Annual Stress Test-Schedule Shift and Adjustments to Regulatory Capital Projections, 71630-71634 [2014-28420]
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Federal Register / Vol. 79, No. 232 / Wednesday, December 3, 2014 / Rules and Regulations
Reporting and recordkeeping
requirements.
PART 431—ENERGY EFFICIENCY
PROGRAM FOR CERTAIN
COMMERCIAL AND INDUSTRIAL
EQUIPMENT
3. The authority citation for part 431
continues to read as follows:
10 CFR Part 431
Administrative practice and
procedure, Confidential business
information, Energy conservation,
Household appliances.
For the reasons stated in the
preamble, DOE amends parts 429 and
431 of Chapter II of Title 10, Code of
Federal Regulations as set forth below:
PART 429—CERTIFICATION,
COMPLIANCE, AND ENFORCEMENT
FOR CONSUMER PRODUCTS AND
COMMERCIAL AND INDUSTRIAL
EQUIPMENT
1. The authority citation for part 429
continues to read as follows:
■
Authority: 42 U.S.C. 6291–6317.
2. Section 429.46 is amended by
revising paragraphs (a)(2)(i)
introductory text, (a)(2)(ii) introductory
text, and (b)(2) to read as follows:
■
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Commercial clothes washers.
(a) * * *
(2) * * *
(i) Any represented value of the water
factor or other measure of energy or
water consumption of a basic model for
which consumers would favor lower
values shall be greater than or equal to
the higher of:
*
*
*
*
*
(ii) Any represented value of the
modified energy factor or other measure
of energy or water consumption of a
basic model for which consumers would
favor higher values shall be greater than
or equal to the higher of:
*
*
*
*
*
(b) * * *
(2) Pursuant to § 429.12(b)(13), a
certification report shall include the
following public product-specific
information:
(i) If testing was conducted using
Appendix J1 to subpart B of part 430 of
this chapter: The modified energy factor
(MEF) in cubic feet per kilowatt hour
per cycle (cu ft/kWh/cycle); and the
water factor (WF) in gallons per cubic
feet per cycle (gal/cu ft/cycle);
(ii) If testing was conducted using
Appendix J2 to subpart B of part 430 of
this chapter: The modified energy factor
(MEFJ2) in cu ft/kWh/cycle and the
integrated water factor (IWF) in gal/cu
ft/cycle.
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12 CFR Part 46
■
Issued in Washington, DC, on November
24, 2014.
Kathleen B. Hogan,
Deputy Assistant Secretary for Energy
Efficiency, Energy Efficiency and Renewable
Energy.
§ 429.46
DEPARTMENT OF THE TREASURY
Authority: 42 U.S.C. 6311–6317
§ 431.152 Definitions concerning
commercial clothes washers.
*
*
*
*
*
IWF means integrated water factor, in
gallons per cubic feet per cycle (gal/cu
ft/cycle), as determined in section 4.2.13
of Appendix J2 to subpart B of 10 CFR
part 430.
MEF means modified energy factor, in
cubic feet per kilowatt hour per cycle
(cu ft/kWh/cycle), as determined in
section 4.4 of Appendix J1 to subpart B
of part 430.
MEFJ2 means modified energy factor,
in cu ft/kWh/cycle, as determined in
section 4.5 of Appendix J2 to subpart B
of part 430.
WF means water factor, in gal/cu ft/
cycle, as determined in section 4.2.3 of
Appendix J1 to subpart B of part 430.
5. Section 431.154 is revised to read
as follows:
■
Test procedures.
The test procedures for clothes
washers in Appendix J1 to subpart B of
part 430 of this chapter must be used to
test commercial clothes washers to
determine compliance with the energy
conservation standards at § 431.156(b).
The test procedures for clothes washers
in Appendix J2 to subpart B of part 430
of this title must be used to determine
compliance with any amended
standards based on Appendix J2
efficiency metrics published after
December 3, 2014.
[FR Doc. 2014–28446 Filed 12–2–14; 8:45 am]
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4. Section 431.152 is amended by
adding in alphabetical order the
definitions for IWF, MEF, MEFJ2, and
WF to read as follows:
■
§ 431.154
Office of the Comptroller of the
Currency
Annual Stress Test—Schedule Shift
and Adjustments to Regulatory Capital
Projections
Office of the Comptroller of the
Currency, Treasury.
ACTION: Final rule.
AGENCY:
On July 1, 2014, the Office of
the Comptroller of the Currency (OCC)
proposed to adjust the timing of the
annual stress testing cycle and to clarify
the method used to calculate regulatory
capital in the stress tests (proposed
rule). The OCC is now adopting the
proposed rule as final (final rule). The
final rule shifts the dates of the annual
stress testing cycle by approximately
three months. The final rule also
provides that covered institutions will
not have to calculate their risk-weighted
assets using the internal ratings-based
and advanced measurement approaches
until the stress testing cycle beginning
on January 1, 2016.
DATES: The rule is effective January 2,
2015.
FOR FURTHER INFORMATION CONTACT:
Robert Scavotto, Deputy Director,
International Analysis and Banking
Condition, (202) 649–5477; William
Russell, National Bank Examiner, Large
Bank Supervision, (202) 649–7157; Kari
Falkenborg, National Bank Examiner,
Midsize and Community Bank
Supervision, (202) 649–6831; Ron
Shimabukuro, Senior Counsel, or Henry
Barkhausen, Attorney, Legislative and
Regulatory Activities Division, (202)
649–5490; for persons who are deaf or
hard of hearing, TTY, (202) 649–5597.
SUPPLEMENTARY INFORMATION:
SUMMARY:
I. Introduction and Background
Section 165(i)(2) of the Dodd-Frank
Wall Street Reform and Consumer
Protection Act (‘‘Dodd-Frank Act’’)
requires the federal banking agencies to
issue regulations requiring financial
companies with more than $10 billion
in assets to conduct annual stress tests
(‘‘company-run stress tests’’). In October
2012, the OCC, the Board of Governors
of the Federal Reserve System
(‘‘Board’’), and the Federal Deposit
Insurance Corporation issued rules
implementing the company-run stress
tests required by the Dodd-Frank Act.
