[Federal Register Volume 84, Number 219 (Wednesday, November 13, 2019)]
[Rules and Regulations]
[Pages 61804-61808]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-23467]


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DEPARTMENT OF TREASURY

Office of the Comptroller of the Currency

12 CFR Part 3

[Docket ID OCC-2017-0018]
RIN 1557-AE70

FEDERAL RESERVE SYSTEM

12 CFR Part 217

[Regulation Q; Docket No. R-1576]
RIN 7100-AE74

FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 324

RIN 3064-AF18


Regulatory Capital Rule: Simplifications to the Capital Rule 
Pursuant to the Economic Growth and Regulatory Paperwork Reduction Act 
of 1996; Revised Effective Date

AGENCY: Office of the Comptroller of the Currency, Treasury; the Board 
of Governors of the Federal Reserve System; and the Federal Deposit 
Insurance Corporation.

ACTION: Final rule, announcement of effective date, early adoption.

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SUMMARY: The Office of the Comptroller of the Currency, the Board of 
Governors of the Federal Reserve System, and the Federal Deposit 
Insurance Corporation (collectively, the agencies) are adopting a final 
rule that permits insured depository institutions and depository 
institution holding companies not subject to the advanced approaches 
capital rule to implement certain

[[Page 61805]]

provisions of the final rule titled Regulatory Capital: Simplifications 
to the Capital Rule Pursuant to the Economic Growth and Regulatory 
Paperwork Reduction Act of 1996, which was issued by the agencies in 
July 22, 2019, (Capital Simplifications Final Rule) on January 1, 2020, 
rather than April 1, 2020, as initially provided. Consistent with this 
approach, the transitions provisions of the regulatory capital rule are 
being amended to provide that banking organizations not subject to the 
advanced approaches capital rule will be permitted to implement the 
Capital Simplifications Final Rule as of its revised effective date in 
the quarter beginning January 1, 2020, or to wait until the quarter 
beginning April 1, 2020.

DATES: This rule is effective January 1, 2020. The effective date for 
the amendments to 12 CFR 3.21, 3.22, 3.300(b) and (d), 217.21, 217.22, 
217.300(b) and (d), 324.21, 324.22, and 324.300(b) and (d) published on 
July 22, 2019 (84 FR 35234), is changed from April 1, 2020, to January 
1, 2020.

FOR FURTHER INFORMATION CONTACT: 
    OCC: David Elkes, Risk Expert, or JungSup Kim, Risk Specialist, 
Capital and Regulatory Policy (202) 649-6370; or Carl Kaminski, Special 
Counsel, or Daniel Perez, Senior Attorney, or Rima Kundnani, Senior 
Attorney, Chief Counsel's Office, (202) 649-5490, for persons who are 
deaf or hearing impaired, TTY, (202) 649-5597, Office of the 
Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219.
    Board: Constance M. Horsley, Deputy Associate Director, (202) 452-
5239; Juan Climent, Manager, (202) 872-7526; or Andrew Willis, Lead 
Financial Institutions Policy Analyst, (202) 912-4323, Division of 
Supervision and Regulation; or Jay Schwarz, Special Counsel (202) 452-
2970; Gillian Burgess, Senior Counsel (202) 736-5564, or Mark Buresh, 
Senior Counsel (202) 452-5270, Legal Division, Board of Governors of 
the Federal Reserve System, 20th and C Streets NW, Washington, DC 
20551. For the hearing impaired only, Telecommunication Device for the 
Deaf (TDD), (202) 263-4869.
    FDIC: Benedetto Bosco, Chief, Capital Policy Section, 
[email protected]; Michael Maloney, Senior Policy Analyst, 
[email protected]; [email protected]; Capital Markets Branch, 
Division of Risk Management Supervision, (202) 898-6888; or Michael 
Phillips, Counsel, [email protected]; Supervision Branch, Legal 
Division, Federal Deposit Insurance Corporation, 550 17th Street NW, 
Washington, DC 20429.

