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Federal Register / Vol. 86, No. 34 / Tuesday, February 23, 2021 / Rules and Regulations
10727

SUMMARY OF ANNUAL BURDEN AND INTERNAL COST
Estimated number of respondents
Estimated frequency of responses
Estimated time per response
Obligation to respond
Initial listing of all of the Covered Companys subsidiaries.
Annual update of listing of all of the Covered Companys subsidiaries.
Annual report on the Covered Company and its subsidiaries, and such other reports as the FDIC may request.
Maintain records to assess the risks to the industrial bank and to the DIF.
Contingency Plan

Reporting

Mandatory

4

1.00

4

One Time

16

Reporting

Mandatory

4

1.00

4

Annual

16

Reporting

Mandatory

4

1.00

10

Annual

40

Recordkeeping

Mandatory

4

1.00

10

Annual

40

Reporting

Mandatory

1

1.00

345

Total Hourly Burden

C. Plain Language
E. Congressional Review Act GLBA 147

Section 722 of the requires each Federal banking agency to use plain language in all of its proposed and final rules published after January 1, 2000. The FDIC sought to present the final rule in a simple and straightforward manner and did not receive any comments on the use of plain language in the proposed rule.
D. Riegle Community Development and Regulatory Improvement Act of 1994
Pursuant to section 302a of the RCDRIA,148 in determining the effective date and administrative compliance requirements for new regulations that impose additional reporting, disclosure, or other requirements on insured depository institutions, 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 affected 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 insured depository institutions 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.149 The FDIC considered the administrative burdens and benefits of the final rule in determining its effective date and administrative compliance requirements. As such, the final rule will be effective on April 1, 2021.
U.S.C. 4809.
U.S.C. 4802a.
149 12 U.S.C. 4802b.

For purposes of the Congressional Review Act, OMB makes a determination as to whether a final rule constitutes a major rule.150 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.151
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
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.152
The FDIC will submit the final rule and other appropriate reports to Congress and the Government Accountability Office for review.
List of Subjects in 12 CFR Part 354
Bank deposit insurance, Banks, banking, Finance, Holding companies, Industrial banks, Industrial loan company, Insurance, Parent company, Reporting and recordkeeping requirements, Savings associations.
12 CFR Chapter III

Authority and Issuance For the reasons stated in the preamble, the Federal Deposit Insurance Corporation amends title 12 of the Code
147 12

150 5

148 12

151 5

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U.S.C. 801 et seq.
U.S.C. 801a3.
152 5 U.S.C. 8042.

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Frequency of response
Total annual estimated burden hours
Type of burden
On Occasion
345

457

of Federal Regulations by adding part 354 to read as follows:
PART 354INDUSTRIAL BANKS
Sec.
354.1 Scope.
354.2 Definitions.
354.3 Written agreement.
354.4 Required commitments and provisions of written agreement.
354.5 Restrictions on industrial bank subsidiaries of Covered Companies.
354.6 Reservation of authority.
Authority: 12 U.S.C. 1811, 1815, 1816, 1817, 1818, 1819a Seventh and Tenth, 1820g, 1831o1, 3108, 3207.
354.1

Scope.

a In addition to the applicable filing procedures of part 303 of this chapter, this part establishes certain requirements for filings involving an industrial bank or a Covered Company.
b The requirements of this part do not apply to an industrial bank that is organized as a subsidiary of a company that is not subject to Federal consolidated supervision by the Federal Reserve Board FRB before April 1, 2021. In addition, this part does not apply to:
1 Any industrial bank that is or becomes controlled by a company that is subject to Federal consolidated supervision by the FRB; and 2 Any industrial bank that is not or will not become a subsidiary of a company.
354.2

Definitions.

Unless defined in this section, terms shall have the meaning given to them in section 3 of the FDI Act.
Control means the power, directly or indirectly, to direct the management or policies of a company or to vote 25
percent or more of any class of voting securities of a company, and includes the rebuttable presumptions of control at 303.82b1 of this chapter and of acting in concert at 303.82b2 of this chapter. For purposes of this part, the
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