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Federal Register / Vol. 86, No. 30 / Wednesday, February 17, 2021 / Rules and Regulations cause.20 Because the rules relieve a restriction by providing an exception to the definition of extension of credit in section 22h and Regulation O, the interim final rule is exempt from the APAs delayed effective date requirement.21
While the Board believes that there is good cause to issue the rule without advance notice and comment and with an immediate effective date, the Board is interested in the views of the public and requests comment on all aspects of the interim final rule.
B. Paperwork Reduction Act The Paperwork Reduction Act 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. On June 15, 1984, OMB
delegated to the Board authority under the PRA to approve and assign OMB
control numbers to collections of information conducted or sponsored by the Board, as well as the authority to temporarily approve a new collection of information without providing opportunity for public comment if the Board determines that a change in an existing collection must be instituted quickly and that public participation in the approval process would defeat the purpose of the collection or substantially interfere with the Boards ability to perform its statutory obligation.
This interim final rule does not contain any collections of information subject to the PRA.
C. Regulatory Flexibility Act The Regulatory Flexibility Act RFA 22 requires an agency to consider whether the rules it proposes will have a significant economic impact on a substantial number of small entities.23
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 Board has determined for good cause that general notice and opportunity for public comment are unnecessary, and therefore the Board is not issuing a notice of proposed rulemaking. Accordingly, the Board has
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20 5

U.S.C. 553d.
U.S.C. 553d1.
22 5 U.S.C. 601 et seq.
23 Under regulations issued by the SBA, 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.
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concluded that the RFAs requirements relating to initial and final regulatory flexibility analysis do not apply.
Nevertheless, the Board seeks comment on whether, and the extent to which, the interim final rule would affect a significant number of small entities.
D. Riegle Community Development and Regulatory Improvement Act of 1994
Pursuant to section 302a of the Riegle Community Development and Regulatory Improvement Act RCDRIA,24 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, the federal banking agencies must consider, consistent with the principle 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 regulations that impose additional reporting, disclosures, or other new requirements on IDIs generally to take effect on the first day of a calendar quarter that begins on or after the date on which the regulations are published in final form, with certain exceptions, including for good cause.25 The Board believes that the public interest is best served by implementing the interim final rule immediately. As discussed in the original IFR, the COVID event has disrupted economic activity in the United States and other countries. The magnitude and persistence of the COVID event on the economy remain uncertain. In light of the substantial disruptions in the economy, and the likelihood that this interim final rule would help ameliorate those disruptions by promoting lending to small businesses, the Board finds good cause exists under section 302 of RCDRIA to publish this interim final rule with an immediate effective date.
As such, the interim final rule will be effective immediately on publication.
Nevertheless, the Board seeks comment on RCDRIA.
E. Use of Plain Language Section 722 of the Gramm-LeachBliley Act 26 requires the federal banking agencies to use plain language 24 12

U.S.C. 4802a.
U.S.C. 4802.
26 12 U.S.C. 4809.
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in all proposed and final rules published after January 1, 2000. The Board has sought to present the interim final rule in a simple and straightforward manner. The Board invites comments on whether there are additional steps it could take to make the rule easier to understand. For example:
Have we organized the material to suit your needs? If not, how could this material be better organized?
Are the requirements in the regulation clearly stated? If not, how could the regulation be more clearly stated?
Does the regulation contain language or jargon that is not clear? If so, which language requires clarification?
Would a different format grouping and order of sections, use of headings, paragraphing make the regulation easier to understand? If so, what changes to the format would make the regulation easier to understand?
What else could we do to make the regulation easier to understand?
List of Subjects in 12 CFR Part 215
Credit, Penalties, Reporting and Recordkeeping requirements.
Authority and Issuance For the reasons stated in the preamble, the Board of Governors of the Federal Reserve System amends 12 CFR
chapter II as follows:
PART 215LOANS TO EXECUTIVE
OFFICERS, DIRECTORS, AND
PRINCIPAL SHAREHOLDERS OF
MEMBER BANKS REGULATION O
1. The authority citation for part 215
is revised to read as follows:

Authority: 12 U.S.C. 248a, 375a10, 375b9 and 10, 1468, 1817k, 5412; and Pub. L. 102242, 105 Stat. 2236 1991 12
U.S.C. 1811 note.

2. In 215.3, revise paragraphs b8i through iii to read as follows:

215.3

Extension of credit.

b
8
i Made pursuant to the Paycheck Protection Program in which the participation by the Small Business Administration on a deferred basis is 100 percent pursuant to section 1102 of Public Law 116136 or section 311 of Public Law 116260;
ii That is made during the period beginning on February 15, 2020, and ending on March 31, 2021; and iii That would not be prohibited by 13 CFR 120.110o or rules or
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