SUPPLEMENTARY INFORMATION: The Office of the Comptroller of the 
Currency, the Board of Governors of the Federal Reserve System, and the 
Federal Deposit Insurance Corporation (collectively, the agencies) 
adopted the Simplifications to the Capital Rule Pursuant to the 
Economic Growth and Regulatory Paperwork Reduction Act of 1996 (Capital 
Simplifications Final Rule) to simplify certain aspects of the capital 
rule.\1\ The Capital Simplifications Final Rule is responsive to the 
agencies' March 2017 report to Congress pursuant to the Economic Growth 
and Regulatory Paperwork Reduction Act of 1996 (EGRPRA), in which the 
agencies committed to meaningfully reduce regulatory burden, especially 
on community banking organizations. The key elements of the Capital 
Simplifications Final Rule apply solely to banking organizations that 
are not subject to the advanced approaches capital rule (non-advanced 
approaches banking organizations). Under the Capital Simplifications 
Final Rule, non-advanced approaches banking organizations will be 
subject to simpler regulatory capital requirements for mortgage 
servicing assets, certain deferred tax assets arising from temporary 
differences, and investments in the capital of unconsolidated financial 
institutions than those currently applied. The Capital Simplifications 
Final Rule also simplifies, for non-advanced approaches banking 
organizations, the calculation for the amount of capital issued by a 
consolidated subsidiary of a banking organization and held by third 
parties (sometimes referred to as a minority interest) that is 
includable in regulatory capital.
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    \1\ See 84 FR 35234 (July 22, 2019).
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    The simpler capital requirements described above are implemented 
through the Capital Simplifications Final Rule via amendments to 12 CFR 
3.21, 3.22, 3.300, 217.21, 217.22, 217.300(b) and (d), 324.21, 324.22, 
and 324.300 that were originally effective April 1, 2020. The agencies 
initially set an effective date of April 1, 2020, for those amendments 
to the capital rule, in part, to give institutions sufficient time to 
update their recordkeeping and reporting systems. Subsequent to the 
publication of the Capital Simplifications Final Rule, the agencies 
received letters from the banking industry groups seeking the ability 
to adopt the Capital Simplifications Final Rule earlier than April 1, 
2020. After considering these requests, the agencies have determined 
that allowing non-advanced approaches banking organizations to 
implement the Capital Simplifications Final Rule in the first quarter 
of 2020 would be appropriate. Allowing non-advanced approaches banking 
organizations to implement the Capital Simplifications Final Rule in 
the first quarter of 2020 would permit banking organizations that have 
updated their reporting systems to implement the simplifications and 
obtain regulatory burden relief one quarter earlier than initially 
provided in the Capital Simplifications Final Rule.
    The agencies are adopting this direct final rule to permit non-
advanced approaches banking organizations to implement the sections of 
the Capital Simplifications Final Rule that were originally effective 
on April 1, 2020, beginning on January 1, 2020. Specifically, the 
sections in the Capital Simplifications Final Rule that were effective 
April 1, 2020, under that rule are now effective January 1, 2020. Non-
advanced approaches banking organizations can elect whether to 
implement the changes in the quarter beginning January 1, 2020, or to 
implement them in the quarter beginning April 1, 2020. The affected 
sections are those related to mortgage servicing assets, certain 
deferred tax assets arising from temporary differences, investments in 
the capital of unconsolidated financial institutions, and the 
calculation of minority interest and will become mandatory as of April 
1, 2020. If a non-advanced approaches banking organization elects to 
adopt these revisions for the quarter beginning January 1, 2020, it 
must adopt all of these revisions for that quarter and thereafter. 
Consistent with the Capital Simplifications Final Rule, the transition 
provisions adopted by the agencies in November 2017 will cease to apply 
to non-advanced approaches banking organizations in the quarter in 
which the firm elects to adopt the these portions of the Capital 
Simplifications Final Rule.\2\ As a result, non-advanced approaches 
banking organizations may choose to begin implementing the capital 
treatment under the Capital Simplifications Final Rule for the 
reporting period ending on March 31, 2020. All non-advanced approaches 
banking organizations must implement the capital treatment under the 
Capital Simplifications Final Rule for the reporting period ending on 
June 30, 2020.
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    \2\ 82 FR 55309 (Nov. 21, 2017).

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[[Page 61806]]

