Federal Reserve Bank Capital Stock

This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. Rules and Regulations Federal Register 52231 Vol. 90, No. 222 Thursday, November 20, 2025 1 12 U.S.C. 287. 2 12 CFR 209.4(a). 3 12 U.S.C. 287 and 12 CFR 209.4(c)(2). 4 12 U.S.C. 289(a)(1). 5 12 CFR 209.1(d)(3). DEPARTMENT OF AGRICULTURE Farm Service Agency 7 CFR Part 760 [FSA–2025–0007] RIN 0560–AI81 Agricultural Disaster Indemnity Programs; Approval of Information Collection Request AGENCY: Farm Service Agency, U.S. Department of Agriculture (USDA). ACTION: Final rule; notice of approval of Information Collection Request (ICR). SUMMARY: The final rule entitled Agricultural Disaster Indemnity Programs was published on November 18, 2025. The Office of Management and Budget cleared the associated information collection requirements (ICR) on November 17, 2025. This document announces approval of the ICR. DATES: The ICR associated with the final rule published in the Federal Register on November 14, 2025, at 90 FR 51956, was approved by OMB on November 17, 2025, under OMB Control Number 0503–0028. FOR FURTHER INFORMATION CONTACT: For SDRP, Kathy Sayers; telephone: (202) 720–6870; or email: Kathy.Sayers@ usda.gov. For OFSCLP, Shayla Watson; telephone: (202) 690–2350; or email: Shayla.Watson@usda.gov. For MLP, Douglas E. Kilgore; telephone: (717) 887–0963; or email: Douglas.E.Kilgore@ usda.gov. Individuals with disabilities who require alternative means for communication should contact the USDA Target Center at (202) 720–2600 (voice and text telephone (TTY mode)) or dial 711 for Telecommunications Relay Service (both voice and text telephone users can initiate this call from any telephone). SUPPLEMENTARY INFORMATION: The information collection request has been approved by OMB under the control number of 0503–0028; Expiration Date: 10/31/2027 FSA will issue payments to producers using the following forms: CCC–901, CCC–902E, CCC–902I, AD– 1026, AD–2047, FSA–578 and FSA–510. In addition, for the information collection under 0503–0028; Expiration Date: 10/31/2027, the agency is seeking to use FSA–878, FSA–878 Cont., FSA– 376, FSA–504, and FSA–526Q with this data collection. The AD–1026 is exempt. The FSA– 878, FSA–878 Cont., FSA–376, FSA– 504, and FSA–526Q are the only new data collection activities associated with this request. The total annual burden hours for this information collection is 118,131 (117,693 SDRP + 242 OFSCLP

• 196 MLP). William Beam, Administrator, Farm Service Agency. [FR Doc. 2025–20455 Filed 11–19–25; 8:45 am] BILLING CODE 3411–E2–P FEDERAL RESERVE SYSTEM 12 CFR Part 209 [Regulation I; Docket No. R–1877] RIN 7100–AH09 Federal Reserve Bank Capital Stock AGENCY: Board of Governors of the Federal Reserve System. ACTION: Final rule. SUMMARY: The Board of Governors (Board) is publishing a final rule that applies an inflation adjustment to the threshold for total consolidated assets in Regulation I. Federal Reserve Bank (Reserve Bank) stockholders that have total consolidated assets above the threshold receive a different dividend rate on their Reserve Bank stock than stockholders with total consolidated assets at or below the threshold. The Federal Reserve Act requires that the Board annually adjust the total consolidated asset threshold to reflect the change in the Gross Domestic Product Price Index, published by the Bureau of Economic Analysis (BEA). Based on the change in the Gross Domestic Product Price Index as of September 25, 2025, the total consolidated asset threshold will be $13,182,000,000 through December 31,