Under these rules, the OCC distributes
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Federal Register / Vol. 79, No. 232 / Wednesday, December 3, 2014 / Rules and Regulations
stress scenarios by November 15 1 to
covered institutions. Covered
institutions use their financial position
as of September 30 (‘‘as of date’’) and
must make projections that estimate
their financial position under the
different stress scenarios. Covered
institutions with $50 billion or more in
assets must submit the results of their
stress tests by January 5. Covered
institutions with $50 billion or more are
required to publish a summary of their
stress test results between March 15 and
March 31. Covered institutions with
between $10 and $50 billion in assets
are required to submit their stress test
results to the OCC by March 31 and
publish a summary of their results
between June 15 and June 30.
II. Description of the Final Rule
A. Shift in Stress Testing Cycle
The proposed rule would have shifted
the dates of the stress testing cycle by
approximately three months.2 The
proposed rule would have relieved
covered institutions with $50 billion or
more in assets of the obligation to
complete their stress testing
submissions by January 5, a time of year
when these institutions have other yearend obligations.
Under the proposed rule, covered
institutions with $50 billion or more in
assets would have been required to
submit the results of their company-run
stress tests to the OCC by April 7 3 and
would have been required to disclose
stress test results between June 15 and
July 15. However, within this disclosure
period a covered institution that is a
consolidated subsidiary of a bank
holding company or savings and loan
holding company subject to supervisory
stress tests conducted by the Board
pursuant to 12 CFR part 252 could not
disclose its results until the Board has
published the supervisory stress test
results of the covered institution’s
parent holding company. In addition, if
the Board publishes the supervisory
stress test results of the covered
institution’s parent holding company
prior to June 15, then such covered
institution could satisfy its publication
requirement either through actual
publication by the covered institution or
through publication by the parent
holding company pursuant to 12 CFR
46.8(b). Under the proposed rule,
covered institutions with between $10
and $50 billion in assets would have
been required to submit the results of
their company-run stress tests to the
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OCC by July 31 and publish those
results between October 15 and October
31.
The OCC received four comments on
the proposed rule from banking
organizations and trade associations.
The commenters supported the
proposed schedule shift and
recommended that the OCC adopt the
schedule shift earlier than proposed
(adopting the schedule shift for the
stress test cycle beginning October 1,
2014 instead of 2015, as proposed).
Commenters argued that the current
January 5 submission deadline has been
challenging because of other year-end
financial reporting obligations. The OCC
recognizes these concerns and believes
that covered institutions should conduct
these tests at a time when they are better
able to manage their resources.
However, adopting the schedule shift
one year earlier than proposed would
disrupt planning for the stress testing
schedule beginning October 1, 2014.
Accordingly, under the final rule the
schedule shift will take effect in the
subsequent stress testing cycle, which
will begin January 1, 2016.
The following table summarizes the
changes made by the final rule.
TABLE 1—REVISED ANNUAL STRESS TEST TIMELINE FOR COVERED INSTITUTIONS WITH $50 BILLION OR MORE IN ASSETS
Action required
Current rule
Final rule
‘‘As of’’ Date for Financial Data Used by Stress Test ............................
Distribution of Stress Scenarios in OCC .................................................
Submission of Stress Test Results .........................................................
Disclosure of Results Summary ..............................................................
September 30 ................................
By November 15 ............................
By January 5 .................................
Between March 15 and March 31
December 31.
By February 15.
By April 5.
Between June 15 and July 15 except no earlier than Board publication of the supervisory stress
test results of the bank holding
company.
TABLE 2—REVISED ANNUAL STRESS TEST TIMELINE FOR COVERED INSTITUTIONS WITH BETWEEN $10 AND $50 BILLION
IN ASSETS
Current rule
Proposed rule
‘‘As of’’ Date for Financial Data Used in Stress Test .............................
Distribution of Stress Scenarios by OCC ................................................
Submission of Stress Test Results .........................................................
Disclosure of Results Summary ..............................................................
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Action required
September 30 ................................
By November 15 ............................
By March 31 ..................................
Between June 15 and June 30 .....
December 31.
By February 15.
By July 31.
Between October 15 and October
31.
All covered institutions with between
$10 and $50 billion in assets will be
required to submit the results of their
company-run stress tests to the OCC by
July 31 and publish those results
between October 15 and October 31.
Covered institutions with $50 billion or
more will be required to submit the
results of their company-run stress tests
to the OCC by April 5 and publish those
results between June 15 and July 15.
The April 5 reporting deadline for
covered institutions with $50 billion or
more in assets is a minor change from
the April 7 deadline proposed in the
proposed rule. The final rule also adopts
the provisions in the proposed rule that
prohibit a covered institution that is a
consolidated subsidiary of a bank
holding company or savings and loan
holding company supervised by the
1 These scenarios provided by the OCC reflect a
minimum of three sets of economic and financial
conditions, including baseline, adverse, and
severely adverse scenarios.
2 79 FR 37231 (July 1, 2014).
3 Under the final rule the reporting deadline has
been changed to April 5.
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Board from disclosing its results until
the Board has published the supervisory
stress test results of the covered
institution’s parent holding company.
With respect to covered institutions
with assets between $10 and $50 billion,
pursuant to 12 CFR 46.3(e) a covered
institution may elect to conduct its
stress test under the stress test
requirements applicable to a covered
institution with assets of $50 billion or
more. In that case we note that the
covered institution also would be
subject to the disclosure requirements
applicable to covered institutions with
$50 billion or more in assets.
One commenter requested that the
OCC release the stress test scenarios
earlier than February 15 to give covered
institutions more time to prepare their
stress test submissions. Under the final
rule, the OCC will provide the scenarios
‘‘no later than’’ February 15. The OCC
recognizes the need for covered
institutions to have adequate time to
complete their submissions and will
attempt to distribute the scenarios as
early as possible.
Two commenters requested that the
OCC reduce the stress test planning
horizon from nine quarters to eight
quarters. Under the current stress testing
rule covered institutions are required to
make stress test projections over a
planning horizon lasting nine quarters.
The OCC believes that the nine-quarter
planning horizon results in an actual
planning horizon of eight quarters, as
the first quarter of the horizon is
contemporaneous with the quarter in
which the covered institution submits
its stress test results. As such, in order
to maintain a two-year stress test
planning horizon, the final rule
maintains the nine-quarter requirement.
The OCC will consider the appropriate
length of the planning horizon in light
of future experience with stress testing.
