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
29839
Vol. 85, No. 97
Tuesday, May 19, 2020
1 84 FR 59230 (Nov. 1, 2019).
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 3
[Docket ID OCC–2020–0015]
RIN 1557–AE87
FEDERAL RESERVE SYSTEM
12 CFR Part 217
[Regulation Q; Docket No. R–1708]
RIN 7100–AF82
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 324
RIN 3064–AF46
Regulatory Capital Rule: Revised
Transition of the Current Expected
Credit Losses Methodology for
Allowances; Correction
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: Correcting amendment.
SUMMARY: The Office of the Comptroller
of the Currency, the Board of Governors
of the Federal Reserve System, and the
Federal Deposit Insurance Corporation
published an interim final rule in the
Federal Register on March 31, 2020,
that delays the estimated impact on
regulatory capital stemming from the
implementation of Accounting
Standards Update No. 2016–13,
Financial Instruments—Credit Losses,
Topic 326, Measurement of Credit
Losses on Financial Instruments (CECL).
This correcting amendment corrects
errors in and clarifies the March 31,
2020, interim final rule.
DATES:
Effective Date: May 19, 2020.
Applicability date: March 31, 2020.
FOR FURTHER INFORMATION CONTACT:
OCC: Joanne Phillips, Counsel, or
Kevin Korzeniewski, Counsel, 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: Benjamin W. McDonough,
Assistant General Counsel, (202) 452–
2036; David W. Alexander, Senior
Counsel, (202) 452–2877; 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: Michael Phillips, Counsel,
mphillips@fdic.gov, (202) 898–3581;
Catherine Wood, Counsel, cawood@
fdic.gov; Francis Kuo, Counsel, fkuo@
fdic.gov; 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 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) published an interim final rule
in the Federal Register on March 31,
2020 (85 FR 17723), that delayed the
estimated impact on regulatory capital
arising from the implementation of
Accounting Standards Update No.
2016–13, Financial Instruments—Credit
Losses, Topic 326, Measurement of
Credit Losses on Financial Instruments
(interim final rule). This correcting
amendment corrects errors and clarifies
the interim final rule, including rules
affecting 12 CFR 3.301, 12 CFR 217.301,
and 12 CFR 324.301 of the agencies’
capital rules (capital rules). Specifically,
the agencies are replacing the term
‘‘U.S. GAAP’’ with the term ‘‘GAAP,’’
which is the defined term in the capital
rules, and making certain other minor
technical corrections.
The agencies also are correcting the
unintentional omission of ‘‘Category III’’
banking organizations from the
supplementary leverage ratio provision
in paragraphs (c)(2) and (d)(2)(ii) of
§§ 3.301, 217.301, and 324.301 of the
capital rules, to clarify that changes to
the calculation of the supplementary
leverage ratio apply to all banking
organizations that must comply with the
supplementary leverage ratio
requirement. When §§ 3.301, 217.301,
and 324.301 of the agencies’ regulatory
capital rules was originally adopted
(CECL transition rule, 84 FR 4222
(February 14, 2019)) in February 2019,
the term ‘‘advanced approaches’’
banking organizations referred to all
banking organizations that were subject
to the supplementary leverage ratio.
However, a separate final rule, ‘‘Changes
to Applicability Thresholds for
Regulatory Capital and Liquidity
Requirements’’ 1 that became effective
on December 31, 2019, redefined
‘‘advanced approaches.’’ Under that
rule, advanced approaches banking
organizations now include a smaller
group of banking organizations (i.e.,
Category I and II banking organizations),
while certain banking organizations are
no longer defined as advanced
approaches but remain subject to the
supplementary leverage ratio
requirements (i.e., Category III banking
organizations). The agencies did not
intend to change the applicability of the
CECL transition rule for banking
organizations that calculate the
supplementary leverage ratio, and are
now clarifying that the supplementary
leverage ratio provisions in the CECL
transition rule and the interim final rule
continue to be available to Category III
banking organizations.
