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Federal Register / Vol. 86, No. 243 / Wednesday, December 22, 2021 / Rules and Regulations
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Due to the ongoing and unforeseeable impact of the COVID19 pandemic, the Board believes it appropriate to extend these temporary provisions until the close of December 31, 2022. The Board recognizes that the need to support the extension of credit and facilitate the downstream loan purchases as a tool to manage liquidity remains, and likely will remain for the foreseeable future.
The Board reiterates that this change allows FCUs to continue to hold obligations purchased pursuant to this temporary final rule subsequent to the rules expiration. The standard requirements applicable to the purchase of obligations under 701.23 will resume after the expiration of the temporary provisions at the close of December 31, 2022, unless extended, and will apply to all future purchases, including to purchases of obligations previously acquired under the provisions of this temporary final rule.
The Board also reiterates that the restrictions temporarily relieved in 701.23 do not apply to state-chartered, federally insured credit unions. Any such restrictions applicable to statechartered credit unions would be based on state laws or regulations. This temporary final rule does not modify the current authority of FCUs under 701.23 to purchase the obligations of a liquidating credit union without regard to whether the obligations belong to the purchasing FCUs members.
In addition to the regulatory amendments discussed above, this final rule makes a technical change to 703.23i2 to conform the terminology used in the provision with that of the Boards final rule on the CAMELS rating system, which will become effective on April 1, 2022.10
C. FCU Occupancy and Disposal of Acquired Premises Section 701.36c The Boards regulation in 701.36
provides that if an FCU acquires premises, including unimproved land or unimproved real property, it must partially occupy them no later than six years after the date of acquisition, subject to the NCUA granting a waiver.11 Further, an FCU must make diligent efforts to dispose of abandoned premises and any other real property it does not intend to use in transacting business. Additionally, the FCU must advertise for sale premises that have been abandoned for four years.12 Given the impact of physical distancing measures adopted by many states and localities, the April 2020 temporary 10 86

FR 59282 Oct. 27, 2021.
CFR 701.36c1.
12 12 CFR 701.36c2.
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final rule tolls the regulatory mandated timeframes in the rule.
Due to the ongoing nature of the COVID19 pandemic and its continued impact on FICUs, the Board has decided it is necessary to extend the effectiveness of this temporary amendment until the close of December 31, 2022. Physical distancing practices continue to be a key component of preventing the spread of COVID19 13
and make compliance with 701.36
difficult. This temporary deferral will continue to provide FCUs additional flexibility to comply with the prescribed time periods, while still complying with the statutory and regulatory goals of ensuring that properties acquired or held by FCUs are used for credit union business.
IV. Regulatory Procedures A. Administrative Procedure Act The Board is issuing the extension of the temporary final rule without prior notice and the opportunity for public comment and the delayed effective date ordinarily prescribed by the Administrative Procedure Act APA.14
Pursuant to 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. 15
The Board believes that the public interest is best served by implementing the extension of the previously issued temporary final rule immediately upon publication in the Federal Register. The Board notes that the COVID19
pandemic is unprecedented. It is a continually changing situation and difficult to anticipate how the disruptions caused by the crisis will manifest themselves within the financial system and how individual credit unions may be impacted. Because of the widespread impact of a pandemic and the temporary nature of both the 13 See Fabio Motta, Face masks and distancing are most effective measures in reducing COVID19
spread, study finds, as experts clamor for U.S. to expand booster program, November 18, 2021, Wearing a face mask and physically distancing from others are the most effective public safety measures against the coronavirus-borne illness COVID19 and have a statistically significant impact on reducing the spread, according to a new global study., https www.marketwatch.com/
story/face-masks-and-distancing-are-most-effectivemeasures-in-reducing-covid-19-spread-study-findsas-experts-clamor-for-u-s-to-expand-boosterprogram-11637251008.
14 5 U.S.C. 551 et seq.
15 5 U.S.C. 553b3.

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relief contemplated by the temporary final rule and this extension of such relief, the Board believes it is has good cause to determine that ordinary notice and public procedure are impracticable and that moving expeditiously to extend the temporary final rule is in the best of interests of the public and the FICUs that serve that public. The extension of these temporary regulatory changes are proactive steps that are designed help FICUs cope with the economic impact of the COVID19 pandemic, which may result in additional stress on credit union balance sheets, potentially requiring robust liquidity management over the course of 2022. The changes are undertaken with expedience to ensure the maximum intended effects remain in place.
The Board values public input in its rulemakings and believes that providing the opportunity for comment enhances its regulations. Accordingly, the Board often solicits comments on its rules even when not required under the APA, such as for the rules it issues on an interim-final basis. The Board, however, notes that the provisions extended in this rule are temporary in nature, and designed specifically to help credit unions affected by the COVID19
pandemic. The extension of the amendments made by this temporary final rule will automatically expire at the close of December 31, 2022, and are limited in number and scope. For these reasons, the Board finds that there is good cause consistent with the public interest to issue the rule without advance notice and comment.
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.16 Because the rules relieve currently codified limitations and restrictions, the extension of the temporary final rule is exempt from the APAs delayed effective date requirement. As an alternative basis to make the rule effective without the 30day delayed effective date, the Board finds there is good cause to do so for the same reasons set forth above regarding advance notice and opportunity for comment.
B. Congressional Review Act For purposes of the Congressional Review Act,17 the Office of Management and Budget OMB makes a determination as to whether a final rule 16 5
17 5

U.S.C. 553d.
U.S.C. 801808.

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