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Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Rules and Regulations review period for applications until a determination is issued. The substantial ability of the FDIC to extend the processing period under subpart F, to a great extent, renders any difference with part 303 immaterial. As such, the application review periods and notification procedures for State savings associations are subject to substantively similar requirements under both subpart F and part 303. Therefore, the FDIC
believes that rescinding 390.134 is unlikely to have any substantive effects on State savings associations or future applicants.
Section 390.135 addresses withdrawal if an application is not acted on within two calendar years. The FDIC does not have substantively similar regulations addressing withdrawal if an application is not acted on. However, the FDICs APM, which aids all FDIC-supervised institutions, including State savings associations, states that the FDICs goal is to act on filings as promptly as practical, while allowing appropriate time for review and evaluation.
Additionally, the FDIC has established timeframes for processing each type of filing, which have been published in Financial Institution Letter 812018.39 It is also, generally, the FDICs practice to provide an applicant with an opportunity to withdraw its application if FDIC staff propose an unfavorable recommendation. Therefore, the FDIC
believes that rescinding 390.135 is unlikely to have any substantive effects on State savings associations or future applicants.
The final rule amends certain elements of part 303, specifically 303.7c1i and 303.15b1
through 4, so that the provisions are applicable to State savings associations.
In so doing, the final rule makes elements of part 390, subpart F, substantively duplicative of the amended elements of part 303, and, therefore, unnecessary.
The final rule amends 303.204 and 303.205 of part 303s subpart K Prompt Corrective Action. Section 303.204
requires any insured State nonmember bank and any insured branch of a foreign bank that is undercapitalized or significantly undercapitalized, and any critically undercapitalized insured depository institution, to submit an application to engage in acquisitions, branching, or new lines of business.
Section 303.205 requires any insured State nonmember bank or insured branch of a foreign bank that is i significantly undercapitalized or critically undercapitalized, or ii is 39 www.fdic.gov/news/financial-institutionletters/2018/fil18081.html.

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undercapitalized and has failed to submit or implement an acceptable capital restoration plan, to submit an application to pay a bonus or increase compensation to any senior executive officer. The final rule makes these sections applicable to State savings associations. The provisions of section 38 of the FDI Act,40 which establishes the statutory authority for 303.204
and 303.205, contain the restrictions at issue and are applicable to all insured depository institutions. Thus, the final rule should not have a material impact on State savings associations.
Section 303.249 of the FDIC
regulations addresses the procedures to be followed by an insured State nonmember bank to seek the approval of the FDIC to establish an interlock pursuant to the Interlocks Act, section 13k of the FDI Act, and part 348 of the FDIC regulations. The final rule amends 303.249a to apply to State savings associations. Although the amendment sets forth more explicit requirements for State savings associations seeking approval for establishing an interlock, State savings associations would not realize any effects because they are already subject to the Interlocks Act, and part 348. Therefore, State savings associations would currently need to undertake similar procedures, and provide substantively similar information, to those outlined in 303.249.
By removing duplicative or unnecessary regulations, the FDIC
believes that the final rule will benefit State savings associations by clarifying regulations and improving the ease of references.
VI. Alternatives The FDIC has considered alternatives to the rule, but believes the amendments represent the most appropriate option for covered institutions. As discussed previously, the Dodd-Frank Act transferred to the FDIC certain powers, duties, and functions formerly performed by the 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 related to application processing procedures. The FDIC
considered the status quo alternative of retaining the current regulations, but believes it would be procedurally complex and unnecessary for FDICsupervised institutions to continue to 40 12

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refer to the separate sets of regulations.
Therefore, the FDIC is amending the specified sections of part 303 and rescinding subpart F.
VII. Regulatory Analysis and Procedure A. The Paperwork Reduction Act In accordance with the requirements of the Paperwork Reduction Act of 1995
PRA, 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 final rule rescinds and removes from FDIC
regulations subpart F and makes technical revisions to certain sections of part 303. The final 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 final rule, an agency prepare and make available for public comment a final regulatory flexibility analysis that describes the impact of the final rule on small entities.41 However, a regulatory flexibility analysis is not required if the agency certifies that the 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 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.42 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 FDIC-supervised institutions. For the reasons provided below, the FDIC
certifies that the final rule will not have 41 5

U.S.C. 601, et seq.
SBA defines a small banking organization as having $600 million or less in assets, where an organizations 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 covered entity is small for the purposes of RFA.
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