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Federal Register / Vol. 86, No. 100 / Wednesday, May 26, 2021 / Rules and Regulations RCDRIA to publish the final rule with an immediate effective date.
F. Use of Plain Language Section 722 of the Gramm-LeachBliley Act 14 requires the Federal banking agencies to use plain language in all proposed and final rules published after January 1, 2000. In light of this requirement, the OCC has sought to present the final rule in a simple and straightforward manner. The OCC invited comment at the interim final rule stage on whether there were additional steps the OCC could take to make the rule easier to understand. No comments were received in response to this request.
As a general matter, the Unfunded Mandates Act of 1995 UMRA, 2 U.S.C.
1531 et seq., requires the preparation of a budgetary impact statement before promulgating a rule that includes a Federal mandate that may result in the expenditure by State, local, and tribal governments, in the aggregate, or by the private sector, of $100 million or more in any one year. However, the UMRA
does not apply to final rules for which a general notice of proposed rulemaking was not published. See 2 U.S.C. 1532a.
Therefore, because the OCC found good cause to dispense with notice and comment for this final rule, the OCC
concludes that the requirements of UMRA do not apply.
List of Subjects in 12 CFR Part 9
Estates, Investments, National banks, Reporting and recordkeeping requirements, Trusts and trustees.
Authority and Issuance Accordingly, for the reasons set forth in the preamble, the interim final rule amending 12 CFR part 9 that was published at 85 FR 49229 on August 13, 2020, is adopted as final with the following change:
PART 9FIDUCIARY ACTIVITIES OF
NATIONAL BANKS

Authority: 12 U.S.C. 24 Seventh, 92a, and 93a; 15 U.S.C. 78q, 78q1, and 78w.

2. Section 9.18 is amended by revising paragraph b5iiiC4 to read as follows:

Collective investment funds.

b
5
iii
14 12

U.S.C. 4809.

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FR Doc. 202111130 Filed 52521; 8:45 am BILLING CODE 481033P

NATIONAL CREDIT UNION
ADMINISTRATION

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Derivatives National Credit Union Administration NCUA.
ACTION: Final rule.
AGENCY:

The NCUA Board Board is amending the NCUAs Derivatives rule.
The Board issued a proposed Derivatives rule at its October 2020
meeting. This final rule will modernize the NCUAs Derivatives rule and make it more principles-based, while retaining key safety and soundness components. The changes contained herein will provide more flexibility for federal credit unions FCUs to manage Interest Rate Risk IRR through the use of Derivatives. The Board is finalizing the rule largely as proposed, except for a few changes to various sections based on comments received. Such changes include permitting written options that comply with this final rule and amending the collateral requirements for cleared Derivatives. In addition, the Board is not finalizing a proposed change that would have required all Counterparties to be domiciled in the United States.
DATES: This rule is effective June 25, 2021.
SUMMARY:

FOR FURTHER INFORMATION CONTACT:

1. The authority citation for part 9
continues to read as follows:

Michael J. Hsu, Acting Comptroller of the Currency.

12 CFR Parts 701, 703, 741 and 746

G. Unfunded Mandates Act
9.18

C
4 The banks board of directors, or a committee authorized by the board of directors, represents that the bank will act upon any withdrawal request as soon as practicable and consistent with its fiduciary duties; and

Policy: Tom Fay, Director of Capital Markets, Office of Examination and Insurance or Rick Mayfield, Senior Capital Markets Specialist, Office of Examination and Insurance. Legal:
Justin M. Anderson, Senior Staff Attorney, Office of General Counsel, 1775 Duke Street, Alexandria, VA
223143428. Tom Fay can be reached at 703 5181179, Rick Mayfield can be reached at 703 5186501, and Justin Anderson can be reached at 703 518
6540.
SUPPLEMENTARY INFORMATION:

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I. Proposed Rule At its October 2020 meeting, the Board issued a proposed rule intended to modernize the NCUAs Derivatives rule at subpart B to 12 CFR part 703 by moving to a principles-based approach.1
The proposed rule included, among other things, amendments to:
Streamline the application process and exempt certain FCUs from the requirement to submit an application;
remove regulatory limits on the amount of Derivatives an FCU can enter into;
remove permissible Derivatives types in favor of a characteristic-based approach; and reorganize rules related to loan pipeline management.
As discussed later in this preamble, the Board is finalizing the rule largely as proposed. However, in response to comments received, the Board is making a few regulatory changes and clarifying several items.
II. Final Rule and Public Comments on the Proposed Rule The Board received 17 comments from a variety of sources, including:
Natural person credit unions, a financial advisor, credit union trade associations and leagues, brokers and introducing agents, and one anonymous source. All of the comments received by the Board supported the proposal and the NCUAs proposed principles-based approach to Derivatives. Most commenters, however, did request at least one change or clarification. The following is a summary of the requested changes and clarifications, organized by topic, and responses to the same.
A. Requirement To Submit an Application Eight commenters addressed various aspects of the proposed application and notification structure. For ease of reference, each topic is discussed separately.
1. Asset Threshold Three commenters disagreed with the proposed $500 million asset size threshold required to qualify for an exemption from the requirement to submit an application for Derivatives authority. These commenters argued that an asset threshold is an arbitrary number that does not accurately reflect an FCUs ability to safely engage in Derivatives. One commenter stated that it is possible that FCUs below the NCUAs proposed threshold may have the requisite infrastructure to safely engage in Derivatives. Two of the 1 85

FR 68487, 68495 Oct. 29, 2020.

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