The SUPPLEMENTARY INFORMATION to
the interim final rule states that a
banking organization must calculate
transitional amounts for the following
items: Retained earnings, temporary
difference deferred tax assets (DTAs),
and credit loss allowances eligible for
inclusion in regulatory capital. For each
of these items, ‘‘the transitional amount
is equal to the difference between the
electing banking organization’s closing
balance sheet amount for the fiscal year-
end immediately prior to its adoption of
CECL (pre-CECL amount) and its
balance sheet amount as of the
beginning of the fiscal year in which it
adopts CECL (post-CECL amount).’’ The
SUPPLEMENTARY INFORMATION further
explains that ‘‘the CECL transitional
amount is equal to the difference
between an electing banking
organization’s pre-CECL and post-CECL
VerDate Sep<11>2014 21:37 May 18, 2020 Jkt 250001 PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 E:\FR\FM\19MYR1.SGM 19MYR1
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
29839
Vol. 85, No. 97
Tuesday, May 19, 2020
1 84 FR 59230 (Nov. 1, 2019).
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 3
[Docket ID OCC–2020–0015]
RIN 1557–AE87
FEDERAL RESERVE SYSTEM
12 CFR Part 217
[Regulation Q; Docket No. R–1708]
RIN 7100–AF82
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 324
RIN 3064–AF46
Regulatory Capital Rule: Revised
Transition of the Current Expected
Credit Losses Methodology for
Allowances; Correction
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: Correcting amendment.
SUMMARY: The Office of the Comptroller
of the Currency, the Board of Governors
of the Federal Reserve System, and the
Federal Deposit Insurance Corporation
published an interim final rule in the
Federal Register on March 31, 2020,
that delays the estimated impact on
regulatory capital stemming from the
implementation of Accounting
Standards Update No. 2016–13,
Financial Instruments—Credit Losses,
Topic 326, Measurement of Credit
Losses on Financial Instruments (CECL).
This correcting amendment corrects
errors in and clarifies the March 31,
2020, interim final rule.
DATES:
Effective Date: May 19, 2020.
Applicability date: March 31, 2020.
FOR FURTHER INFORMATION CONTACT:
OCC: Joanne Phillips, Counsel, or
Kevin Korzeniewski, Counsel, 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: Benjamin W. McDonough,
Assistant General Counsel, (202) 452–
2036; David W. Alexander, Senior
Counsel, (202) 452–2877; 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: Michael Phillips, Counsel,
mphillips@fdic.gov, (202) 898–3581;
Catherine Wood, Counsel, cawood@
fdic.gov; Francis Kuo, Counsel, fkuo@
fdic.gov; 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 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) published an interim final rule
in the Federal Register on March 31,
2020 (85 FR 17723), that delayed the
estimated impact on regulatory capital
arising from the implementation of
Accounting Standards Update No.
2016–13, Financial Instruments—Credit
Losses, Topic 326, Measurement of
Credit Losses on Financial Instruments
(interim final rule). This correcting
amendment corrects errors and clarifies
the interim final rule, including rules
affecting 12 CFR 3.301, 12 CFR 217.301,
and 12 CFR 324.301 of the agencies’
capital rules (capital rules). Specifically,
the agencies are replacing the term
‘‘U.S. GAAP’’ with the term ‘‘GAAP,’’
which is the defined term in the capital
rules, and making certain other minor
technical corrections.
The agencies also are correcting the
unintentional omission of ‘‘Category III’’
banking organizations from the
supplementary leverage ratio provision
in paragraphs (c)(2) and (d)(2)(ii) of
§§ 3.301, 217.301, and 324.301 of the
capital rules, to clarify that changes to
the calculation of the supplementary
leverage ratio apply to all banking
organizations that must comply with the
supplementary leverage ratio
requirement. When §§ 3.301, 217.301,
and 324.301 of the agencies’ regulatory
capital rules was originally adopted
(CECL transition rule, 84 FR 4222
(February 14, 2019)) in February 2019,
the term ‘‘advanced approaches’’
banking organizations referred to all
banking organizations that were subject
to the supplementary leverage ratio.
