Annual Stress Test, 16484 [2012-6811]
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16484
Federal Register / Vol. 77, No. 55 / Wednesday, March 21, 2012 / Proposed Rules
For the Nuclear Regulatory Commission.
R.W. Borchardt,
Executive Director for Operations.
[FR Doc. 2012–6843 Filed 3–20–12; 8:45 am]
BILLING CODE 7590–01–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 46
[Docket ID OCC–2011–0029]
RIN 1557–AD58
Annual Stress Test
Office of the Comptroller of the
Currency, Treasury (‘‘OCC’’).
ACTION: Proposed rule; extension of
comment period.
AGENCY:
On January 24, 2012, the OCC
published in the Federal Register a
notice of proposed rulemaking (NPRM)
to implement section 165(i) of the DoddFrank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act). The
proposed rule would require national
banks and Federal savings associations
with total consolidated assets of more
than $10 billion to conduct an annual
stress test and comply with certain
reporting and disclosure requirements.
To allow parties more time to
consider the impact of the proposed
rule, and so that the comment period on
the proposed rule will run concurrently
with the comment period for a
comparable rule proposed by the Board
of Governors of the Federal Reserve
System (Board), the OCC has
determined that an extension of the
comment period until April 30, 2012 is
appropriate. This action will allow
interested persons additional time to
analyze the proposed rule and prepare
their comments.
DATES: Comments on the proposed rule
must be received on or before April 30,
2012.
ADDRESSES: You may submit comments
by any of the methods identified in the
proposed rule. Please submit your
comments using only one method.
FOR FURTHER INFORMATION CONTACT:
Robert Scavotto, Lead International
Expert, International Analysis and
Banking Condition (202) 874–4943,
Tanya Smith, Lead Expert, Regulatory
Capital and Operational Risk (202) 874–
4464, Akhtarur Siddique, Deputy
Director, Enterprise Risk Analysis
Division (202) 874–4665, Ron
Shimabukuro, Senior Counsel, or
Alexandra Arney, Attorney, Legislative
srobinson on DSK4SPTVN1PROD with PROPOSALS
SUMMARY:
VerDate Mar<15>2010
17:11 Mar 20, 2012
Jkt 226001
and Regulatory Activities Division (202)
874–6104, Office of the Comptroller of
the Currency, 250 E Street SW.,
Washington, DC 20219.
SUPPLEMENTARY INFORMATION: On
January 24, 2012, the OCC published a
proposed rule in the Federal Register
(proposed rule) 1 to implement stress
testing requirements in section 165(i) of
the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Dodd-Frank
Act).2 Section 165(i) requires certain
financial companies, including national
banks and Federal savings associations,
with total consolidated assets in excess
of $10 billion to conduct annual stress
tests pursuant to regulations prescribed
by their respective Federal primary
financial regulatory agencies. The
Federal primary financial regulatory
agency is required to define ‘‘stress
test,’’ establish methodologies for the
conduct of the stress test that must
include at least three different sets of
conditions (baseline, adverse, and
severely adverse), establish the form and
content of the report that institutions are
required to submit, and require the
institution to publish a summary of the
results of the institutional stress tests.3
In recognition of the complexities of
the rulemaking and the variety of
considerations involved in its impact
and implementation, the OCC requested
that commenters respond to numerous
questions. The proposed rule stated that
the public comment period would close
on March 26, 2012.4
The OCC believes that it is important
to allow interested parties more time to
consider the impact of the proposed rule
and respond to the questions asked in
the NPRM. Additionally, the OCC
believes that the comment period for the
proposed rule should run concurrently
with a similar rule by the Board of
Governors of the Federal Reserve
System (Board). The Board published its
proposed rule implementing the stress
testing requirements of section 165(i) of
the Dodd-Frank Act on January 5, 2012
with the comment period closing on
March 31, 2012.5 The Board recently
extended the comment period until
April 30.6 Section 165(i)(2)(C) directs
each Federal primary financial
regulatory agency to issue ‘‘consistent
and comparable’’ regulations to
implement the Act’s annual stress
testing requirements.7 Moreover, as
1 See
77 FR 3408 (Jan. 24, 2012).
Wall Street Reform and Consumer
Protection Act, Public Law 111–203, 124 Stat. 1376
(2010).
