Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Subordinated Debt, 35737-35739 [2015-15297]

Download as PDF tkelley on DSK3SPTVN1PROD with NOTICES Federal Register / Vol. 80, No. 119 / Monday, June 22, 2015 / Notices electronic mail to prainfo@occ.treas.gov. You may personally inspect and photocopy comments at the OCC, 400 7th Street SW., Washington, DC 20219. For security reasons, the OCC requires that visitors make an appointment to inspect comments. You may do so by calling (202) 649–6700. Upon arrival, visitors will be required to present valid government-issued photo identification and submit to security screening in order to inspect and photocopy comments. All 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–NEW, U.S. Office of Management and Budget, 725 17th Street NW., #10235, Washington, DC 20503, or by email to: oira_submission@ omb.eop.gov. FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance Officer, (202) 649–5490, for persons who are deaf or hard of hearing, TTY, (202) 649–5597, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street SW., Washington, DC 20219. SUPPLEMENTARY INFORMATION: The OCC is requesting OMB approval for the following information collection: Title: Domestic Residential Home Equity Lending Data. OMB Control Number: To be assigned by OMB. Description: Comprehensive home equity line of credit data is vital to assessing and monitoring credit quality and loss mitigation activities in the residential mortgage market and the federal banking system. This data is important and necessary to support supervisory activities to ensure the safety and soundness of the federal banking system. Where the respondent is both the servicer and originator of a home equity loan or line of credit, the Home Equity Residential Lending Data collection would include origination data and only servicing data where the respondent services for others. Detailed loan-level data would be collected monthly and portfolio-level data collected quarterly. All data collected would be based on standard data and definitions. The reported loan-level data items would include: Loan number; property information; loan, line, and appraisal amounts; loan documentation VerDate Sep<11>2014 17:45 Jun 19, 2015 Jkt 235001 information; loan-to-values and debt-to income-ratios; non-personally identifiable borrower information; bankruptcy and foreclosure status; and other loan information. The reported portfolio-level data would include: total managed Home Equity portfolio (lines and loans), total securitized Home Equity portfolio, and other portfoliolevel information. Also, in order to match senior and junior lien residential mortgages on the same collateral, the OCC would collect additional information (add data elements) on the residential mortgage loans reported in Domestic First Lien Residential Mortgage and the Domestic Residential Home Equity Lending datasets. This data would include: Property and mailing address, census tract, liquidation status, and original lien position. By matching the senior and junior liens by property ID, the OCC would gain better insight into the level of risk of both credit types, for example, current loans secured by junior liens behind past due loans secured by first liens. The data is subject to an information security program to ensure its confidentiality. Type of Review: Regular review. Affected Public: Businesses or other for-profit. Estimated Number of Respondents: 64. Estimated Annual Responses per Respondent: 12. Estimated Burden per Response: 430. Estimated Total Annual Burden: 330,240 hours. An agency may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless the information collection displays a currently valid OMB control number. The OCC published a notice regarding this collection on September 5, 2014 for 60 days of comment (79 FR 53102). One comment was received regarding the collection from a trade association. The trade association acknowledged that, while the notice provided a general description of the data requested, it did not include the specific data templates. In addition, it was not clear to the commenter which national banks would be subject to the data collection, the timeframe for submission, and the effective date of the collection. The commenter also suggested that the data collection might duplicate data that banking organizations already are providing to the Federal Reserve Board (FRB) in connection with the FR Y–14 reporting requirements and pointed out that the potential for duplication is especially relevant to national banks that are the dominant subsidiary in a PO 00000 Frm 00114 Fmt 4703 Sfmt 4703 35737 holding company structure. The commenter recommended coordination of the data collection with the FRB to minimize duplicative or divergent reporting requirements. The commenter suggested that the OCC consider accepting data currently submitted to the FRB in connection with the FR Y– 14 in satisfaction of the data collection or work with the FRB to establish a single set of data with identical file layouts and definitions. The commenter suggested, as an alternative, having the FRB add data elements to the FR Y–14 that designate whether a loan is part of the bank or a non-bank affiliate. The request for copies of the data templates will be met by the Information Collection Request, which will be submitted to the Office of Management and Budget and made publicly available at www.reginfo.gov. Furthermore, the OCC understands the commenters concerns and is actively exploring use of the FRB’s FR Y–14 data, where possible, in order to decrease banks’ reporting burden. 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 shall have 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: June 16, 2015. Stuart E. Feldstein, Director, Legislative and Regulatory Activities Division. [FR Doc. 2015–15248 Filed 6–19–15; 8:45 am] BILLING CODE 4810–33–P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Subordinated Debt Office of the Comptroller of the Currency (OCC), Treasury. ACTION: Notice and request for comment. AGENCY: E:\FR\FM\22JNN1.SGM 22JNN1 35738 Federal Register / Vol. 80, No. 119 / Monday, June 22, 2015 / Notices 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 the respondent is 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 renewal of its information collection titled, ‘‘Subordinated Debt.’’ The OCC also is giving notice that it has sent the collection to OMB for review. DATES: Comments must be submitted on or before July 22, 2015. ADDRESSES: Because paper mail in the Washington, DC area and at the OCC is subject to delay, commenters are encouraged to submit comments by email, if possible. Comments may be sent to: Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, Attention: 1557–0320, 400 7th Street SW., Suite 3E–218, Mail Stop 9W–11, Washington, DC 20219. In addition, comments may be sent by fax to (571) 465–4326 or by electronic mail to prainfo@occ.treas.gov. You may personally inspect and photocopy comments at the OCC, 400 7th Street SW., Washington, DC 20219. For security reasons, the OCC requires that visitors make an appointment to inspect comments. You may do so by calling (202) 649–6700. Upon arrival, visitors will be required to present valid government-issued photo identification and submit to security screening in order to inspect and photocopy comments. All 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, 1557–0320, U.S. Office of Management and Budget, 725 17th Street NW., #10235, Washington, DC 20503, or by email to: oira_submission@ omb.eop.gov. FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer, (202) 649–5490, for persons who are deaf or hard of hearing, TTY, (202) 649– 5597, Legislative and Regulatory Activities Division, Office of the tkelley on DSK3SPTVN1PROD with NOTICES SUMMARY: VerDate Sep<11>2014 17:45 Jun 19, 2015 Jkt 235001 Comptroller of the Currency, 400 7th Street SW., Suite 3E–218, Mail Stop 9W–11, Washington, DC 20219. SUPPLEMENTARY INFORMATION: OMB granted the OCC a six-month approval for the information collection requirements contained in the interim final rule entitled ‘‘Subordinated Debt Issued by a National Bank’’ (December 2014 Interim Final Rule).1 The OCC obtained this approval under existing OMB Control No. 1557–0320, which contained the information collection requirements in the interim final rule entitled ‘‘Basel III Conforming Amendments Related to CrossReferences, Subordinated Debt and Limits Based on Regulatory Capital’’ (February 2014 Interim Final Rule).2 The OCC proposes to extend OMB approval of the entire information collection for the standard three year period. Title: Subordinated Debt. OMB Control No.: 1557–0320. Frequency of Response: On occasion. Affected Public: Business or other forprofit. Burden Estimates: Prepayment of Subordinated Debt in Form of Call Option: 184 respondents; 1.30 burden hours per respondent; 239 total burden hours. Authority to Limit Distributions: 42 respondents; 0.5 hours per respondent; 21 total burden hours. Total Burden: 260 hours. Description: The OCC amended its rules governing subordinated debt twice in 2014. The first set of revisions, contained in the February 2014 Interim Final Rule, amended the rules applicable to both national banks and Federal savings associations (12 CFR 5.47 and 163.81, respectively). The second revisions, contained in the December 2014 Interim Final Rule, amended only the rules applicable to national banks. The February 2014 Interim Final Rule revised the requirements of 12 CFR 5.47 applicable to national banks. Specifically, those revisions require that all national banks must receive prior OCC approval in order to prepay subordinated debt that is included in tier 2 capital and certain national banks must receive prior OCC approval to prepay subordinated debt that is not included in tier 2 capital. If the prepayment is in the form of a call option and the subordinated debt is included in tier 2 capital, a national bank must submit the information required for general prepayment 1 79 2 79 PO 00000 FR 75417 (December 18, 2014). FR 11300 (February 28, 2014). Frm 00115 Fmt 4703 Sfmt 4703 requests under 12 CFR 5.47(g)(1)(ii)(A) 3 and also must comply with 12 CFR 5.47(g)(1)(ii)(B)(2),4 which requires a national bank to submit either: (1) A statement explaining why the bank believes that following the proposed prepayment the bank would continue to hold an amount of capital commensurate with its risk or (2) a description of the replacement capital instrument that meets the criteria for tier 1 or tier 2 capital under 12 CFR 3.20, including the amount of such instrument and the time frame for issuance. The February 2014 Interim Final Rule also revised the requirements of 12 CFR 163.81 5 applicable to Federal savings associations. Specifically, those revisions require a Federal savings association to obtain prior OCC approval to prepay subordinated debt securities or mandatorily redeemable preferred stock (covered securities) included in tier 2 capital. In addition, if the prepayment is in the form of a call option, a Federal savings association must submit the information required for general prepayment requests under 12 CFR 163.81(j)(2)(i) and also comply with 12 CFR 163.81(j)(2)(ii)(A), which requires a Federal savings association to submit either: (1) A statement explaining why the Federal savings association believes that following the proposed prepayment the Federal savings association would continue to hold an amount of capital commensurate with its risk or (2) a description of the replacement capital instrument that meets the criteria for tier 1 or tier 2 capital under 12 CFR 3.20, including the amount of such instrument and the time frame for issuance. The December 2014 Interim Final Rule revised 12 CFR 5.47 to add a disclosure requirement in 12 CFR 5.47(d)(3)(ii)(C). A national bank must describe in the subordinated debt note the OCC’s authority under 12 CFR 3.11 to limit distributions, including interest payments on any tier 2 capital instrument, if the national bank has full discretion to permanently or temporarily suspend such payments without triggering an event of default. The OCC issued a 60-day Federal Register notice on April 14, 2015, 3 Appeared as § 5.47(n)(1)(ii)(B) in the February 2014 Interim Final Rule and subsequently redesignated as § 5.47(g)(1)(ii)(B). 