72571Federal Register / Vol. 72, No. 245 / Friday, December 21, 2007 / Rules and Regulations
complies with paragraph (a) of this
section.
PART 434—ENERGY CODE FOR NEW
FEDERAL COMMERCIAL AND MULTI-
FAMILY HIGH-RISE RESIDENTIAL
BUILDINGS
4. The authority citation for part 434
continues to read as follows:
Authority: 42 U.S.C. 6831–6832, 6834–
6836; 42 U.S.C. 8253–54; 42 U.S.C. 7101 et
seq.
5. In § 434.101, paragraph 101.1.1,
paragraphs (a)(2) and (3) are revised to
read as follows:
§ 434.101 Scope.
* * * * *
101.1.1 (a) * * *
(2) An addition for which design for
construction began before January 3,
2007, that adds new space with
provision for a heating or cooling
system, or both, or for a hot water
system; or
(3) A substantial renovation of a
building for which design for
construction began before January 3,
2007, involving replacement of a
heating or cooling system, or both, or
hot water system, that is either in
service or has been in service.
* * * * *
PART 435—ENERGY EFFICIENCY
STANDARDS FOR NEW FEDERAL
LOW-RISE RESIDENTIAL BUILDINGS
6. The authority citation for part 435
continues to read as follows:
Authority: 42 U.S.C. 6831–6832, 6834–
6835; 42 U.S.C. 8253–54; 42 U.S.C. 7101 et
seq.
6a. Amend part 435 by revising the
part heading to read as set forth above.
7. Amend § 435.2 by adding in
alphabetical order a definition of
‘‘Design for construction’’ and revise the
definition of ‘‘New Federal building’’ to
read as follows:
§ 435.2 Definitions.
* * * * *
Design for construction means the
stage when the energy efficiency and
sustainability details (such as insulation
levels, HVAC systems, water-using
systems, etc.) are either explicitly
determined or implicitly included in a
project cost specification.
* * * * *
New Federal building means any
building to be constructed by, or for the
use of, any Federal agency which is not
legally subject to State or local building
codes or similar requirements. A new
building is a building constructed on a
site that previously did not have a
building or a complete replacement of
an existing building from the foundation
up.
* * * * *
8. Revise paragraph (c) of§ 435.4 to
read as follows:
§ 435.4 Energy efficiency performance
standard.
* * * * *
(c) If a 30 percent reduction is not life-
cycle cost-effective, the design of the
proposed building shall be modified so
as to achieve an energy consumption
level at or better than the maximum
level of energy efficiency that is life-
cycle cost-effective, but at a minimum
complies with paragraph (a) of this
section.
[FR Doc. E7–24615 Filed 12–20–07; 8:45 am]
BILLING CODE 6450 –01–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 25
[Docket ID OCC–2007–0021]
RIN 1557–AD05
FEDERAL RESERVE SYSTEM
12 CFR Part 228
[Regulation BB; Docket No. R–1302]
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 345
RIN 3064–AD24
DEPARTMENT OF TREASURY
Office of Thrift Supervision
12 CFR Part 563e
[Docket ID OTS–2007–0024]
RIN 1550–AC18
Community Reinvestment Act
Regulations
AGENCIES: Office of the Comptroller of
the Currency, Treasury (OCC); Board of
Governors of the Federal Reserve
System (Board); Federal Deposit
Insurance Corporation (FDIC); Office of
Thrift Supervision (OTS).
ACTION: Joint final rule; technical
correction.
SUMMARY: The OCC, the Board, the
FDIC, and the OTS (collectively, the
‘‘agencies’’) are amending their
Community Reinvestment Act (CRA)
regulations to adjust the asset-size
thresholds used to define ‘‘small bank’’
or ‘‘small savings association’’ and
‘‘intermediate small bank’’ or
‘‘intermediate small savings
association.’’ As required by the CRA
regulations, the adjustment to the
threshold amount is based on the
annual percentage change in the
Consumer Price Index. The agencies are
also correcting a paragraph heading that
is inaccurate as a result of annual
revisions to the small institution
threshold.
DATE: Effective January 1, 2008.
FOR FURTHER INFORMATION CONTACT:
OCC: Margaret Hesse, Special
Counsel, Community and Consumer
Law Division, (202) 874–5750; or Karen
Tucker, National Bank Examiner,
Compliance Policy Division, (202) 874–
4428, Office of the Comptroller of the
Currency, 250 E Street, SW.,
Washington, DC 20219.
