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Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Rules and Regulations
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action in the FDICs existing regulations.
Therefore, the FDIC does not expect the removal of the regulations in subpart Y
to significantly affect small FDICsupervised State savings associations.
The final rule also amends the FDICs regulations that establish administrative procedures for prompt corrective action in 12 CFR 308.200 through 308.204 to make them applicable to all FDICsupervised institutions, including State savings associations. As discussed previously, these changes would not change the required procedures related to prompt corrective action that are applicable to small State savings associations since the requirements in subpart Y are equivalent to requirements in the FDICs existing regulations.
Finally, the rule revises 12 CFR
308.202 to clarify the procedures for delaying a hearing if an institution is reclassified based on criteria other than capital. The FDICs regulation currently states that if a hearing is scheduled, it will be held within 30 days of the request unless the institution requests a later date. The regulations in 390.457
state that a hearing will be held within 30 days of the request unless the FDIC
allows further time at the request of the institution. The FDIC is adopting the language from 390.457 in its own regulations since 390.457 clarifies that requests for an extension will not be automatically granted. This aspect of the rule will pose no change for the 33
small FDIC-supervised State savings associations. The FDIC believes that adopting the language from 390.457
should further clarify for small State nonmember institutions that requests for an extension will not automatically be granted; however, this change is unlikely to pose any substantive effects on small State nonmember institutions.
Since the prompt corrective action directive provisions in part 390, subpart Y, are substantively similar to existing regulations for state nonmember banks found in part 308, subpart Q, the FDIC
believes it is unlikely that that rescission of 390.456 through 390.459
would have any substantive effects on small FDIC-supervised State savings associations.
Based on the information above, the FDIC certifies that the final rule will not have a significant economic impact on a substantial number of small entities.
C. The Congressional Review Act For purposes of Congressional Review Act, the OMB makes a determination as to whether a final rule constitutes a major rule. 24 If a rule is deemed a 24 Codified
at 5 U.S.C. 801 et seq.

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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.25
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 inA 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.26
The OMB has determined that the final rule is not a major rule for purposes of the Congressional Review Act and the FDIC will submit the final rule and other appropriate reports to Congress and the Government Accountability Office for review.

through the OTS rule integration process. By removing outdated or unnecessary regulations, such as part 390, subpart Y, this rule complements other actions that the FDIC has taken, separately and with the other Federal banking agencies, to further the EGRPRA mandate.

Under section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 EGRPRA, the FDIC is required to review all of its regulations, at least once every 10 years, in order to identify any outdated or otherwise unnecessary regulations imposed on insured institutions.28 The FDIC, along with the other Federal banking agencies, submitted a Joint Report to Congress on March 21, 2017
EGRPRA Report discussing how the review was conducted, what has been done to date to address regulatory burdens, and further measures the FDIC
will take to address issues that were identified.29 As noted in the EGRPRA
Report, the FDIC is continuing to streamline and clarify its regulations
List of Subjects
F. Riegle Community Development and Regulatory Improvement Act of 1994
Pursuant to section 302a of the Riegle Community Development and Regulatory Improvement Act RCDRIA,30 in determining the effective date and administrative compliance requirements for new regulations that impose additional reporting, disclosure, or other requirements on insured depository institutions IDIs, each Federal banking agency must consider, consistent with principles of safety and soundness and the public interest, any administrative burdens that such regulations would place on depository institutions, including small depository institutions, and customers of depository institutions, as well as the benefits of such regulations. In addition, section 302b of RCDRIA requires new regulations and amendments to D. Plain Language regulations that impose additional Section 722 of the Gramm-Leachreporting, disclosures, or other new Bliley Act 27 requires the Federal requirements on IDIs generally to take banking agencies to use plain language effect on the first day of a calendar in all proposed and final rules quarter that begins on or after the date published after January 1, 2000. The on which the regulations are published FDIC has sought to present the final rule in final form.31 The FDIC has in a simple and straightforward manner determined that the final rule would not and did not receive any comments on impose any additional reporting, the use of plain language.
disclosure, or other new requirements E. The Economic Growth and Regulatory on IDIs, and thus the requirements of the RCDRIA do not apply.
Paperwork Reduction Act
25 Codified
at 5 U.S.C. 801a3.
at 5 U.S.C. 8042.
27 Public Law 106102, section 722, 113 Stat.
1338, 1471 codified at 12 U.S.C. 4809.
28 Public Law 104208, 110 Stat. 3009 1996.
29 82 FR 15900 March 31, 2017.
26 Codified
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12 CFR Part 308
Administrative practice and procedure, Bank deposit insurance, Banks, Banking, Claims, Crime, Equal access to justice, Fraud, Investigations, Lawyers, Penalties.
12 CFR Part 390
Administrative practice and procedure, Advertising, Aged, Civil rights, Conflict of interests, Credit, Crime, Equal employment opportunity, Fair housing, Government employees, Individuals with disabilities, Reporting and recordkeeping requirements, Savings associations.
Authority and Issuance For the reasons stated in the preamble, the Federal Deposit Insurance Corporation amends parts 308 and 390
30 12

U.S.C. 4802a.

31 Id.

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