4 Appeared as § 5.47(n)(1)(ii)(A) in the February 2014 Interim Final Rule and subsequently redesignated as § 5.47(g)(1)(ii)(A). 5 The OCC renumbered this section as new § 5.56 in its final rule entitled ‘‘Integration of National Bank and Federal Savings Association Regulations: Licensing Rules,’’ 80 FR 28346 (May 18, 2015). E:\FR\FM\22JNN1.SGM 22JNN1 Federal Register / Vol. 80, No. 119 / Monday, June 22, 2015 / Notices regarding the collection (80 FR 20074). No comments were received regarding the information collection. One comment was received regarding subordinated debt guidelines and rulemakings issued separately by the OCC. The comment will be considered with regard to those issuances. Comments continue to be invited on: (a) Whether the collections of information 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; and (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. Dated: June 17, 2015. Mary H. Gottlieb, Regulatory Specialist, Legislative and Regulatory Activities Division. [FR Doc. 2015–15297 Filed 6–19–15; 8:45 am] BILLING CODE 4810–33–P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Activities: Proposed Information Collection; Submission for OMB Review; Domestic Credit Card Data Office of the Comptroller of the Currency (OCC), Treasury. ACTION: Notice and request for comment. AGENCY: 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 an 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 the respondent is 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 its proposed information collection titled, ‘‘Domestic Credit Card Data.’’ The OCC also is giving notice tkelley on DSK3SPTVN1PROD with NOTICES SUMMARY: VerDate Sep<11>2014 17:45 Jun 19, 2015 Jkt 235001 that the collection has been submitted to OMB for review. DATES: You should submit written comments by: July 22, 2015. ADDRESSES: Because paper mail in the Washington, DC area and at the OCC is subject to delay, commenters are encouraged to submit comments by email, if possible. Comments may be sent to: Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, Attention: 1557–NEW, 400 7th Street SW., Suite 3E–218, Mail Stop 9W–11, Washington, DC 20219. In addition, comments may be sent by fax to (571) 465–4326 or by electronic mail to prainfo@occ.treas.gov. You may personally inspect and photocopy comments at the OCC, 400 7th Street SW., Washington, DC 20219. For security reasons, the OCC requires that visitors make an appointment to inspect comments. You may do so by calling (202) 649–6700. Upon arrival, visitors will be required to present valid government-issued photo identification and submit to security screening in order to inspect and photocopy comments. All 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–NEW, U.S. Office of Management and Budget, 725 17th Street NW., #10235, Washington, DC 20503, or by email to: oira_submission@ omb.eop.gov. FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance Officer, (202) 649–5490, for persons who are deaf or hard of hearing, TTY, (202) 649–5597, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street SW., Washington, DC 20219. SUPPLEMENTARY INFORMATION: The OCC is requesting approval on its proposed information collection. Title: Domestic Credit Card Data. OMB Control Number: To be assigned by OMB. Description This collection involves the provision of monthly comprehensive credit card account-level data to the OCC. The OCC requires this comprehensive credit card data to obtain a detailed picture of the activities of national bank credit card issuers. The scope of the credit card data includes domestic general purpose, private label, and business card portfolios (excluding PO 00000 Frm 00116 Fmt 4703 Sfmt 4703 35739 corporate and government). Additionally, it includes credit bureau attributes at the account-level and portfolio-level data. The collection request covers all credit card receivables managed by the largest national banks credit card issuers and their subsidiaries. The credit card accountlevel data requested uses common definitions and data elements for asset quality metrics (delinquencies, losses, etc.), forbearance activities, and segmentation by credit quality risk indicators (such as credit scores). The credit card portfolio-level data request uses common definitions and data elements for portfolio performance metrics not likely to be captured at the account level. The account-level data collection frequency is monthly with credit attributes collected quarterly; the portfolio-level data collection is quarterly using month-end data for each month in the quarter. The data is subject to an information security program to ensure its confidentiality. This collection supports OCC’s efforts to perform risk-based supervision of large banks by enhancing its benchmarking and analytic capabilities. Comprehensive credit card data allows early warning analysis and benchmarking across the largest federally-regulated credit card issuers. A standard set of data elements and definitions allows sound conclusions to be drawn regarding the credit card industry. The data are important and necessary to support supervisory activities to ensure the safety and soundness of the federal banking system. Type of Review: Regular review. Affected Public: Businesses or other for-profit. Estimated Number of Respondents: 17 (16 institutions; 1 credit bureau). Estimated Annual Responses per Respondent: 12. Estimated Burden per Response: 430 hours. Estimated Total Annual Burden: 87,720 hours. An agency may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless the information collection displays a currently valid OMB control number. The OCC issued a notice regarding this collection for 60 days of comment on September 5, 2014, (79 FR 53101). The OCC received two comments regarding the collection from two trade associations. One trade association recommended that the OCC: (a) Extend the comment period for the information collection; (b) publish a copy of the proposed E:\FR\FM\22JNN1.SGM 22JNN1