Board: Anjanette M. Kichline, Senior
Supervisory Consumer Financial
Services Analyst, (202) 785–6054; or
Brett Lattin, Attorney, (202) 452–3667,
Division of Consumer and Community
Affairs, Board of Governors of the
Federal Reserve System, 20th Street and
Constitution Avenue, NW., Washington,
DC 20551.
FDIC: Deirdre Foley, Senior Policy
Analyst, Compliance Policy Section,
(202) 898–6612, and Faye Murphy,
Review Examiner, Compliance
Examination Support, (202) 898–6613,
Division of Supervision and Consumer
Protection; or Susan van den Toorn,
Counsel, Legal Division, (202) 898–
8707, Federal Deposit Insurance
Corporation, 550 17th Street, NW.,
Washington, DC 20429.
OTS: Celeste Anderson, Senior Project
Manager, Compliance and Consumer
Protection, (202) 906–7990; or Richard
Bennett, Senior Compliance Counsel,
Regulations and Legislation Division,
(202) 906–7409, Office of Thrift
Supervision, 1700 G Street, NW.,
Washington, DC 20552.
SUPPLEMENTARY INFORMATION:
Background and Description of the
Joint Final Rule
The agencies’ CRA regulations
establish CRA performance standards
for small and intermediate small banks
and savings associations. The
regulations define small and
intermediate small institutions by
reference to asset-size criteria expressed
in dollar amounts, and they further
require the agencies to publish annual
adjustments to these dollar figures based
VerDate Aug<31>2005 18:20 Dec 20, 2007 Jkt 214001 PO 00000 Frm 00009 Fmt 4700 Sfmt 4700 E:\FR\FM\21DER1.SGM 21DER1
sroberts on PROD1PC70 with RULES
complies with paragraph (a) of this
section.
PART 434—ENERGY CODE FOR NEW
FEDERAL COMMERCIAL AND MULTI-
FAMILY HIGH-RISE RESIDENTIAL
BUILDINGS
4. The authority citation for part 434
continues to read as follows:
Authority: 42 U.S.C. 6831–6832, 6834–
6836; 42 U.S.C. 8253–54; 42 U.S.C. 7101 et
seq.
5. In § 434.101, paragraph 101.1.1,
paragraphs (a)(2) and (3) are revised to
read as follows:
§ 434.101 Scope.
* * * * *
101.1.1 (a) * * *
(2) An addition for which design for
construction began before January 3,
2007, that adds new space with
provision for a heating or cooling
system, or both, or for a hot water
system; or
(3) A substantial renovation of a
building for which design for
construction began before January 3,
2007, involving replacement of a
heating or cooling system, or both, or
hot water system, that is either in
service or has been in service.
* * * * *
PART 435—ENERGY EFFICIENCY
STANDARDS FOR NEW FEDERAL
LOW-RISE RESIDENTIAL BUILDINGS
6. The authority citation for part 435
continues to read as follows:
Authority: 42 U.S.C. 6831–6832, 6834–
6835; 42 U.S.C. 8253–54; 42 U.S.C. 7101 et
seq.
6a. Amend part 435 by revising the
part heading to read as set forth above.
7. Amend § 435.2 by adding in
alphabetical order a definition of
‘‘Design for construction’’ and revise the
definition of ‘‘New Federal building’’ to
read as follows:
§ 435.2 Definitions.
* * * * *
Design for construction means the
stage when the energy efficiency and
sustainability details (such as insulation
levels, HVAC systems, water-using
systems, etc.) are either explicitly
determined or implicitly included in a
project cost specification.
* * * * *
New Federal building means any
building to be constructed by, or for the
use of, any Federal agency which is not
legally subject to State or local building
codes or similar requirements. A new
building is a building constructed on a
site that previously did not have a
building or a complete replacement of
an existing building from the foundation
up.
* * * * *
8. Revise paragraph (c) of§ 435.4 to
read as follows:
§ 435.4 Energy efficiency performance
standard.
* * * * *
(c) If a 30 percent reduction is not life-
cycle cost-effective, the design of the
proposed building shall be modified so
as to achieve an energy consumption
level at or better than the maximum
level of energy efficiency that is life-
cycle cost-effective, but at a minimum
complies with paragraph (a) of this
section.