3 12 U.S.C. 5365(i)(2)(C).
4 See 77 FR 3408 (Jan. 24, 2012).
5 See 77 FR 594 (Jan. 5, 2012).
6 See 77 FR 13513 (March 7, 2012).
7 12 U.S.C. 5365(i)(2)(C).
2 Dodd-Frank
PO 00000
Frm 00002
Fmt 4702
Sfmt 4702
noted in the preambles to the proposed
rules, the Federal banking agencies
generally intend to coordinate the
development of the scenarios that will
be used for annual stress tests
performed pursuant to each agency’s
regulations.8 Therefore, the OCC
believes that the Annual Stress Test
proposed rule should be considered as
part of a coordinated effort by the
Federal banking agencies to implement
the annual stress testing requirements of
the Dodd-Frank Act. For these reasons,
the OCC is extending the deadline for
submitting comments on the proposed
rule from March 26, 2012 to April 30,
2012.
Dated: March 15, 2012.
John Walsh,
Acting Comptroller of the Currency.
[FR Doc. 2012–6811 Filed 3–20–12; 8:45 am]
BILLING CODE P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 325
RIN 3064–AD91
Annual Stress Test
Federal Deposit Insurance
Corporation (FDIC).
ACTION: Proposed rule; extension of
comment period.
AGENCY:
On January 23, 2012, the FDIC
published in the Federal Register a
notice of proposed rulemaking for
public comment to implement the
requirements in Section 165(i)(2) of the
Dodd-Frank Wall Street Reform and
Consumer Protection Act (the ‘‘DoddFrank Act’’) 1 by requiring state
nonmember banks and state savings
associations supervised by the
Corporation with total consolidated
assets of more than $10 billion to
conduct annual stress tests.
Due to the scope and complexity of
the rulemaking, the FDIC has
determined that an extension of the
comment period until April 30, 2012, is
appropriate. This action will allow
interested persons additional time to
analyze the proposed rules and to
prepare their comments.
DATES: Comments on the proposed rule
must be received on or before April 30,
2012.
ADDRESSES: You may submit comments
by any of the methods identified in the
SUMMARY:
8 See 77 FR 3408, 3412 (Jan. 24, 2012); 77 FR 594,
632 (Jan. 5, 2012); 77 FR 3166, 3168 (Jan. 23, 2012).
1 Dodd-Frank Wall Street Reform and Consumer
Protection Act, Public Law 111–203, 124 Stat. 1376
(2010).
E:\FR\FM\21MRP1.SGM
21MRP1
]]>Agencies
[Federal Register Volume 77, Number 55 (Wednesday, March 21, 2012)]
[Proposed Rules]
[Page 16484]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-6811]
=======================================================================
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
12 CFR Part 46
[Docket ID OCC-2011-0029]
RIN 1557-AD58
Annual Stress Test
AGENCY: Office of the Comptroller of the Currency, Treasury (``OCC'').
ACTION: Proposed rule; extension of comment period.
-----------------------------------------------------------------------
SUMMARY: On January 24, 2012, the OCC published in the Federal Register
a notice of proposed rulemaking (NPRM) to implement section 165(i) of
the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-
Frank Act). The proposed rule would require national banks and Federal
savings associations with total consolidated assets of more than $10
billion to conduct an annual stress test and comply with certain
reporting and disclosure requirements.
To allow parties more time to consider the impact of the proposed
rule, and so that the comment period on the proposed rule will run
concurrently with the comment period for a comparable rule proposed by
the Board of Governors of the Federal Reserve System (Board), the OCC
has determined that an extension of the comment period until April 30,
2012 is appropriate. This action will allow interested persons
additional time to analyze the proposed rule and prepare their
comments.
DATES: Comments on the proposed rule must be received on or before
April 30, 2012.
