[Federal Register Volume 88, Number 180 (Tuesday, September 19, 2023)]
[Rules and Regulations]
[Pages 64358-64365]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-20187]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

12 CFR Part 24

[Docket ID OCC-2023-0005]
RIN 1557-AF19


National Bank Community Development Investments

AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.

ACTION: Final rule; amendment of a form's expiration date.

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SUMMARY: The OCC is making a nonsubstantive amendment to form ``CD-1--
National Bank Community Development (Part 24) Investments'' to reflect 
the current expiration date assigned by the Office of Management and 
Budget under the Paperwork Reduction Act.

DATES: The final rule is effective on September 19, 2023.

FOR FURTHER INFORMATION CONTACT: Chandni Ohri, Director for Community 
Development, (202) 649-6420, 400 7th Street SW, Washington, DC 20219. 
If you are deaf, hard of hearing, or have a speech disability, please 
dial 7-1-1 to access telecommunications relay services.

SUPPLEMENTARY INFORMATION: The OCC is amending 12 CFR part 24, Appendix 
1 to update the expiration date included on ``CD-1--National Bank 
Community Development (Part 24) Investments'' (CD-1 Form) to reflect 
the current August 31, 2025, expiration date assigned by the Office of 
Management and Budget (``OMB'') under the Paperwork Reduction Act.

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Administrative Law Statements

A. Administrative Procedure Act

    The OCC is issuing the final rule without prior notice and the 
opportunity for public comment and the delayed effective date 
ordinarily prescribed by the Administrative Procedure Act (APA).\1\ 
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.'' \2\ The final rule 
merely implements a nonsubstantive amendment to update the CD-1 Form's 
expiration date in 12 CFR part 24, Appendix 1; therefore, requesting 
comment or delaying the correction would be unnecessary. For these 
reasons, the OCC finds that there is good cause to issue the final rule 
without notice and comment.\3\
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    \1\ 5 U.S.C. 553.
    \2\ 5 U.S.C. 553(b)(B).
    \3\ 5 U.S.C. 553(b)(B); 553(d)(3).
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    The final rule is effective immediately upon publication in the 
Federal Register. The APA 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.\4\ 
The final rule merely implements a nonsubstantive amendment to update 
the CD-1 Form's expiration date and has no substantive effect.\5\ 
Therefore, the OCC finds good cause to dispense with the 30-day delayed 
effective date.
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    \4\ 5 U.S.C. 553(d).
    \5\ 5 U.S.C. 553(d)(1).
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B. Congressional Review Act

    For purposes of the Congressional Review Act, OMB makes a 
determination as to whether a final rule constitutes a ``major'' 
rule.\6\ If a rule is deemed a ``major rule'' by OMB, the Congressional 
Review Act generally provides that the rule may not take effect until 
at least 60 days following its publication.\7\
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    \6\ 5 U.S.C. 801 et seq.
    \7\ 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.\8\ The OCC currently supervises approximately 1,060 
national banks, federal savings associations, trust companies and 
federal branches and agencies of foreign banks (collectively, 
banks).\9\ This final rule will update the expiration date of the CD-1 
Form that national banks must submit to provide an after-the-fact 
notice or to request prior approval of a public welfare investment. 
However, no new information is being collected by the form and no new 
requirements are being imposed on OCC-supervised institutions. Thus, we 
expect this change to have no impact and, thus, is not a ``major rule'' 
for purposes of the Congressional Review Act.
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    \8\ 5 U.S.C. 804(2).
    \9\ Based on data as of February 28, 2023.
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    For the same reasons set forth above, the OCC is adopting this 
final rule without the delayed effective date generally prescribed 
under the Congressional Review Act. The delayed effective date required 
by the Congressional Review Act does not apply to ``any rule which an 
agency for good cause finds (and incorporates the finding and a brief 
statement of reasons therefor in the rule issued) that notice and 
public procedure thereon are impracticable, unnecessary, or contrary to 
the public interest.'' \10\ In light of the fact that the final rule 
has no substantive effect and merely updates the expiration date of the 
CD-1 Form, delaying the effective date of the final rule is 
unnecessary.
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    \10\ 5 U.S.C. 808(2).
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    As required by the Congressional Review Act, the OCC will submit 
the final rule and other appropriate reports to Congress and the 
Government Accountability Office for review.