However, a separate final rule, ‘‘Changes
to Applicability Thresholds for
Regulatory Capital and Liquidity
Requirements’’ 1 that became effective
on December 31, 2019, redefined
‘‘advanced approaches.’’ Under that
rule, advanced approaches banking
organizations now include a smaller
group of banking organizations (i.e.,
Category I and II banking organizations),
while certain banking organizations are
no longer defined as advanced
approaches but remain subject to the
supplementary leverage ratio
requirements (i.e., Category III banking
organizations). The agencies did not
intend to change the applicability of the
CECL transition rule for banking
organizations that calculate the
supplementary leverage ratio, and are
now clarifying that the supplementary
leverage ratio provisions in the CECL
transition rule and the interim final rule
continue to be available to Category III
banking organizations.
The SUPPLEMENTARY INFORMATION to
the interim final rule states that a
banking organization must calculate
transitional amounts for the following
items: Retained earnings, temporary
difference deferred tax assets (DTAs),
and credit loss allowances eligible for
inclusion in regulatory capital. For each
of these items, ‘‘the transitional amount
is equal to the difference between the
electing banking organization’s closing
balance sheet amount for the fiscal year-
end immediately prior to its adoption of
CECL (pre-CECL amount) and its
balance sheet amount as of the
beginning of the fiscal year in which it
adopts CECL (post-CECL amount).’’ The
SUPPLEMENTARY INFORMATION further
explains that ‘‘the CECL transitional
amount is equal to the difference
between an electing banking
organization’s pre-CECL and post-CECL
VerDate Sep<11>2014 21:37 May 18, 2020 Jkt 250001 PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 E:\FR\FM\19MYR1.SGM 19MYR1
29840 Federal Register / Vol. 85, No. 97 / Tuesday, May 19, 2020 / Rules and Regulations
2 5 U.S.C. 553. 3 5 U.S.C. 553(b)(B).
4 5 U.S.C. 553(d).
5 5 U.S.C. 553(d)(1).
6 5 U.S.C. 801 et seq.
7 5 U.S.C. 801(a)(3).
8 5 U.S.C. 804(2).
9 5 U.S.C. 808.
amounts of retained earnings at
adoption. The adjusted allowances for
credit losses (AACL) transitional
amount is equal to the difference
between an electing banking
organization’s pre-CECL amount of
ALLL and its post-CECL amount of
AACL at adoption. The DTA transitional
amount is the difference between an
electing banking organization’s pre-
CECL amount and post-CECL amount of
DTAs at adoption due to temporary
differences.’’
The interim final rule modified
§§ 3.301, 217.301, and 324.301 of the
capital rule to permit use of the CECL
transitional amount under the five-year
transition by banking organizations that
did not record a reduction in retained
earnings due to the adoption of CECL.
Given this broadening of the capital
rule’s eligibility requirements, the day-
one ‘‘difference’’ in retained earnings for
banking organizations electing the
interim final rule’s transition provision
can result in an increase rather than a
decrease for purposes of the CECL
transitional amount. Similarly, the day-
one ‘‘difference’’ in DTAs and credit
loss allowances can result in a decrease
rather than an increase. The agencies are
therefore clarifying that an electing
banking organization would reflect the
actual day-one changes to the CECL
transitional amount, DTA transitional
amount, and AACL transitional amount,
including when calculating the
modified CECL transitional amount and
modified AACL transitional amount.
