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Federal Register / Vol. 86, No. 169 / Friday, September 3, 2021 / Proposed Rules
BILLING CODE 491059C

3. Revise part 536 to read as follows:

PART 536TRANSFER AND TRADING
OF FUEL ECONOMY CREDITS
Sec.
536.1 Scope.
536.2 Application.
536.3 Definitions.
536.4 Credits.
536.5 Trading infrastructure.
536.6 Treatment of credits earned prior to model year 2011.
536.7 Treatment of carryback credits.
536.8 Conditions for trading of credits.
536.9 Use of credits with regard to the domestically manufactured passenger automobile minimum standard.
536.10 Treatment of dual-fuel and alternative fuel vehiclesconsistency with 49 CFR part 538.
Authority: 49 U.S.C. 32903; delegation of authority at 49 CFR 1.95.
536.1

Scope.

This part establishes regulations governing the use and application of corporate average fuel economy CAFE
credits up to three model years before and five model years after the model year in which the credit was earned. It also specifies requirements for manufacturers wishing to transfer fuel economy credits between their fleets and for manufacturers and other persons wishing to trade fuel economy credits to achieve compliance with prescribed fuel economy standards.
536.2

Application.

This part applies to all credits earned and transferable and tradable for exceeding applicable average fuel economy standards in a given model year for domestically manufactured passenger cars, imported passenger cars, and light trucks.

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536.3

Definitions.

a Statutory terms. All terms defined in 49 U.S.C. 32901a are used pursuant to their statutory meaning.
b Other terms. As used in the part:
Above standard fuel economy means, with respect to a compliance category, that the automobiles manufactured by a manufacturer in that compliance category in a particular model year have greater average fuel economy calculated in a manner that reflects the incentives for alternative fuel automobiles per 49
U.S.C. 32905 than that manufacturers fuel economy standard for that compliance category and model year.
Adjustment factor means a factor used to adjust the value of a traded or transferred credit for compliance purposes to ensure that the compliance value of the credit when used reflects the total volume of oil saved when the credit was earned.

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Below standard fuel economy means, with respect to a compliance category, that the automobiles manufactured by a manufacturer in that compliance category in a particular model year have lower average fuel economy calculated in a manner that reflects the incentives for alternative fuel automobiles per 49
U.S.C. 32905 than that manufacturers fuel economy standard for that compliance category and model year.
Compliance means a manufacturer achieves compliance in a particular compliance category when:
1i The average fuel economy of the vehicles in that category exceed or meet the fuel economy standard for that category; or ii The average fuel economy of the vehicles in that category do not meet the fuel economy standard for that category, but the manufacturer proffers a sufficient number of valid credits, adjusted for total oil savings, to cover the gap between the average fuel economy of the vehicles in that category and the required average fuel economy.
2 A manufacturer achieves compliance for its fleet if the conditions in paragraph 1i or ii of this definition are simultaneously met for all compliance categories.
Compliance category means any of three categories of automobiles subject to Federal fuel economy regulations.
The three compliance categories recognized by 49 U.S.C. 32903g6 are domestically manufactured passenger automobiles, imported passenger automobiles, and non-passenger automobiles light trucks.
Credit holder or holder means a legal person that has valid possession of credits, either because they are a manufacturer who has earned credits by exceeding an applicable fuel economy standard, or because they are a designated recipient who has received credits from another holder. Credit holders need not be manufacturers, although all manufacturers may be credit holders.
Credits or fuel economy credits means an earned or purchased allowance recognizing that the average fuel economy of a particular manufacturers vehicles within a particular compliance category and model year exceeds that manufacturers fuel economy standard for that compliance category and model year.
One credit is equal to 110 of a mile per gallon above the fuel economy standard per one vehicle within a compliance category. Credits are denominated according to model year in which they are earned vintage, originating manufacturer, and compliance category.

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Expiry date means the model year after which fuel economy credits may no longer be used to achieve compliance with fuel economy regulations. Expiry dates are calculated in terms of model years: For example, if a manufacturer earns credits for model year 2011, these credits may be used for compliance in model years 20082016.
Fleet means all automobiles that are manufactured by a manufacturer in a particular model year and are subject to fuel economy standards under 49 CFR
parts 531 and 533. For the purposes of this part, a manufacturers fleet means all domestically manufactured and imported passenger automobiles and non-passenger automobiles light trucks. Work trucks and medium and heavy trucks are not included in this definition for purposes of this part.
Light truck means the same as nonpassenger automobile, as that term is defined in 49 U.S.C. 32901a17, and as light truck, as that term is defined at 49 CFR 523.5.
Originating manufacturer means the manufacturer that originally earned a particular credit. Each credit earned will be identified with the name of the originating manufacturer.
Trade means the receipt by the National Highway Traffic Safety Administration NHTSA of an instruction from a credit holder to place one of its credits in the account of another credit holder. A credit that has been traded can be identified because the originating manufacturer will be a different party than the current credit holder. Traded credits are moved from one credit holder to the recipient credit holder within the same compliance category for which the credits were originally earned. If a credit has been traded to another credit holder and is subsequently traded back to the originating manufacturer, it will be deemed not to have been traded for compliance purposes.
Transfer means the application by a manufacturer of credits earned by that manufacturer in one compliance category or credits acquired be trade and originally earned by another manufacturer in that category to achieve compliance with fuel economy standards with respect to a different compliance category. For example, a manufacturer may purchase light truck credits from another manufacturer, and transfer them to achieve compliance in the manufacturers domestically manufactured passenger car fleet.
Subject to the credit transfer limitations of 49 U.S.C. 32903g3, credits can also be transferred across compliance categories and banked or saved in that category to be carried forward or
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