DATES: Effective date: December 22, 2025. Applicability date: The adjusted threshold for total consolidated assets will apply beginning on January 1, 2026. FOR FURTHER INFORMATION CONTACT: Benjamin Snodgrass, Senior Counsel (202/263–4877), Legal Division; or Kelsey Cassidy, Senior Financial Institutions Policy Analyst (202/465– 6817), Reserve Bank Operations and Payments Systems Division. For users of TTY–TRS, please contact 711 from any telephone, anywhere in the United States or (202) 263–4869. SUPPLEMENTARY INFORMATION: I. Background Regulation I governs the issuance and cancellation of capital stock by the Reserve Banks. Under section 5 of the Federal Reserve Act 1 and Regulation I,2 a member bank must subscribe to capital stock of the Reserve Bank of its district in an amount equal to six percent of the member bank’s capital and surplus. The member bank must pay for one-half of this subscription when the Reserve Bank issues the capital stock, while the remaining half of the subscription shall be subject to call by the Board.3 Section 7(a)(1) of the Federal Reserve Act 4 provides that Reserve Bank stockholders with $10 billion or less in total consolidated assets shall receive a six percent dividend on paid-in capital stock, while stockholders with more than $10 billion in total consolidated assets shall receive a dividend on paid￾in capital stock equal to the lesser of six percent and ‘‘the rate equal to the high yield of the 10-year Treasury note auctioned at the last auction held prior to the payment of such dividend.’’ Section 7(a)(1) requires that the Board adjust the threshold for total consolidated assets annually to reflect the change in the Gross Domestic Product Price Index, published by the BEA. Regulation I implements section 7(a)(1) of the Federal Reserve Act by (1) defining the term ‘‘total consolidated assets,’’ 5 (2) incorporating the statutory dividend rates for Reserve Bank VerDate Sep<11>2014 15:57 Nov 19, 2025 Jkt 268001 PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 E:\FR\FM\20NOR1.SGM 20NOR1 lotter on DSK11XQN23PROD with RULES1

52232 Federal Register / Vol. 90, No. 222 / Thursday, November 20, 2025 / Rules and Regulations 6 12 CFR 209.4(e), (c)(1)(ii), and (d)(1)(ii); 209.2(a); and 209.3(d)(5). 7 12 CFR 209.4(f). 8 81 FR 84415, 84417 (Nov. 23, 2016). 9The BEA makes ongoing revisions to its estimates of the Gross Domestic Product Price Index for historical calendar quarters. The Board calculates annual adjustments from the baseline year (rather than from the prior-year total consolidated asset threshold) to ensure that the adjusted total consolidated asset threshold accurately reflects the cumulative change in the BEA’s most recent estimates of the Gross Domestic Product Price Index. 10See 12 CFR 209.4(f) and n. 8 and accompanying text, supra. 11 5 U.S.C. 603 and 604. 12 44 U.S.C. 3506; 5 CFR 1320. stockholders 6 and (3) providing that the Board shall adjust the threshold for total consolidated assets annually to reflect the change in the Gross Domestic Product Price Index.7 The Board has explained that it ‘‘expects to make this adjustment [to the threshold for total consolidated assets] using the final second quarter estimate of the Gross Domestic Product Price Index for each year, published by the Bureau of Economic Analysis.’’ 8 II. Adjustment The Board annually adjusts the $10 billion total consolidated asset threshold based on the change in the Gross Domestic Product Price Index between the second quarter of 2015 (the baseline year) and the second quarter of the current year.9 The second quarter 2025 Gross Domestic Product Price Index estimate published by the BEA in September 2025 (128.266) is 31.82% percent higher than the second quarter 2015 Gross Domestic Product Price Index estimate published by the BEA in September 2025 (97.302). Based on this change in the Gross Domestic Product Price Index, the threshold for total consolidated assets in Regulation I will be $13,182,000,000 as of January 1, 2026. III. Administrative Law Matters Administrative Procedure Act The provisions of 5 U.S.C. 553(b) relating to notice of proposed rulemaking have not been followed in connection with the adoption of these amendments. The amendments involve expected, ministerial adjustments that are required by statute and Regulation I and are consistent with a method previously set forth by the Board.10 Accordingly, the Board finds good cause for determining, and so determines, that notice in accordance with 5 U.S.C. 553(b) is unnecessary. Regulatory Flexibility Act The Regulatory