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Federal Register / Vol. 86, No. 118 / Wednesday, June 23, 2021 / Rules and Regulations
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consumer financial law. The analysis under section 1025b1C of the CFPA
is otherwise similar to that under section 1024b1C of the CFPA, and so there is no need to repeat it here.47
The Bureau recognizes the role of the prudential regulators in conducting MLA supervision, including examinations, at very large banks and credit unions. Applicable statutes grant the prudential regulators broad supervisory and examination powers, which they use for various purposes, including assuring the safety and soundness of supervised institutions, assuring compliance with laws and regulations at those institutions, and other purposes. By contrast, the Bureaus authority under section 1025b1C concerns a targeted purpose: Detecting and assessing those risks to consumers that are associated with activities subject to Federal consumer financial laws, such as TILA. Conducting examinations for that particular purpose is distinct from the prudential regulators authority to conduct examinations for the purpose of assessing compliance with the MLA or for safety and soundness or other purposes including the fact that the prudential regulators purposes are not based on the association with Federal consumer financial law discussed above. Even though some of the activities in Bureau examinations may be similar to activities in prudential regulators examinations, they are for a different purpose. Nothing in the CFPA
or in this interpretive rule limits in any way, or should be deemed to limit in any way, the prudential regulators consumer compliance examinations of very large banks or credit unions, or their subsidiaries, for the purpose of assessing compliance with the MLA.
Section 1025 has a number of provisions that promote coordination and efficiency among the Bureau and the prudential regulators. The agencies work with each other to minimize regulatory burden that may result from their complementary authorities, while ensuring the efficient and effective protection of covered borrowers.
V. Regulatory Matters This is an interpretive rule issued under the Bureaus authority to interpret the CFPA, including under section 1022b1 of CFPA, which authorizes guidance as may be necessary or appropriate to enable the Bureau to 47 The Bureaus previous concerns that it lacked authority under section 1024b1C were also applicable to section 1025b1C. But for the reasons already discussed in the context of section 1024b1C, the Bureau no longer finds those arguments persuasive.

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administer and carry out the purposes and objectives of Federal consumer financial laws, such as the CFPA.48
As an interpretive rule, this rule is exempt from the notice-and-comment rulemaking requirements of the Administrative Procedure Act.49
Because no notice of proposed rulemaking is required, the Regulatory Flexibility Act does not require an initial or final regulatory flexibility analysis.50 The Bureau has also determined that this interpretive rule does not impose any new or revise any existing recordkeeping, reporting, or disclosure requirements on covered entities or members of the public that would be collections of information requiring approval by the Office of Management and Budget under the Paperwork Reduction Act.51
Pursuant to the Congressional Review Act,52 the Bureau will submit a report containing this interpretive rule and other required information to the United States Senate, the United States House of Representatives, and the Comptroller General of the United States prior to the rules published effective date. The Office of Information and Regulatory Affairs has designated this interpretive rule as not a major rule as defined by 5 U.S.C. 8042.
Dated: June 16, 2021.
David Uejio, Acting Director, Bureau of Consumer Financial Protection.
FR Doc. 202113074 Filed 62221; 8:45 am BILLING CODE 4810AMP

FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Chapter III
RIN 3064ZA19

Statement of Policy Regarding Minority Depository Institutions Federal Deposit Insurance Corporation FDIC.
ACTION: Final statement of policy.
AGENCY:

The FDIC is issuing its Statement of Policy Regarding Minority Depository Institutions. Section 308 of the Financial Institutions Reform, Recovery and Enforcement Act of 1989
established several goals related to encouraging, assisting, and preserving minority depository institutions. The FDIC has long recognized the unique
SUMMARY:

48 12

U.S.C. 5512b1.
U.S.C. 553b.
50 5 U.S.C. 603a, 604a.
51 44 U.S.C. 35013521.
52 5 U.S.C. 801 et seq.
49 5

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role and importance of minority depository institutions and historically has taken steps to preserve and encourage minority-owned and minority-led financial institutions. The Statement of Policy updates, strengthens, and clarifies the agencys policies and procedures related to minority depository institutions.
DATES: The Statement of Policy is effective August 23, 2021.
FOR FURTHER INFORMATION CONTACT:
Misty Mobley, Senior Review Examiner, Division of Risk Management and Supervision, 202 8983771, mimobley@fdic.gov; Lauren Whitaker, Senior Attorney, 202 8983872, lwhitaker@fdic.gov; Jason Pan, Senior Attorney, 202 8987272, jpan@
fdic.gov; or Gregory Feder, Counsel, 202 8988724, gfeder@fdic.gov, Legal Division, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429. For the hearing impaired only, TDD users may contact 202 9254618.
SUPPLEMENTARY INFORMATION:
Table of Contents I. Background II. The Proposed Statement of Policy A. Proposed Revisions B. Comments III. Final Statement of Policy Regarding Minority Depository Institutions IV. Administrative Matters
I. Background Section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 FIRREA 1
established several goals related to minority depository institutions MDIs:
1 Preserving the number of MDIs; 2
preserving the minority character in cases of merger or acquisition; 3
providing technical assistance to prevent insolvency of institutions not now insolvent; 4 promoting and encouraging creation of new MDIs; and 5 providing for training, technical assistance, and education programs.
On April 3, 1990, the Board of Directors of the Federal Deposit Insurance Corporation FDIC Board and FDIC, respectively adopted the Policy Statement on Encouragement and Preservation of Minority Ownership of Financial Institutions 1990 Policy Statement. The framework for the 1990
Policy Statement resulted from key provisions contained in Section 308 of FIRREA. The 1990 Policy Statement provided information to the public and minority banking industry regarding the 1 Public Law 10173, title III, 308, Aug. 9, 1989, 103 Stat. 353, as amended by Public Law 111203, title III, 3674, July 21, 2010, 124 Stat. 1556, codified at 12 U.S.C. 1463 note.

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