The proposed rule would also have
amended the applicability provisions in
§ 46.3 of the Annual Stress Test rule to
reflect the changed timeline. Currently,
a national bank or Federal savings
association that becomes a covered
institution must conduct its first annual
stress test beginning in the next
calendar year after the date the national
bank or Federal savings association
becomes a covered institution. Under
the new stress testing timeline, if this
applicability provision were left
unchanged and a national bank or
Federal savings association became a
covered institution as of September 30
of a given year, the institution would be
required to conduct its first stress test in
the stress testing cycle beginning the
following January 1, three months after
becoming a covered institution. The
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current Annual Stress Test rule provides
a minimum of nine months between the
date on which a national bank or
Federal savings association becomes a
covered institution and the start date of
the stress testing cycle in which the
covered institution must conduct it first
stress test. To preserve the nine-month
minimum the proposed rule would have
established a March 31 cutoff date. A
national bank or Federal savings
association that becomes a covered
institution on or before March 31 of a
given year would be required to conduct
its first stress test in the next calendar
year. For example, a national bank or
Federal savings association that
becomes a covered institution on March
31, 2015 would be required to conduct
its first stress test in the stress testing
cycle beginning January 1, 2016. A
national bank or Federal savings
association that becomes a covered
institution after March 31 of a given
year would be required to conduct its
first stress test in the second calendar
year after the date the national bank or
Federal savings association becomes a
covered institution. For example, a
national bank or Federal savings
association that becomes a covered
institution on June 30, 2015 would be
required to conduct its first stress test in
the stress testing cycle beginning
January 1, 2017. The OCC received no
comments on this aspect of the
proposed rule and is adopting the
proposed changes as final.
B. Clarification on the Use of Basel III
Advanced Approaches
On October 11, 2013, the OCC
published revised risk-based and
leverage capital rules that implement
the Basel III framework.4 In light of the
issuance of the revised capital rules, the
proposed rule would have clarified
when covered institutions would be
required to estimate their minimum
regulatory capital ratios over the stresstest planning horizon using the Basel III
advanced approaches methodology. The
current OCC stress testing rule requires
covered institutions to estimate the
impact of stress scenarios on the
covered institution’s regulatory capital
levels and ratios applicable to the
covered institution under 12 CFR part 3
(for national banks) or part 167 (for
Federal savings associations), as
applicable, and any other capital ratios
specified by the OCC.5 A national bank
or Federal savings association that is an
advanced approaches banking
organization is required to use the
advanced approaches to calculate its
4 78
5 12
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CFR 46.6(a)(2).
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minimum regulatory capital ratios if it
has conducted a satisfactory parallel
run.6 The proposed rule would have
provided that covered institutions are
not required to calculate their riskweighted assets using the advanced
approaches in their stress testing
projections until the stress testing cycle
beginning on January 1, 2016—even if
an organization has previously exited
parallel run.
On February 14, 2014, the OCC
announced that certain national banks
had completed a successful parallel run.
Given the operational complexity
associated with incorporating the
advanced approaches into the stress
testing process, the proposed rule would
have clarified that incorporating the
advanced approaches into stress testing
would be deferred for one stress testing
cycle. The transition period will provide
the OCC with sufficient time to integrate
the advanced approaches into its stress
testing examination processes and to
provide guidance to advanced
approaches banking organizations
regarding supervisory expectations on
the use of the advanced approaches in
stress testing projections. The OCC
received no comments on this aspect of
the proposed rule and is adopting it as
final.
III. Regulatory Analysis
Paperwork Reduction Act
Under the Paperwork Reduction Act
(PRA) (44 U.S.C. 3501–3520), the OCC
may not conduct or sponsor, and a
person is not required to respond to, an
information collection unless the
information collection displays a valid
Office of Management and Budget
(OMB) control number. The final rule
amends 12 CFR part 46, which has an
approved information collection under
the PRA (OMB Control No. 1557–0311).
The amendments do not introduce any
new collections of information, nor do
they amend 12 CFR part 46 in a way
that modifies the collection of
information that OMB has approved.
Therefore, this final rule does not
require a PRA submission to OMB.
Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA),
5 U.S.C. 601 et seq., requires generally
that, in connection with a final rule, an
agency prepare a regulatory flexibility
analysis that describes the impact of a
proposed rule on small entities (defined
by the Small Business Administration
for purposes of the RFA to include
6 A satisfactory parallel run is defined as a period
of no less than four consecutive calendar quarters
during which a banking organization complies with
certain qualification requirements. 12 CFR 3.21(c).
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banking entities with total assets of $550
million or less). However, the regulatory
flexibility analysis otherwise required
under the RFA is not required if an
agency certifies that the rule will not
have a significant economic impact on
a substantial number of small entities
and publishes its certification and a
brief explanatory statement in the
Federal Register together with the rule.
As discussed in the SUPPLEMENTARY
INFORMATION above, the modified dates
of the annual stress test cycle will only
affect institutions with more than $10
billion in total assets. As such, pursuant
to section 605(b) of the RFA, the OCC
certifies that this final rule will not have
a significant economic impact on a
substantial number of small entities
because no small national banks or
Federal savings associations will be
affected by the final rule. Accordingly,
a regulatory flexibility analysis is not
required.
Unfunded Mandates Reform Act
The OCC has analyzed the final rule
under the factors in the Unfunded
Mandates Reform Act of 1995 (UMRA)
(2 U.S.C. 1532). Under this analysis, the
OCC considered whether the final rule
includes a Federal mandate that may
result in the expenditure by State, local,
and tribal governments, in the aggregate,
or by the private sector, of $100 million
or more in any one year (adjusted
annually for inflation). The OCC has
determined that this final rule will not
result in expenditures by State, local,
and tribal governments, or the private
sector, of $100 million or more in any
one year. Accordingly, this final rule is
not subject to section 202 of the
Unfunded Mandates Act (2 U.S.C.
1532).
Plain Language
Section 722 of the Gramm-LeachBliley Act requires the OCC to use plain
language in all proposed and final rules
published after January 1, 2000. The
OCC has sought to present the final rule
in a simple and straightforward manner.
The OCC did not receive any comment
on its use of plain language.
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List of Subjects in 12 CFR Part 46
Banking, Banks, Capital, Disclosures,
National banks, Recordkeeping, Risk,
Savings associations, Stress test.
Authority and Issuance
For the reasons set forth in the
preamble, the OCC amends 12 CFR part
46 as follows:
PART 46—ANNUAL STRESS TEST
1. The authority citation for part 46 is
revised to read as follows:
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Authority: 12 U.S.C. 93a; 1463(a)(2);
5365(i)(2); and 5412(b)(2)(B).
