80_FR_79917 80 FR 79671 - Extensions of Credit by Federal Reserve Banks

80 FR 79671 - Extensions of Credit by Federal Reserve Banks

FEDERAL RESERVE SYSTEM

Federal Register Volume 80, Issue 246 (December 23, 2015)

Page Range79671-79673
FR Document2015-32295

The Board of Governors of the Federal Reserve System (``Board'') has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board's primary credit rate action.

Federal Register, Volume 80 Issue 246 (Wednesday, December 23, 2015) 
[Federal Register Volume 80, Number 246 (Wednesday, December 23, 2015)]
[Rules and Regulations]
[Pages 79671-79673]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-32295]


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FEDERAL RESERVE SYSTEM

12 CFR Part 201

[Docket No. R-1528; Regulation A]
RIN 7100-AE42


Extensions of Credit by Federal Reserve Banks

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule.

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SUMMARY: The Board of Governors of the Federal Reserve System 
(``Board'') has adopted final amendments to its Regulation A to reflect 
the Board's approval of an increase in the rate for primary credit at 
each Federal Reserve Bank. The secondary credit rate at each Reserve 
Bank automatically increased by formula as a result of the Board's 
primary credit rate action.

DATES: The amendments to part 201 (Regulation A) are effective December 
23, 2015. The rate changes for primary and secondary credit were 
applicable on December 17, 2015, as specified in 12 CFR 201.51, as 
amended.

FOR FURTHER INFORMATION CONTACT: Stephanie Martin, Associate General 
Counsel (202/452-3198), or Clinton N. Chen, Attorney (202-452-3952), 
Legal Division, or Lyle Kumasaka, Senior Financial Analyst (202-452-
2382); for users of Telecommunications Device for the Deaf (TDD) only, 
contact 202-263-4869; Board of Governors of the Federal Reserve System, 
20th and C Streets NW., Washington, DC 20551.

SUPPLEMENTARY INFORMATION: The Federal Reserve Banks make primary and 
secondary credit available to depository institutions as a backup 
source of funding on a short-term basis, usually overnight. The primary 
and secondary credit rates are the interest rates that the twelve 
Federal Reserve Banks charge for extensions of credit under these 
programs. In accordance with the Federal Reserve Act, the primary and 
secondary credit rates are established by the boards of directors of 
the Federal Reserve Banks, subject to the review and determination of 
the Board.
    The Board approved requests by the Reserve Banks to increase by \1/
4\ percentage point the primary credit rate in effect at each of the 
twelve Federal Reserve Banks, thereby increasing from 0.75 percent to 
1.00 percent the rate that each Reserve Bank charges for extensions of 
primary credit. In addition, the Board had previously approved requests 
by the Reserve Banks to renew the formula for the secondary credit 
rate, the primary credit rate plus

[[Page 79672]]

50 basis points. Under the formula, the secondary credit rate in effect 
at each of the twelve Federal Reserve Banks increased by \1/4\ 
percentage point as a result of the Board's primary credit rate action, 
thereby increasing from 1.25 percent to 1.50 percent the rate that each 
Reserve Bank charges for extensions of secondary credit. The amendments 
to Regulation A reflect these rate changes.
    The \1/4\ percentage point increase in the primary credit rate was 
associated with an increase in the target range for the federal funds 
rate (from a target range of 0 to \1/4\ percent to a target range of 
\1/4\ to \1/2\ percent) announced by the Federal Open Market Committee 
(``Committee'') on December 16, 2015. A press release announcing these 
actions indicated that:

    Information received since the Federal Open Market Committee met 
in October suggests that economic activity has been expanding at a 
moderate pace. Household spending and business fixed investment have 
been increasing at solid rates in recent months, and the housing 
sector has improved further; however, net exports have been soft. A 
range of recent labor market indicators, including ongoing job gains 
and declining unemployment, shows further improvement and confirms 
that underutilization of labor resources has diminished appreciably 
since early this year. Inflation has continued to run below the 
Committee's 2 percent longer-run objective, partly reflecting 
declines in energy prices and in prices of non-energy imports. 
Market-based measures of inflation compensation remain low; some 
survey-based measures of longer-term inflation expectations have 
edged down.
    Consistent with its statutory mandate, the Committee seeks to 
foster maximum employment and price stability. The Committee 
currently expects that, with gradual adjustments in the stance of 
monetary policy, economic activity will continue to expand at a 
moderate pace and labor market indicators will continue to 
strengthen. Overall, taking into account domestic and international 
developments, the Committee sees the risks to the outlook for both 
economic activity and the labor market as balanced. Inflation is 
expected to rise to 2 percent over the medium term as the transitory 
effects of declines in energy and import prices dissipate and the 
labor market strengthens further.

