[Federal Register Volume 84, Number 62 (Monday, April 1, 2019)]
[Notices]
[Pages 12326-12327]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-06151]
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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; Leveraged Lending
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
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 a continuing
information collection as required by the Paperwork Reduction Act of
1995 (PRA).
In accordance with the requirements of the PRA, the OCC may not
conduct or sponsor, and respondents are not required to respond to, an
information collection unless it displays a currently valid Office of
Management and Budget (OMB) control number.
The OCC is soliciting comment concerning the renewal of its
information collection titled ``Leveraged Lending.'' The OCC also is
giving notice that it has sent the collection to OMB for review.
DATES: Comments must be received by May 1, 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: Chief Counsel's Office, Office of the Comptroller of
the Currency, Attention: 1557-0315, 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
``1557-0315'' in your comment. In general, the OCC will publish
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.
[[Page 12327]]
Additionally, please send a copy of your comments by mail to: OCC
Desk Officer, 1557-0315, 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 November 13, 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 ``1557-0315'' or ``Leveraged Lending.'' 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 Street SW, Suite 3E-218, Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), federal
agencies must obtain approval from 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
recommendations, requests, or requirements that members of the public
submit reports, keep records, or provide information to a third party.
The OCC asks OMB to extend its approval of this collection.
Title: Leveraged Lending.
OMB Control No.: 1557-0315.
Description: On March 22, 2013, the agencies \2\ issued guidance to
the financial institutions they supervise \3\ on how to evaluate and
monitor credit risks in leveraged loans, understand the effect of
changes in borrowers' enterprise values on credit portfolio quality,
and assess the sensitivity of future credit losses to these changes in
enterprise values.\4\ In regard to the underwriting of such credits,
the guidance provides information for financial institutions to
consider in assessing whether borrowers have the ability to repay
credits when due and whether borrowers have sustainable capital
structures, including bank borrowings and other debt, to support their
continued operations through economic cycles. The guidance also
provides information to financial institutions on the risks and
potential impact of stressful events and circumstances on a borrower's
financial condition.
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\2\ OCC, Board of Governors of the Federal Reserve System, and
Federal Deposit Insurance Corporation.
\3\ For the OCC, the term ``financial institution'' or
``institution'' includes national banks, federal savings
associations, and federal branches and agencies supervised by the
OCC.
\4\ 78 FR 17766 (March 22, 2013).
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The guidance recommends that financial institutions consider
developing: (i) Underwriting policies for leveraged lending, including
stress-testing procedures for leveraged credits; (ii) risk management
policies, including stress-testing procedures for pipeline exposures;
and (iii) policies and procedures for incorporating the results of
leveraged credit and pipeline stress tests into the firm's overall
stress-testing framework. While not requirements, these recommended
policies qualify as ``collections of information'' as defined in the
PRA.
Respondents are financial institutions with leveraged lending
activities as defined in the guidance that may develop policies
recommended in the guidance.
Title: Guidance on Leveraged Lending.
OMB Control No.: 1557-0315.
Frequency of Response: Annual.
Affected Public: Financial institutions with leveraged lending.
Burden Estimates:
Estimated number of respondents: 29.
Estimated total annual burden: 39,162 hours to build; 49,462 hours
for ongoing use.
Total estimated annual burden: 88,624 hours.
The OCC issued a notice regarding this collection for 60 days of
comment on November 13, 2018, 83 FR 56399. No comments were received.
Comments continue to be invited on:
(a) Whether the information collections are necessary for the
proper performance of the OCC's functions, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimates of the burden of the
information collections, including the validity of the methodology and
assumptions used;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of information collections on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
(e) Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
Dated: March 25, 2019.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2019-06151 Filed 3-29-19; 8:45 am]
BILLING CODE 4810-33-P