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Federal Register / Vol. 86, No. 5 / Friday, January 8, 2021 / Rules and Regulations correction do not impose additional reporting, disclosure, or other requirements on insured depository institutions, section 302a of RCDRIA
does not apply.
Section 302b of RCDRIA requires that regulations issued by a Federal banking agency 6 imposing additional reporting, disclosure, or other requirements on insured depository institutions take effect on the first day of a calendar quarter that begins on or after the date of publication of the final rule, unless, among other things, the agency determines for good cause that the regulations should become effective before such time.7 For the same reasons set forth above regarding the APA
delayed effective date, the OCC finds that it has good cause to adopt this correcting amendment without the delayed effective date generally prescribed under the RCDRIA.
C. Congressional Review Act
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For purposes of the Congressional Review Act, the Office of Management and Budget OMB makes a determination as to whether a final rule constitutes a major rule. 8 If a rule is deemed a major rule by the OMB, the Congressional Review Act generally provides that the rule may not take effect until at least 60 days following its publication.9
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: 1 An annual effect on the economy of $100,000,000 or more; 2 a major increase in costs or prices for consumers, individual industries, Federal, State, or local government agencies, or geographic regions; or 3 a significant adverse effect 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.10
As required by the Congressional Review Act, the OCC will submit the correcting amendment and other appropriate reports to Congress and the Government Accountability Office for review.
6 For purposes of RCDRIA, Federal banking agency means the OCC, FDIC, and Board. See 12
U.S.C. 4801.
7 12 U.S.C. 4802b.
8 5 U.S.C. 801 et seq.
9 5 U.S.C. 801a3.
10 5 U.S.C. 8042.

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E. Regulatory Flexibility Act The Regulatory Flexibility Act RFA 11 requires an agency to consider whether the rules it proposes will have a significant economic impact on a substantial number of small entities.12
The RFA applies only to rules for which an agency publishes a general notice of proposed rulemaking pursuant to 5
U.S.C. 553b. As discussed previously, consistent with section 553bB of the APA, the OCC has determined for good cause that general notice and opportunity for public comment is unnecessary, and therefore the OCC is not issuing a notice of proposed rulemaking. Accordingly, the RFAs requirements relating to initial and final regulatory flexibility analyses do not apply.
F. Unfunded Mandates As a general matter, the Unfunded Mandates Act of 1995 UMRA 13
requires the preparation of a budgetary impact statement before promulgating a rule that 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 or more in any one year.
However, the UMRA does not apply to final rules for which a general notice of proposed rulemaking was not published.14 Therefore, because the OCC has found good cause to dispense with notice and comment for this correcting amendment, the OCC has not prepared an economic analysis of the rule under the UMRA.
G. Paperwork Reduction Act The Paperwork Reduction Act of 1995
44 U.S.C. 35013521 PRA states that no agency may conduct or sponsor, nor is the respondent required to respond to, an information collection unless it displays a currently valid OMB control number. This correcting amendment does not contain any information collection requirements therefore no submissions will be made by the agencies to OMB in connection with this rulemaking.
Corrections In the final rule document OCC
202025595 published in the Federal Register on December 11, 2020, at 85 FR
11 5

U.S.C. 601 et seq.
regulations issued by the Small Business Administration, a small entity includes a depository institution, bank holding company, or savings and loan holding company with total assets of $600
million or less and trust companies with total assets of $41.5 million or less. See 13 CFR 121.201.
13 2 U.S.C. 1531 et seq.
14 See 2 U.S.C. 1532a.
12 Under
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80404, the following corrections are made:
1. On page 80434, in the first column, the discussion under E. Effective Date is corrected by adding the following at the end of the section to read as follows:
Section 302b of the RCDRIA, 12
U.S.C. 4802b, requires that regulations issued by a Federal banking agency imposing additional reporting, disclosure, or other requirements on insured depository institutions take effect on the first day of a calendar quarter that begins on or after the date of publication of the final rule, unless, among other things, the agency determines for good cause that the regulations should become effective before such time. Applying RCDRIAs quarterly effective date requirement in conjunction with the APAs 30 day delayed effective date requirement would result in an April 1, 2021, effective date. However, much of the final rule increases flexibility for filing procedures, eliminates redundant or unnecessary reporting requirements consistent with safety and soundness, and updates policies and procedures that increase clarity and reduce ambiguity for banks seeking compliance with 12 CFR part 5 requirements. In order for OCC-regulated institutions to take advantage of these burden-reducing amendments as soon as possible, the OCC finds that the benefits of an earlier effective date of the final rule outweighs the burden of a delayed April 1, 2021, effective date. Therefore, the OCC has determined that it has good cause to make the final rule effective before April 1, 2021.
5.33

Corrected
2. On page 80450, in the third column, in amendment 25, in 5.33, paragraph g2iv, 12 U.S.C. 215b, e and f is corrected to read 12 U.S.C. 215b, e, and f.

5.58

Corrected
3. On page 80469, in the first and second columns, in amendment 45, in 5.58, paragraphs gi through gv are corrected to be designated as paragraphs g1 through g5.

4. On page 80469, in the first column, in amendment 45, in 5.58, in redesignated g1, limited to those to activities is corrected to read limited to those activities.

Jonathan V. Gould, Senior Deputy Comptroller and Chief Counsel.
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