Unknown. Final rule

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--- schema: federal-register doc_type: fedreg source_file: FR-2016-02-18.xml --- 81 32 Thursday, February 18, 2016 Contents Consumer Financial Protection Bureau of Consumer Financial Protection NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals, 8180 2016-03424 Agency Information Collection Activities; Proposals, Submissions, and Approvals: Emergency Processing Request, 8179-8180 2016-03422 Centers Disease Centers for Disease Control and Prevention NOTICES Agency Information Collection Activities;

Proposals, Submissions, and Approvals, 8201-8204 2016-03304 2016-03305 Centers Medicare Centers for Medicare & Medicaid Services NOTICES Privacy Act; Systems of Records, 8204 2016-03241 Coast Guard Coast Guard PROPOSED RULES Drawbridge Operations: Indian Creek, Miami Beach, FL, 8168-8170 2016-03262 NOTICES Meetings: Merchant Mariner Medical Advisory Committee, 8213-8214 2016-03348 Commerce Commerce Department See Foreign-Trade Zones Board See International Trade Administration See National Oceanic and Atmospheric Administration Community Development Community Development Financial Institutions Fund NOTICES Funds Availability:

Community Development Financial Institutions Program FY 2016 Funding Round, 8328-8342 2016-03221 Native American CDFI Assistance Program FY 2016 Funding Round, 8342-8357 2016-03222 Community Living Administration Community Living Administration NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals: New Funding Formula for the State Councils on Developmental Disabilities and Protection and Advocacy Systems, 8204-8205 2016-03276 Defense Department Defense Department NOTICES Defense Personal Property Program (DP3), 8180-8181 2016-03290 Defense Nuclear Defense Nuclear Facilities Safety Board NOTICES Meetings;

Sunshine Act, 8181 2016-03499 Drug Drug Enforcement Administration NOTICES Bulk Manufacturer of Controlled Substances; Applications: Cedarburg Pharmaceuticals, Inc., Grafton,WI, 8246 2016-03350 Decisions and Orders: Arvinder Singh, M.D., 8247-8251 2016-03361 Hatem M. Ataya, M.D., 8221-8245 2016-03359 Importer of Controlled Substances; Registration: Catalent Pharma Solutions, LLC, Philadelphia, PA, 8246-8247 2016-03358 Sigma Aldrich International GMBH-Sigma Aldrich Co. LLC, 8247 2016-03353 Manufacturer of Controlled Substances;

Registration: Euticals, Inc., Springfield, MO, 8246 2016-03355 Mallinckrodt, LLC, Saint Louis, MO, 8245 2016-03357 Education Department Education Department NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals: Client Assistance Program, 8184 2016-03263 Integrated Postsecondary Education Data System 2016-2019, 8181-8182 2016-03338 Meetings: National Assessment Governing Board, 8182-8184 2016-03343 Employment and Training Employment and Training Administration NOTICES Availability of Funds and Funding Opportunity:

Summer Jobs and Beyond -- Career Pathways for Youth, 8251 2016-03336 Energy Department Energy Department See Federal Energy Regulatory Commission See Western Area Power Administration NOTICES Authority to Import and Export Natural Gas, to Import and Export Liquefied Natural Gas, and to Vacate Authorization: Toyota Motor Engineering and Manufacturing North America, et al., 8184-8185 2016-03373 Environmental Protection Environmental Protection Agency NOTICES Requests for Nominations:

National Environmental Justice Advisory Council, 8197-8198 2016-03405 Federal Aviation Federal Aviation Administration RULES Airworthiness Directives: Airbus Airplanes, 8134-8138 2016-03215 B-N Group Ltd. Airplanes, 8143-8146 2016-03307 The Boeing Company Airplanes, 8138-8143 2016-03217 2016-03219 PROPOSED RULES Airworthiness Directives: Airbus Airplanes, 8155-8157, 8160-8164 2016-03135 2016-03137 Fokker Services B.V. Airplanes, 8166-8168 2016-03136 The Boeing Company Airplanes, 8157-8160, 8164-8166 2016-03138 2016-03297 Federal Communications Federal Communications Commission PROPOSED RULES Television Broadcasting Services:

Scottsbluff, Nebraska and Sidney, NE, 8171 2016-03345 NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals, 8199-8200 2016-03363 2016-03364 Meetings; Sunshine Act, 8198-8199 2016-03502 Federal Election Federal Election Commission NOTICES Meetings; Sunshine Act, 8200 2016-03501 Federal Energy Federal Energy Regulatory Commission NOTICES Combined Filings, 8185-8186, 8189-8190, 8195-8196 2016-03309 2016-03310 2016-03320 2016-03321 2016-03322 Environmental Assessments;

