Je veux savoir à propos de…

15400

Federal Register / Vol. 86, No. 54 / Tuesday, March 23, 2021 / Rules and Regulations
Board believes that providing a notice and comment period prior to issuance of the interim final rule is impracticable, as FICUs may start incurring transition costs now in anticipation of needing to comply with additional requirements if its asset classification would otherwise change on March 31, 2021. For these reasons, the Board finds there is good cause consistent with the public interest to issue the interim final rule without advance notice and comment.
The APA also requires a 30-day delayed effective date, except for: 1
Substantive rules which 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.
Because the rules relieve a restriction, the interim final rule is exempt from the APAs delayed effective date requirement. The reasons previously discussed for forgoing prior notice and comment would also separately justify this determination.
While the Board believes that there is good cause to issue the rule without advance notice and comment and with an immediate effective date, the Board is interested in the views of the public and requests comment on all aspects of the interim final rule.
B. Congressional Review Act For purposes of the Congressional Review Act, the OMB makes a determination as to whether a final rule constitutes a major rule. If a rule is deemed a major rule by the Office of Management and Budget OMB, 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.
For the same reasons set forth above, the Board is adopting this interim final rule without the delayed effective date generally prescribed under the Congressional Review Act. The delayed effective date required by the
VerDate Sep<11>2014

16:06 Mar 22, 2021

Jkt 253001

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.
As required by the Congressional Review Act, the Board will submit the 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 applies to rulemakings in which an agency by rule creates a new paperwork burden on regulated entities or modifies an existing burden 44
U.S.C. 3507d. For purposes of the PRA, a paperwork burden may take the form of a reporting, recordkeeping, or a third-party disclosure requirement, referred to as an information collection.
The interim final rule will not affect any existing or impose any new information collection requirements.
D. Executive Order 13132
Executive Order 13132 encourages independent regulatory agencies to consider the impact of their actions on state and local interests. The NCUA, an independent regulatory agency as defined in 44 U.S.C. 35025, voluntarily complies with the executive order to adhere to fundamental federalism principles.
This interim final rule does not have substantial interim effects on the states, on the relationship between the National Government and the states, or on the distribution of power and responsibilities among the various levels of government. The NCUA has therefore determined that this rule does not constitute a policy that has federalism implications for purposes of the executive order.
E. Assessment of Federal Regulations and Policies on Families The NCUA has determined that this rule will not affect family well-being within the meaning of section 654 of the Treasury and General Government Appropriations Act, 1999.11
F. 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 or another law, the agency must prepare a regulatory flexibility analysis that meets the requirements of the RFA and publish 11 Public
PO 00000

Law 105277, 112 Stat. 2681 1998.

Frm 00004

Fmt 4700

Sfmt 4700

such analysis in the Federal Register.
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 credit unions with assets less than $100 million to be small entities.
Rules that are exempt from notice and comment 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.12 Accordingly, the NCUA is not required to conduct a regulatory flexibility analysis for the reasons stated above relating to the good cause exemption. In addition, this interim final rule applies only to FICUs that have or will have $10 billion or more in assets as of March 31, 2021.
Nevertheless, the Board welcomes comments on the effect this interim final rule may have on small entities.
List of Subjects 12 CFR Part 700
Credit unions.
12 CFR Part 702
Credit unions, Reporting and recordkeeping requirements.
12 CFR Part 708a Credit unions, Reporting and recordkeeping requirements.
12 CFR Part 708b Bank deposit insurance, Credit unions, Reporting and recordkeeping requirements.
12 CFR Part 790
Organization and functions Government agencies.
By the NCUA Board on March 18, 2021.
Melane Conyers-Ausbrooks, Secretary of the Board.

For the reasons discussed in the preamble, the Board is amending 12
CFR parts 700, 702, 708a, 708b, and 790
as follows:
PART 700DEFINITIONS
1. The authority citation for part 700
continues to read as follows:

Authority: 12 U.S.C. 1752, 17576, 1766.

2. Effective March 23, 2021, in 700.2, revise the definitions of Regional Director and Regional Office to read as follows:

12 5

U.S.C. 553a.

E:FRFM23MRR1.SGM

23MRR1