Agencies

[Federal Register Volume 80, Number 119 (Monday, June 22, 2015)]
[Notices]
[Pages 35737-35739]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-15297]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Submission for OMB Review; Subordinated Debt

AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.

ACTION: Notice and request for comment.

-----------------------------------------------------------------------

[[Page 35738]]

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 the respondent is 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 renewal of its information 
collection titled, ``Subordinated Debt.'' The OCC also is giving notice 
that it has sent the collection to OMB for review.

DATES: Comments must be submitted on or before July 22, 2015.

ADDRESSES: Because paper mail in the Washington, DC area and at the OCC 
is subject to delay, commenters are encouraged to submit comments by 
email, if possible. Comments may be sent to: Legislative and Regulatory 
Activities Division, Office of the Comptroller of the Currency, 
Attention: 1557-0320, 400 7th Street SW., Suite 3E-218, Mail Stop 9W-
11, Washington, DC 20219. In addition, comments may be sent by fax to 
(571) 465-4326 or by electronic mail to prainfo@occ.treas.gov. You may 
personally inspect and photocopy comments at the OCC, 400 7th Street 
SW., Washington, DC 20219. For security reasons, the OCC requires that 
visitors make an appointment to inspect comments. You may do so by 
calling (202) 649-6700. Upon arrival, visitors will be required to 
present valid government-issued photo identification and submit to 
security screening in order to inspect and photocopy comments.
    All 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, 1557-0320, U.S. Office of Management and Budget, 725 17th 
Street NW., #10235, Washington, DC 20503, or by email to: 
oira_submission@omb.eop.gov.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer, 
(202) 649-5490, for persons who are deaf or hard of hearing, TTY, (202) 
649-5597, Legislative and Regulatory Activities Division, Office of the 
Comptroller of the Currency, 400 7th Street SW., Suite 3E-218, Mail 
Stop 9W-11, Washington, DC 20219.

SUPPLEMENTARY INFORMATION: OMB granted the OCC a six-month approval for 
the information collection requirements contained in the interim final 
rule entitled ``Subordinated Debt Issued by a National Bank'' (December 
2014 Interim Final Rule).\1\ The OCC obtained this approval under 
existing OMB Control No. 1557-0320, which contained the information 
collection requirements in the interim final rule entitled ``Basel III 
Conforming Amendments Related to Cross-References, Subordinated Debt 
and Limits Based on Regulatory Capital'' (February 2014 Interim Final 
Rule).\2\ The OCC proposes to extend OMB approval of the entire 
information collection for the standard three year period.
---------------------------------------------------------------------------

    \1\ 79 FR 75417 (December 18, 2014).
    \2\ 79 FR 11300 (February 28, 2014).
---------------------------------------------------------------------------