Availability, etc.: Eastern Shore Natural Gas Co.; Schedule for Environmental Review of the White Oak Mainline Expansion Project and System Reliability Project, 8192-8193 2016-03323 Filings: City of West Memphis, AR, 8191-8192 2016-03312 Conway Corporation, 8187 2016-03313 Hydroelectric Applications: Clark Canyon Hydro, LLC, 8193-8194 2016-03335 Idaho Power Co., 8188 2016-03333 Initial Market-Based Rate Filings Including Requests for Blanket Section 204 Authorizations: 62SK 8ME, LLC, 8187 2016-03316 Axpo U.S.

LLC, 8187-8188 2016-03327 Comanche Solar PV, LLC, 8194-8195 2016-03334 Smith Creek Hydro, LLC, 8186 2016-03326 Summer Solar, LLC, 8191 2016-03314 Voyager Wind I, LLC, 8190-8191 2016-03325 Schedule for Environmental Review of the Leach Xpress and Rayne Xpress Expansion Projects: Columbia Gas Transmission, LLC; Columbia Gulf Transmission. LLC, 8196-8197 2016-03324 Schedules for Environmental Review: Transcontinental Gas Pipe Line Company, LLC; The New York Bay Expansion Project, 8190 2016-03311 Staff Attendances, 8189 2016-03329 Federal Highway Federal Highway Administration NOTICES Final Federal Agency Actions on Proposed Highway in California, 8327-8328 2016-03306 Federal Maritime Federal Maritime Commission NOTICES Agreements Filed, 8200-8201 2016-03378 Federal Reserve Federal Reserve System RULES Unfair or Deceptive Acts or Practices, 8133-8134 2016-03228 Fish Fish and Wildlife Service NOTICES Permit Applications:

Endangered Species, 8215-8216 2016-03302 Food and Drug Food and Drug Administration RULES Effective Date of Requirement for Premarket Approval for Total Metal-on-Metal Semi-Constrained Hip Joint Systems, 8146-8149 2016-03331 NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals: Substances Generally Recognized as Safe -- Notification Procedure, 8206-8207 2016-03330 Requests for Nominations: Public Advisory Panels of the Medical Devices Advisory Committee, 8207-8208 2016-03283 Foreign Trade Foreign-Trade Zones Board NOTICES Public Hearings:

Application for Additional Production Authority, The Coleman Company, Inc., Subzone 119I; Location Change, 8173 2016-03423 Health and Human Health and Human Services Department See Centers for Disease Control and Prevention See Centers for Medicare & Medicaid Services See Community Living Administration See Food and Drug Administration See National Institutes of Health NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals, 8208-8209 2016-03249 Homeland Homeland Security Department See Coast Guard NOTICES Availabilities:

Cybersecurity Information Sharing Act of 2015 Interim Guidance Documents, 8214 2016-03430 Housing Housing and Urban Development Department NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals, 8215 2016-03367 Interior Interior Department See Fish and Wildlife Service See National Park Service Internal Revenue Internal Revenue Service RULES Reporting of Original Issue Discount on Tax-Exempt Obligations: Basis and Transfer Reporting by Securities Brokers for Debt Instruments and Options, 8149-8154 2016-03429 NOTICES Charter Renewals:

Art Advisory Panel of the Commissioner of Internal Revenue, 8357 2016-03427 International Trade Adm International Trade Administration NOTICES Antidumping or Countervailing Duty Investigations, Orders, or Reviews: Certain Cut-to-Length Carbon Steel Plate from the People's Republic of China, 8173-8176 2016-03418 International Trade Com International Trade Commission NOTICES Complaints: Certain Mobile Electronic Devices Incorporating Haptics (Including Smartphones and Smartwatches) and Components Thereof, 8220-8221 2016-03344 Justice Department Justice Department See Drug Enforcement Administration Labor Department Labor Department See Employment and Training Administration See Occupational Safety and Health Administration NOTICES Agency Information Collection Activities;