2. Section 46.3 is amended by revising
paragraph (c) to read as follows:
■
§ 46.3
Applicability.
*
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*
*
*
(c) Covered institutions that become
subject to stress testing requirements
under revised Annual Stress Test
schedule. A national bank or Federal
savings association that becomes a
covered institution, as defined in § 46.2,
after March 31, 2014 and on or before
March 31, 2015 shall conduct it first
annual stress test in the stress test
beginning January 1, 2016. A national
bank or Federal savings association that
becomes a covered institution on or
before March 31 of a given year (after
2014) shall conduct its first annual
stress test under this part in the next
calendar year after the date the national
bank or Federal savings association
becomes a covered institution. A
national bank or Federal savings
association that becomes a covered
institution after March 31 of a given
year (after 2014) shall conduct its first
annual stress test under this part in the
second calendar year after the date the
national bank or Federal savings
association becomes a covered
institution.
*
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*
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*
■ 3. Section 46.5 is amended by revising
paragraphs (a) through (c) to read as
follows:
§ 46.5
Annual stress test.
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*
*
*
(a) Financial data. A covered
institution must use financial data as of
September 30 (for the stress test
beginning October 1, 2014) or December
31 (for the stress test beginning January
1, 2016, and all stress tests thereafter) of
that calendar year.
(b) Scenarios provided by the OCC. In
conducting the stress test under this
part, each covered institution must use
the scenarios provided by the OCC. The
scenarios provided by the OCC will
reflect a minimum of three sets of
economic and financial conditions,
including baseline, adverse, and
severely adverse scenarios. The OCC
will provide a description of the
scenarios required to be used by each
covered institution no later than
November 15 (for the stress test
beginning October 1, 2014) or February
15 (for the stress test beginning January
1, 2016, and all stress tests thereafter) of
that calendar year.
(c) Significant trading activities. The
OCC may require a covered institution
with significant trading activities, as
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determined by the OCC, to include
trading and counterparty components in
its adverse and severely adverse
scenarios. The trading and counterparty
position data to be used in this
component will be as of a date between
October 1 and December 1 (for the stress
test beginning October 1, 2014) or
between January 1 and March 1 (for the
stress test beginning January 1, 2016,
and all stress tests thereafter) of that
calendar year that will be selected by
the OCC and communicated to the
covered institution no later than
December 1 (for the stress test beginning
October 1, 2014) or March 1 (for the
stress test beginning January 1, 2016,
and all stress tests thereafter) of the
calendar year.
*
*
*
*
*
■ 4. Section 46.6 is amended by revising
paragraph (a)(2) to read as follows:
§ 46.6 Stress test methodologies and
practices.
(a) * * *
(2) The potential impact on the
covered institution’s regulatory capital
levels and ratios applicable to the
covered institution under 12 CFR part 3
or part 167, as applicable, and any other
capital ratios specified by the OCC,
incorporating the effects of any capital
actions over the planning horizon and
maintenance by the covered institution
of an allowance for loan losses
appropriate for credit exposures
throughout the planning horizon. Until
December 31, 2015, or such other date
specified by the OCC, a covered
institution is not required to calculate
its risk-based capital requirements using
the internal ratings-based and advanced
measurement approaches as set forth in
12 CFR part 3, subpart E.
*
*
*
*
*
■ 5. Section 46.7 is amended by revising
paragraphs (a) and (b) to read as follows:
§ 46.7 Reports to the Office of the
Comptroller of the Currency and the Federal
Reserve Board.
(a) $10 to $50 billion covered
institution. A $10 to $50 billion covered
institution must report to the OCC and
to the Board of Governors of the Federal
Reserve System, on or before March 31
(for the stress test beginning October 1,
2014) and on or before July 31 (for the
stress test beginning January 1, 2016,
and all stress tests thereafter), the results
of the stress test in the manner and form
specified by the OCC.
(b) Over $50 billion covered
institution. An over $50 billion covered
institution must report to the OCC and
to the Board of Governors of the Federal
Reserve System, on or before January 5
(for the stress test beginning October 1,
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2014) and on or before April 5 (for the
stress test beginning January 1, 2016,
and all stress tests thereafter), the results
of the stress test in the manner and form
specified by the OCC.
*
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*
*
*
■ 6. Section 46.8 is amended by revising
paragraphs (a)(1) and (2) to read as
follows:
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§ 46.8
October 15 and ending October 31 (for
the stress test cycle beginning January 1,
2016, and for all stress tests thereafter).
*
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Dated: November 19, 2014.
Thomas J. Curry,
Comptroller of the Currency.
[FR Doc. 2014–28420 Filed 12–2–14; 8:45 am]
BILLING CODE 4810–33–P
Publication of disclosures.
(a) Publication date—(1) Over $50
billion covered institution. (i) Prior to
January 1, 2016, an over $50 billion
covered institution must publish a
summary of the results of its annual
stress test in the period starting March
15 and ending March 31 (for the stress
test cycle beginning October 1, 2014).
(ii) Effective January 1, 2016, an over
$50 billion covered institution must
publish a summary of the results of its
annual stress test in the period starting
June 15 and ending July 15 (for the
stress test cycle beginning January 1,
2016, and for all stress tests thereafter)
provided:
(A) Unless the OCC determines
otherwise, if the over $50 billion
covered institution is a consolidated
subsidiary of a bank holding company
or savings and loan holding company
subject to supervisory stress tests
conducted by the Board of Governors of
the Federal Reserve System pursuant to
12 CFR part 252, then within the June
15 to July 15 period such covered
institution may not publish the required
summary of its annual stress test earlier
than the date that the Board of
Governors of the Federal Reserve
System publishes the supervisory stress
test results of the covered bank’s parent
holding company.
(B) If the Board of Governors of the
Federal Reserve System publishes the
supervisory stress test results of the
covered institution’s parent holding
company prior to June 15, then such
covered institution may publish its
stress test results prior to June 15, but
no later than July 15, through actual
publication by the covered institution or
through publication by the parent
holding company pursuant to paragraph
(b) of this section.
(2) $10 to $50 billion covered
institution. (i) Prior to January 1, 2016,
a $10 to $50 billion covered institution
must publish a summary of the results
of its annual stress test in the period
starting June 15 and ending June 30 (for
the stress test cycle beginning October 1,
2014).