Administrative Law Matters

A. Administrative Procedure Act

    The agencies are issuing this direct final rule without prior 
notice and the opportunity for public comment and without the 30-day 
delayed effective date ordinarily prescribed by the Administrative 
Procedure Act (APA).\3\ Pursuant to section 553(b)(B) of 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.'' \4\
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    \3\ 5 U.S.C. 553.
    \4\ 5 U.S.C. 553(b)(B).
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    As discussed above, this direct final rule addresses requests from 
banking industry groups to be allowed to comply starting on January 1, 
2020, with certain requirements of the Capital Simplifications Final 
Rule that otherwise were subject to an effective date of April 1, 2020. 
This direct final rule will allow banking organizations to begin 
implementing the revised requirements either on January 1, 2020 or 
April 1, 2020. Non-advanced approaches banking organizations that 
choose not to implement the revised requirements on January 1, 2020, 
still will be required to do so beginning April 1, 2020. The agencies 
initially set an effective date of April 1, 2020, for those amendments 
to the capital rule, in part, to give institutions sufficient time to 
update their systems and reporting systems. After the rule was 
finalized, the agencies received requests to allow banking 
organizations the option to adopt the rule on January 1, 2020, rather 
than April 1, 2020, on grounds that early adoption would simplify the 
reporting requirements for banking organizations whose systems will be 
in place by January 1, 2020, thereby reducing regulatory burden.
    The agencies believe that there is good cause to issue this direct 
final rule without notice and public procedure because that process 
would be unnecessary as the agencies recently issued a final rule after 
providing notice and receiving comment from the public. Specifically, 
the original administrative record that supports the Capital 
Simplifications Final Rule is still pertinent and, as a result, a new 
round of notice and comment on the Capital Simplifications Final Rule 
is unnecessary. The agencies could have issued the Capital 
Simplifications Final Rule with the provisions now being issued in the 
current direct final rule. The agencies believe that the implementation 
provisions of the current direct final rule are appropriate now given 
the feedback from the public since issuance of the Capital 
Simplifications Final Rule. In particular, the public feedback has 
indicated that many banking organizations would be prepared to 
implement the Capital Simplifications Final Rule for the quarter 
beginning January 1, 2020. Further, this final rule (1) relieves 
burden; (2) does not change any substantive requirements of the Capital 
Simplifications Final Rule or impose any new mandates on any banking 
organization; and (3) allows, but does not require, banking 
organizations to implement the revised requirements in the Capital 
Simplifications Final Rule earlier than initially provided.
    In addition, the agencies believe that there is good cause 
consistent with the public interest to issue this direct final rule 
without notice and public procedure. This direct final rule benefits 
banking organizations subject to the Capital Simplifications Final Rule 
by allowing them to begin complying with the new requirements in the 
Capital Simplifications Final Rule one quarter before they become 
mandatory, thereby simplifying the reporting requirements for those 
banking organizations whose systems will be in place by January 1, 
2020. Notably, this direct final rule does not impose any new 
requirements or mandatory burdens on any banking organization. Finally, 
the agencies believe that there is good cause to issue this direct 
final rule without notice and public procedure since it would be 
impracticable to request comment given the request for relief is to 
begin on January 1, 2020.
    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.\5\ The agencies 
find good cause to publish the direct final rule with an immediate 
effective date because the rule grants relief to banking organizations 
and because there is good cause for the same reasons set forth above 
under the discussion of section 553(b)(B) of the APA. Delaying the 
implementation date would deprive banking organizations that are 
considering adopting the requirements of the Capital Simplification 
Final Rule earlier of the ability to make modifications to their 
reporting prior on their preferred effective date.
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    \5\ 5 U.S.C. 553(d).
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B. Solicitation of Comments on Use of Plain Language

    Section 722 of the Gramm-Leach-Bliley Act \6\ requires Federal 
banking agencies to use plain language in all proposed and final rules 
published after January 1, 2000. The agencies have sought to present 
this direct final rule in a simple and straightforward manner.
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    \6\ Public Law 106-102, section 722, 113 Stat. 1338, 1471 
(1999).
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C. Paperwork Reduction Act Analysis

    In accordance with the requirements of the Paperwork Reduction Act 
of 1995 (PRA), 44 U.S.C. 3501-3521, the agencies may not conduct or 
sponsor, and a respondent is not required to respond to, an information 
collection unless it displays a currently-valid Office of Management 
and Budget (OMB) control number. The OCC, Board, and FDIC have reviewed 
this direct final rule and determined that it does not introduce a new 
collection of information pursuant to the PRA.

D. Regulatory Flexibility Act Analysis

    The Regulatory Flexibility Act (RFA) does not apply to a rulemaking 
when a general notice of proposed rulemaking is not required.\7\ As 
noted previously, the agencies are issuing this direct final rule 
without notice and public procedure. Accordingly, the RFA's 
requirements relating to an initial and final regulatory flexibility 
analysis do not apply. Nonetheless, the agencies believe that, with 
respect to the entities subject to the direct final rule and within 
each agency's respective jurisdiction, the direct final rule would not 
have a significant economic impact on a substantial number of small 
entities.\8\
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    \7\ 5 U.S.C. 603 and 604.
    \8\ 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.
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E. Unfunded Mandates Reform Act of 1995

    The OCC analyzed the final rule under the factors set forth in the 
Unfunded Mandates Reform Act of 1995 (UMRA) (2 U.S.C. 1532). Under this 
analysis, the OCC considered whether the rule 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 (adjusted for inflation). The OCC has 
determined that this rule will not result

[[Page 61807]]

in expenditures by State, local, and Tribal governments, or the private 
sector, of $100 million or more in any one year. Accordingly, the OCC 
has not prepared a written statement to accompany this rule.