Proposals, Submissions, and Approvals: Representative Fee Request, 8251-8252 2016-03426 Request for Employment Information, 8252-8253 2016-03428 National Institute National Institutes of Health NOTICES Meetings: Center for Scientific Review, 8211-8212 2016-03233 National Eye Institute, 8210 2016-03235 National Institute of Allergy and Infectious Diseases, 8212 2016-03234 National Institute of Dental and Craniofacial Research, 8210 2016-03236 National Institute of Environmental Health Sciences, 8210-8211 2016-03239 National Institute of Mental Health, 8209-8210 2016-03238 National Institute on Aging, 8212 2016-03237 National Institute on Alcohol Abuse and Alcoholism, 8209 2016-03240 National Oceanic National Oceanic and Atmospheric Administration NOTICES Meetings:

Atlantic Highly Migratory Species, Atlantic Highly Migratory Species Advisory Panel, 8178-8179 2016-03272 Gulf of Mexico Fishery Management Council, 2016-03337 8177-8178 2016-03339 Whaling Provisions; Aboriginal Subsistence Whaling Quotas, 8177 2016-03366 National Park National Park Service NOTICES Inventory Completions: Thomas Burke Memorial Washington State Museum, University of Washington, Seattle, WA, 8218-8219 2016-03412 U.S. Department of Defense, Department of the Navy, Washington, DC, 8217-8218 2016-03408 Native American Graves Protection and Repatriation Review Committee:

Findings and Recommendations Regarding Human Remains and Associated Funerary Objects for the Osage Nation, 8219-8220 2016-03407 Repatriation of Cultural Items: Mount Holyoke College Art Museum, South Hadley, MA, 8216-8217 2016-03411 National Science National Science Foundation NOTICES Meetings; Sunshine Act, 8254 2016-03425 Nuclear Regulatory Nuclear Regulatory Commission NOTICES Atomic Safety and Licensing Board; Orders: Southern Nuclear Operating Co., Inc., Vogtle Electric Generating Plant, Units 3 and 4, 8258 2016-03372 Guidance:

Criteria and Design Features for Inspection of Water-Control Structures Associated with Nuclear Power Plants, 8254-8255 2016-03346 Independent Spent Fuel Storage Installation: Maine Yankee Atomic Power Company, 8258-8261 2016-03413 License Terminations: Mallinckrodt, LLC., 8256-8258 2016-03419 Meetings: Advisory Committee on Reactor Safeguards Subcommittee on Plant License Renewal, 8255 2016-03370 Advisory Committee on Reactor Safeguards Subcommittee on Radiation Protection and Nuclear Materials, 8255-8256 2016-03371 Advisory Committee on Reactor Safeguards Subcommittee on Reliability and PRA, 8256 2016-03369 Occupational Safety Health Adm Occupational Safety and Health Administration NOTICES Committee Membership:

Maritime Advisory Committee for Occupational Safety and Health, 8253-8254 2016-03377 Overseas Overseas Private Investment Corporation NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals, 8261 2016-03420 Postal Regulatory Postal Regulatory Commission NOTICES New Postal Products, 8261-8262 2016-03281 Presidential Documents Presidential Documents PROCLAMATIONS Castle Mountains National Monument; Establishment (Proc. 9394), 8363-8369 2016-03540 Mojave Trails National Monument;

Establishment (Proc. 9395), 8371-8377 2016-03544 Sand to Snow National Monument; Establishment (Proc. 9396), 8379-8385 2016-03548 Special Observances: Death of Antonin G. Scalia (Proc. 9397), 8387 2016-03550 Railroad Retirement Railroad Retirement Board NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals, 8262-8264 2016-03328 Securities Securities and Exchange Commission NOTICES Applications: PowerShares Exchange-Traded Self-Indexed Fund Trust, et al., 8282-8291 2016-03301 Joint Industry Plan;

Filing of Amendment No. 3 to the National Market System Plan: Financial Industry Regulatory Authority, Inc., BATS Exchange, Inc., BOX Options Exchange, LLC, et al., 8264-8265 2016-03275 Self-Regulatory Organizations; Proposed Rule Changes: NASDAQ PHLX LLC, 8308-8310 2016-03274 New York Stock Exchange LLC, 8313-8316 2016-03271 NYSE Arca, Inc., 8265-8282, 8291-8294 2016-03267 2016-03269 2016-03270 NYSE MKT, LLC, 8310-8313, 8316-8319 2016-03264 2016-03266 The NASDAQ Stock Market LLC, 8319-8323 2016-03268 The Options Clearing Corporation, 8294-8308 2016-03265 Social Social Security Administration NOTICES Agency Information Collection Activities;