(ii) Effective January 1, 2016, a $10 to
$50 billion covered institution must
publish a summary of the results of its
annual stress test in the period starting
VerDate Sep<11>2014
16:13 Dec 02, 2014
Jkt 235001
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Parts 61 and 141
[Docket No.: FAA–2014–0987; Amdt. Nos.
61–133, 141–18]; RIN 2120–AK62
Aviation Training Device Credit for
Pilot Certification
Federal Aviation
Administration (FAA), DOT.
ACTION: Direct final rule.
AGENCY:
This rulemaking relieves
burdens on pilots seeking to obtain
aeronautical experience, training, and
certification by increasing the allowed
use of aviation training devices. These
training devices have proven to be an
effective, safe, and affordable means of
obtaining pilot experience. These
actions are necessary to bring the
regulations in line with current needs
and activities of the general aviation
training community and pilots.
DATES: Effective January 20, 2015.
Send comments on or before January
2, 2015. If the FAA receives an adverse
comment or notice of intent to file an
adverse comment, the FAA will advise
the public by publishing a document in
the Federal Register before the effective
date of the final rule, which may
withdraw this direct final rule in whole
or in part.
ADDRESSES: Send comments identified
by docket number FAA–2014–0987
using any of the following methods:
• Federal eRulemaking Portal: Go to
https://www.regulations.gov and follow
the online instructions for sending your
comments electronically.
• Mail: Send comments to Docket
Operations, M–30; U.S. Department of
Transportation (DOT), 1200 New Jersey
Avenue SE., Room W12–140, West
Building Ground Floor, Washington, DC
20590–0001.
• Hand Delivery or Courier: Take
comments to Docket Operations in
Room W12–140 of the West Building
Ground Floor at 1200 New Jersey
Avenue SE., Washington, DC, between 9
a.m. and 5 p.m., Monday through
Friday, except Federal holidays.
SUMMARY:
PO 00000
Frm 00012
Fmt 4700
Sfmt 4700
• Fax: Fax comments to Docket
Operations at 202–493–2251.
Privacy: In accordance with 5 U.S.C.
553(c), DOT solicits comments from the
public to better inform its rulemaking
process. DOT posts these comments,
without edit, including any personal
information the commenter provides, to
https://www.regulations.gov, as
described in the system of records
notice (DOT/ALL–14 FDMS), which can
be reviewed at https://www.dot.gov/
privacy.
Docket: Background documents or
comments received may be read at
https://www.regulations.gov at any time.
Follow the online instructions for
accessing the docket or go to the Docket
Operations in Room W12–140 of the
West Building Ground Floor at 1200
New Jersey Avenue SE., Washington,
DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
FOR FURTHER INFORMATION CONTACT: For
technical questions concerning this
action, contact Marcel Bernard, Airmen
Certification and Training Branch,
Flight Standards Service, AFS–810,
Federal Aviation Administration, 55 M
Street SE., 8th floor, Washington, DC
20003–3522; telephone (202) 385–9616;
email marcel.bernard@faa.gov.
For legal questions concerning this
action, contact Anne Moore,
International Law, Legislation, and
Regulations Division, Office of the Chief
Counsel, AGC–200, Federal Aviation
Administration, 800 Independence
Avenue SW., Washington, DC 20591;
telephone (202) 267–8018; email
anne.moore@faa.gov.
SUPPLEMENTARY INFORMATION:
Authority for This Rulemaking
The FAA’s authority to issue rules on
aviation safety is found in Title 49 of the
United States Code (49 U.S.C.). Subtitle
I, Section 106 describes the authority of
the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more
detail the scope of the agency’s
authority.
This rulemaking is promulgated
under the authority described in 49
U.S.C. 106(f), which establishes the
authority of the Administrator to
promulgate regulations and rules; 49
U.S.C. 44701(a)(5), which requires the
Administrator to promote safe flight of
civil aircraft in air commerce by
prescribing regulations and setting
minimum standards for other practices,
methods, and procedures necessary for
safety in air commerce and national
security; and 49 U.S.C. 44703(a), which
requires the Administrator to prescribe
regulations for the issuance of airman
certificates when the Administrator
E:\FR\FM\03DER1.SGM
03DER1
]]>Agencies
[Federal Register Volume 79, Number 232 (Wednesday, December 3, 2014)]
[Rules and Regulations]
[Pages 71630-71634]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-28420]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
12 CFR Part 46
[Docket ID OCC-2014-0015]
RIN 1557-AD85
Annual Stress Test--Schedule Shift and Adjustments to Regulatory
Capital Projections
AGENCY: Office of the Comptroller of the Currency, Treasury.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: On July 1, 2014, the Office of the Comptroller of the Currency
(OCC) proposed to adjust the timing of the annual stress testing cycle
and to clarify the method used to calculate regulatory capital in the
stress tests (proposed rule). The OCC is now adopting the proposed rule
as final (final rule). The final rule shifts the dates of the annual
stress testing cycle by approximately three months. The final rule also
provides that covered institutions will not have to calculate their
risk-weighted assets using the internal ratings-based and advanced
measurement approaches until the stress testing cycle beginning on
January 1, 2016.
DATES: The rule is effective January 2, 2015.
FOR FURTHER INFORMATION CONTACT: Robert Scavotto, Deputy Director,
International Analysis and Banking Condition, (202) 649-5477; William
Russell, National Bank Examiner, Large Bank Supervision, (202) 649-
7157; Kari Falkenborg, National Bank Examiner, Midsize and Community
Bank Supervision, (202) 649-6831; Ron Shimabukuro, Senior Counsel, or
Henry Barkhausen, Attorney, Legislative and Regulatory Activities
Division, (202) 649-5490; for persons who are deaf or hard of hearing,
TTY, (202) 649-5597.
SUPPLEMENTARY INFORMATION:
I. Introduction and Background
Section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (``Dodd-Frank Act'') requires the federal banking
agencies to issue regulations requiring financial companies with more
than $10 billion in assets to conduct annual stress tests (``company-
run stress tests''). In October 2012, the OCC, the Board of Governors
of the Federal Reserve System (``Board''), and the Federal Deposit
Insurance Corporation issued rules implementing the company-run stress
tests required by the Dodd-Frank Act. Under these rules, the OCC
distributes
[[Page 71631]]
stress scenarios by November 15 \1\ to covered institutions. Covered
institutions use their financial position as of September 30 (``as of
date'') and must make projections that estimate their financial
position under the different stress scenarios. Covered institutions
with $50 billion or more in assets must submit the results of their
stress tests by January 5. Covered institutions with $50 billion or
more are required to publish a summary of their stress test results
between March 15 and March 31. Covered institutions with between $10
and $50 billion in assets are required to submit their stress test
results to the OCC by March 31 and publish a summary of their results
between June 15 and June 30.