    Title: Subordinated Debt.
    OMB Control No.: 1557-0320.
    Frequency of Response: On occasion.
    Affected Public: Business or other for-profit.
    Burden Estimates:
     Prepayment of Subordinated Debt in Form of Call Option: 184 
respondents; 1.30 burden hours per respondent; 239 total burden hours.
     Authority to Limit Distributions: 42 respondents; 0.5 hours per 
respondent; 21 total burden hours.
     Total Burden: 260 hours.
    Description: The OCC amended its rules governing subordinated debt 
twice in 2014. The first set of revisions, contained in the February 
2014 Interim Final Rule, amended the rules applicable to both national 
banks and Federal savings associations (12 CFR 5.47 and 163.81, 
respectively). The second revisions, contained in the December 2014 
Interim Final Rule, amended only the rules applicable to national 
banks.
    The February 2014 Interim Final Rule revised the requirements of 12 
CFR 5.47 applicable to national banks. Specifically, those revisions 
require that all national banks must receive prior OCC approval in 
order to prepay subordinated debt that is included in tier 2 capital 
and certain national banks must receive prior OCC approval to prepay 
subordinated debt that is not included in tier 2 capital. If the 
prepayment is in the form of a call option and the subordinated debt is 
included in tier 2 capital, a national bank must submit the information 
required for general prepayment requests under 12 CFR 5.47(g)(1)(ii)(A) 
\3\ and also must comply with 12 CFR 5.47(g)(1)(ii)(B)(2),\4\ which 
requires a national bank to submit either: (1) A statement explaining 
why the bank believes that following the proposed prepayment the bank 
would continue to hold an amount of capital commensurate with its risk 
or (2) a description of the replacement capital instrument that meets 
the criteria for tier 1 or tier 2 capital under 12 CFR 3.20, including 
the amount of such instrument and the time frame for issuance.
---------------------------------------------------------------------------

    \3\ Appeared as Sec.  5.47(n)(1)(ii)(B) in the February 2014 
Interim Final Rule and subsequently redesignated as Sec.  
5.47(g)(1)(ii)(B).
    \4\ Appeared as Sec.  5.47(n)(1)(ii)(A) in the February 2014 
Interim Final Rule and subsequently redesignated as Sec.  
5.47(g)(1)(ii)(A).
---------------------------------------------------------------------------

    The February 2014 Interim Final Rule also revised the requirements 
of 12 CFR 163.81 \5\ applicable to Federal savings associations. 
Specifically, those revisions require a Federal savings association to 
obtain prior OCC approval to prepay subordinated debt securities or 
mandatorily redeemable preferred stock (covered securities) included in 
tier 2 capital. In addition, if the prepayment is in the form of a call 
option, a Federal savings association must submit the information 
required for general prepayment requests under 12 CFR 163.81(j)(2)(i) 
and also comply with 12 CFR 163.81(j)(2)(ii)(A), which requires a 
Federal savings association to submit either: (1) A statement 
explaining why the Federal savings association believes that following 
the proposed prepayment the Federal savings association would continue 
to hold an amount of capital commensurate with its risk or (2) a 
description of the replacement capital instrument that meets the 
criteria for tier 1 or tier 2 capital under 12 CFR 3.20, including the 
amount of such instrument and the time frame for issuance.
---------------------------------------------------------------------------

    \5\ The OCC renumbered this section as new Sec.  5.56 in its 
final rule entitled ``Integration of National Bank and Federal 
Savings Association Regulations: Licensing Rules,'' 80 FR 28346 (May 
18, 2015).
---------------------------------------------------------------------------

    The December 2014 Interim Final Rule revised 12 CFR 5.47 to add a 
disclosure requirement in 12 CFR 5.47(d)(3)(ii)(C). A national bank 
must describe in the subordinated debt note the OCC's authority under 
12 CFR 3.11 to limit distributions, including interest payments on any 
tier 2 capital instrument, if the national bank has full discretion to 
permanently or temporarily suspend such payments without triggering an 
event of default.
    The OCC issued a 60-day Federal Register notice on April 14, 2015,

[[Page 35739]]

regarding the collection (80 FR 20074). No comments were received 
regarding the information collection. One comment was received 
regarding subordinated debt guidelines and rulemakings issued 
separately by the OCC. The comment will be considered with regard to 
those issuances. Comments continue to be invited on:
    (a) Whether the collections of information 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; and
    (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.

    Dated: June 17, 2015.
Mary H. Gottlieb,
Regulatory Specialist, Legislative and Regulatory Activities Division.
[FR Doc. 2015-15297 Filed 6-19-15; 8:45 am]
BILLING CODE 4810-33-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.