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.
Rules and Regulations Federal Register
74257
Vol. 85, No. 225
Friday, November 20, 2020
1 Regulatory Capital Rule: Changes to
Applicability Thresholds for Regulatory Capital and
Liquidity Requirements, 84 FR 59230 (Nov. 1,
2020).
2 See 12 CFR part 324, subpart H.
3 84 FR 59230, 59277.
4 12 CFR 324.403(b)(1)(ii).
5 5 U.S.C. 553.
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 324
RIN 3064–AF66
Regulatory Capital Rule: Changes to
Applicability Thresholds for
Regulatory Capital and Liquidity
Requirements; Correction
AGENCY: Federal Deposit Insurance
Corporation.
ACTION: Correcting amendment.
SUMMARY: The Federal Deposit
Insurance Corporation (FDIC) published
an interagency final rule in the Federal
Register on November 1, 2019, that
revises the criteria for determining the
applicability of regulatory capital and
liquidity requirements for large U.S.
banking organizations and the U.S.
intermediate holding companies of
certain foreign banking organizations.
This final rule aligns the applicability of
the enhanced supplementary leverage
ratio for purposes of the prompt
corrective action provisions in the
FDIC’s capital rule to its intended scope.
DATES: Effective Date: November 20,
2020.
FOR FURTHER INFORMATION CONTACT:
Michael Phillips, Counsel, mphillips@
fdic.gov, (202) 898–3581; Catherine
Wood, Counsel, cawood@fdic.gov, (202)
898–3788; Francis Kuo, Counsel, fkuo@
fdic.gov, (202) 898–6654; Supervision
and Legislation Branch, Legal Division,
Federal Deposit Insurance Corporation,
550 17th Street NW, Washington, DC
20429. For the hearing impaired only,
Telecommunication Device for the Deaf
(TDD), (800) 925–4618.
SUPPLEMENTARY INFORMATION: The
Federal Deposit Insurance Corporation,
along with the Office of the Comptroller
of the Currency and the Board of
Governors of the Federal Reserve
System (collectively, the agencies)
published a final rule in the Federal
Register on November 1, 2019, that
revises the criteria for determining the
applicability of regulatory capital and
liquidity requirements for large U.S.
banking organizations and the U.S.
intermediate holding companies of
certain foreign banking organizations
(tailoring rule).1 Under the tailoring
rule, the supplementary leverage ratio of
3 percent applies to certain banking
organizations and their subsidiaries,
while global systemically important
banking organizations (GSIBs) and their
subsidiaries are subject to the enhanced
supplementary leverage ratio. Under the
agencies’ prompt corrective action
(PCA) provisions of the capital rule,
depository institution subsidiaries of
GSIBs must maintain a supplementary
leverage ratio of 6 percent or greater for
purposes of the ‘‘well capitalized’’ PCA
category.2
In promulgating the tailoring rule, the
agencies stated in the preamble that the
enhanced supplementary leverage ratio
is a Category I capital standard, which
is applicable only to U.S. GSIBs and
their depository institution subsidiaries.
Specifically, the preamble to the
tailoring final rule provides that the
final rule maintains the capital
requirements applicable to U.S. GSIBs
and their depository institution
subsidiaries. These requirements
generally reflect agreements reached by
the BCBS. U.S. GSIBs and their
depository institution subsidiaries must
calculate risk-based capital ratios using
both the advanced approaches and the
standardized approach and are subject
to the U.S. leverage ratio. As stated in
the preamble, such banking
organizations are also subject to the
requirement to recognize elements of
AOCI in regulatory capital; the
requirement to expand the capital
conservation buffer by the amount of the
countercyclical capital buffer, if
applicable; and enhanced
supplementary leverage ratio
standards.3 In addition, U.S. GSIBs are
subject to the GSIB surcharge.
Application of these Category I capital
requirements will continue to
strengthen the capital positions of U.S.