While the definitions of these terms may
suggest that retained earnings could
only decrease and DTAs and credit loss
allowances could only increase
(consistent with the 2019 CECL rule),
the agencies are further clarifying that to
the extent there is a day-one change for
these items, an electing banking
organization would calculate each
transitional amount as a positive or
negative number. For example, an
electing banking organization with an
increase in retained earnings upon
adopting CECL would treat these
amounts as negative values when
calculating its modified CECL
transitional amount for purposes of the
2020 CECL transition.
A. Administrative Procedure Act
The agencies are issuing this
correcting amendment without prior
notice and the opportunity for public
comment and the 30-day delayed
effective date ordinarily prescribed by
the Administrative Procedure Act
(APA).2 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.’’ 3
The agencies believe that the public
interest is best served by implementing
the correcting amendment as soon as
possible. As discussed above, recent
events have suddenly and significantly
affected global economic activity. In
addition, financial markets have
experienced significant volatility. The
magnitude and persistence of the overall
effects on the economy remain highly
uncertain.
The interim final rule was adopted by
the agencies to address concerns that
despite adequate capital planning,
uncertainty about the economic
environment at the time of CECL
adoption could result in higher-than-
anticipated increases in credit loss
allowances. Because of recent economic
dislocations and disruptions in financial
markets, banking organizations may face
higher-than-anticipated increases in
credit loss allowances. This will allow
banking organizations to better focus on
supporting lending to creditworthy
households and businesses.
This correcting amendment makes
additional technical and conforming
amendments to requirements related to
CECL. In addition, this correcting
amendment corrects paragraph (c)(2) of
§§ 3.301, 217.301, and 324.301 of the
capital rules, as provided in the interim
final rule, to more clearly provide that
changes to the calculation of the
supplementary leverage ratio apply to
all banking organizations that must
comply with the supplementary
leverage ratio requirement. Initially, the
supplementary leverage ratio applied
only to banking organizations
characterized as ‘‘advanced approaches’’
banking organizations. However, with
the implementation of the final rule,
‘‘Changes to Applicability Thresholds
for Regulatory Capital and Liquidity
Requirements’’ that became effective on
December 31, 2019, supplementary
leverage ratio requirements now apply
to a smaller group of advanced
approaches banking organizations and
Category III banking organizations. The
agencies are amending the CECL
transition rule and the interim final rule
to ensure that all elements of that
transition continue to be available to
Category III banking organizations, as
intended.
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.4
Because the correcting amendment
relieves a restriction, the rulemaking is
exempt from the APA’s delayed
effective date requirement.5
Additionally, the agencies find good
cause to publish the correcting
amendment 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 OMB makes a determination as
to whether a final rule constitutes a
‘‘major’’ rule.6 If a rule is deemed a
‘‘major rule’’ by the Office of
Management and Budget (OMB), the
Congressional Review Act generally
provides that the rule may not take
effect until at least 60 days following its
publication.7
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
For the same reasons set forth above,
the agencies are adopting the correcting
amendment 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 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.9 In light of current
market uncertainty, the agencies believe
VerDate Sep<11>2014 17:20 May 18, 2020 Jkt 250001 PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 E:\FR\FM\19MYR1.SGM 19MYR1
2 5 U.S.C. 553. 3 5 U.S.C. 553(b)(B).
4 5 U.S.C. 553(d).
5 5 U.S.C. 553(d)(1).
6 5 U.S.C. 801 et seq.
7 5 U.S.C. 801(a)(3).
8 5 U.S.C. 804(2).
9 5 U.S.C. 808.
amounts of retained earnings at
adoption. The adjusted allowances for
credit losses (AACL) transitional
amount is equal to the difference
between an electing banking
organization’s pre-CECL amount of
ALLL and its post-CECL amount of
AACL at adoption. The DTA transitional
amount is the difference between an
electing banking organization’s pre-
CECL amount and post-CECL amount of
DTAs at adoption due to temporary
differences.’’
The interim final rule modified
§§ 3.301, 217.301, and 324.301 of the
capital rule to permit use of the CECL
transitional amount under the five-year
transition by banking organizations that
did not record a reduction in retained
earnings due to the adoption of CECL.
