New regs for Tuesday: Imports, small banks and commercial fishing

Tuesday’s edition of the Federal Register contains new rules from the Department of Energy for importing covered products that are subject to energy conservation standards, adjustments to the asset-size thresholds used to define small banks from the Treasury and a new rule from the National Oceanic and Atmospheric Administration that creates a single size standard for small commercial fishing businesses.

 

Imports: The Department of Energy is moving forward with a rule that will require anyone importing covered products into the U.S. that are subject to energy conservation standards to provide the agency with a certificate of admissibility before importing.

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The certificate will need to be submitted to the agency through its U.S. Customs and Border Protection’s Automated Commercial Environment and provide specific information for each basic model, including the product or equipment type, the brand name, and the basic model number, as well as specific energy use information.


The public will have 45 days to comment on the new rule.

 

Small banks: The Treasury Department, the Federal Reserve System and the Federal Deposit Insurance Corp. is making changes to the Community Reinvestment Act (CRA) to adjust the asset-size thresholds used to define small banks or small savings associations and intermediate small banks or intermediate small savings associations.


The CRA sets performance standards for small and intermediate small banks and savings associations.


Starting Jan. 1, banks and savings associations with assets less than $1.216 billion as of Dec. 31 this year and last year will be considered small banks or small savings associations. Small banks and small savings associations with assets of at least $304 million as of Dec. 31 this year and last year and less than $1.216 billion as of December 31 this year and last year will be considered intermediate small banks or intermediate small savings associations.


Fish: The National Oceanic and Atmospheric Administration (NOAA) is finalizing a rule to establish a single standard for what’s considered a small commercial fishing business.


Any commercial fishing business with 11 million in annual gross receipts will be considered a small business. The $11 million standard will be used in analyses required by the Regulatory Flexibility Act in place of the U.S. Small Business Administration’s (SBA) current standards of $20.5 million, $5.5 million, and $7.5 million for the finfish, shellfish and other marine fishing sectors of the U.S. commercial fishing industry, respectively.


The rule will take effect on July 1.