GSIBs and reduce risks to financial
stability.
In promulgating the tailoring rule, the
agencies, however, inadvertently
omitted amending the PCA provisions
of the capital rule to reflect the tailoring
rule, including the well capitalized PCA
category. This PCA provision currently
states that beginning on January 1, 2018
and thereafter, an FDIC-supervised
institution that is a subsidiary of a
covered BHC will be deemed to be well
capitalized if the FDIC-supervised
institution satisfies 12 CFR
324.403(b)(1)(i)(A) through (E) and has a
supplementary leverage ratio of 6.0
percent or greater. For purposes of 12
CFR 324.403(b)(1)(ii), a covered BHC
means a U.S. top-tier bank holding
company with more than $700 billion in
total assets as reported on the
company’s most recent Consolidated
Financial Statement for Bank Holding
Companies (Form FR Y–9C) or more
than $10 trillion in assets under custody
as reported on the company’s most
recent Banking Organization Systemic
Risk Report (Form FR Y–15).4
This final rule aligns the applicability
of the enhanced supplementary leverage
ratio to its intended scope covering only
global systemically important banking
organizations and their subsidiaries as
described in the preamble to the
tailoring rule. Specifically, this final
rule revises § 324.403(b)(1)(ii) by
removing the definition of covered BHC
and provides that an FDIC-supervised
institution that is a subsidiary of a
global systemically important bank
holding company as defined in 12 CFR
217.402 will be considered well-
capitalized for purposes of the PCA
provisions of the capital rule if it
satisfies certain capital requirements
and has a supplementary leverage ratio
of 6.0 percent or greater.
A. Administrative Procedure Act
The FDIC is issuing this final rule
without prior notice, the opportunity for
public comment, and the 30-day
delayed effective date ordinarily
prescribed by the Administrative
Procedure Act (APA).5 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
VerDate Sep<11>2014 16:07 Nov 19, 2020 Jkt 253001 PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 E:\FR\FM\20NOR1.SGM 20NOR1
khammond on DSKJM1Z7X2PROD with RULES
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.
Rules and Regulations Federal Register
74257
Vol. 85, No. 225
Friday, November 20, 2020
1 Regulatory Capital Rule: Changes to
Applicability Thresholds for Regulatory Capital and
Liquidity Requirements, 84 FR 59230 (Nov. 1,
2020).
2 See 12 CFR part 324, subpart H.
3 84 FR 59230, 59277.
4 12 CFR 324.403(b)(1)(ii).
5 5 U.S.C. 553.
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 324
RIN 3064–AF66
Regulatory Capital Rule: Changes to
Applicability Thresholds for
Regulatory Capital and Liquidity
Requirements; Correction
AGENCY: Federal Deposit Insurance
Corporation.
ACTION: Correcting amendment.
SUMMARY: The Federal Deposit
Insurance Corporation (FDIC) published
an interagency final rule in the Federal
Register on November 1, 2019, that
revises the criteria for determining the
applicability of regulatory capital and
liquidity requirements for large U.S.
banking organizations and the U.S.
intermediate holding companies of
certain foreign banking organizations.
This final rule aligns the applicability of
the enhanced supplementary leverage
ratio for purposes of the prompt
corrective action provisions in the
FDIC’s capital rule to its intended scope.
DATES: Effective Date: November 20,
2020.
FOR FURTHER INFORMATION CONTACT:
Michael Phillips, Counsel, mphillips@
fdic.gov, (202) 898–3581; Catherine
Wood, Counsel, cawood@fdic.gov, (202)
898–3788; Francis Kuo, Counsel, fkuo@
fdic.gov, (202) 898–6654; Supervision
and Legislation Branch, Legal Division,
Federal Deposit Insurance Corporation,
550 17th Street NW, Washington, DC
20429. For the hearing impaired only,
Telecommunication Device for the Deaf
(TDD), (800) 925–4618.