Proposals, Submissions, and Approvals, 8323-8326 2016-03380 State Department State Department NOTICES Delegations of Authority: Further Assignment of Functions under the Bipartisan Congressional Trade Priorities and Accountability Act to Other Departments and Agencies of the Executive Branch, 8326 2016-03376 Meetings: U.S. Advisory Commission on Public Diplomacy, 8326 2016-03374 Surface Transportation Surface Transportation Board PROPOSED RULES Accelerating Reporting Requirements for Class I Railroads, 8171-8172 2016-03332 NOTICES Discontinuance of Service Exemptions:

CSX Transportation, Inc. in Harlan County, KY, 8327 2016-03356 Productivity Adjustments: Railroad Cost Recovery Procedures, 8326-8327 2016-03347 Transportation Department Transportation Department See Federal Aviation Administration See Federal Highway Administration Treasury Treasury Department See Community Development Financial Institutions Fund See Internal Revenue Service U.S. China U.S.-China Economic and Security Review Commission NOTICES Meetings: U.S.-China Economic and Security Review Commission;

Public Hearing, 8357-8358 2016-02999 Veteran Affairs Veterans Affairs Department NOTICES Agency Information Collection Activities; Proposals, Submissions, and Approvals: Civilian Health And Medical Program of the Department of Veterans Affairs Benefits -- Application, Claim, Other Health Insurance and Potential Liability, 8359-8360 2016-03288 Dependents' Request for Change of Program or Place of Training, 8358 2016-03287 Report of Subcontracts to Small and Veteran-Owned Business, 8358-8359 2016-03285 Request for a Certificate of Eligibility VA Form, 8359 2016-03286 Self-Regulatory Organizations;

Proposed Rule Changes: Loan Analysis, 8361 2016-03284 Western Western Area Power Administration NOTICES Pick-Sloan Missouri Basin Program -- Eastern Division, 8197 2016-03362 Separate Parts In This Issue Part II Presidential Documents, 8363-8369, 8371-8377, 8379-8385, 8387 2016-03540 2016-03544 2016-03548 2016-03550 Reader Aids Consult the Reader Aids section at the end of this issue for phone numbers, online resources, finding aids, and notice of recently enacted public laws.

To subscribe to the Federal Register Table of Contents LISTSERV electronic mailing list, go to http://listserv.access.gpo.gov and select Online mailing list archives, FEDREGTOC-L, Join or leave the list (or change settings); then follow the instructions. 81 32 Thursday, February 18, 2016 Rules and Regulations FEDERAL RESERVE SYSTEM 12 CFR Part 227 [Docket No. R-1490; RIN 7100 AE-19] Unfair or Deceptive Acts or Practices (Regulation AA) AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule. SUMMARY: The Board of Governors of the Federal Reserve System (Board) is repealing its Regulation AA, which was issued pursuant to its rule writing authority under section 18(f)(1) of the Federal Trade Commission Act (FTC Act or Act). Section 1092(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) repealed section 18(f)(1) of the FTC Act, thus eliminating the Board's rule writing authority under the Act. DATES: The final rule is effective March 21, 2016.

FOR FURTHER INFORMATION CONTACT: Mandie K. Aubrey, Counsel, Division of Consumer and Community Affairs, at

(202)452-3667, Board of Governors of the Federal Reserve System, 20th and C Streets NW., Washington, DC 20551. For users of Telecommunications Device for the Deaf

(TDD)only, contact

(202)263-4869. SUPPLEMENTARY INFORMATION: I. Background The FTC Act directs the Federal Trade Commission

(FTC)to promulgate rules to define and prevent unfair or deceptive acts or practices for persons other than banks, savings and loans, and Federal credit unions. 1 Pursuant to the Act, in 1984 the FTC issued its Credit Practices Rule, which applied to persons within the FTC's jurisdiction. 2 1 15 U.S.C. 45 and 57a(a)(1). 2 16 CFR 444.1-.5. Prior to amendments to the FTC Act made by the Dodd-Frank Act in 2010, section 18(f)(1) of the FTC Act required the Board to promulgate rules applicable to banks that were “substantially similar” to these FTC rules, with some exceptions. 3 In addition, section 18(f)(1) of the Act provided the Board the authority to prescribe additional rules for banks addressing unfair or deceptive acts or practices—regardless of whether the FTC had promulgated rules about such acts or practices. The Act also required the Board to take appropriate action on complaints about unfair or deceptive acts or practices by banks. 4 3 Section 18(f)(1) of the Act was previously codified at 15 U.S.C. 57a(f)(1). The Board was not required to impose substantially similar rules if it found that:

(1)Such acts or practices of banks were not unfair or deceptive, or

(2)implementation of similar regulations with respect to banks would seriously conflict with essential monetary and payments systems policies of the Board. 4 The same authority that was conferred to the Board by section 18(f)(1) of the Act also applied to the Federal Home Loan Bank Board (FHLBB) (predecessor to the Office of Thrift Supervision), with respect to savings associations, and to the National Credit Union Administration (NCUA), with respect to Federal credit unions. Pursuant to its rule writing authority in section 18(f)(1) of the FTC Act, the Board issued Regulation AA, including the Board's credit practices rule, which was adopted in 1985. 5 The Board's credit practices rule was substantially similar to the FTC's Credit Practices Rule; in adopting the rule, the Board relied on the extensive findings that had been made by the FTC that the prohibited practices were unfair or deceptive. 5 12 CFR part 227, subpart B. The Board's credit practices rule in Regulation AA prohibited banks from using certain remedies to enforce consumer credit obligations and from including these remedies in their consumer credit contracts. The rule also prohibited banks from:

(1)Obligating a co-signer on the debt unless the co-signer previously received a clear and conspicuous written notice explaining the nature of the co-signer's obligations and liabilities under the contract; and

(2)imposing a late fee when a consumer makes a full loan payment on time or within the grace period, solely because the consumer did not pay a previous late fee imposed on an earlier installment (the “pyramiding” of late fees). In addition, Regulation AA contained a provision that informed consumers how to file a complaint regarding a state member bank and explained the Board's procedure for responding to such complaints. 6 Regulation AA also contained information regarding state exemptions from the credit practices rule. 7 The Board published, separately from the regulation, Staff Guidelines to clarify how Regulation AA applied in particular circumstances. 8 6 12 CFR 227.2. This provision listed an address to which consumers may send their complaint, and explained that consumers will receive, within 15 business days, either a substantive response or an acknowledgment setting a reasonable time for a substantive response. 7 12 CFR 227.16. 8 *http://www.federalreserve.gov/regulations/cg/crdtpracrul.htm.* The Dodd-Frank Act 9 repealed section 18(f)(1) of the FTC Act. 10 This legislative repeal of the Board's rulemaking authority nullified the provisions in Regulation AA that were issued pursuant to that authority. Regulation AA did not transfer from the Board to the Consumer Financial Protection Bureau (Bureau) under the Dodd-Frank Act, as did other consumer protection laws and regulations. 11 As a result, neither the Board nor the Bureau has authority to promulgate rules pursuant to the FTC Act. The Bureau, however, was given separate authority under the Dodd-Frank Act to promulgate rules to identify unfair, deceptive, or abusive acts or practices. 12 9 Public Law 111-203, 124 Stat. 1376 (Jul. 21, 2010). 10 *See* section 1092(2) of the Dodd-Frank Act. The repeal of section 18(f)(1) of the FTC Act also repealed the authorities of the former FHLBB and the NCUA. *See supra* note 4. Section 1092(2) of the Dodd-Frank Act did not repeal FTC Act rule writing authority for the FTC, so the FTC Credit Practices Rule remains in effect. *See supra* note 2. 11 The Dodd-Frank Act transferred rule writing authority only for “Federal consumer financial laws,” but did not include the FTC Act in the definition of “Federal consumer financial law.” Therefore, Regulation AA was excluded from the authority that transferred from the Board to the Bureau. *See* Dodd-Frank Act sections 1061(a)(1), (b)(1) (transferring authority of “Federal consumer financial laws” to the Bureau) and section 1002(14) (defining “Federal consumer financial laws”). 12 Section 1031 of the Dodd-Frank Act. In August 2014, the Board published a proposal to repeal Regulation AA (Proposed Rule). 13 Simultaneously with the proposed repeal of Regulation AA, the Board joined the Bureau, Federal Deposit Insurance Corporation, NCUA, and Office of the Comptroller of the Currency in issuing interagency guidance stating that, depending on the facts and circumstances, a depository institution might violate the prohibition against unfair or deceptive practices in the FTC Act and the Dodd-Frank Act if it engages in the practices prohibited by the former credit practices rules. 14 13 79 FR 51115 (Aug. 27, 2014). 14 “Interagency Guidance Regarding Unfair or Deceptive Credit Practices” (Aug. 22, 2014). *http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20140822a2.pdf.* II. Discussion Fourteen commenters responded to the proposed repeal of Regulation AA. Three individual commenters stated that Regulation AA was a necessary and helpful regulation; two of these commenters stated that the Board's reasons for repealing the regulation were unclear. A comment letter received from seven consumer advocate organizations acknowledged that the Board's repeal of Regulation AA was required by the Dodd-Frank Act. In their letter, these commenters also provided recommendations to the Bureau regarding acts or practices that the Bureau now has to authority to regulate if it finds they are unfair or deceptive. 15 15 One state chartered bank commenter did not address the proposed repeal, but objected to examiners' citations of banks for unfair or deceptive practices in the supervisory process. Two individual commenters did not address the proposed repeal of Regulation AA. Eight commenters addressed the interagency guidance that was issued simultaneously with the proposed repeal of Regulation AA. One individual commenter believed the guidance would discourage banks from engaging in unfair or deceptive acts or practices, but seven consumer advocate commenters recommended strengthening the guidance language. The consumer advocate commenters also recommended that the Board issue additional guidance regarding other acts or practices that the commenters believe should be declared unfair or deceptive acts or practices. The Board is finalizing the repeal of Regulation AA as proposed. As the Board discussed in the Proposed Rule, the Dodd-Frank Act eliminated the Board's rule writing authority under the FTC Act, which nullified the regulation. The Board will continue to monitor developments with respect to unfair or deceptive acts or practices and assess whether to issue additional supervisory guidance. The repeal of Regulation AA also eliminates Subpart A of the regulation, which generally describes the internal procedures used by the Board in handling consumer complaints. The Board did not receive comment on the removal of these internal procedures from the Code of Federal Regulations. Information about how the Board processes consumer complaints is provided on the Board's public Web site. 16 16 *https://www.federalreserveconsumerhelp.gov/.* III. Final Regulatory Flexibility Analysis The Regulatory Flexibility Act 17