---------------------------------------------------------------------------
\1\ These scenarios provided by the OCC reflect a minimum of
three sets of economic and financial conditions, including baseline,
adverse, and severely adverse scenarios.
---------------------------------------------------------------------------
II. Description of the Final Rule
A. Shift in Stress Testing Cycle
The proposed rule would have shifted the dates of the stress
testing cycle by approximately three months.\2\ The proposed rule would
have relieved covered institutions with $50 billion or more in assets
of the obligation to complete their stress testing submissions by
January 5, a time of year when these institutions have other year-end
obligations.
---------------------------------------------------------------------------
\2\ 79 FR 37231 (July 1, 2014).
---------------------------------------------------------------------------
Under the proposed rule, covered institutions with $50 billion or
more in assets would have been required to submit the results of their
company-run stress tests to the OCC by April 7 \3\ and would have been
required to disclose stress test results between June 15 and July 15.
However, within this disclosure period a covered institution that is a
consolidated subsidiary of a bank holding company or savings and loan
holding company subject to supervisory stress tests conducted by the
Board pursuant to 12 CFR part 252 could not disclose its results until
the Board has published the supervisory stress test results of the
covered institution's parent holding company. In addition, if the Board
publishes the supervisory stress test results of the covered
institution's parent holding company prior to June 15, then such
covered institution could satisfy its publication requirement either
through actual publication by the covered institution or through
publication by the parent holding company pursuant to 12 CFR 46.8(b).
Under the proposed rule, covered institutions with between $10 and $50
billion in assets would have been required to submit the results of
their company-run stress tests to the OCC by July 31 and publish those
results between October 15 and October 31.
---------------------------------------------------------------------------
\3\ Under the final rule the reporting deadline has been changed
to April 5.
---------------------------------------------------------------------------
The OCC received four comments on the proposed rule from banking
organizations and trade associations. The commenters supported the
proposed schedule shift and recommended that the OCC adopt the schedule
shift earlier than proposed (adopting the schedule shift for the stress
test cycle beginning October 1, 2014 instead of 2015, as proposed).
Commenters argued that the current January 5 submission deadline has
been challenging because of other year-end financial reporting
obligations. The OCC recognizes these concerns and believes that
covered institutions should conduct these tests at a time when they are
better able to manage their resources. However, adopting the schedule
shift one year earlier than proposed would disrupt planning for the
stress testing schedule beginning October 1, 2014. Accordingly, under
the final rule the schedule shift will take effect in the subsequent
stress testing cycle, which will begin January 1, 2016.
The following table summarizes the changes made by the final rule.
Table 1--Revised Annual Stress Test Timeline for Covered Institutions
With $50 Billion or More in Assets
------------------------------------------------------------------------
Action required Current rule Final rule
------------------------------------------------------------------------
``As of'' Date for Financial September 30...... December 31.
Data Used by Stress Test.
Distribution of Stress Scenarios By November 15.... By February 15.
in OCC.
Submission of Stress Test By January 5...... By April 5.
Results.
Disclosure of Results Summary... Between March 15 Between June 15
and March 31. and July 15
except no earlier
than Board
publication of
the supervisory
stress test
results of the
bank holding
company.
------------------------------------------------------------------------
Table 2--Revised Annual Stress Test Timeline for Covered Institutions
With Between $10 and $50 Billion in Assets
------------------------------------------------------------------------
Action required Current rule Proposed rule
------------------------------------------------------------------------
``As of'' Date for Financial September 30...... December 31.
Data Used in Stress Test.
Distribution of Stress Scenarios By November 15.... By February 15.
by OCC.
Submission of Stress Test By March 31....... By July 31.
Results.
Disclosure of Results Summary... Between June 15 Between October 15
and June 30. and October 31.
------------------------------------------------------------------------
All covered institutions with between $10 and $50 billion in assets
will be required to submit the results of their company-run stress
tests to the OCC by July 31 and publish those results between October
15 and October 31. Covered institutions with $50 billion or more will
be required to submit the results of their company-run stress tests to
the OCC by April 5 and publish those results between June 15 and July
15. The April 5 reporting deadline for covered institutions with $50
billion or more in assets is a minor change from the April 7 deadline
proposed in the proposed rule. The final rule also adopts the
provisions in the proposed rule that prohibit a covered institution
that is a consolidated subsidiary of a bank holding company or savings
and loan holding company supervised by the
[[Page 71632]]
Board from disclosing its results until the Board has published the
supervisory stress test results of the covered institution's parent
holding company.
With respect to covered institutions with assets between $10 and
$50 billion, pursuant to 12 CFR 46.3(e) a covered institution may elect
to conduct its stress test under the stress test requirements
applicable to a covered institution with assets of $50 billion or more.
In that case we note that the covered institution also would be subject
to the disclosure requirements applicable to covered institutions with
$50 billion or more in assets.
One commenter requested that the OCC release the stress test
scenarios earlier than February 15 to give covered institutions more
time to prepare their stress test submissions. Under the final rule,
the OCC will provide the scenarios ``no later than'' February 15. The
OCC recognizes the need for covered institutions to have adequate time
to complete their submissions and will attempt to distribute the
scenarios as early as possible.
Two commenters requested that the OCC reduce the stress test
planning horizon from nine quarters to eight quarters. Under the
current stress testing rule covered institutions are required to make
stress test projections over a planning horizon lasting nine quarters.
The OCC believes that the nine-quarter planning horizon results in an
actual planning horizon of eight quarters, as the first quarter of the
horizon is contemporaneous with the quarter in which the covered
institution submits its stress test results. As such, in order to
maintain a two-year stress test planning horizon, the final rule
maintains the nine-quarter requirement. The OCC will consider the
appropriate length of the planning horizon in light of future
experience with stress testing.