SUPPLEMENTARY INFORMATION: The
Federal Deposit Insurance Corporation,
along with the Office of the Comptroller
of the Currency and the Board of
Governors of the Federal Reserve
System (collectively, the agencies)
published a final rule in the Federal
Register on November 1, 2019, that
revises the criteria for determining the
applicability of regulatory capital and
liquidity requirements for large U.S.
banking organizations and the U.S.
intermediate holding companies of
certain foreign banking organizations
(tailoring rule).1 Under the tailoring
rule, the supplementary leverage ratio of
3 percent applies to certain banking
organizations and their subsidiaries,
while global systemically important
banking organizations (GSIBs) and their
subsidiaries are subject to the enhanced
supplementary leverage ratio. Under the
agencies’ prompt corrective action
(PCA) provisions of the capital rule,
depository institution subsidiaries of
GSIBs must maintain a supplementary
leverage ratio of 6 percent or greater for
purposes of the ‘‘well capitalized’’ PCA
category.2
In promulgating the tailoring rule, the
agencies stated in the preamble that the
enhanced supplementary leverage ratio
is a Category I capital standard, which
is applicable only to U.S. GSIBs and
their depository institution subsidiaries.
Specifically, the preamble to the
tailoring final rule provides that the
final rule maintains the capital
requirements applicable to U.S. GSIBs
and their depository institution
subsidiaries. These requirements
generally reflect agreements reached by
the BCBS. U.S. GSIBs and their
depository institution subsidiaries must
calculate risk-based capital ratios using
both the advanced approaches and the
standardized approach and are subject
to the U.S. leverage ratio. As stated in
the preamble, such banking
organizations are also subject to the
requirement to recognize elements of
AOCI in regulatory capital; the
requirement to expand the capital
conservation buffer by the amount of the
countercyclical capital buffer, if
applicable; and enhanced
supplementary leverage ratio
standards.3 In addition, U.S. GSIBs are
subject to the GSIB surcharge.
Application of these Category I capital
requirements will continue to
strengthen the capital positions of U.S.
GSIBs and reduce risks to financial
stability.
In promulgating the tailoring rule, the
agencies, however, inadvertently
omitted amending the PCA provisions
of the capital rule to reflect the tailoring
rule, including the well capitalized PCA
category. This PCA provision currently
states that beginning on January 1, 2018
and thereafter, an FDIC-supervised
institution that is a subsidiary of a
covered BHC will be deemed to be well
capitalized if the FDIC-supervised
institution satisfies 12 CFR
324.403(b)(1)(i)(A) through (E) and has a
supplementary leverage ratio of 6.0
percent or greater. For purposes of 12
CFR 324.403(b)(1)(ii), a covered BHC
means a U.S. top-tier bank holding
company with more than $700 billion in
total assets as reported on the
company’s most recent Consolidated
Financial Statement for Bank Holding
Companies (Form FR Y–9C) or more
than $10 trillion in assets under custody
as reported on the company’s most
recent Banking Organization Systemic
Risk Report (Form FR Y–15).4
This final rule aligns the applicability
of the enhanced supplementary leverage
ratio to its intended scope covering only
global systemically important banking
organizations and their subsidiaries as
described in the preamble to the
tailoring rule. Specifically, this final
rule revises § 324.403(b)(1)(ii) by
removing the definition of covered BHC
and provides that an FDIC-supervised
institution that is a subsidiary of a
global systemically important bank
holding company as defined in 12 CFR
217.402 will be considered well-
capitalized for purposes of the PCA
provisions of the capital rule if it
satisfies certain capital requirements
and has a supplementary leverage ratio
of 6.0 percent or greater.
