who are engaged in the national bank or Federal savings associations business.
4 Impermissible premises means real estate that is not bank occupied premises or that otherwise does not conform with the requirements of this section.
5 Shared space means bank occupied office premises that a national bank or Federal savings association shares with a third party to enhance the national banks business operations.
b Investment in real estate necessary for the transaction of business. A
national bank or Federal savings association may acquire, hold, or convey real estate for use as bank occupied premises.
c Excess space and capacity.

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1 A national bank or Federal savings association may, in order to optimize the use of bank occupied premises or avoid economic loss or waste, permit third parties to use excess space or capacity in real estate legitimately acquired or developed by the national bank or Federal savings association for its banking business. Such excess space or capacity must have a nexus with the transaction of the banks business or bank operations for the national bank or Federal savings association such that it is acquired or held to provide the bank with a business location rather than as an investment in real estate.
2 With respect to bank occupied premises, legitimate excess space or capacity that may be used by third parties can arise in a variety of situations, including the following:
i Due to the characteristics of the real estate available in the market, the space or capacity to meet a national bank or Federal savings associations requirements exceeds its present needs;
ii The acquisition and retention of additional space or capacity, beyond present needs, reasonably may be necessary for planned future expansion or to meet a national banks or Federal savings associations expected future banking needs as long as the national bank or Federal savings association uses the additional capacity in the real estate acquired for future national bank or Federal savings association expansion or banking needs within five years;
iii Requirements for capacity fluctuate because a national bank or Federal savings association may need to use the full capacity of a space during peak periods resulting in periods when its capacity is underutilized;
iv After the initial acquisition of real estate thought to be fully needed for banking operations, a national bank or Federal savings association experiences a decline in the level of banking operations or an increase in efficiency resulting in underutilized space or capacity; and v A national bank or Federal savings association has capacity to allow third parties after-hours use of bank occupied premises.
d Impermissible premises. A
national bank or Federal savings association may not acquire, hold, or convey impermissible premises, except as otherwise permitted by 12 U.S.C. 29
or 1464, respectively, or other applicable law.
e Sharing national bank space and employees in jointly held bank occupied office premises.
1 Shared space. A national bank or Federal savings association may share space in bank occupied office premises
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