Given this broadening of the capital
rule’s eligibility requirements, the day-
one ‘‘difference’’ in retained earnings for
banking organizations electing the
interim final rule’s transition provision
can result in an increase rather than a
decrease for purposes of the CECL
transitional amount. Similarly, the day-
one ‘‘difference’’ in DTAs and credit
loss allowances can result in a decrease
rather than an increase. The agencies are
therefore clarifying that an electing
banking organization would reflect the
actual day-one changes to the CECL
transitional amount, DTA transitional
amount, and AACL transitional amount,
including when calculating the
modified CECL transitional amount and
modified AACL transitional amount.
While the definitions of these terms may
suggest that retained earnings could
only decrease and DTAs and credit loss
allowances could only increase
(consistent with the 2019 CECL rule),
the agencies are further clarifying that to
the extent there is a day-one change for
these items, an electing banking
organization would calculate each
transitional amount as a positive or
negative number. For example, an
electing banking organization with an
increase in retained earnings upon
adopting CECL would treat these
amounts as negative values when
calculating its modified CECL
transitional amount for purposes of the
2020 CECL transition.
A. Administrative Procedure Act
The agencies are issuing this
correcting amendment without prior
notice and the opportunity for public
comment and the 30-day delayed
effective date ordinarily prescribed by
the Administrative Procedure Act
(APA).2 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.’’ 3
The agencies believe that the public
interest is best served by implementing
the correcting amendment as soon as
possible. As discussed above, recent
events have suddenly and significantly
affected global economic activity. In
addition, financial markets have
experienced significant volatility. The
magnitude and persistence of the overall
effects on the economy remain highly
uncertain.
The interim final rule was adopted by
the agencies to address concerns that
despite adequate capital planning,
uncertainty about the economic
environment at the time of CECL
adoption could result in higher-than-
anticipated increases in credit loss
allowances. Because of recent economic
dislocations and disruptions in financial
markets, banking organizations may face
higher-than-anticipated increases in
credit loss allowances. This will allow
banking organizations to better focus on
supporting lending to creditworthy
households and businesses.
This correcting amendment makes
additional technical and conforming
amendments to requirements related to
CECL. In addition, this correcting
amendment corrects paragraph (c)(2) of
§§ 3.301, 217.301, and 324.301 of the
capital rules, as provided in the interim
final rule, to more clearly provide that
changes to the calculation of the
supplementary leverage ratio apply to
all banking organizations that must
comply with the supplementary
leverage ratio requirement. Initially, the
supplementary leverage ratio applied
only to banking organizations
characterized as ‘‘advanced approaches’’
banking organizations. However, with
the implementation of the final rule,
‘‘Changes to Applicability Thresholds
for Regulatory Capital and Liquidity
Requirements’’ that became effective on
December 31, 2019, supplementary
leverage ratio requirements now apply
to a smaller group of advanced
approaches banking organizations and
Category III banking organizations. The
agencies are amending the CECL
transition rule and the interim final rule
to ensure that all elements of that
transition continue to be available to
Category III banking organizations, as
intended.
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.4
Because the correcting amendment
relieves a restriction, the rulemaking is
exempt from the APA’s delayed
effective date requirement.5
Additionally, the agencies find good
cause to publish the correcting
amendment 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 OMB makes a determination as
to whether a final rule constitutes a
‘‘major’’ rule.6 If a rule is deemed a
‘‘major rule’’ by the Office of
Management and Budget (OMB), the
Congressional Review Act generally
provides that the rule may not take
effect until at least 60 days following its
publication.7
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
For the same reasons set forth above,
the agencies are adopting the correcting
amendment 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 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.9 In light of current
market uncertainty, the agencies believe
VerDate Sep<11>2014 17:20 May 18, 2020 Jkt 250001 PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 E:\FR\FM\19MYR1.SGM 19MYR1