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Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Rules and Regulations
Current Actions: As described above, the Board has amended Regulation YY
to allow a firm subject to Category IV
standards to elect to participate in the supervisory stress test in a year in which the firm would not normally be subject to the supervisory stress test. To ensure the Board is provided sufficient notice that the firm is participating in the supervisory stress test, the firm would need to make its election by January 15 of the year in which it seeks to opt in to the supervisory stress test by providing written notice to the Board and appropriate Federal Reserve Bank.
For purposes of calculating the stress capital buffer requirement in 2021 for a firm subject to Category IV standards that elects to participate in the 2021
supervisory stress test, the final rule includes transitional procedures such that the firm could notify the Board by April 5, 2021.
B. Regulatory Flexibility Act The Regulatory Flexibility Act RFA
generally requires that, in connection with a final rulemaking, an agency prepare and make available for public comment a final regulatory flexibility analysis describing the impact of the proposed rule on small entities.38
However, a final regulatory flexibility analysis is not required if the agency certifies that the final rule will not have a significant economic impact on a substantial number of small entities.
The Small Business Administration SBA has defined small entities to include banking organizations with total assets of less than or equal to $600
million that are independently owned and operated or owned by a holding company with less than or equal to $600
million in total assets.39 For the reasons described below and under section 605b of the RFA, the Board certifies that the final rule will not have a significant economic impact on a substantial number of small entities. As of December 31, 2019, there were 2,799
bank holding companies, 171 savings and loan holding companies, and 497
state member banks that would fit the SBAs current definition of small entity for purposes of the RFA.
In connection with the proposed rule, the Board stated that it did not believe the proposed rule would have a significant economic impact on a 38 5

U.S.C. 601 et. seq.
13 CFR 121.201. Effective August 19, 2019, the SBA revised the size standards for certain banking organizations to $600 million in assets from $550 million in assets. See 84 FR 34261 July 18, 2019. Consistent with the General Principles of Affiliation in 13 CFR 121.103, the Board counts the assets of all domestic and foreign affiliates when determining if the Board should classify a Boardsupervised institution as a small entity.

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substantial number of small entities.
Nevertheless, the Board published and invited comment on an initial regulatory flexibility analysis of the proposed rule.
No comments were received on the initial regulatory flexibility analysis.
The Board is finalizing amendments to Regulations Q,40 Y,41 LL,42 and YY 43
that would affect the regulatory requirements that apply to bank holding companies, intermediate holding companies and covered savings and loan holding companies with total consolidated assets of at least $100
billion in total consolidated assets and any nonbank financial company supervised by the Board that becomes subject to the capital planning requirements pursuant to a rule or order of the Board. The reasons and justification for the final rule are described above in more detail in this SUPPLEMENTARY INFORMATION.
The Board has considered whether to conduct a final regulatory flexibility analysis in connection with this final rule. However, the assets of institutions subject to this final rule substantially exceed the $600 million asset threshold under which a banking organization is considered a small entity under SBA
regulations. Because the final rule is not likely to apply to any depository institution or company with assets of $600 million or less, it is not expected to apply to any small entity for purposes of the RFA. The Board does not believe that the final rule duplicates, overlaps, or conflicts with any other Federal rules. In light of the foregoing, the Board certifies that the final rule will not have a significant economic impact on a substantial number of small entities supervised.
C. Solicitation of Comments of Use of Plain Language Section 722 of the Gramm-LeachBliley Act Pub. L. 106102, 113 Stat.
1338, 1471, 12 U.S.C. 4809 requires the federal banking agencies to use plain language in all proposed and final rules published after January 1, 2000. The Board has sought to present the final rule in a simple and straightforward manner and did not receive any comments on the use of plain language.
List of Subjects 12 CFR Part 217
Administrative practice and procedure, Banks, Banking, Capital, Federal Reserve System, Holding companies, Reporting and 40 12

CFR part 217.
41 12 CFR part 225.
42 12 CFR part 238.
43 12 CFR part 252.

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recordkeeping requirements, Risk, Securities.
12 CFR Part 225
Administrative practice and procedure, Banks, Banking, Capital planning, Holding companies, Reporting and recordkeeping requirements, Securities, Stress testing.
12 CFR Part 238
Administrative practice and procedure, Banks, Banking, Federal Reserve System, Reporting and recordkeeping requirements, Securities.
12 CFR Part 252
Administrative practice and procedure, Banks, Banking, Capital planning, Federal Reserve System, Holding companies, Reporting and recordkeeping requirements, Securities, Stress testing.
Authority and Issuance For the reasons stated in the SUPPLEMENTARY INFORMATION, chapter II
of title 12 of the Code of Federal Regulations is amended as follows:
PART 217CAPITAL ADEQUACY OF
BANK HOLDING COMPANIES, SAVINGS AND LOAN HOLDING
COMPANIES, AND STATE MEMBER
BANKS REGULATION Q
1. The authority citation for part 217
continues to read as follows:

Authority: 12 U.S.C. 248a, 321338a, 481486, 1462a, 1467a, 1818, 1828, 1831n, 1831o, 1831p1, 1831w, 1835, 1844b, 1851, 3904, 39063909, 4808, 5365, 5368, 5371, 5371 note, and sec. 4012, Pub. L. 116136, 134 Stat. 281.

Subpart BCapital Ratio Requirements and Buffer 2. Amend 217.11 by:
a. Revising paragraphs a2iii and vi and paragraphs a3i introductory text and a4;
b. Revising the paragraph c subject heading and paragraphs c1i and ii, c1iii introductory text, and c1iv introductory text, c1v introductory text, and cvi introductory text; and c. Correctly designating the second occurrence of paragraph c1v as paragraph c1vii; and d. Revising paragraph c2.
The revisions read as follows:

217.11 Capital conservation buffer, countercyclical capital buffer amount, and GSIB surcharge.

a
2
iii Maximum payout ratio. The maximum payout ratio is the percentage of eligible retained income that a Board-

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