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Federal Register / Vol. 86, No. 55 / Wednesday, March 24, 2021 / Rules and Regulations
immediate withdrawal period to December 31, 2022.
Second, credit unions that join the CLF between January 1, 2021 and December 31, 2021, regardless of percentage amount of stock subscription, may withdraw from membership in the Facility after notifying the NCUA Board in writing on the sooner of:
A Six months from the date of its written notice to the NCUA Board; or B December 31, 2021.
Any credit union that joins the Facility during the aforementioned period and remains a member after December 31, 2021, may immediately withdraw from membership in the Facility upon notifying the Board in writing of its intent to do so. Such immediate withdrawal period will expire on December 31, 2022. On January 1, 2023, the immediate withdrawal period will cease, and all members will be subject to the termination provisions in effect before April 29, 2020.

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E. CARES Act Provisions Extended by the CAA But Not Included in This Interim Final Rule The Board notes that the CARES Act included two additional amendments to the FCU Act that were not reflected in the April interim final rule. Like the other changes discussed above, the CAA
also extended these amendments until December 31, 2021.13 For the benefit and information of stakeholders, the Board briefly discusses these amendments below.
First, the CARES Act temporarily increased the multiplier from twelve times to sixteen times. This means that for every $1 of capital and surplus, the Facility may borrow $16. This provision was not previously codified in part 725, and therefore the Board is not making any regulatory amendment regarding this temporary statutory change.
Second, the CARES Act provided more clarity about the purposes for which the NCUA Board can approve liquidity-need requests by removing the phrase the Board shall not approve an application for credit the intent of which is to expand credit union portfolios. 14 This provision was not previously codified in part 725, and therefore the Board is not making any regulatory amendment regarding this temporary statutory change.
13 Consolidated Appropriations Act, 2021, Public Law 116260, 134 Stat 1182, section 540a December 27, 2020.
14 See. 12 U.S.C. 1795ea1.

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III. Regulatory Procedures A. Administrative Procedure Act The Board is issuing this interim final rule without prior notice and the opportunity for public comment and the delayed effective date ordinarily prescribed by the Administrative Procedure Act APA. Pursuant to section 553bB of the APA, general notice and the opportunity for public comment are not required with respect to a rulemaking when an agency for good cause finds and incorporates the finding and a brief statement of reasons therefor in the rules issued that notice and public procedure thereon are impracticable, unnecessary, or contrary to the public interest.
The Board believes that the public interest is best served by implementing the interim final rule immediately upon publication in the Federal Register. As discussed above, the Board notes the changes in this rule cohere the NCUAs regulations with statutory extensions recently enacted in the CAA. As such changes are clarifying in nature and will reduce any disruption caused by inconsistency in the NCUAs regulations, the Board believes it is has good cause to determine that ordinary notice and public procedure are impracticable and that moving expeditiously in the form of an interim final rule is in the best of interests of the public and the federally insured credit unions that serve that public.
The APA also requires a 30-day delayed effective date, except for 1
substantive rules which grant or recognize an exemption or relieve a restriction; 2 interpretative rules and statements of policy; or 3 as otherwise provided by the agency for good cause.
Because the rules relieve a restriction, the interim final rule is exempt from the APAs delayed effective date requirement. The reasons previously discussed for forgoing prior notice and comment would also separately justify this determination.
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. Congressional Review Act For purposes of the Congressional Review Act, the OMB makes a determination as to whether a final rule constitutes a major rule. If a rule is deemed a major rule by the Office of Management and Budget OMB, the Congressional Review Act generally provides that the rule may not take
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effect until at least 60 days following its publication.
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 A 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.
For the same reasons set forth above, the Board is adopting this interim final rule without the delayed effective date generally prescribed under the Congressional Review Act. The delayed effective date required by the Congressional Review Act does not apply to any rule for which an agency for good cause finds and incorporates the finding and a brief statement of reasons therefor in the rule issued that notice and public procedure thereon are impracticable, unnecessary, or contrary to the public interest. In light of current inconsistency between the NCUAs regulations and the Act, the Board believes that delaying the effective date of the rule would be contrary to the public interest for the same reasons discussed above.
As required by the Congressional Review Act, the Board will submit the final rule and other appropriate reports to Congress and the Government Accountability Office for review. The Board notes that OMB agreed that the April interim final rule was not major.
As this interim final is similar in nature, the Board believe this rule is also not major for purposes of the Congressional Review Act.
C. Paperwork Reduction Act The Paperwork Reduction Act of 1995
PRA 44 U.S.C. 3501 et seq. requires that the Office of Management and Budget OMB approve all collections of information by a Federal agency from the public before they can be implemented. Respondents are not required to respond to any collection of information unless it displays a valid OMB control number.
In accordance with the PRA, the information collection requirements included in this interim final rule extension have been submitted to OMB
for approval under control number 31330061.

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