[Federal Register Volume 86, Number 46 (Thursday, March 11, 2021)]
[Rules and Regulations]
[Page 13805]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-05085]



 ========================================================================
 Rules and Regulations
                                                 Federal Register
 ________________________________________________________________________
 
 This section of the FEDERAL REGISTER contains regulatory documents 
 having general applicability and legal effect, most of which are keyed 
 to and codified in the Code of Federal Regulations, which is published 
 under 50 titles pursuant to 44 U.S.C. 1510.
 
 The Code of Federal Regulations is sold by the Superintendent of Documents. 
 
 ========================================================================
 

  Federal Register / Vol. 86, No. 46 / Thursday, March 11, 2021 / Rules 
and Regulations  

[[Page 13805]]



FEDERAL RESERVE SYSTEM

12 CFR Part 228

[Docket No. R-1735]
RIN 7100-AG05


Community Reinvestment Act Regulations (Regulation BB); 
Correction

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Correcting amendment(s).

-----------------------------------------------------------------------

SUMMARY: On December 23, 2020, the Board of Governors of the Federal 
Reserve System (Board) published final asset threshold adjustments to 
Regulation BB, which implements the Community Investment Act (CRA). The 
Board is correcting a typographical error in the regulatory text 
adjusting the asset-size threshold for Board-supervised intermediate 
small banks.

DATES: Effective March 11, 2021.

FOR FURTHER INFORMATION CONTACT: Amal S. Patel, Counsel, (202) 912-
7879, or Cathy Gates, Senior Project Manager, (202) 452-2099, Division 
of Consumer and Community Affairs; or Gavin L. Smith, Senior Counsel, 
(202) 452-3474, Legal Division.

SUPPLEMENTARY INFORMATION: The Board is correcting an error in the 
Regulation BB regulatory text of the CRA final rule published on 
December 23, 2020 (85 FR 83747).
    In the SUPPLEMENTARY INFORMATION of the CRA final rule, the Board 
and the FDIC correctly indicated that beginning January 1, 2021, banks 
that, as of December 31 of either of the prior two calendar years, had 
assets of less than $1.322 billion are small banks and that small banks 
with assets of at least $330 million as of December 31 of both of the 
prior two calendar years and less than $1.322 billion as of December 31 
of either of the prior two calendar years are intermediate small banks. 
However, due to an inadvertent typographical error, the text of the 
Board's Regulation BB incorrectly specified the lower-end of the asset-
size range for intermediate small banks. Accordingly, the Board is 
issuing this notification to correct the regulatory text so that it 
includes the correct asset-size range for intermediate small banks, as 
described in the SUPPLEMENTARY INFORMATION of the CRA final rule.

List of Subjects in 12 CFR Part 228

    Banks, banking, Community development, Credit, Investments, 
Reporting and recordkeeping requirements.

Authority and Issuance

    For the reasons set forth in the SUPPLEMENTARY INFORMATION the 
Board corrects 12 CFR part 228 as follows:

PART 228--COMMUNITY REINVESTMENT (REGULATION BB)

0
1. The authority citation for part 228 continues to read as follows:

    Authority:  12 U.S.C. 321, 325, 1828(c), 1842, 1843, 1844, and 
2901 et seq.


0
2. In Sec.  228.12, revise paragraph (u)(1) to read as follows:


Sec.  228.12   Definitions.

* * * * *
    (u) * * *
    (1) Definition. Small bank means a bank that, as of December 31 of 
either of the prior two calendar years, had assets of less than $1.322 
billion. Intermediate small bank means a small bank with assets of at 
least $330 million as of December 31 of both of the prior two calendar 
years and less than $1.322 billion as of December 31 of either of the 
prior two calendar years.
* * * * *

    By order of the Board of Governors of the Federal Reserve 
System, acting through the Secretary of the Board under delegated 
authority.
Ann Misback,
Secretary of the Board.
[FR Doc. 2021-05085 Filed 3-10-21; 8:45 am]
BILLING CODE P