Administrative Procedure Act

    The notice, public comment, and delayed effective date requirements 
of 5 U.S.C. 553 is inapplicable ``to the extent that there is involved 
. . . a matter relating to agency management or personnel or to public 
property, loans, grants, benefits, or contracts.'' \1\ This rulemaking 
involves a matter relating to loans, as the Board is revising the 
interest rates that the twelve Federal Reserve Banks charge for 
extensions of credit under the primary and secondary credit programs.
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    \1\ 5 U.S.C. 553(a)(2) (emphasis added).
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    Furthermore, the Board has determined that delaying implementation 
of the changes in the primary and secondary credit rates in order to 
allow notice and public comment would be unnecessary and contrary to 
the public interest. Therefore, the Board has found good cause to not 
follow the provisions of 5 U.S.C. 553(b) relating to notice and public 
participation. The Board's revisions to these rates were taken with a 
view to accommodating commerce and business and with regard to their 
bearing upon the general credit situation of the country. Notice and 
public participation would prevent the Board's action from being 
effective as promptly as necessary in the public interest. Seeking 
notice and comment on the rate changes would not aid the persons 
affected and would otherwise serve no useful purpose. For these same 
reasons, the Board also has found good cause not to provide 30 days 
prior notice of the effective date of the rule under 5 U.S.C. 553(d).

Regulatory Flexibility Analysis

    The Regulatory Flexibility Act (``RFA'') does not apply to a 
rulemaking where a general notice of proposed rulemaking is not 
required.\2\ As noted previously, a general notice of proposed 
rulemaking is not required if the final rule involves a matter relating 
to loans. Furthermore, the Board has determined that it is unnecessary 
and contrary to the public interest to publish a general notice of 
proposed rulemaking for this final rule. Accordingly, the RFA's 
requirements relating to an initial and final regulatory flexibility 
analysis do not apply.
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    \2\ 5 U.S.C. 603 and 604.
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Paperwork Reduction Act

    In accordance with the Paperwork Reduction Act (``PRA'') of 1995 
(44 U.S.C. 3506; 5 CFR part 1320 Appendix A.1), the Board reviewed the 
final rule under the authority delegated to the Board by the Office of 
Management and Budget. The final rule contains no requirements subject 
to the PRA.

List of Subjects in 12 CFR Part 201

    Banks, Banking, Federal Reserve System, Reporting and 
recordkeeping.

Authority and Issuance

    For the reasons set forth in the preamble, the Board is amending 12 
CFR Chapter II as follows:

PART 201--EXTENSIONS OF CREDIT BY FEDERAL RESERVE BANKS (REGULATION 
A)

0
1. The authority citation for part 201 continues to read as follows:

    Authority: 12 U.S.C. 248(i)-(j), 343 et seq., 347a, 347b, 347c, 
348 et seq., 357, 374, 374a, and 461.


0
2. In Sec.  201.51, paragraphs (a) and (b) are revised to read as 
follows:


Sec.  201.51  Interest rates applicable to credit extended by a Federal 
Reserve Bank.\1\
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    \1\ The primary, secondary, and seasonal credit rates described 
in this section apply to both advances and discounts made under the 
primary, secondary, and seasonal credit programs, respectively.
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    (a) Primary credit. The interest rates for primary credit provided 
to depository institutions under Sec.  201.4(a) are:

------------------------------------------------------------------------
        Federal reserve bank             Rate            Effective
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Boston.............................         1.00  December 17, 2015.
New York...........................         1.00  December 17, 2015.
Philadelphia.......................         1.00  December 17, 2015.
Cleveland..........................         1.00  December 17, 2015.
Richmond...........................         1.00  December 17, 2015.
Atlanta............................         1.00  December 17, 2015.
Chicago............................         1.00  December 17, 2015.
St. Louis..........................         1.00  December 17, 2015.
Minneapolis........................         1.00  December 17, 2015.
Kansas City........................         1.00  December 17, 2015.
Dallas.............................         1.00  December 17, 2015.
San Francisco......................         1.00  December 17, 2015.
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[[Page 79673]]

