One of the agencies in a joint proposed rule in September regarding “high volatility commercial real estate” is publishing a “correction” to its portion of a compliance burden explanation, noting Friday that the proposed rule is expected to each OCC-supervised “small entity” about $4,680 to implement.
The impact estimate is required under the Regulatory Flexibility Act (RFA). The OCC, in its original explanation, said the proposal was not expected to impose a significant economic impact on a substantially number of small entities. It was asked to provide explanation for that by the Small Business Administration, which monitors compliance with RFA, which is slated for publication next Wednesday in the Federal Register.
Noting else about the notice of proposed rule, which is intended to implement provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA, S. 2155), is changed; the public comment period ended Nov. 27.