F. Riegle Community Development and Regulatory Improvement Act of 1994

    Pursuant to section 302(a) of the Riegle Community Development and 
Regulatory Improvement Act (RCDRIA),\9\ in determining the effective 
date and administrative compliance requirements for new regulations 
that impose additional reporting, disclosure, or other requirements on 
IDIs, each Federal banking agency must consider, consistent with 
principles 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 302(b) 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.\10\
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    \9\ 12 U.S.C. 4802(a).
    \10\ 12 U.S.C. 4802.
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    Because the direct final rule would not impose additional 
reporting, disclosure, or other requirements on IDIs, section 302 of 
the RCDRIA does not apply. In any event, the direct final rule will 
take effect on January 1, 2020.

G. The Congressional Review Act

    For purposes of Congressional Review Act, the OMB makes a 
determination as to whether a final rule constitutes a ``major'' 
rule.\11\ 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.\12\
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    \11\ 5 U.S.C. 801 et seq.
    \12\ 5 U.S.C. 801(a)(3).
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    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 foreign-based enterprises in domestic and 
export markets.\13\ As required by the Congressional Review Act, the 
agencies will submit the direct final rule and other appropriate 
reports to Congress and the Government Accountability Office for 
review.
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    \13\ 5 U.S.C. 804(2).
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    The OMB has determined that the direct final ruleis not a ``major 
rule'' within the meaning of the Congressional Review Act.\14\ As 
required by the Congressional Review Act, the agencies will submit the 
direct final rule and other appropriate reports to Congress and the 
Government Accountability Office for review.
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    \14\ 5 U.S.C. 801 et seq.
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List of Subjects

12 CFR Part 3

    Administrative practice and procedure, Capital, National banks, 
Risk.

12 CFR Part 217

    Administrative practice and procedure, Banks, Banking, Capital, 
Federal Reserve System, Holding companies.

12 CFR Part 324

    Administrative practice and procedure, Banks, Banking, Capital 
adequacy, Savings associations, State non-member banks.

Office of the Comptroller of the Currency

    For the reasons set out in the joint preamble, 12 CFR part 3 is 
amended as follows.

PART 3--CAPITAL ADEQUACY STANDARDS

0
1. The authority citation for part 3 continues to read as follows:

    Authority: 12 U.S.C. 93a, 161, 1462, 1462a, 1463, 1464, 1818, 
1828(n), 1828 note, 1831n note, 1835, 3907, 3909, and 5412(b)(2)(B).


0
2. Section 3.300 is amended by adding paragraph (f) to read as follows:


Sec.  3.300   Transitions.

* * * * *
    (f) A national bank or Federal savings association that is not an 
advanced approaches national bank or Federal savings association may 
apply the treatment under Sec. Sec.  3.21 and 3.22(c)(2), (5), (6), and 
(d)(2) applicable to an advanced approaches national bank or Federal 
savings association during the calendar quarter beginning January 1, 
2020. During the quarter beginning January 1, 2020, a national bank or 
Federal savings association that makes such an election must deduct 80 
percent of the amount otherwise required to be deducted under Sec.  
3.22(d)(2) and must apply a 100 percent risk weight to assets not 
deducted under Sec.  3.22(d)(2). In addition, during the quarter 
beginning January 1, 2020, a national bank or Federal savings 
association that makes such an election must include in its regulatory 
capital 20 percent of any minority interest that exceeds the amount of 
minority interest includable in regulatory capital under Sec.  3.21 as 
it applies to an advanced approaches national bank or Federal savings 
association. A national bank or Federal savings association that is not 
an advanced approaches national bank or Federal savings association 
must apply the treatment under Sec. Sec.  3.21 and 3.22 applicable to a 
national bank or Federal savings association that is not an advanced 
approaches national bank or Federal savings association beginning April 
1, 2020, and thereafter.
* * * * *

Board of Governors of the Federal Reserve System

    For the reasons set out in the joint preamble, the Board of 
Governors of the Federal Reserve System amends 12 CFR part 217 as 
follows:

PART 217--CAPITAL ADEQUACY OF BANK HOLDING COMPANIES, SAVINGS AND 
LOAN HOLDING COMPANIES, AND STATE MEMBER BANKS (REGULATION Q)

0
3. The authority citation for part 217 continues to read as follows:

    Authority: 12 U.S.C. 248(a), 321-338a, 481-486, 1462a, 1467a, 
1818, 1828, 1831n, 1831o, 1831p-l, 1831w, 1835, 1844(b), 1851, 3904, 
3906-3909, 4808, 5365, 5368, 5371.