    (b) Secondary credit. The interest rates for secondary credit 
provided to depository institutions under Sec.  201.4(b) are:

------------------------------------------------------------------------
        Federal reserve bank             Rate            Effective
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Boston.............................         1.50  December 17, 2015.
New York...........................         1.50  December 17, 2015.
Philadelphia.......................         1.50  December 17, 2015.
Cleveland..........................         1.50  December 17, 2015.
Richmond...........................         1.50  December 17, 2015.
Atlanta............................         1.50  December 17, 2015.
Chicago............................         1.50  December 17, 2015.
St. Louis..........................         1.50  December 17, 2015.
Minneapolis........................         1.50  December 17, 2015.
Kansas City........................         1.50  December 17, 2015.
Dallas.............................         1.50  December 17, 2015.
San Francisco......................         1.50  December 17, 2015.
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* * * * *

    By order of the Board of Governors of the Federal Reserve 
System, December 18, 2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015-32295 Filed 12-22-15; 8:45 am]
BILLING CODE 6210-02-P

Federal Register / Vol. 80, No. 246 / Wednesday, December 23, 2015 / Rules and Regulations 79671 6.3) (incorporated by reference; see § 431.95), include, but is not limited to, adjusting any FEDERAL RESERVE SYSTEM and in ANSI/ASHRAE 37–2009 (incorporated adjustable motor sheaves, adjusting variable by reference; see § 431.95). In case of a drive settings, or adjusting the code tester 12 CFR Part 201 conflict between AHRI 340/360–2007 or fan. ANSI/ASHRAE 37–2009 and the CFR, the (ii) When testing other than full-capacity [Docket No. R–1528; Regulation A] CFR provisions control. cooling operation using the full-load indoor RIN 7100–AE42 (2) Heating mode test method. The test airflow rate (e.g., full-load heating), the full- method for heating mode consists of the methods and conditions in AHRI 340/360– load indoor airflow rate must be within +/¥ Extensions of Credit by Federal 2007 sections 3, 4, and 6 (omitting section 3 percent of the certified-rated full-load Reserve Banks 6.3) (incorporated by reference; see § 431.95), cooling airflow (without regard to the resulting external static pressure), unless the AGENCY: Board of Governors of the and in ANSI/ASHRAE 37–2009 (incorporated unit is designed to operate at a different Federal Reserve System. by reference; see § 431.95). In case of a conflict between AHRI 340/360–2007 or airflow for cooling and heating mode. If ACTION: Final rule. ANSI/ASHRAE 37–2009 and the CFR, the necessary, a test facility setup may be made CFR provisions control. SUMMARY: The Board of Governors of the in order to maintain airflow within the (3) Minimum external static pressure. Use required tolerance; however, no adjustments Federal Reserve System (‘‘Board’’) has the certified cooling capacity for the basic to the unit under test may be made. adopted final amendments to its model to choose the minimum external static (7) Condenser head pressure controls. Regulation A to reflect the Board’s pressure found in table 5 of section 6 of AHRI Condenser head pressure controls, if approval of an increase in the rate for 340/360–2007 (incorporated by reference; see primary credit at each Federal Reserve typically shipped with units of the basic § 431.95) for testing. Bank. The secondary credit rate at each model by the manufacturer or available as an (4) Optional break-in period. Reserve Bank automatically increased Manufacturers may optionally specify a option to the basic model, must be active ‘‘break-in’’ period, not to exceed 20 hours, to during testing. by formula as a result of the Board’s operate the equipment under test prior to (8) Standard CFM. In the referenced primary credit rate action. conducting the test method in appendix A of sections of AHRI 340/360–2007 (incorporated DATES: The amendments to part 201 this part. A manufacturer who elects to use by reference; see § 431.95), all instances of (Regulation A) are effective December an optional compressor break-in period in its CFM refer to standard CFM (SCFM). 