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Federal Register / Vol. 86, No. 27 / Thursday, February 11, 2021 / Proposed Rules
OTS. The FDICs Board reissued and redesignated certain transferred regulations from the OTS, but noted that it would evaluate and might later, as appropriate, rescind, amend, or incorporate the regulations into other FDIC regulations.
The FDIC has evaluated the existing regulations regarding definitions of terms used in parts 390 and 391. The FDIC considered the status quo alternative of retaining the current regulations, but believes it would be unnecessary for FDIC-supervised institutions to continue to refer to these regulations when they will not apply to remaining regulations. If subpart Q
remained in the Federal Code while all the subparts to which it applied were rescinded and removed, some members of the public could incur modest but unnecessary costs associated with the time and effort to comprehend the meaning of the presence of subpart Q.
Therefore, the FDIC is proposing to rescind and remove the regulations.
VI. Request for Comments The FDIC invites comments on all aspects of this proposed rulemaking. In particular, the FDIC requests comments on what negative impacts, if any, can you foresee in the FDICs proposal to rescind and remove part 390, subpart Q
from the Code of Federal Regulation and to coordinate this action with the effective dates of the rescission and removal of the other remaining subparts of part 390. Please provide any other comments you have on the proposal.
VII. Administrative Law Matters
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A. The Paperwork Reduction Act In accordance with the requirements of the Paperwork Reduction Act of 1995
PRA,8 the FDIC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget OMB control number.
The proposed rule would rescind and remove from FDIC regulations part 390, subpart Q. The proposed rule will not create any new or revise any existing collections of information under the PRA. Therefore, no information collection request will be submitted to the OMB for review.
B. The Regulatory Flexibility Act The Regulatory Flexibility Act RFA, requires that, in connection with a notice of proposed rulemaking, an agency prepare and make available for public comment an initial regulatory flexibility analysis that describes the 8 44

U.S.C. 35013521.

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impact of the proposed rule on small entities.9 However, a regulatory flexibility analysis is not required if the agency certifies that the proposed rule will not have a significant economic impact on a substantial number of small entities, and publishes its certification and a short explanatory statement in the Federal Register, together with the proposed rule. The Small Business Administration SBA has defined small entities to include banking organizations with total assets of less than or equal to $600 million.10
Generally, the FDIC considers a significant effect to be a quantified effect in excess of 5 percent of total annual salaries and benefits per institution, or 2.5 percent of total noninterest expenses. The FDIC believes that effects in excess of these thresholds typically represent significant effects for FDICsupervised institutions.
As of the quarter ending June 30, 2020, the FDIC supervised 3,270
depository institutions,11 of which 2,492 were considered small entities for the purposes of RFA.12 There are 33 1.0
percent of FDIC-supervised depository institutions State savings associations that are small entities for the purposes of RFA.13 As discussed previously, the proposed rule would rescind and remove 12 CFR part 390, subpart Q, which contains definitions of terms used in parts 390 and 391 of the FDICs regulations. Because all of part 391 has been rescinded and removed and all other remaining subparts of part 390
will be rescinded and removed upon finalization of this proposed rulemaking, the FDIC does not expect the rescission and removal of the definitions in subpart Q to significantly affect any small FDIC-supervised State savings associations.
Based on the information above, the FDIC certifies that the proposed rule, if enacted, would not have a significant economic impact on a substantial number of small entities.
95

U.S.C. 601, et seq.
SBA defines a small banking organization as having $600 million or less in assets, where a financial institutions assets are determined by averaging the assets reported on its four quarterly financial statements for the preceding year. See 13
CFR 121.201 as amended by 84 FR 34261, effective August 19, 2019. SBA counts the receipts, employees, or other measure of size of the concern whose size is at issue and all of its domestic and foreign affiliates. See 13 CFR 121.103. Following these regulations, the FDIC uses a covered entitys affiliated and acquired assets, averaged over the preceding four quarters, to determine whether the FDIC-supervised institution is small for the purposes of RFA.
11 FDIC-supervised institutions are set forth in 12
U.S.C. 1813q2.
12 FDIC CALL Report data, June 30, 2020.
13 Id.
10 The
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The FDIC invites comments on all aspects of the supporting information provided in this section, and in particular, whether the proposed rule would have any significant effects on small entities that the FDIC has not identified.
C. Plain Language Section 722 of the Gramm-LeachBliley Act 14 requires the Federal banking agencies to use plain language in all proposed and final rules published after January 1, 2000. The FDIC has sought to present the proposed rule in a simple and straightforward manner. The FDIC invites comments on whether the proposal is clearly stated and effectively organized and how the FDIC might make the proposal easier to understand.
D. The Economic Growth and Regulatory Paperwork Reduction Act Under section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 EGRPRA, the FDIC is required to review all of its regulations at least once every 10 years in order to identify any outdated or otherwise unnecessary regulations imposed on insured institutions.15 The FDIC, along with the other Federal banking agencies, submitted a Joint Report to Congress on March 21, 2017
EGRPRA Report discussing how the review was conducted, what has been done to date to address regulatory burden, and further measures the FDIC
will take to address issues that were identified.16 As noted in the EGRPRA
Report, the FDIC is continuing to streamline and clarify its regulations through the OTS rule integration process. By rescinding and removing outdated or unnecessary regulations such as part 390, subpart Q, this proposed rule complements other actions that the FDIC has taken, separately and with the other Federal banking agencies, to further the EGRPRA mandate.
E. Riegle Community Development and Regulatory Improvement Act of 1994
Pursuant to section 302a of the Riegle Community Development and Regulatory Improvement Act RCDRIA,17 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 14 Public Law 106102, section 722, 113 Stat.
1338, 1471 codified at 12 U.S.C. 4809.
15 Public Law 104208, 110 Stat. 3009 1996.
16 82 FR 15900 March 31, 2017.
17 12 U.S.C. 4802a.

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