[FR Doc. E7–24615 Filed 12–20–07; 8:45 am]
BILLING CODE 6450 –01–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 25
[Docket ID OCC–2007–0021]
RIN 1557–AD05
FEDERAL RESERVE SYSTEM
12 CFR Part 228
[Regulation BB; Docket No. R–1302]
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 345
RIN 3064–AD24
DEPARTMENT OF TREASURY
Office of Thrift Supervision
12 CFR Part 563e
[Docket ID OTS–2007–0024]
RIN 1550–AC18
Community Reinvestment Act
Regulations
AGENCIES: Office of the Comptroller of
the Currency, Treasury (OCC); Board of
Governors of the Federal Reserve
System (Board); Federal Deposit
Insurance Corporation (FDIC); Office of
Thrift Supervision (OTS).
ACTION: Joint final rule; technical
correction.
SUMMARY: The OCC, the Board, the
FDIC, and the OTS (collectively, the
‘‘agencies’’) are amending their
Community Reinvestment Act (CRA)
regulations to adjust the asset-size
thresholds used to define ‘‘small bank’’
or ‘‘small savings association’’ and
‘‘intermediate small bank’’ or
‘‘intermediate small savings
association.’’ As required by the CRA
regulations, the adjustment to the
threshold amount is based on the
annual percentage change in the
Consumer Price Index. The agencies are
also correcting a paragraph heading that
is inaccurate as a result of annual
revisions to the small institution
threshold.
DATE: Effective January 1, 2008.
FOR FURTHER INFORMATION CONTACT:
OCC: Margaret Hesse, Special
Counsel, Community and Consumer
Law Division, (202) 874–5750; or Karen
Tucker, National Bank Examiner,
Compliance Policy Division, (202) 874–
4428, Office of the Comptroller of the
Currency, 250 E Street, SW.,
Washington, DC 20219.
Board: Anjanette M. Kichline, Senior
Supervisory Consumer Financial
Services Analyst, (202) 785–6054; or
Brett Lattin, Attorney, (202) 452–3667,
Division of Consumer and Community
Affairs, Board of Governors of the
Federal Reserve System, 20th Street and
Constitution Avenue, NW., Washington,
DC 20551.
FDIC: Deirdre Foley, Senior Policy
Analyst, Compliance Policy Section,
(202) 898–6612, and Faye Murphy,
Review Examiner, Compliance
Examination Support, (202) 898–6613,
Division of Supervision and Consumer
Protection; or Susan van den Toorn,
Counsel, Legal Division, (202) 898–
8707, Federal Deposit Insurance
Corporation, 550 17th Street, NW.,
Washington, DC 20429.
OTS: Celeste Anderson, Senior Project
Manager, Compliance and Consumer
Protection, (202) 906–7990; or Richard
Bennett, Senior Compliance Counsel,
Regulations and Legislation Division,
(202) 906–7409, Office of Thrift
Supervision, 1700 G Street, NW.,
Washington, DC 20552.
SUPPLEMENTARY INFORMATION:
Background and Description of the
Joint Final Rule
The agencies’ CRA regulations
establish CRA performance standards
for small and intermediate small banks
and savings associations. The
regulations define small and
intermediate small institutions by
reference to asset-size criteria expressed
in dollar amounts, and they further
require the agencies to publish annual
adjustments to these dollar figures based
VerDate Aug<31>2005 18:20 Dec 20, 2007 Jkt 214001 PO 00000 Frm 00009 Fmt 4700 Sfmt 4700 E:\FR\FM\21DER1.SGM 21DER1
sroberts on PROD1PC70 with RULES
72572 Federal Register / Vol. 72, No. 245 / Friday, December 21, 2007 / Rules and Regulations
on the year-to-year change in the
average of the Consumer Price Index for
Urban Wage Earners and Clerical
Workers (CPIW), not seasonally
adjusted, for each twelve-month period
ending in November, with rounding to
the nearest million. 12 CFR 25.12(u)(2),
228.12(u)(2), 345.12(u)(2), and
563e.12(u)(2).
The threshold for small banks was
revised most recently for the OCC, the
Board, and the FDIC effective January 1,
2007 (71 FR 78335 (Dec. 29, 2006)).
