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