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35373 Rules and Regulations Federal Register Vol. 85, No. 112 Wednesday, June 10, 2020 This section of the FEDERAL REGISTER directors, shareholder, and as constitutes a ‘‘major rule.’’6 If a rule is contains regulatory documents having general applicable, member, meetings. This deemed a ‘‘major rule’’ by the OMB, the applicability and legal effect, most of which correcting amendment makes a Congressional Review Act generally are keyed to and codified in the Code of correction to those interim regulations. provides that the rule may not take Federal Regulations, which is published under The interim final rule removed and effect until at least 60 days following its 50 titles pursuant to 44 U.S.C. 1510. reserved 12 CFR 7.1001.1 7 This publication. The Code of Federal Regulations is sold by correcting amendment reinserts this The Congressional Review Act defines the Superintendent of Documents. section and removes and reserves 12 a ‘‘major rule’’ as any rule that the CFR 7.2001, as was intended by the Administrator of the Office of OCC and described in the preamble to Information and Regulatory Affairs of DEPARTMENT OF THE TREASURY the interim final rule. the OMB finds has resulted in or is Office of the Comptroller of the II. Administrative Law Matters likely to result in: (1) An annual effect Currency on the economy of $100,000,000 or A. Administrative Procedure Act more; (2) a major increase in costs or 12 CFR Part 7 The OCC is issuing this correcting prices for consumers, individual amendment without prior notice and industries, Federal, State, or local [Docket No. OCC–2020–0020] the opportunity for public comment and government agencies, or geographic the delayed effective date ordinarily regions; or (3) significant adverse effects RIN 1557–AE94 prescribed by the Administrative on competition, employment, Director, Shareholder, and Member Procedure Act (APA).2 Pursuant to investment, productivity, innovation, or Meetings: Technical Correction section 553(b)(B) of the APA, general on the ability of United States-based notice and the opportunity for public enterprises to compete with foreign- AGENCY: Office of the Comptroller of the comment are not required with respect based enterprises in domestic and Currency, Treasury (OCC). to a rulemaking when an ‘‘agency for export markets.8 ACTION: Correcting amendment. good cause finds (and incorporates the The delayed effective date required by finding and a brief statement of reasons the Congressional Review Act does not SUMMARY: On May 28, 2020, the Office therefor in the rules issued) that notice apply to any rule for which an agency of the Comptroller of the Currency and public procedure thereon are for good cause finds (and incorporates (OCC) published in the Federal Register impracticable, unnecessary, or contrary the finding and a brief statement of an interim final rule to revise its to the public interest.’’3 reasons therefor in the rule issued) that regulations on activities and operations The OCC finds that public notice and notice and public procedure thereon are of national banks and corporate comment are unnecessary because this impracticable, unnecessary, or contrary 9 activities of Federal savings associations correcting amendment makes a to the public interest. For the same to provide that these institutions may technical change to correct an erroneous reasons set forth above, the OCC finds permit telephonic and electronic removal in the interim final rule. that it has good cause to adopt this participation at all board of directors, Therefore, the OCC believes it has good correcting amendment without the shareholder, and as applicable, member, cause to dispense with the APA prior delayed effective date generally meetings. This correcting amendment notice and public comment process. prescribed under the Congressional makes a correction to those interim The APA also requires a 30-day Review Act. regulations. delayed effective date, except for: (1) As required by the Congressional Substantive rules which grant or Review Act, the OCC will submit the DATES: The effective date is June 10, recognize an exemption or relieve a IFR and other appropriate reports to 2020. restriction; (2) interpretative rules and Congress and the Government FORFURTHERINFORMATIONCONTACT: statements of policy; or (3) as otherwise Accountability Office for review. 4 Heidi M. Thomas, Special Counsel, provided by the agency for good cause. C. Riegle Community Development and Chief Counsel’s Office, (202) 649–5490, As described above, the OCC believes it Regulatory Improvement Act of 1994 for persons who are deaf or hearing has good cause to issue this correcting Pursuant to section 302(a) of the impaired, TTY, (202) 649–5597, Office amendment without a delayed effective Riegle Community Development and of the Comptroller of the Currency, 400 date. Therefore, this correcting Regulatory Improvement Act 7th Street SW, Washington, DC 20219. amendment is exempt from the APA’s 5 (RCDRIA),10 in determining the effective SUPPLEMENTARYINFORMATION: delayed effective date requirement. date and administrative compliance I. Background and Description of B. Congressional Review Act requirements for new regulations that Correcting Amendment For purposes of the Congressional impose additional reporting, disclosure, On May 28, 2020, the OCC published Review Act, the Office of Management or other requirements on insured in the Federal Register an interim final and Budget (OMB) makes a depository institutions (IDIs), each rule to revise its regulations on activities determination as to whether a final rule Federal banking agency must consider, and operations of national banks and 185 FR 31943. 65 U.S.C. 801 et seq. corporate activities of Federal savings 25 U.S.C. 553. 75 U.S.C. 801(a)(3). associations to provide that these 35 U.S.C. 553(b)(3)(A). 85 U.S.C. 804(2). institutions may permit telephonic and 45 U.S.C. 553(d). 95 U.S.C. 808. electronic participation at all board of 55 U.S.C. 553(d)(1). 