23, 2015. The rate changes for primary certification testing must record this Likewise, all references to airflow or air and secondary credit were applicable on information (including the duration) as part quantity refer to standard airflow and December 17, 2015, as specified in 12 of the information in the supplemental standard air quantity. CFR 201.51, as amended. testing instructions under 10 CFR 429.43. (9) Capacity rating at part-load. When (5) Additional provisions for equipment FOR FURTHER INFORMATION CONTACT: testing to determine EER for the part-load set-up. The only additional specifications Stephanie Martin, Associate General rating points (i.e. 75-percent load, 50-percent that may be used in setting up a unit for test load, and 25-percent load), if the measured Counsel (202/452–3198), or Clinton N. are those set forth in the installation and capacity expressed as a percent of full-load Chen, Attorney (202–452–3952), Legal operation manual shipped with the unit. Division, or Lyle Kumasaka, Senior capacity for a given part-load test is within Each unit should be set up for test in Financial Analyst (202–452–2382); for accordance with the manufacturer three percent above or below the target part- load percentage, the EER calculated for the users of Telecommunications Device for installation and operation manuals. test may be used without any interpolation the Deaf (TDD) only, contact 202–263– Paragraphs (5)(i) through (ii) of this section provide specifications for addressing key to determine IEER. 4869; Board of Governors of the Federal information typically found in the (10) Condenser air inlet temperature for Reserve System, 20th and C Streets installation and operation manuals. part-load testing. When testing to determine NW., Washington, DC 20551. (i) If a manufacturer specifies a range of EER for the part-load rating points (i.e. 75- SUPPLEMENTARY INFORMATION: The superheat, sub-cooling, and/or refrigerant percent load, 50-percent load, and 25-percent Federal Reserve Banks make primary pressure in its installation and operation load), the condenser air inlet temperature and secondary credit available to manual for a given basic model, any value(s) shall be calculated (using the equation in depository institutions as a backup within that range may be used to determine Table 6 of AHRI 340/360–2007; incorporated refrigerant charge or mass of refrigerant, source of funding on a short-term basis, by reference; see § 431.95) for the target unless the manufacturer clearly specifies a usually overnight. The primary and percent load rather than for the percent load rating value in its installation and operation secondary credit rates are the interest measured in the test. Table 1 of this appendix manual, in which case the specified rating shows the condenser air inlet temperature rates that the twelve Federal Reserve value shall be used. corresponding with each target percent load, Banks charge for extensions of credit (ii) The airflow rate used for testing must under these programs. In accordance as calculated using the equation in Table 6 be that set forth in the installation and with the Federal Reserve Act, the of AHRI 340/360–2007. operation manuals being shipped to the primary and secondary credit rates are customer with the basic model and clearly identified as that used to generate the DOE TABLE 1 TO APPENDIX A TO SUBPART established by the boards of directors of performance ratings. If a certified airflow F OF PART 431—CONDENSER AIR the Federal Reserve Banks, subject to value for testing is not clearly identified, a the review and determination of the INLET TEMPERATURES FOR PART- Board. value of 400 standard cubic feet per minute (scfm) per ton shall be used. LOAD TESTS The Board approved requests by the (6) Indoor airflow testing and adjustment. Reserve Banks to increase by 1⁄4 (i) When testing full-capacity cooling Condenser air percentage point the primary credit rate Target percent load inlet tempera- operation at the required external static (%) ture in effect at each of the twelve Federal asabaliauskas on DSK5VPTVN1PROD with RULES pressure condition, the full-load indoor (°F) Reserve Banks, thereby increasing from airflow rate must be within +/¥ 3 percent of 0.75 percent to 1.00 percent the rate that the certified-rated airflow at full-capacity 25 ........................................ 65 each Reserve Bank charges for cooling operation. If the indoor airflow rate 50 ........................................ 68 at the required minimum external pressure is extensions of primary credit. In 75 ........................................ 81.5 addition, the Board had previously outside the +/¥ 3-percent tolerance, the unit and/or test setup must be adjusted such that approved requests by the Reserve Banks both the airflow and ESP are within the [FR Doc. 2015–31906 Filed 12–22–15; 8:45 a.m.] to renew the formula for the secondary required tolerances. This process may BILLING CODE 6450–01–P credit rate, the primary credit rate plus VerDate Sep<11>2014 16:43 Dec 22, 2015 Jkt 238001 PO 00000 Frm 00017 Fmt 4700 Sfmt 4700 E:\FR\FM\23DER1.SGM 23DER1