Flexibility Act (RFA) does not apply to a rulemaking where a general notice of proposed rulemaking is not required.11 As noted previously, the Board has determined that it is unnecessary 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. Paperwork Reduction Act In accordance with the Paperwork Reduction Act of 1995,12 the Board has reviewed this final rule. No collections of information pursuant to the Paperwork Reduction Act are contained in the final rule. List of Subjects in 12 CFR Part 209 Banks, Banking, Federal Reserve System, Reporting and recordkeeping requirements, Securities. Authority and Issuance For the reasons set forth in the preamble, the Board amends Regulation I, 12 CFR part 209, as follows: PART 209—[AMENDED] ■ 1. The authority citation for part 209 continues to read as follows: Authority: 12 U.S.C. 12 U.S.C. 222, 248, 282, 286–288, 289, 321, 323, 327–328, and 466. ■ 2. In part 209, remove the text ‘‘$12,841,000,000’’, wherever it appears, and add in its place the text ‘‘$13,182,000,000’’. By order of the Board of Governors of the Federal Reserve System, acting under delegated authority. Benjamin W. McDonough, Deputy Secretary of the Board. [FR Doc. 2025–20472 Filed 11–19–25; 8:45 am] BILLING CODE 6210–01–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 39 [Docket No. FAA–2025–1348; Project Identifier MCAI–2025–00159–R; Amendment 39–23176; AD 2025–21–04] RIN 2120–AA64 Airworthiness Directives; Leonardo S.p.a. Helicopters AGENCY: Federal Aviation Administration (FAA), DOT. ACTION: Final rule. SUMMARY: The FAA is superseding Airworthiness Directive (AD) 2024–09– 02, which applies to all Leonardo S.p.a. Model AW169 helicopters. AD 2024– 09–02 required replacing certain aft float assemblies or, as an alternative, deactivating the emergency flotation system (EFS). AD 2024–09–02 also prohibited the installation of certain forward and aft float assemblies. Since the FAA issued AD 2024–09–02, the FAA has determined that replacing additional forward and aft float assemblies is necessary. This AD retains all the actions of AD 2024–09–02 and also requires replacing certain forward and aft float assemblies within 24 months or during the next accomplishment of a certain maintenance task. The FAA is issuing this AD to address the unsafe condition on these products. DATES: This AD is effective December 26, 2025. The Director of the Federal Register approved the incorporation by reference of a certain publication listed in this AD as of June 5, 2024 (89 FR 44547, May 21, 2024). ADDRESSES: AD Docket: You may examine the AD docket at regulations.gov under Docket No. FAA–2025–1348; or in person at Docket Operations between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. The AD docket contains this final rule, the mandatory continuing airworthiness information (MCAI), any comments received, and other information. The address for Docket Operations is U.S. Department of Transportation, Docket Operations, M– 30, West Building Ground Floor, Room W12–140, 1200 New Jersey Avenue SE, Washington, DC 20590. Material Incorporated by Reference: • For European Union Aviation Safety Agency (EASA) material identified in this AD, contact EASA, Konrad-Adenauer-Ufer 3, 50668 Cologne, Germany; phone: +49 221 8999 000; email: ADs@easa.europa.eu; website: easa.europa.eu. You may find the EASA material on the EASA website at ad.easa.europa.eu. • You may view this material at the FAA, Office of the Regional Counsel, Southwest Region, 10101 Hillwood Parkway, Room 6N–321, Fort Worth, TX 76177. For information on the availability of this material at the FAA, call (817) 222–5110. It is also available at regulations.gov under Docket No. FAA–2025–1348. FOR FURTHER INFORMATION CONTACT: Yves Petiote, Aviation Safety Engineer, FAA, 1600 Stewart Avenue, Suite 410, Westbury, NY 11590; phone: (202) 975– 4867; email: yves.petiote@faa.gov. SUPPLEMENTARY INFORMATION: VerDate Sep<11>2014 15:57 Nov 19, 2025 Jkt 268001 PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 E:\FR\FM\20NOR1.SGM 20NOR1 lotter on DSK11XQN23PROD with RULES1