These agencies’ CRA regulations, as
revised on December 29, 2006, provide
that banks that, as of December 31 of
either of the prior two calendar years,
had assets of less than $1.033 billion are
‘‘small banks.’’ Small banks with assets
of at least $258 million as of December
31 of both of the prior two calendar
years and less than $1.033 billion as of
December 31 of either of the prior two
calendar years are ‘‘intermediate small
banks.’’ 12 CFR 25.12(u)(1),
228.12(u)(1), 345.12(u)(1). The threshold
for small savings associations was
revised in the same way and the same
threshold for intermediate small savings
associations was established by OTS
effective July 1, 2007 (72 FR 13435 (Mar.
22, 2007). 12 CFR 563e.12(u)(1). This
joint final rule further revises these
thresholds.
During the period ending November
2007, the CPIW increased by 2.7
percent. As a result, the agencies are
revising 12 CFR 25.12(u)(1),
228.12(u)(1), 345.12(u)(1), and
563e.12(u)(1) to make this annual
adjustment. Beginning January 1, 2008,
banks and savings associations that, as
of December 31 of either of the prior two
calendar years, had assets of less than
$1.061 billion are ‘‘small banks’’ or
‘‘small savings associations.’’ Small
banks or small savings associations with
assets of at least $265 million as of
December 31 of both of the prior two
calendar years and less than $1.061
billion as of December 31 of either of the
prior two calendar years are
‘‘intermediate small banks’’ or
‘‘intermediate small savings
associations.’’ The agencies also publish
current and historical asset-size
thresholds on the website of the Federal
Financial Institutions Examination
Council at http://www.ffiec.gov/cra/.
The agencies also are amending their
CRA regulations to make a technical
correction to revise a paragraph heading
that is inaccurate as a result of annual
small institution threshold adjustments.
The technical correction revises the
paragraph headings found at 12 CFR
25.26(a)(1), 228.26(a)(1), and
345.26(a)(1) (‘‘Small banks with assets
of less than $250 million’’) and 12 CFR
563e.26(a)(1) (‘‘Small savings
associations with assets of less than
$250 million’’). As a result of the
agencies’ annual adjustments to the
dollar amount threshold for small
institutions, the threshold of $250
million described in the paragraph
heading is inaccurate. The agencies are
revising the headings so that they do not
reference the dollar amount of the small
bank or small savings association asset
threshold.
Administrative Procedure Act and
Effective Date
Under 5 U.S.C. 553(b)(B) of the
Administrative Procedure Act (APA), an
agency may, for good cause, find (and
incorporate the finding and a brief
statement of reasons therefore in the
rules issued) that notice and public
procedure thereon are impracticable,
unnecessary, or contrary to the public
interest.
The amendments to the regulations to
adjust the asset-size thresholds for small
and intermediate small banks and
savings associations result from the
application of a formula established by
a provision in the CRA regulations that
the agencies previously published for
comment. See 70 FR 12148 (Mar. 11,
2005), 70 FR 44256 (Aug. 2, 2005), 71
FR 67826 (Nov. 24, 2006), and 72 FR
13429 (Mar. 22, 2007). Sections
25.12(u)(1), 228.12(u)(1), 345.12(u)(1),
and 563e.12(u)(1) are amended by
adjusting the asset threshold as
provided for in §§ 25.12(u)(2),
228.12(u)(2), 345.12(u)(2), and
563e.12(u)(2).
Accordingly, since the agencies’ rules
provide no discretion as to the
computation or timing of the revisions
to the asset-size criteria, the agencies
have determined that publishing a
notice of proposed rulemaking and
providing opportunity for public
comment are unnecessary.
With regard to the revision amending
the paragraph heading, as a result of the
annual adjustment required by the
regulations, the heading describing
‘‘small banks’’ or ‘‘small savings
associations’’ as those with assets of less
than $250 million is inaccurate. The
revision merely amends the heading to
correct this inaccuracy and prevent
further inaccuracies when annual
adjustments are made in the future. For
this reason, the agencies, for good cause,
find that the notice and comment
procedures prescribed by the APA are
unnecessary because the joint final rule
is making a technical correction without
substantive change to the provisions of
parts 25, 228, 345, and 563e.
This joint final rule takes effect
January 1, 2008. Under 5 U.S.C.
