[Federal Register Volume 84, Number 28 (Monday, February 11, 2019)]
[Notices]
[Pages 3279-3280]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-01720]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Submission for OMB Review; Annual Stress Test Rule
AGENCY: Office of the Comptroller of the Currency, Treasury (OCC).
ACTION: Notice and request for comment.
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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other federal
agencies to take this opportunity to comment on the renewal of this
information collection as required by the Paperwork Reduction Act of
1995 (PRA).
An agency may not conduct or sponsor, and a respondent is not
required to respond to, an information collection unless it displays a
currently valid Office of Management and Budget (OMB) control number.
Currently, the OCC is soliciting comment concerning the renewal of
its information collection titled ``Annual Stress Test Rule.'' The OCC
also is giving notice that it has sent the collection to OMB for
review.
DATES: Comments must be received on or before March 13, 2019.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
Email: [email protected].
Mail: Legislative and Regulatory Activities Division,
Office of the Comptroller of the Currency, Attention: 1557-0311, 400
7th Street SW, Suite 3E-218, Washington, DC 20219.
Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Fax: (571) 465-4326.
Instructions: You must include ``OCC'' as the agency name and
``1557-0311'' in your comment. In general, the OCC will post comments
on www.reginfo.gov without change, including any business or personal
information provided, such as name and address information, email
addresses, or phone numbers. Comments received, including attachments
and other supporting materials, are part of the public record and
subject to public disclosure. Do not include any information in your
comment or supporting materials that you consider confidential or
inappropriate for public disclosure.
Additionally, please send a copy of your comments by mail to: OCC
Desk Officer, 1557-0311, U.S. Office of Management and Budget, 725 17th
Street NW, #10235, Washington, DC 20503 or by email to
[email protected].
You may review comments and other related materials that pertain to
this information collection\1\ following the close of the 30-day
comment period for this notice by any of the following methods:
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\1\ On December 6, 2018 the OCC published a 60-day notice for
this information collection.
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Viewing Comments Electronically: Go to www.reginfo.gov.
Click on the ``Information Collection Review'' tab. Underneath the
``Currently under Review'' section heading, from the drop-down menu,
select ``Department of Treasury'' and then click ``submit.'' This
information collection can be located by searching by OMB control
number ``1557-0311'' or ``Annual Stress Test Rule.'' Upon finding the
appropriate information collection, click on the related ``ICR
Reference Number.'' On the next screen, select ``View Supporting
Statement and Other Documents'' and then click on the link to any
comment listed at the bottom of the screen.
For assistance in navigating www.reginfo.gov, please
contact the Regulatory Information Service Center at (202) 482-7340.
Viewing Comments Personally: You may personally inspect
comments at the OCC, 400 7th Street SW, Washington, DC. For security
reasons, the OCC requires that visitors make an appointment to inspect
comments. You may do so by calling (202) 649-6700 or, for persons who
are deaf or hearing impaired, TTY, (202) 649-5597. Upon arrival,
visitors will be required to present valid government-issued photo
identification and submit to security screening in order to inspect
comments.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer,
(202) 649-5490 or, for persons who are deaf or hearing impaired, TTY,
(202) 649-5597, Chief Counsel's Office, Office of the Comptroller of
the Currency, 400 7th St. SW, Suite 3E-218, Washington, DC 20219.
[[Page 3280]]
SUPPLEMENTARY INFORMATION: Under the Paperwork Reduction Act (PRA) (44
U.S.C. 3501-3520), federal agencies must obtain approval from the OMB
for each collection of information that they conduct or sponsor.
``Collection of information'' is defined in 44 U.S.C. 3502(3) and 5 CFR
1320.3(c) to include agency requests or requirements that members of
the public submit reports, keep records, or provide information to a
third party. The OCC asks that OMB extend its approval of this
collection.
Title: Annual Stress Test Rule.
OMB Control No.: 1557-0311.
Description: Section 165(i)(2) of the Dodd-Frank Wall Street Reform
and Consumer Protection Act requires certain financial companies,
including national banks and federal savings associations, to conduct
annual stress tests \2\ and requires the primary financial regulatory
agency \3\ of those financial companies to issue regulations
implementing the stress test requirements.\4\
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\2\ 12 U.S.C. 5365(i)(2)(A).
\3\ 12 U.S.C. 5301(12).
\4\ 12 U.S.C. 5365(i)(2)(C).
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Twelve CFR 46.6(a) specifies the calculations of the potential
impact on capital that must be made during each quarter of a planning
horizon. Section 46.6(c)(1) requires the senior management of each
covered institution to establish and maintain a system of controls,
oversight, and documentation, including policies and procedures that,
at a minimum, describe the covered institution's stress test practices
and methodologies and processes for updating the covered institution's
stress test practices. Section 46.6(c)(2) provides that the board of
directors of the covered institution shall approve and review these
policies and procedures no less than annually and provide the board of
directors and senior management with a summary of the stress test
results.
Section 46.7 provides that each covered institution shall report to
the OCC and to the Board of Governors of the Federal Reserve System
annually the results of the stress test in the time, manner and form
specified by the OCC.
Section 46.8 requires that a covered institution publish a summary
of the results of its annual stress tests on its website or in any
other forum that is reasonably accessible to the public. The summary
must include a description of the types of risks included in the stress
test, a summary description of the methodologies used in the stress
test, estimates of aggregate losses, pre-provision net revenue,
provisions for loan and lease losses, net income, and pro forma capital
ratios and an explanation of the most significant causes of the changes
in regulatory capital ratios. The summary also must reflect, for
estimates of aggregate losses, pre-provision net revenue, provisions
for loan and lease losses, the estimated cumulative effects and
estimated capital ratios, net income, and pro forma capital ratios
(including regulatory and any other capital ratios specified by the
OCC) at the end of the planning horizon, under the severely adverse
scenario.
Type of Review: Regular.
Affected Public: Businesses or other for-profit.
Estimated Number of Respondents: 61.
Estimated Total Annual Burden: 63,440 hours.
The OCC issued a notice for 60 days of comment regarding the
collection on December 6, 2018, 83 FR 62953. No comments were received.
Comments continue to be invited on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the OCC, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimate of the burden of the
collection of information;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the collection on respondents,
including through the use of automated collection techniques or other
forms of information technology; and
(e) Estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Dated: February 4, 2019.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2019-01720 Filed 2-8-19; 8:45 am]
BILLING CODE 4810-33-P