A. Administrative Procedure Act
The FDIC is issuing this final rule
without prior notice, the opportunity for
public comment, and the 30-day
delayed effective date ordinarily
prescribed by the Administrative
Procedure Act (APA).5 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
VerDate Sep<11>2014 16:07 Nov 19, 2020 Jkt 253001 PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 E:\FR\FM\20NOR1.SGM 20NOR1
khammond on DSKJM1Z7X2PROD with RULES
74258 Federal Register / Vol. 85, No. 225 / Friday, November 20, 2020 / Rules and Regulations
6 5 U.S.C. 553(b)(B).
7 5 U.S.C. 553(d).
8 5 U.S.C. 553(d)(1).
9 5 U.S.C. 801 et seq.
10 5 U.S.C. 801(a)(3).
11 5 U.S.C. 804(2).
12 5 U.S.C. 808.
13 5 U.S.C. 601 et seq.
14 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. See 13 CFR 121.201.
15 12 U.S.C. 4802(a).
16 12 U.S.C. 4802.
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.’’ 6
The FDIC finds that the public
interest is best served by implementing
this final rule as of the date of Federal
Register publication. This final rule’s
technical correction will correct the
applicability of the enhanced
supplementary leverage ratio to remove
any potential confusion about the
regulatory capital requirements
applicable to the largest insured
depository institutions so that such
institutions can focus their attention on
the continued intermediation of credit.
For purposes of the well capitalized
PCA category, this final rule aligns the
applicability of the enhanced
supplementary leverage ratio to its
intended scope covering only global
systemically important banking
organizations and their subsidiaries as
described in the preamble to the
tailoring rule. The FDIC finds that there
is good cause consistent with the public
interest to issue this final rule without
notice and comment.
Additionally, 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.7
Because the final rule relieves a
restriction, the final rule is also exempt
from the APA’s delayed effective date
requirement.8 Additionally, the FDIC
finds good cause to publish the final
rule correction with an immediate
effective date for the same reasons set
forth above under the discussion of
section 553(b)(B) of the APA.
B. Congressional Review Act
For purposes of Congressional Review
Act, the Office of Management and
Budget (OMB) makes a determination as
to whether a final rule constitutes a
‘‘major’’ rule.9 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.10
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.11
The delayed effective date required by
the Congressional Review Act does not
apply to any rule for 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.12
For the same reasons set forth above,
the FDIC adopts this final rule without
the delayed effective date generally
prescribed under the Congressional
Review Act. Given the importance of
aligning the PCA provisions of the
capital rule to the tailoring rule, the
FDIC believes that delaying the effective
date of this final rule would be contrary
to the public interest. As required by the
Congressional Review Act, the FDIC
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. This final rule correction does
not contain any information collection
requirements therefore the FDIC will
make no submissions to OMB in
connection with this final rule.
D. Regulatory Flexibility Act
The Regulatory Flexibility Act
(RFA) 13 requires an agency to consider
whether the rules it proposes will have
a significant economic impact on a
substantial number of small entities.14
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). As discussed previously,
consistent with section 553(b)(B) of the
APA, the FDIC has determined general
notice and opportunity for public
comment is impracticable and contrary
to the public’s interest, and therefore
good cause exists to not issue a notice
of proposed rulemaking. Accordingly,
the FDIC has concluded that the RFA’s
requirements relating to initial and final
regulatory flexibility analysis do not
apply to this final rule.
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),15 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.16
As stated above, this final rule’s
technical correction will correct the
applicability of the enhanced
supplementary leverage ratio to remove
any potential confusion about the
regulatory capital requirements
applicable to the largest insured
depository institutions so that such
institutions can focus their attention on
the continued intermediation of credit.
In addition, for purposes of the well
capitalized PCA category, this final rule
aligns the applicability of the enhanced
supplementary leverage ratio to its
intended scope covering only global
systemically important banking
organizations and their subsidiaries as
described in the preamble to the
tailoring rule. As such, this final rule
does not impose any additional
reporting, disclosures, or other new
requirements on IDIs. Therefore, the
FDIC finds that the requirements of
VerDate Sep<11>2014 16:07 Nov 19, 2020 Jkt 253001 PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 E:\FR\FM\20NOR1.SGM 20NOR1
khammond on DSKJM1Z7X2PROD with RULES
6 5 U.S.C. 553(b)(B).