553(d)(3) of the APA, the required
publication or service of a substantive
rule shall be made not less than 30 days
before its effective date, except, among
other things, as provided by the agency
for good cause found and published
with the rule. The agencies find that
there is good cause for shortened notice
because their current rules already
provide notice that the small and
intermediate asset-size thresholds will
be adjusted as of December 31 based on
twelve-month data as of the end of
November each year. Moreover, the
revisions to the headings in the
agencies’ rules are minor,
nonsubstantive, and technical.
Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA)
does not apply to a rulemaking where a
general notice of proposed rulemaking
is not required. 5 U.S.C. 603 and 604.
As noted previously, the agencies have
determined that it is unnecessary to
publish a notice of proposed rulemaking
for this joint final rule. Accordingly, the
RFA’s requirements relating to an initial
and final regulatory flexibility analysis
do not apply.
Paperwork Reduction Act of 1995
There are no collection of information
requirements in this joint final rule.
Executive Order 12866
The OCC and OTS have each
determined that its portion of this joint
final rule is not a significant regulatory
action as defined in Executive Order
12866.
Unfunded Mandates Reform Act of
1995
Section 202 of the Unfunded
Mandates Reform Act of 1995, 2 U.S.C.
1532 (Unfunded Mandates Act),
requires that an agency must prepare a
budgetary impact statement before
promulgating any rule likely to result in
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. If a budgetary impact
statement is required, section 205 of the
Unfunded Mandates Act also requires
an agency to identify and consider a
reasonable number of regulatory
alternatives before promulgating a rule.
The OCC and OTS have each
determined that its portion of this joint
final rule will not result in expenditures
by State, local, and tribal governments,
or by the private sector, of $100 million
or more in any one year. Accordingly,
this joint final rule is not subject to
section 202 of the Unfunded Mandates
Act.
VerDate Aug<31>2005 18:20 Dec 20, 2007 Jkt 214001 PO 00000 Frm 00010 Fmt 4700 Sfmt 4700 E:\FR\FM\21DER1.SGM 21DER1
sroberts on PROD1PC70 with RULES
on the year-to-year change in the
average of the Consumer Price Index for
Urban Wage Earners and Clerical
Workers (CPIW), not seasonally
adjusted, for each twelve-month period
ending in November, with rounding to
the nearest million. 12 CFR 25.12(u)(2),
228.12(u)(2), 345.12(u)(2), and
563e.12(u)(2).
The threshold for small banks was
revised most recently for the OCC, the
Board, and the FDIC effective January 1,
2007 (71 FR 78335 (Dec. 29, 2006)).
These agencies’ CRA regulations, as
revised on December 29, 2006, provide
that banks that, as of December 31 of
either of the prior two calendar years,
had assets of less than $1.033 billion are
‘‘small banks.’’ Small banks with assets
of at least $258 million as of December
31 of both of the prior two calendar
years and less than $1.033 billion as of
December 31 of either of the prior two
calendar years are ‘‘intermediate small
banks.’’ 12 CFR 25.12(u)(1),
228.12(u)(1), 345.12(u)(1). The threshold
for small savings associations was
revised in the same way and the same
threshold for intermediate small savings
associations was established by OTS
effective July 1, 2007 (72 FR 13435 (Mar.
22, 2007). 12 CFR 563e.12(u)(1). This
joint final rule further revises these
thresholds.
During the period ending November
2007, the CPIW increased by 2.7
percent. As a result, the agencies are
revising 12 CFR 25.12(u)(1),
228.12(u)(1), 345.12(u)(1), and
563e.12(u)(1) to make this annual
adjustment. Beginning January 1, 2008,
banks and savings associations that, as
of December 31 of either of the prior two
calendar years, had assets of less than
$1.061 billion are ‘‘small banks’’ or
‘‘small savings associations.’’ Small
banks or small savings associations with
assets of at least $265 million as of
December 31 of both of the prior two
calendar years and less than $1.061
billion as of December 31 of either of the
prior two calendar years are
‘‘intermediate small banks’’ or
‘‘intermediate small savings
associations.’’ The agencies also publish
current and historical asset-size
thresholds on the website of the Federal
Financial Institutions Examination
Council at http://www.ffiec.gov/cra/.
The agencies also are amending their
CRA regulations to make a technical
correction to revise a paragraph heading
that is inaccurate as a result of annual
small institution threshold adjustments.