79672 Federal Register / Vol. 80, No. 246 / Wednesday, December 23, 2015 / Rules and Regulations 50 basis points. Under the formula, the market as balanced. Inflation is expected to rulemaking is not required.2 As noted secondary credit rate in effect at each of rise to 2 percent over the medium term as the previously, a general notice of proposed the twelve Federal Reserve Banks transitory effects of declines in energy and rulemaking is not required if the final import prices dissipate and the labor market increased by 1⁄4 percentage point as a strengthens further. rule involves a matter relating to loans. result of the Board’s primary credit rate Furthermore, the Board has determined action, thereby increasing from 1.25 Administrative Procedure Act that it is unnecessary and contrary to percent to 1.50 percent the rate that The notice, public comment, and the public interest to publish a general each Reserve Bank charges for delayed effective date requirements of 5 notice of proposed rulemaking for this extensions of secondary credit. The U.S.C. 553 is inapplicable ‘‘to the extent final rule. Accordingly, the RFA’s amendments to Regulation A reflect that there is involved . . . a matter requirements relating to an initial and these rate changes. relating to agency management or final regulatory flexibility analysis do The 1⁄4 percentage point increase in personnel or to public property, loans, not apply. the primary credit rate was associated grants, benefits, or contracts.’’ 1 This with an increase in the target range for Paperwork Reduction Act rulemaking involves a matter relating to the federal funds rate (from a target loans, as the Board is revising the In accordance with the Paperwork range of 0 to 1⁄4 percent to a target range interest rates that the twelve Federal Reduction Act (‘‘PRA’’) of 1995 (44 of 1⁄4 to 1⁄2 percent) announced by the Reserve Banks charge for extensions of U.S.C. 3506; 5 CFR part 1320 Appendix Federal Open Market Committee credit under the primary and secondary A.1), the Board reviewed the final rule (‘‘Committee’’) on December 16, 2015. A credit programs. under the authority delegated to the press release announcing these actions Furthermore, the Board has Board by the Office of Management and indicated that: determined that delaying Budget. The final rule contains no Information received since the Federal implementation of the changes in the requirements subject to the PRA. Open Market Committee met in October primary and secondary credit rates in suggests that economic activity has been order to allow notice and public List of Subjects in 12 CFR Part 201 expanding at a moderate pace. Household comment would be unnecessary and Banks, Banking, Federal Reserve spending and business fixed investment have contrary to the public interest. System, Reporting and recordkeeping. been increasing at solid rates in recent Therefore, the Board has found good months, and the housing sector has improved Authority and Issuance further; however, net exports have been soft. cause to not follow the provisions of 5 A range of recent labor market indicators, U.S.C. 553(b) relating to notice and For the reasons set forth in the including ongoing job gains and declining public participation. The Board’s preamble, the Board is amending 12 unemployment, shows further improvement revisions to these rates were taken with CFR Chapter II as follows: and confirms that underutilization of labor a view to accommodating commerce resources has diminished appreciably since and business and with regard to their PART 201—EXTENSIONS OF CREDIT early this year. Inflation has continued to run bearing upon the general credit situation BY FEDERAL RESERVE BANKS below the Committee’s 2 percent longer-run of the country. Notice and public (REGULATION A) objective, partly reflecting declines in energy participation would prevent the Board’s prices and in prices of non-energy imports. Market-based measures of inflation action from being effective as promptly ■ 1. The authority citation for part 201 compensation remain low; some survey- as necessary in the public interest. continues to read as follows: based measures of longer-term inflation Seeking notice and comment on the rate Authority: 12 U.S.C. 248(i)–(j), 343 et seq., expectations have edged down. changes would not aid the persons 347a, 347b, 347c, 348 et seq., 357, 374, 374a, Consistent with its statutory mandate, the affected and would otherwise serve no and 461. Committee seeks to foster maximum useful purpose. For these same reasons, employment and price stability. The the Board also has found good cause not ■ 2. In § 201.51, paragraphs (a) and (b) Committee currently expects that, with to provide 30 days prior notice of the are revised to read as follows: gradual adjustments in the stance of effective date of the rule under 5 U.S.C. monetary policy, economic activity will § 201.51 Interest rates applicable to credit continue to expand at a moderate pace and 553(d). extended by a Federal Reserve Bank.1 labor market indicators will continue to Regulatory Flexibility Analysis strengthen. Overall, taking into account (a) Primary credit. The interest rates domestic and international developments, The Regulatory Flexibility Act for primary credit provided to the Committee sees the risks to the outlook (‘‘RFA’’) does not apply to a rulemaking depository institutions under § 201.4(a) for both economic activity and the labor where a general notice of proposed are: Federal reserve bank Rate Effective Boston ............................................................................ 1.00 December 17, 2015. New York ........................................................................ 1.00 December 17, 2015. Philadelphia .................................................................... 1.00 December 17, 2015. Cleveland ........................................................................ 1.00 December 17, 2015. Richmond ....................................................................... 1.00 December 17, 2015. Atlanta ............................................................................ 1.00 December 17, 2015. Chicago .......................................................................... 1.00 December 17, 2015. St. Louis ......................................................................... 1.00 December 17, 2015. asabaliauskas on DSK5VPTVN1PROD with RULES Minneapolis .................................................................... 1.00 December 17, 2015. Kansas City .................................................................... 1.00 December 17, 2015. Dallas .............................................................................. 1.00 December 17, 2015. San Francisco ................................................................. 1.00 December 17, 2015. 15 U.S.C. 553(a)(2) (emphasis added). 1 The primary, secondary, and seasonal credit secondary, and seasonal credit programs, 25 U.S.C. 603 and 604. rates described in this section apply to both respectively. advances and discounts made under the primary, VerDate Sep<11>2014 16:43 Dec 22, 2015 Jkt 238001 PO 00000 Frm 00018 Fmt 4700 Sfmt 4700 E:\FR\FM\23DER1.SGM 23DER1