ADDRESSES: You may submit comments by any of the methods identified in
the proposed rule. Please submit your comments using only one method.
FOR FURTHER INFORMATION CONTACT: Robert Scavotto, Lead International
Expert, International Analysis and Banking Condition (202) 874-4943,
Tanya Smith, Lead Expert, Regulatory Capital and Operational Risk (202)
874-4464, Akhtarur Siddique, Deputy Director, Enterprise Risk Analysis
Division (202) 874-4665, Ron Shimabukuro, Senior Counsel, or Alexandra
Arney, Attorney, Legislative and Regulatory Activities Division (202)
874-6104, Office of the Comptroller of the Currency, 250 E Street SW.,
Washington, DC 20219.
SUPPLEMENTARY INFORMATION: On January 24, 2012, the OCC published a
proposed rule in the Federal Register (proposed rule) \1\ to implement
stress testing requirements in section 165(i) of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (Dodd-Frank Act).\2\ Section
165(i) requires certain financial companies, including national banks
and Federal savings associations, with total consolidated assets in
excess of $10 billion to conduct annual stress tests pursuant to
regulations prescribed by their respective Federal primary financial
regulatory agencies. The Federal primary financial regulatory agency is
required to define ``stress test,'' establish methodologies for the
conduct of the stress test that must include at least three different
sets of conditions (baseline, adverse, and severely adverse), establish
the form and content of the report that institutions are required to
submit, and require the institution to publish a summary of the results
of the institutional stress tests.\3\
---------------------------------------------------------------------------
\1\ See 77 FR 3408 (Jan. 24, 2012).
\2\ Dodd-Frank Wall Street Reform and Consumer Protection Act,
Public Law 111-203, 124 Stat. 1376 (2010).
\3\ 12 U.S.C. 5365(i)(2)(C).
---------------------------------------------------------------------------
In recognition of the complexities of the rulemaking and the
variety of considerations involved in its impact and implementation,
the OCC requested that commenters respond to numerous questions. The
proposed rule stated that the public comment period would close on
March 26, 2012.\4\
---------------------------------------------------------------------------
\4\ See 77 FR 3408 (Jan. 24, 2012).
---------------------------------------------------------------------------
The OCC believes that it is important to allow interested parties
more time to consider the impact of the proposed rule and respond to
the questions asked in the NPRM. Additionally, the OCC believes that
the comment period for the proposed rule should run concurrently with a
similar rule by the Board of Governors of the Federal Reserve System
(Board). The Board published its proposed rule implementing the stress
testing requirements of section 165(i) of the Dodd-Frank Act on January
5, 2012 with the comment period closing on March 31, 2012.\5\ The Board
recently extended the comment period until April 30.\6\ Section
165(i)(2)(C) directs each Federal primary financial regulatory agency
to issue ``consistent and comparable'' regulations to implement the
Act's annual stress testing requirements.\7\ Moreover, as noted in the
preambles to the proposed rules, the Federal banking agencies generally
intend to coordinate the development of the scenarios that will be used
for annual stress tests performed pursuant to each agency's
regulations.\8\ Therefore, the OCC believes that the Annual Stress Test
proposed rule should be considered as part of a coordinated effort by
the Federal banking agencies to implement the annual stress testing
requirements of the Dodd-Frank Act. For these reasons, the OCC is
extending the deadline for submitting comments on the proposed rule
from March 26, 2012 to April 30, 2012.
---------------------------------------------------------------------------
\5\ See 77 FR 594 (Jan. 5, 2012).
\6\ See 77 FR 13513 (March 7, 2012).
\7\ 12 U.S.C. 5365(i)(2)(C).
\8\ See 77 FR 3408, 3412 (Jan. 24, 2012); 77 FR 594, 632 (Jan.
5, 2012); 77 FR 3166, 3168 (Jan. 23, 2012).
Dated: March 15, 2012.
John Walsh,
Acting Comptroller of the Currency.
[FR Doc. 2012-6811 Filed 3-20-12; 8:45 am]
BILLING CODE P