The technical correction revises the
paragraph headings found at 12 CFR
25.26(a)(1), 228.26(a)(1), and
345.26(a)(1) (‘‘Small banks with assets
of less than $250 million’’) and 12 CFR
563e.26(a)(1) (‘‘Small savings
associations with assets of less than
$250 million’’). As a result of the
agencies’ annual adjustments to the
dollar amount threshold for small
institutions, the threshold of $250
million described in the paragraph
heading is inaccurate. The agencies are
revising the headings so that they do not
reference the dollar amount of the small
bank or small savings association asset
threshold.
Administrative Procedure Act and
Effective Date
Under 5 U.S.C. 553(b)(B) of the
Administrative Procedure Act (APA), an
agency may, for good cause, find (and
incorporate the finding and a brief
statement of reasons therefore in the
rules issued) that notice and public
procedure thereon are impracticable,
unnecessary, or contrary to the public
interest.
The amendments to the regulations to
adjust the asset-size thresholds for small
and intermediate small banks and
savings associations result from the
application of a formula established by
a provision in the CRA regulations that
the agencies previously published for
comment. See 70 FR 12148 (Mar. 11,
2005), 70 FR 44256 (Aug. 2, 2005), 71
FR 67826 (Nov. 24, 2006), and 72 FR
13429 (Mar. 22, 2007). Sections
25.12(u)(1), 228.12(u)(1), 345.12(u)(1),
and 563e.12(u)(1) are amended by
adjusting the asset threshold as
provided for in §§ 25.12(u)(2),
228.12(u)(2), 345.12(u)(2), and
563e.12(u)(2).
Accordingly, since the agencies’ rules
provide no discretion as to the
computation or timing of the revisions
to the asset-size criteria, the agencies
have determined that publishing a
notice of proposed rulemaking and
providing opportunity for public
comment are unnecessary.
With regard to the revision amending
the paragraph heading, as a result of the
annual adjustment required by the
regulations, the heading describing
‘‘small banks’’ or ‘‘small savings
associations’’ as those with assets of less
than $250 million is inaccurate. The
revision merely amends the heading to
correct this inaccuracy and prevent
further inaccuracies when annual
adjustments are made in the future. For
this reason, the agencies, for good cause,
find that the notice and comment
procedures prescribed by the APA are
unnecessary because the joint final rule
is making a technical correction without
substantive change to the provisions of
parts 25, 228, 345, and 563e.
This joint final rule takes effect
January 1, 2008. Under 5 U.S.C.
553(d)(3) of the APA, the required
publication or service of a substantive
rule shall be made not less than 30 days
before its effective date, except, among
other things, as provided by the agency
for good cause found and published
with the rule. The agencies find that
there is good cause for shortened notice
because their current rules already
provide notice that the small and
intermediate asset-size thresholds will
be adjusted as of December 31 based on
twelve-month data as of the end of
November each year. Moreover, the
revisions to the headings in the
agencies’ rules are minor,
nonsubstantive, and technical.
Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA)
does not apply to a rulemaking where a
general notice of proposed rulemaking
is not required. 5 U.S.C. 603 and 604.
As noted previously, the agencies have
determined that it is unnecessary to
publish a notice of proposed rulemaking
for this joint final rule. Accordingly, the
RFA’s requirements relating to an initial
and final regulatory flexibility analysis
do not apply.
Paperwork Reduction Act of 1995
There are no collection of information
requirements in this joint final rule.
Executive Order 12866
The OCC and OTS have each
determined that its portion of this joint
final rule is not a significant regulatory
action as defined in Executive Order
12866.
Unfunded Mandates Reform Act of
1995
Section 202 of the Unfunded
Mandates Reform Act of 1995, 2 U.S.C.
1532 (Unfunded Mandates Act),
requires that an agency must prepare a
budgetary impact statement before
promulgating any rule likely to result in
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. If a budgetary impact
statement is required, section 205 of the
Unfunded Mandates Act also requires
an agency to identify and consider a
reasonable number of regulatory
alternatives before promulgating a rule.
The OCC and OTS have each
determined that its portion of this joint
final rule will not result in expenditures
by State, local, and tribal governments,
or by the private sector, of $100 million
or more in any one year. Accordingly,
this joint final rule is not subject to
section 202 of the Unfunded Mandates
Act.
VerDate Aug<31>2005 18:20 Dec 20, 2007 Jkt 214001 PO 00000 Frm 00010 Fmt 4700 Sfmt 4700 E:\FR\FM\21DER1.SGM 21DER1
sroberts on PROD1PC70 with RULES