1012 U.S.C. 4802(a). jbell on DSKJLSW7X2PROD with RULESVerDate Sep<11>2014 15:58 Jun 09, 2020Jkt 250001PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 E:\FR\FM\10JNR1.SGM 10JNR1 35374 Federal Register/Vol. 85, No. 112/Wednesday, June 10, 2020/Rules and Regulations 15 consistent with the principle of safety published. Therefore, because the DEPARTMENT OF COMMERCE and soundness and the public interest, OCC has found good cause to dispense any administrative burdens that such with notice and comment for this Office of the Secretary regulations would place on depository correcting amendment, the OCC has not institutions, including small depository prepared an economic analysis of the 15 CFR Part 4a institutions, and customers of rule under the UMRA. [Docket No. 170329327–88116–01] depository institutions, as well as the List of Subjects in 12 CFR Part 7 benefits of such regulations. In addition, RIN 0605–AA41 section 302(b) of RCDRIA requires new Computer technology, Credit, regulations and amendments to Derivatives, Federal savings Classification, De-Classification, and regulations that impose additional associations, Insurance, Investments, Public Availability of National Security reporting, disclosures, or other new Metals, National banks, Reporting and Information requirements on IDIs generally to take recordkeeping requirements, Securities, AGENCY: Office of Security, Department effect on the first day of a calendar Security bonds. of Commerce. quarter that begins on or after the date ACTION: Final rule. on which the regulations are published For the reasons set out in the in final form, with certain exceptions, preamble, the OCC corrects 12 CFR part SUMMARY: This rulemaking updates and 11 including for good cause. For the 7 by making the following correcting clarifies the Secretary of Commerce’s reasons described above, the OCC finds amendment: delegation of authority, consistent with good cause exists under section 302 of current practice, for implementation of RCDRIA to publish this correcting PART 7—ACTIVITIES AND the executive order ‘‘Classified National amendment with an immediate effective OPERATIONS Security Information,’’ as well as for date. As such, the IFR will be effective designations of ‘‘Original Classification immediately. ■ 1. The authority citation for part 7 Authorities,’’ prohibitions of further D. Regulatory Flexibility Act continues to read as follows: delegation, the designation of The Regulatory Flexibility Act Authority: 12 U.S.C. 1 et seq., 25b, 29, 71, classification levels and durations of 71a, 92, 92a, 93, 93a, 95(b)(1), 371, 371d, 481, information classification, the process (RFA)12 requires an agency to consider for mandatory reviews of information whether the rules it proposes will have 484, 1463, 1464, 1465, 1818, 1828(m), subject to declassification, and the a significant economic impact on a 3102(b), and 5412(b)(2)(B). process and conditions for allowing 13 substantial number of small entities. ■ 2. Add §7.1001 to read as follows: access to Department of Commerce The RFA applies only to rules for which classified information by individuals an agency publishes a general notice of §7.1001 National bank acting as general outside of the Government. proposed rulemaking pursuant to 5 insurance agent DATES: This rule is effective June 10, U.S.C. 553(b). As discussed previously, Pursuant to 12 U.S.C. 92, a national 2020. consistent with section 553(b)(B) of the bank may act as an agent for any fire, FORFURTHERINFORMATIONCONTACT: APA, the OCC has determined for good life, or other insurance company in any Jason Groves, Information and cause that general notice and place the population of which does not Personnel Security Division, Office of opportunity for public comment is exceed 5,000 inhabitants. This section is Security, United States Department of unnecessary, and therefore the OCC is applicable to any office of a national Commerce, Washington, DC 20230, not issuing a notice of proposed bank when the office is located in a (202) 482–2685. rulemaking. Accordingly, the OCC has community having a population of less concluded that the RFA’s requirements than 5,000, even though the principal SUPPLEMENTARYINFORMATION: Part 4a of relating to initial and final regulatory office of such bank is located in a title 15 of the Code of Federal flexibility analysis do not apply. community whose population exceeds Regulation establishes responsibility F. Unfunded Mandates within the Department of Commerce for 5,000. the classification, declassification, and As a general matter, the Unfunded §7.2001 [Reserved] public availability of national security Mandates Act of 1995 (UMRA)14 information in accordance with requires the preparation of a budgetary ■ 3. Remove and reserve §7.2001. applicable executive orders. Sections impact statement before promulgating a 4a.1, 4a.2, 4a.3 and 4a.5 of part 4a rule that includes a Federal mandate Jonathan V. Gould, reference Executive Order 12958 (E.O. that may result in the expenditure by Senior Deputy Comptroller and Chief 12958) of April 17, 1995 (60 FR 19825; State, local, and tribal governments, in Counsel. April 20, 1995). However, E.O. 12958 the aggregate, or by the private sector, of [FR Doc. 2020–12570 Filed 6–9–20; 8:45 am] was revoked and replaced by Executive $100 million or more in any one year. BILLING CODE 4810–33–P Order 13526 (E.O. 13526) on December However, the UMRA does not apply to 29, 2009 (75 FR 707; January 5, 2010) final rules for which a general notice of (See also, correction of signature date at proposed rulemaking was not 75 FR 1013; January 8, 2010). This final rule updates and clarifies part 4a by 1112 U.S.C. 4802. deleting all outdated references to E.O. 125 U.S.C. 601 et seq. 12958, and, instead, referring to the 13Under regulations issued by the Small Business requirements of E.O. 13526. In addition, Administration, a small entity includes a depository section 4a.2 lists the Deputy Assistant institution, bank holding company, or savings and Secretary for Security as the position loan holding company with total assets of $600 designated by the Secretary of million or less and trust companies with total assets Commerce as being responsible for of $41.5 million or less. See 13 CFR 121.201. 142 U.S.C. 1531 et seq. 15See 2 U.S.C. 1532(a). implementing the executive order and jbell on DSKJLSW7X2PROD with RULESVerDate Sep<11>2014 15:58 Jun 09, 2020Jkt 250001PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 E:\FR\FM\10JNR1.SGM 10JNR1
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