Federal Register / Vol. 80, No. 246 / Wednesday, December 23, 2015 / Rules and Regulations 79673 (b) Secondary credit. The interest depository institutions under § 201.4(b) rates for secondary credit provided to are: Federal reserve bank Rate Effective Boston ............................................................................ 1.50 December 17, 2015. New York ........................................................................ 1.50 December 17, 2015. Philadelphia .................................................................... 1.50 December 17, 2015. Cleveland ........................................................................ 1.50 December 17, 2015. Richmond ....................................................................... 1.50 December 17, 2015. Atlanta ............................................................................ 1.50 December 17, 2015. Chicago .......................................................................... 1.50 December 17, 2015. St. Louis ......................................................................... 1.50 December 17, 2015. Minneapolis .................................................................... 1.50 December 17, 2015. Kansas City .................................................................... 1.50 December 17, 2015. Dallas .............................................................................. 1.50 December 17, 2015. San Francisco ................................................................. 1.50 December 17, 2015. * * * * * I. Background An institution’s exemption from By order of the Board of Governors of the The Home Mortgage Disclosure Act of collecting data in 2016 does not affect Federal Reserve System, December 18, 2015. 1975 (HMDA) (12 U.S.C. 2801–2810) its responsibility to report data it was Robert deV. Frierson, requires most mortgage lenders located required to collect in 2015. Secretary of the Board. in metropolitan areas to collect data II. Procedural Requirements [FR Doc. 2015–32295 Filed 12–22–15; 8:45 am] about their housing-related lending activity. Annually, lenders must report A. Administrative Procedure Act BILLING CODE 6210–02–P that data to the appropriate Federal Under the Administrative Procedure agencies and make the data available to Act (APA), notice and opportunity for the public. The Bureau’s Regulation C public comment are not required if the BUREAU OF CONSUMER FINANCIAL (12 CFR part 1003) implements HMDA. Bureau finds that notice and public PROTECTION Prior to 1997, HMDA exempted comment are impracticable, certain depository institutions as unnecessary, or contrary to the public 12 CFR Part 1003 defined in HMDA (i.e., banks, savings interest. 5 U.S.C. 553(b)(B). Pursuant to associations, and credit unions) with this final rule, comment 1003.2 Home Mortgage Disclosure assets totaling $10 million or less as of (Financial institution)–2 in Regulation (Regulation C) Adjustment to Asset- the preceding year-end. In 1996, HMDA C, supplement I is amended to update Size Exemption Threshold was amended to expand the asset-size the exemption threshold. The AGENCY: Bureau of Consumer Financial exemption for these depository amendment in this final rule is Protection. institutions. 