C. Paperwork Reduction Act

    The Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3521) (PRA) 
states that no agency may conduct or sponsor, nor is the respondent 
required to respond to, an information collection unless it displays a 
currently valid OMB control number. OCC has determined that this final 
rule does not substantively affect any current information collections 
or create any new collections. The final rule will update the image of 
Form CD-1, ``National Bank Community Development Investments'' (1557-
0194), that is included in 12 CFR part 24, Appendix 1 so that it 
reflects the expiration date of the currently approved information 
collection.

D. Regulatory Flexibility Act

    The Regulatory Flexibility Act (RFA) \11\ requires an agency to 
consider whether the rules it proposes will have a significant economic 
impact on a substantial number of small entities. The RFA applies only 
to rules for which an agency publishes a general notice of proposed 
rulemaking pursuant to 5 U.S.C. 553(b). Consistent with section 
553(b)(B) of the APA, the OCC has determined for good cause that 
general notice and opportunity for public comment is unnecessary, and, 
therefore, the OCC did not issue a notice of proposed rulemaking. 
Accordingly, the RFA's requirements relating to initial and final 
regulatory flexibility analyses do not apply.
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    \11\ 5 U.S.C. 601 et seq.
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E. Riegle Community Development and Regulatory Improvement Act of 1994

    Pursuant to section 302(a) of the Riegle Community Development and 
Regulatory Improvement Act (RCDRIA),\12\ in determining the effective 
date and administrative compliance requirements for new regulations 
that impose additional reporting, disclosure, or other requirements on 
insured depository institutions (IDIs), each Federal banking agency 
must consider, consistent with the principle 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, with certain exceptions, including for good cause.\13\ 
For the reasons described above, the OCC finds good cause exists under 
section 302 of RCDRIA to publish this final rule with an immediate 
effective date.
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    \12\ 12 U.S.C. 4802(a).
    \13\ 12 U.S.C. 4802(b)(1).
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F. Use of Plain Language

    Section 722 of the Gramm-Leach-Bliley Act \14\ requires the Federal

[[Page 64360]]

banking agencies to use plain language in all proposed and final rules 
published after January 1, 2000. The OCC has sought to present the 
final rule in a simple and straightforward manner.
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    \14\ 12 U.S.C. 4809.
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G. Unfunded Mandates

    As a general matter, the Unfunded Mandates Act of 1995 (UMRA), 2 
U.S.C. 1531 et seq., requires the preparation of a budgetary impact 
statement before promulgating a rule that 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. However, the UMRA does not apply to 
final rules for which a general notice of proposed rulemaking was not 
published. See 2 U.S.C. 1532(a). Therefore, because the OCC has found 
good cause to dispense with notice and comment for this final rule, the 
OCC has not prepared a budgetary impact statement for the final rule 
under the UMRA.

List of Subjects in 12 CFR Part 24

    Community development, Credit, Investments, Low and moderate income 
housing, Manpower, National banks, Reporting and recordkeeping 
requirements, Rural areas, Small businesses.

Authority and Issuance

    For the reasons stated in the SUPPLEMENTARY INFORMATION section, 
the Office of the Comptroller of the Currency amends 12 CFR part 24 as 
follows:

PART 24--COMMUNITY AND ECONOMIC DEVELOPMENT ENTITIES, COMMUNITY 
DEVELOPMENT PROJECTS, AND OTHER PUBLIC WELFARE INVESTMENTS

0
1. The authority citation for part 24 continues to read as follows:

    Authority:  12 U.S.C. 24(Eleventh), 93a, 481 and 1818.


0
2. Revise Appendix 1 to Part 24--CD-1--National Bank Community 
Development (Part 24) Investments to read as follows:

Appendix 1 to Part 24--CD-1--National Bank Community Development (Part 
24) Investments

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Benjamin W. McDonough,
Senior Deputy Comptroller and Chief Counsel.
[FR Doc. 2023-20187 Filed 9-18-23; 8:45 am]
BILLING CODE 4810-33-C