7 5 U.S.C. 553(d).
8 5 U.S.C. 553(d)(1).
9 5 U.S.C. 801 et seq.
10 5 U.S.C. 801(a)(3).
11 5 U.S.C. 804(2).
12 5 U.S.C. 808.
13 5 U.S.C. 601 et seq.
14 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. See 13 CFR 121.201.
15 12 U.S.C. 4802(a).
16 12 U.S.C. 4802.
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.’’ 6
The FDIC finds that the public
interest is best served by implementing
this final rule as of the date of Federal
Register publication. This final rule’s
technical correction will correct the
applicability of the enhanced
supplementary leverage ratio to remove
any potential confusion about the
regulatory capital requirements
applicable to the largest insured
depository institutions so that such
institutions can focus their attention on
the continued intermediation of credit.
For purposes of the well capitalized
PCA category, this final rule aligns the
applicability of the enhanced
supplementary leverage ratio to its
intended scope covering only global
systemically important banking
organizations and their subsidiaries as
described in the preamble to the
tailoring rule. The FDIC finds that there
is good cause consistent with the public
interest to issue this final rule without
notice and comment.
Additionally, 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.7
Because the final rule relieves a
restriction, the final rule is also exempt
from the APA’s delayed effective date
requirement.8 Additionally, the FDIC
finds good cause to publish the final
rule correction with an immediate
effective date for the same reasons set
forth above under the discussion of
section 553(b)(B) of the APA.
B. Congressional Review Act
For purposes of Congressional Review
Act, the Office of Management and
Budget (OMB) makes a determination as
to whether a final rule constitutes a
‘‘major’’ rule.9 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.10
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.11
The delayed effective date required by
the Congressional Review Act does not
apply to any rule for 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.12
For the same reasons set forth above,
the FDIC adopts this final rule without
the delayed effective date generally
prescribed under the Congressional
Review Act. Given the importance of
aligning the PCA provisions of the
capital rule to the tailoring rule, the
FDIC believes that delaying the effective
date of this final rule would be contrary
to the public interest. As required by the
Congressional Review Act, the FDIC
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. This final rule correction does
not contain any information collection
requirements therefore the FDIC will
make no submissions to OMB in
connection with this final rule.
D. Regulatory Flexibility Act
The Regulatory Flexibility Act
(RFA) 13 requires an agency to consider
whether the rules it proposes will have
a significant economic impact on a
substantial number of small entities.14
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). As discussed previously,
consistent with section 553(b)(B) of the
APA, the FDIC has determined general
notice and opportunity for public
comment is impracticable and contrary
to the public’s interest, and therefore
good cause exists to not issue a notice
of proposed rulemaking. Accordingly,
the FDIC has concluded that the RFA’s
requirements relating to initial and final
regulatory flexibility analysis do not
apply to this final rule.
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),15 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.16
As stated above, this final rule’s
technical correction will correct the
applicability of the enhanced
supplementary leverage ratio to remove
any potential confusion about the
regulatory capital requirements
applicable to the largest insured
depository institutions so that such
institutions can focus their attention on
the continued intermediation of credit.
In addition, for purposes of the well
capitalized PCA category, this final rule
aligns the applicability of the enhanced
supplementary leverage ratio to its
intended scope covering only global
systemically important banking
organizations and their subsidiaries as
described in the preamble to the
tailoring rule. As such, this final rule
does not impose any additional
reporting, disclosures, or other new
requirements on IDIs. Therefore, the
FDIC finds that the requirements of
VerDate Sep<11>2014 16:07 Nov 19, 2020 Jkt 253001 PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 E:\FR\FM\20NOR1.SGM 20NOR1
khammond on DSKJM1Z7X2PROD with RULES