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Federal Register / Vol. 86, No. 227 / Tuesday, November 30, 2021 / Rules and Regulations CPIU index based on all urban consumers and represents approximately 29 percent of the U.S.
population. The CPIW reported on May 12, 2021 reflects a 4.7 percent increase in the CPIW from April 2020
to April 2021. Accordingly, the 4.7
percent increase in the CPIW from April 2020 to April 2021 results in an exemption threshold amount of $61,000, after rounding. The Board and the Bureau are revising the commentaries to their respective regulations to add new comment 3b3.xiii to state that, from January 1, 2022 through December 31, 2022, the threshold amount is $61,000.
These revisions are effective January 1, 2022.10
III. Regulatory Analysis Administrative Procedure Act Under the Administrative Procedure Act, notice and opportunity for public comment are not required if the Board and the Bureau find that notice and public comment are impracticable, unnecessary, or contrary to the public interest.11 The amendments in this rule are technical and apply the method previously set forth in the Board Final Threshold Rules and the Regulation Z
Adjustment Calculation Rule. For these reasons, the Board and the Bureau have determined that publishing a notice of proposed rulemaking and providing opportunity for public comment are unnecessary. Therefore, the amendments are adopted in final form.
Regulatory Flexibility Act The Regulatory Flexibility Act RFA
does not apply to a rulemaking where a general notice of proposed rulemaking is not required.12 As noted previously, the agencies have determined that it is unnecessary to publish a general notice of proposed rulemaking for this joint final rule. Accordingly, the RFAs requirements relating to an initial and final regulatory flexibility analysis do not apply.

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Paperwork Reduction Act In accordance with the Paperwork Reduction Act of 1995,13 the agencies
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Subpart AGeneral
Bureau Congressional Review Act Statement Pursuant to the Congressional Review Act 5 U.S.C. 801 et seq., the Bureau will submit a report containing this rule and other required information to the U.S. Senate, the U.S. House of Representatives, and the Comptroller General of the United States prior to the rule taking effect. The Office of Information and Regulatory Affairs OIRA has designated this rule as not a major rule as defined by 5 U.S.C.
8042.

Bureau Signing Authority The Associate Director of Research, Markets, and Regulations, Janis K.
Pappalardo, having reviewed and approved this document, is delegating the authority to electronically sign this document to Laura Galban, Bureau Federal Register Liaison, for purposes of publication in the Federal Register.
List of Subjects 12 CFR Part 226
Advertising, Consumer protection, Federal Reserve System, Reporting and recordkeeping requirements, Truth in lending.
12 CFR Part 1026
Advertising, Banks, banking, Consumer protection, Credit, Credit unions, Mortgages, National banks, Reporting and recordkeeping requirements, Savings associations, Truth-in-lending.
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
Authority and Issuance For the reasons set forth in the preamble, the Board amends Regulation Z, 12 CFR part 226, as set forth below:
PART 226TRUTH IN LENDING
REGULATION Z
1. The authority citation for part 226
continues to read as follows:

not report those indices until the middle of the following month. As such, the most recently reported indices as of June 1, 2021 were reported on May 12, 2021 and reflect economic conditions in April 2021.
10 The agencies note that to add new comment 3b3.xiii to their respective rules, Supplement I to Part 226, section 226.3 paragraph 3b Board and Supplement I to part 1026, section 1026.3, paragraph 3b Bureau are being republished in their entirety to comply with the Federal Registers publication requirement.
11 5 U.S.C. 553bB.
12 5 U.S.C. 603a, 604a.
13 44 U.S.C. 3506; 5 CFR part 1320.

VerDate Sep<11>2014

reviewed this final rule. No collections of information pursuant to the Paperwork Reduction Act are contained in the final rule.

Authority: 12 U.S.C. 3806; 15 U.S.C. 1604, 1637c5, 1639l and 1639h; Pub. L. 111
24, section 2, 123 Stat. 1734; Pub. L. 111
203, 124 Stat. 1376.

2. In Supplement I to part 226, under Section 226.3Exempt Transactions, revise 3b Credit over applicable threshold amount, to read as follows:

Supplement I to Part 226Official Staff Interpretations

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Section 226.3Exempt Transactions

3b Credit over applicable threshold amount.
1. Threshold amount. For purposes of 226.3b, the threshold amount in effect during a particular period is the amount stated in comment 3b3 for that period. The threshold amount is adjusted effective January 1 of each year by any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers CPIW that was in effect on the preceding June 1. Comment 3b3 will be amended to provide the threshold amount for the upcoming year after the annual percentage change in the CPIW
that was in effect on June 1 becomes available. Any increase in the threshold amount will be rounded to the nearest $100 increment. For example, if the annual percentage increase in the CPI
W would result in a $950 increase in the threshold amount, the threshold amount will be increased by $1,000. However, if the annual percentage increase in the CPIW would result in a $949 increase in the threshold amount, the threshold amount will be increased by $900.
2. No increase in the CPIW. If the CPIW in effect on June 1 does not increase from the CPIW in effect on June 1 of the previous year, the threshold amount effective the following January 1 through December 31 will not change from the previous year. When this occurs, for the years that follow, the threshold is calculated based on the annual percentage change in the CPIW applied to the dollar amount that would have resulted, after rounding, if decreases and any subsequent increases in the CPIW had been taken into account.
i. Net increases. If the resulting amount calculated, after rounding, is greater than the current threshold, then the threshold effective January 1 the following year will increase accordingly.
ii. Net decreases. If the resulting amount calculated, after rounding, is equal to or less than the current threshold, then the threshold effective January 1 the following year will not change, but future increases will be calculated based on the amount that would have resulted.
3. Threshold. For purposes of 226.3b, the threshold amount in effect during a particular period is the amount stated below for that period.
i. Prior to July 21, 2011, the threshold amount is $25,000.

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