(RFA)generally requires an agency to perform an assessment of the impact a rule is expected to have on small entities. Based on its analysis, and for the reasons stated below, the Board believes that this final rule will not have a significant economic impact on a substantial number of small entities. 17 5 U.S.C. 601 *et seq.* 1. *Statement of the need for, and objectives of, the final rule.* Regulation AA was issued pursuant to section 18(f)(1) of the FTC Act. As noted above, the Dodd-Frank Act repealed this provision of the FTC Act. 18 Accordingly, the Board is repealing its Regulation AA. 18 *See* section 1092(2) of the Dodd-Frank Act. 2. *Summary of issues raised by comments in response to the initial regulatory flexibility analysis.* The Board did not receive any comments on the initial regulatory flexibility analysis. 3. *Small entities affected by the final rule.* The final rule repeals Regulation AA, which was issued pursuant to section 18(f)(1) of the FTC. As a result of the FTC Act amendments made by the Dodd-Frank Act, the Board no longer has rule writing authority under section 18(f)(1). The legislative repeal of the Board's rulemaking authority nullified the provisions in Regulation AA that were issued pursuant to that authority. Consequently, the Board's repeal of the regulation, which no longer has legal effect, will not affect any entity, including any small entity. The repeal of Regulation AA will also remove information about how the Board processes consumer complaints from the Code of Federal Regulations. This is not expected to have an effect on small entities because that information is provided on the Board's public Web site. 4. *Recordkeeping, reporting, and compliance requirements.* The final rule repeals Regulation AA and therefore does not impose any recordkeeping, reporting, or compliance requirements on any entities. 5. *Significant alternatives to the final revisions.* Because the repeal of Regulation AA will have no impact, there are no alternatives that would further minimize the economic impact of the final rule on small entities. IV. Paperwork Reduction Act In accordance with the Paperwork Reduction Act

(PRA)of 1995 (44 U.S.C. 3506; 5 CFR 1320 Appendix A.1), the Board reviewed the rule under the authority delegated to the Federal Reserve by the Office of Management and Budget (OMB). The final rule contains no requirements subject to the PRA. List of Subjects in 12 CFR Part 227 Banks, Banking, Consumer protection, Credit, Federal Reserve System, Finance. Authority and Issuance For the reasons set forth in the preamble, and under the authority of section 1092(2) of Public Law 111-203, 124 Stat. 1376 (Jul. 21, 2010), the Board amends 12 CFR chapter II by removing part 227. PART 227—[REMOVED] By order of the Board of Governors of the Federal Reserve System, February 11, 2016. Robert deV. Frierson, Secretary of the Board. [FR Doc. 2016-03228 Filed 2-17-16; 8:45 am]

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