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Federal Register / Vol. 86, No. 100 / Wednesday, May 26, 2021 / Rules and Regulations
emergency, coupled with requiring a bank to withdraw an account within the standard withdrawal period, could undermine the ability of a bank to realize an appropriate value for CIF
assets and be harmful in preserving the value of the CIFs assets for the benefit of fund participants. Accordingly, the OCC found that the public interest was best served by implementing the interim final rule immediately upon publication in the Federal Register.
The effective date of these corrections is May 26, 2021. Under 5 U.S.C.
553d3 of the APA, the required publication or service of a substantive rule shall be made not less than 30 days before its effective date, except, among other things, as provided by the agency for good cause found and published with the rule. This final rule implements one change relative to the August 13, 2020, interim final rule. The change is being made in response to a commenter and is intended to reduce ambiguity and compliance risks for banks seeking an exception under the rule. Because the severe market conditions related to the COVID19
outbreak are ongoing as of the date of issuance of this final rule, the OCC finds that notice and public procedure is contrary to the public interest and that good cause exists for dispensing with the delayed effective date requirement.
B. Congressional Review Act For purposes of the Congressional Review Act, the Office of Management and Budget OMB makes a determination as to whether a final rule constitutes a major rule.7 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.8
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.9
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U.S.C. 801 et seq.
U.S.C. 801a3.
9 5 U.S.C. 8042.

As required by the Congressional Review Act, the agencies will submit the final rule and other appropriate reports to Congress and the Government Accountability Office for review.
C. Paperwork Reduction Act The Paperwork Reduction Act of 1995
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. The interim final rule contained reporting requirements under the Paperwork Reduction Act. With the OCCs approval, and if certain conditions are satisfied, a bank may withdraw an account from a collective investment fund up to one year after the end of the standard withdrawal period.
In addition, a bank may request that the OCC approve an extension beyond the one-year extension period, if certain conditions are satisfied. Extensions past the initial one-year extension must be requested and approved annually, for a maximum of two years after the initial one-year extension period. OMB
provided emergency PRA approval for the interim final rule. Renewal of the emergency approval is currently underway.
Title of Information Collection:
Fiduciary Activities.
OMB Control No.: 15570140.
Frequency: On occasion.
Affected Public: Businesses or other for-profit.
Estimated number of respondents: 4.
Total estimated annual burden: 220
burden hours.
Comments continue to be invited on:
a. Whether the collections of information are necessary for the proper performance of the OCC including whether the information has practical utility;
b. The accuracy or the estimate of the burden of the information collections, including the validity of the methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the information to be collected;
d. Ways to minimize the burden of the information collections on respondents, including through the use of automated collection techniques or other forms of information technology; and e. Estimates of capital or startup costs and costs of operation, maintenance, and purchase of services to provide information.
D. Regulatory Flexibility Act The Regulatory Flexibility Act RFA 10 requires an agency to consider
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whether the rules it proposes will have a significant economic impact on a substantial number of small entities.11
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 OCC determined for good cause that general notice and opportunity for public comment is impracticable and contrary to the publics interest, and therefore the OCC
did not issue a notice of proposed rulemaking prior to issuing the August 13, 2020, interim final rule. Because the agency did not publish a notice of proposed rulemaking, the OCC
concludes that the RFAs requirements relating to initial and final regulatory flexibility analysis do not apply to this final rule. Nevertheless, when issuing the August 13, 2020, interim final rule, the OCC requested feedback on ways that the OCC could reduce any potential burden of the interim final rule on small entities. No comments were received in response to this request.
E. Riegle Community Development and Regulatory Improvement Act of 1994
Pursuant to section 302a of the Riegle Community Development and Regulatory Improvement Act RCDRIA,12 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 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.13 For the reasons described above, the OCC finds good cause exists under section 302 of 11 Under regulations issued by the Small Business Administration, 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.
12 12 U.S.C. 4802a.
13 12 U.S.C. 4802.

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