The proposed rule would also have amended the applicability
provisions in Sec. 46.3 of the Annual Stress Test rule to reflect the
changed timeline. Currently, a national bank or Federal savings
association that becomes a covered institution must conduct its first
annual stress test beginning in the next calendar year after the date
the national bank or Federal savings association becomes a covered
institution. Under the new stress testing timeline, if this
applicability provision were left unchanged and a national bank or
Federal savings association became a covered institution as of
September 30 of a given year, the institution would be required to
conduct its first stress test in the stress testing cycle beginning the
following January 1, three months after becoming a covered institution.
The current Annual Stress Test rule provides a minimum of nine months
between the date on which a national bank or Federal savings
association becomes a covered institution and the start date of the
stress testing cycle in which the covered institution must conduct it
first stress test. To preserve the nine-month minimum the proposed rule
would have established a March 31 cutoff date. A national bank or
Federal savings association that becomes a covered institution on or
before March 31 of a given year would be required to conduct its first
stress test in the next calendar year. For example, a national bank or
Federal savings association that becomes a covered institution on March
31, 2015 would be required to conduct its first stress test in the
stress testing cycle beginning January 1, 2016. A national bank or
Federal savings association that becomes a covered institution after
March 31 of a given year would be required to conduct its first stress
test in the second calendar year after the date the national bank or
Federal savings association becomes a covered institution. For example,
a national bank or Federal savings association that becomes a covered
institution on June 30, 2015 would be required to conduct its first
stress test in the stress testing cycle beginning January 1, 2017. The
OCC received no comments on this aspect of the proposed rule and is
adopting the proposed changes as final.
B. Clarification on the Use of Basel III Advanced Approaches
On October 11, 2013, the OCC published revised risk-based and
leverage capital rules that implement the Basel III framework.\4\ In
light of the issuance of the revised capital rules, the proposed rule
would have clarified when covered institutions would be required to
estimate their minimum regulatory capital ratios over the stress-test
planning horizon using the Basel III advanced approaches methodology.
The current OCC stress testing rule requires covered institutions to
estimate the impact of stress scenarios on the covered institution's
regulatory capital levels and ratios applicable to the covered
institution under 12 CFR part 3 (for national banks) or part 167 (for
Federal savings associations), as applicable, and any other capital
ratios specified by the OCC.\5\ A national bank or Federal savings
association that is an advanced approaches banking organization is
required to use the advanced approaches to calculate its minimum
regulatory capital ratios if it has conducted a satisfactory parallel
run.\6\ The proposed rule would have provided that covered institutions
are not required to calculate their risk-weighted assets using the
advanced approaches in their stress testing projections until the
stress testing cycle beginning on January 1, 2016--even if an
organization has previously exited parallel run.
---------------------------------------------------------------------------
\4\ 78 FR 62018.
\5\ 12 CFR 46.6(a)(2).
\6\ A satisfactory parallel run is defined as a period of no
less than four consecutive calendar quarters during which a banking
organization complies with certain qualification requirements. 12
CFR 3.21(c).
---------------------------------------------------------------------------
On February 14, 2014, the OCC announced that certain national banks
had completed a successful parallel run. Given the operational
complexity associated with incorporating the advanced approaches into
the stress testing process, the proposed rule would have clarified that
incorporating the advanced approaches into stress testing would be
deferred for one stress testing cycle. The transition period will
provide the OCC with sufficient time to integrate the advanced
approaches into its stress testing examination processes and to provide
guidance to advanced approaches banking organizations regarding
supervisory expectations on the use of the advanced approaches in
stress testing projections. The OCC received no comments on this aspect
of the proposed rule and is adopting it as final.
III. Regulatory Analysis
Paperwork Reduction Act
Under the Paperwork Reduction Act (PRA) (44 U.S.C. 3501-3520), the
OCC may not conduct or sponsor, and a person is not required to respond
to, an information collection unless the information collection
displays a valid Office of Management and Budget (OMB) control number.
The final rule amends 12 CFR part 46, which has an approved information
collection under the PRA (OMB Control No. 1557-0311). The amendments do
not introduce any new collections of information, nor do they amend 12
CFR part 46 in a way that modifies the collection of information that
OMB has approved. Therefore, this final rule does not require a PRA
submission to OMB.
Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA), 5 U.S.C. 601 et seq.,
requires generally that, in connection with a final rule, an agency
prepare a regulatory flexibility analysis that describes the impact of
a proposed rule on small entities (defined by the Small Business
Administration for purposes of the RFA to include
[[Page 71633]]
banking entities with total assets of $550 million or less). However,
the regulatory flexibility analysis otherwise required under the RFA is
not required if an agency certifies that the rule will not have a
significant economic impact on a substantial number of small entities
and publishes its certification and a brief explanatory statement in
the Federal Register together with the rule.
As discussed in the SUPPLEMENTARY INFORMATION above, the modified
dates of the annual stress test cycle will only affect institutions
with more than $10 billion in total assets. As such, pursuant to
section 605(b) of the RFA, the OCC certifies that this final rule will
not have a significant economic impact on a substantial number of small
entities because no small national banks or Federal savings
associations will be affected by the final rule. Accordingly, a
regulatory flexibility analysis is not required.
Unfunded Mandates Reform Act
The OCC has analyzed the final rule under the factors in the
Unfunded Mandates Reform Act of 1995 (UMRA) (2 U.S.C. 1532). Under this
analysis, the OCC considered whether the final rule includes a Federal
mandate that may result in the expenditure by State, local, and tribal
governments, in the aggregate, or by the private sector, of $100
million or more in any one year (adjusted annually for inflation). The
OCC has determined that this final rule will not result in expenditures
by State, local, and tribal governments, or the private sector, of $100
million or more in any one year. Accordingly, this final rule is not
subject to section 202 of the Unfunded Mandates Act (2 U.S.C. 1532).
Plain Language
Section 722 of the Gramm-Leach-Bliley Act requires the OCC to use
plain language in all proposed and final rules published after January
1, 2000. The OCC has sought to present the final rule in a simple and
straightforward manner. The OCC did not receive any comment on its use
of plain language.
List of Subjects in 12 CFR Part 46
Banking, Banks, Capital, Disclosures, National banks,
Recordkeeping, Risk, Savings associations, Stress test.
Authority and Issuance
For the reasons set forth in the preamble, the OCC amends 12 CFR
part 46 as follows:
PART 46--ANNUAL STRESS TEST
0
1. The authority citation for part 46 is revised to read as follows:
Authority: 12 U.S.C. 93a; 1463(a)(2); 5365(i)(2); and
5412(b)(2)(B).
