2025年7月珠信信用豁免更新

ACTION: Notice SUMMARY: The Infrastructure Investment and Jobs Act (IIJA)1includes funding for robust investmentinAmerican infrastructure projects.IIJAincludestheBroadbandEquity,Access,andDeployment(BEAD)Program,whichprovides$42.45 billion toincreasehigh-speedInternet coverage throughout the United States.The NationalTelecommunications andInformation Administration (NTIA), as the agency responsible for administering theBEAD program, provides herein notice of a conditional programmaticwaiverofcertainrequirementssetforthinsectionIV.D.2.a.iiofthe BEADProgram Notice of FundingOpportunity(NOFO)2related to the application of Weiss ratingsto determine theacceptability of United Statesbanksand credit unionstoissuea letter of credit. 1.Background The BEAD NOFO requires Eligible Entities to establish a model letter of credit substantiallysimilar to the model letter of credit established by theFederal CommunicationsCommission(FCC)in connection with the Rural Digital Opportunity Fund.3During each Eligible Entity’sapplication process for subgrantees seeking to deploy network facilities, each applicant mustsubmit a letter from a bank meeting eligibilityrequirementsconsistentwiththosesetforthin47C.F.R.§54.804(c)(2)committingto issueanirrevocablestandbyletterofcredit,intherequiredform,totheprospectivesubgrantee.4 Priortoenteringintoanysubgranteeagreement,subgranteesmustprovidetheEligibleEntityanirrevocable standby letter of credit inthe requiredform, acceptable in all respects to the EligibleEntity, in a value of no less than 25 percent of the subaward amount.5In addition, a subgranteemust provide the Eligible Entityan opinion letter from legal counsel stating that in a proceedingunder the Bankruptcy Code the bankruptcy court would not treat the letter of credit as propertyof the winning subgrantee’s bankruptcy estate.6NTIA subsequentlyissued aprogrammaticwaivermodifying these requirements to, among other things, allow the use ofUnited Statescredit unionswith a credit union safety ratingissued by Weiss of B-or better.7 On December 11, 2024, theFCCadopted a Report and Ordermodifying 47 C.F.R.§54.804(c)(2) to eliminateWeiss ratingsas the standard for United States banks to beconsidered acceptable forissuinglettersof credit.8This requirement was replacedwith therequirement that the issuing bankbe “wellcapitalized”: That is well capitalized, as defined by federal bank regulations promulgated by theFederal Deposit Insurance Corporation, The Federal Reserve, and the Office of theComptroller of the Currency.9 This rule change will become effective August 24, 2025. Because NTIA has incorporated thisrule into the BEAD Notice of Funding Opportunity (NOFO), the modified rule will likewise gointo effect for the BEAD program effective August 24, 2025. Additionally,NTIA will allowfinancial institutions rated BBB-or higher by a Nationally Recognized Statistical RatingOrganization (NRSRO), as recognized by the Securities and Exchange Commission (SEC), tobe considered acceptable for issuing letters of credit in theBEAD program. TheAssistantSecretaryofCommerceforCommunicationsandInformationhasdeterminedthat,for good cause shown, and in the best interest of the Federal Government, afurtherconditionalprogrammatic waiver of the letter of credit obligation should be granted as described hereintoeliminatethe application of Weiss ratingstocreditunionsand allowfor the inclusion of qualifyingNRSRO rated financial institutions. 2.ConditionalProgrammaticWaiver 2.1Weiss Ratings for U.S. Banks The BEAD NOFOincorporatesby reference47 C.F.R.§54.804(c)(2)into the letter of creditrequirementsimposed on subgrantees.Consistent with the FCC’s modification of that rule, NTIAno longerrequiressubgrantees to obtain the letter of credit from aUnited Statesbank with a WeissCredit rating of B-or better.This requirement is replaced with the requirement that the bank be“well capitalized”as determined byfederal bank regulations promulgatedbythe Federal DepositInsurance Corporation, the Federal Reserve,andthe Office of the Comptroller of the Currency. 2.2SubgranteeOptiontoUseCreditUnions10 Consistent with the modification adopted aboveandtomaintain uniformity across the BEADProgram,NTIA finds that it is in the best interest of the federal government to amend NTIA’sprevious programmatic waiverrelated to the use ofcredit unionsto eliminate the use of Weissratingsfor determining credit union eligibility.Therequirement thatcreditunionshave asafety ratingissued by Weiss of B-or better is eliminated.Subgrantees mustonly demonstratethattheUnitedStatescreditunionisinsured bythe NationalCreditUnionAdministration.11 2.3Subgrantee Option to Use Qualifying NRSRORated Banks In addition to the two modifications adopted above and to provide additional flexibility tosubgrantees in the BEAD program, NTIA finds it is in the best interest of the federalgovernment to allow for the inclusion of banks rated BBB-or higher by Nationally RecognizedStatistical Rating Organization