0
4. Section 217.300 is amended by adding paragraph (g) to read as 
follows:


Sec.  217.300   Transitions.

* * * * *
    (g) A Board-regulated institution that is not an advanced 
approaches Board-regulated institution may apply the treatment under 
Sec. Sec.  217.21 and 217.22(c)(2), (5), (6), and (d)(2) applicable to 
an advanced approaches Board-regulated institution during the calendar 
quarter beginning January 1, 2020. During the quarter beginning January 
1, 2020, a Board-regulated institution that makes such an election must 
deduct 80 percent of the amount otherwise required to be deducted under 
Sec.  217.22(d)(2) and must apply a

[[Page 61808]]

100 percent risk weight to assets not deducted under Sec.  
217.22(d)(2). In addition, during the quarter beginning January 1, 
2020, a Board-regulated institution that makes such an election must 
include in its regulatory capital 20 percent of any minority interest 
that exceeds the amount of minority interest includable in regulatory 
capital under Sec.  217.21 as it applies to an advanced approaches 
Board-regulated institution. A Board-regulated institution that is not 
an advanced approaches Board-regulated institution must apply the 
treatment under Sec. Sec.  217.21 and 217.22 applicable to a Board-
regulated institution that is not an advanced approaches Board-
regulated institution beginning April 1, 2020, and thereafter.
* * * * *

12 CFR Part 324

FEDERAL DEPOSIT INSURANCE CORPORATION

    For the reasons set out in the joint preamble, 12 CFR part 324 is 
amended as follows.

PART 324--CAPITAL ADEQUACY OF FDIC-SUPERVISED INSTITUTIONS

0
5. The authority citation for part 324 continues to read as follows:

    Authority: 12 U.S.C. 1815(a), 1815(b), 1816, 1818(a), 1818(b), 
1818(c), 1818(t), 1819(Tenth), 1828(c), 1828(d), 1828(i), 1828(n), 
1828(o), 1831o, 1835, 3907, 3909, 4808; 5371; 5412; Pub. L. 102-233, 
105 Stat. 1761, 1789, 1790 (12 U.S.C. 1831n note); Pub. L. 102-242, 
105 Stat. 2236, 2355, as amended by Pub. L. 103-325, 108 Stat. 2160, 
2233 (12 U.S.C. 1828 note); Pub. L. 102-242, 105 Stat. 2236, 2386, 
as amended by Pub. L. 102-550, 106 Stat. 3672, 4089 (12 U.S.C. 1828 
note); Pub. L. 111-203, 124 Stat. 1376, 1887 (15 U.S.C. 78o-7 note).

0
6. Effective January 1, 2020, Sec.  324.300 is amended by adding 
paragraph (f) to read as follows:


Sec.  324.300  Transitions.

* * * * *
    (f) An FDIC-supervised institution that is not an advanced 
approaches FDIC-supervised institution may apply the treatment under 
Sec. Sec.  324.21 and 324.22(c)(2), (5), (6), and (d)(2) applicable to 
an advanced approaches FDIC-supervised institution during the calendar 
quarter beginning January 1, 2020. During the quarter beginning January 
1, 2020, an FDIC-supervised institution that makes such an election 
must deduct 80 percent of the amount otherwise required to be deducted 
under Sec.  324.22(d)(2) and must apply a 100 percent risk weight to 
assets not deducted under Sec.  324.22(d)(2). In addition, during the 
quarter beginning January 1, 2020, an FDIC-supervised institution that 
makes such an election must include in its regulatory capital 20 
percent of any minority interest that exceeds the amount of minority 
interest includable in regulatory capital under Sec.  324.21 as it 
applies to an advanced approaches FDIC-supervised institution. An FDIC-
supervised institution that is not an advanced approaches institution 
must apply the treatment under Sec. Sec.  324.21 and 324.22 applicable 
to an FDIC-supervised institution that is a non-advanced approaches 
institution beginning April 1, 2020, and thereafter.
* * * * *

    Dated: September 17, 2019.
Joseph M. Otting,
Comptroller of the Currency.
    By order of the Board of Governors of the Federal Reserve 
System, October 16, 2019
Ann E. Misback,
Secretary of the Board.

Federal Deposit Insurance Corporation.

    By order of the Board of Directors.

    Dated at Washington, DC, on September 17, 2019.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2019-23467 Filed 11-12-19; 8:45 am]
BILLING CODE 6210-01-P