0
2. Section 46.3 is amended by revising paragraph (c) to read as
follows:
Sec. 46.3 Applicability.
* * * * *
(c) Covered institutions that become subject to stress testing
requirements under revised Annual Stress Test schedule. A national bank
or Federal savings association that becomes a covered institution, as
defined in Sec. 46.2, after March 31, 2014 and on or before March 31,
2015 shall conduct it first annual stress test in the stress test
beginning January 1, 2016. A national bank or Federal savings
association that becomes a covered institution on or before March 31 of
a given year (after 2014) shall conduct its first annual stress test
under this part in the next calendar year after the date the national
bank or Federal savings association becomes a covered institution. A
national bank or Federal savings association that becomes a covered
institution after March 31 of a given year (after 2014) shall conduct
its first annual stress test under this part in the second calendar
year after the date the national bank or Federal savings association
becomes a covered institution.
* * * * *
0
3. Section 46.5 is amended by revising paragraphs (a) through (c) to
read as follows:
Sec. 46.5 Annual stress test.
* * * * *
(a) Financial data. A covered institution must use financial data
as of September 30 (for the stress test beginning October 1, 2014) or
December 31 (for the stress test beginning January 1, 2016, and all
stress tests thereafter) of that calendar year.
(b) Scenarios provided by the OCC. In conducting the stress test
under this part, each covered institution must use the scenarios
provided by the OCC. The scenarios provided by the OCC will reflect a
minimum of three sets of economic and financial conditions, including
baseline, adverse, and severely adverse scenarios. The OCC will provide
a description of the scenarios required to be used by each covered
institution no later than November 15 (for the stress test beginning
October 1, 2014) or February 15 (for the stress test beginning January
1, 2016, and all stress tests thereafter) of that calendar year.
(c) Significant trading activities. The OCC may require a covered
institution with significant trading activities, as determined by the
OCC, to include trading and counterparty components in its adverse and
severely adverse scenarios. The trading and counterparty position data
to be used in this component will be as of a date between October 1 and
December 1 (for the stress test beginning October 1, 2014) or between
January 1 and March 1 (for the stress test beginning January 1, 2016,
and all stress tests thereafter) of that calendar year that will be
selected by the OCC and communicated to the covered institution no
later than December 1 (for the stress test beginning October 1, 2014)
or March 1 (for the stress test beginning January 1, 2016, and all
stress tests thereafter) of the calendar year.
* * * * *
0
4. Section 46.6 is amended by revising paragraph (a)(2) to read as
follows:
Sec. 46.6 Stress test methodologies and practices.
(a) * * *
(2) The potential impact on the covered institution's regulatory
capital levels and ratios applicable to the covered institution under
12 CFR part 3 or part 167, as applicable, and any other capital ratios
specified by the OCC, incorporating the effects of any capital actions
over the planning horizon and maintenance by the covered institution of
an allowance for loan losses appropriate for credit exposures
throughout the planning horizon. Until December 31, 2015, or such other
date specified by the OCC, a covered institution is not required to
calculate its risk-based capital requirements using the internal
ratings-based and advanced measurement approaches as set forth in 12
CFR part 3, subpart E.
* * * * *
0
5. Section 46.7 is amended by revising paragraphs (a) and (b) to read
as follows:
Sec. 46.7 Reports to the Office of the Comptroller of the Currency
and the Federal Reserve Board.
(a) $10 to $50 billion covered institution. A $10 to $50 billion
covered institution must report to the OCC and to the Board of
Governors of the Federal Reserve System, on or before March 31 (for the
stress test beginning October 1, 2014) and on or before July 31 (for
the stress test beginning January 1, 2016, and all stress tests
thereafter), the results of the stress test in the manner and form
specified by the OCC.
(b) Over $50 billion covered institution. An over $50 billion
covered institution must report to the OCC and to the Board of
Governors of the Federal Reserve System, on or before January 5 (for
the stress test beginning October 1,
[[Page 71634]]
2014) and on or before April 5 (for the stress test beginning January
1, 2016, and all stress tests thereafter), the results of the stress
test in the manner and form specified by the OCC.
* * * * *
0
6. Section 46.8 is amended by revising paragraphs (a)(1) and (2) to
read as follows:
Sec. 46.8 Publication of disclosures.
(a) Publication date--(1) Over $50 billion covered institution. (i)
Prior to January 1, 2016, an over $50 billion covered institution must
publish a summary of the results of its annual stress test in the
period starting March 15 and ending March 31 (for the stress test cycle
beginning October 1, 2014).
(ii) Effective January 1, 2016, an over $50 billion covered
institution must publish a summary of the results of its annual stress
test in the period starting June 15 and ending July 15 (for the stress
test cycle beginning January 1, 2016, and for all stress tests
thereafter) provided:
(A) Unless the OCC determines otherwise, if the over $50 billion
covered institution is a consolidated subsidiary of a bank holding
company or savings and loan holding company subject to supervisory
stress tests conducted by the Board of Governors of the Federal Reserve
System pursuant to 12 CFR part 252, then within the June 15 to July 15
period such covered institution may not publish the required summary of
its annual stress test earlier than the date that the Board of
Governors of the Federal Reserve System publishes the supervisory
stress test results of the covered bank's parent holding company.
(B) If the Board of Governors of the Federal Reserve System
publishes the supervisory stress test results of the covered
institution's parent holding company prior to June 15, then such
covered institution may publish its stress test results prior to June
15, but no later than July 15, through actual publication by the
covered institution or through publication by the parent holding
company pursuant to paragraph (b) of this section.
(2) $10 to $50 billion covered institution. (i) Prior to January 1,
2016, a $10 to $50 billion covered institution must publish a summary
of the results of its annual stress test in the period starting June 15
and ending June 30 (for the stress test cycle beginning October 1,
2014).
(ii) Effective January 1, 2016, a $10 to $50 billion covered
institution must publish a summary of the results of its annual stress
test in the period starting October 15 and ending October 31 (for the
stress test cycle beginning January 1, 2016, and for all stress tests
thereafter).
* * * * *
Dated: November 19, 2014.
Thomas J. Curry,
Comptroller of the Currency.
[FR Doc. 2014-28420 Filed 12-2-14; 8:45 am]
BILLING CODE 4810-33-P