12 U.S.C. 2808(b). The technical and non-discretionary, and it amendment increased the dollar amount merely applies the formula established ACTION: Final rule; official commentary. of the asset-size exemption threshold by by Regulation C for determining any SUMMARY: The Bureau of Consumer requiring a one-time adjustment of the adjustments to the exemption threshold. Financial Protection (Bureau) is issuing $10 million figure based on the For these reasons, the Bureau has a final rule amending the official percentage by which the CPI–W for determined that publishing a notice of commentary that interprets the 1996 exceeded the CPI–W for 1975, and proposed rulemaking and providing requirements of the Bureau’s Regulation it provided for annual adjustments opportunity for public comment are C (Home Mortgage Disclosure) to reflect thereafter based on the annual unnecessary. Therefore, the amendment the asset-size exemption threshold for percentage increase in the CPI–W, is adopted in final form. banks, savings associations, and credit rounded to the nearest multiple of $1 Section 553(d) of the APA generally unions based on the annual percentage million dollars. requires publication of a final rule not change in the average of the Consumer The definition of ‘‘financial less than 30 days before its effective Price Index for Urban Wage Earners and institution’’ in Regulation C provides date, except for (1) a substantive rule Clerical Workers (CPI–W). The that the Bureau will adjust the asset which grants or recognizes an exemption threshold will remain at $44 threshold based on the year-to-year exemption or relieves a restriction; (2) million. This amendment is based on change in the average of the CPI–W, not interpretive rules and statements of the 0.4 percent decrease in the average seasonally adjusted, for each 12-month policy; or (3) as otherwise provided by of the CPI–W for the 12-month period period ending in November, rounded to the agency for good cause found and ending in November 2015. Therefore, the nearest million. 12 CFR 1003.2. For published with the rule. 5 U.S.C. 553(d). banks, savings associations, and credit 2015, the threshold was $44 million. At a minimum, the Bureau believes the unions with assets of $44 million or less During the 12-month period ending in amendments fall under the third as of December 31, 2015, are exempt November 2015, the average of the CPI– exception to section 553(d). The Bureau asabaliauskas on DSK5VPTVN1PROD with RULES from collecting data in 2016. W decreased by 0.4 percent. This results finds that there is good cause to make in a change of zero when rounded to the the amendments effective on January 1, DATES: This final rule is effective nearest million. Thus, the exemption 2016. The amendment in this final rule January 1, 2016. threshold will remain at $44 million. is technical and non-discretionary, and FOR FURTHER INFORMATION CONTACT: Therefore, banks, savings associations, it applies the method previously James Wylie or Jaclyn Maier, Counsels, and credit unions with assets of $44 established in the agency’s regulations Office of Regulations, at (202) 435–7700. million or less as of December 31, 2015, for determining adjustments to the SUPPLEMENTARY INFORMATION: are exempt from collecting data in 2016. threshold. VerDate Sep<11>2014 16:43 Dec 22, 2015 Jkt 238001 PO 00000 Frm 00019 Fmt 4700 Sfmt 4700 E:\FR\FM\23DER1.SGM 23DER1


Document Created: 2018-03-02 09:20:14
Document Modified: 2018-03-02 09:20:14
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionRules and Regulations
ActionFinal rule.
DatesThe amendments to part 201 (Regulation A) are effective December 23, 2015. The rate changes for primary and secondary credit were applicable on December 17, 2015, as specified in 12 CFR 201.51, as amended.
ContactStephanie Martin, Associate General Counsel (202/452-3198), or Clinton N. Chen, Attorney (202-452-3952), Legal Division, or Lyle Kumasaka, Senior Financial Analyst (202-452- 2382); for users of Telecommunications Device for the Deaf (TDD) only, contact 202-263-4869; Board of Governors of the Federal Reserve System, 20th and C Streets NW., Washington, DC 20551.
FR Citation80 FR 79671 
RIN Number7100-AE42
CFR AssociatedBanks; Banking; Federal Reserve System and Reporting and Recordkeeping
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