Agency Information Collection Activities; Information Collection Renewal; Comment Request; Mandatory Contractual Stay Requirements for Qualified Financial Contracts, 30021-30022 [2020-10712]

Download as PDF Federal Register / Vol. 85, No. 97 / Tuesday, May 19, 2020 / Notices General: Ms. Kay McIver by telephone at 202–366–0113, or by email at kay.mciver@dot.gov. Technical: Mr. Steve Nanney by telephone at 713–272–2855, or by email at steve.nanney@dot.gov. PHMSA received a special permit request from TETLP, owned by Enbridge, Inc., seeking a waiver from the requirements of 49 CFR 192.611: Change in class location: Confirmation or revision of maximum allowable operating pressure. This special permit is being requested for Class 1 to Class 3 location changes in lieu of pipe replacement or pressure reduction for six (6) special permit segments totaling 8.12 miles of the TETLP interstate natural gas transmission pipeline system located in Williamson County, Tennessee. The special permit segments are comprised of 2.70 miles of 30-inch diameter Line 10, 2.72 miles of 30-inch diameter Line 15, and 2.70 miles of 36-inch diameter Line 25 pipelines with existing maximum allowable operating pressures of 936 pounds per square inch gauge. The installation dates of the TETLP special permit segments range from 1952 to 1968. The special permit request, proposed special permit with conditions, and Draft Environmental Assessment (DEA) for the TETLP pipelines are available for review and public comment in Docket No. PHMSA–2020–0043. We invite interested persons to review and submit comments on the special permit request and DEA in the docket. Please include any comments on potential safety and environmental impacts that may result if the special permit is granted. Comments may include relevant data. Before issuing a decision on the special permit request, PHMSA will evaluate all comments received on or before the comment closing date. Comments received after the closing date will be evaluated, if it is possible to do so without incurring additional expense or delay. PHMSA will consider each relevant comment we receive in making our decision to grant or deny this request. SUPPLEMENTARY INFORMATION: Issued in Washington, DC, under authority delegated in 49 CFR 1.97. Alan K. Mayberry, Associate Administrator for Pipeline Safety. [FR Doc. 2020–10675 Filed 5–18–20; 8:45 am] BILLING CODE 4910–60–P VerDate Sep<11>2014 17:57 May 18, 2020 Jkt 250001 DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Activities; Information Collection Renewal; Comment Request; Mandatory Contractual Stay Requirements for Qualified Financial Contracts Office of the Comptroller of the Currency, Treasury (OCC). ACTION: Notice and request for comments. AGENCY: The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on a continuing information collection as required by the Paperwork Reduction Act of 1995 (PRA). The OCC may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning the renewal of its information collection titled ‘‘Mandatory Contractual Stay Requirements for Qualified Financial Contracts.’’ DATES: Comments must be received by July 20, 2020. ADDRESSES: Commenters are encouraged to submit comments by email, if possible. You may submit comments by any of the following methods: • Email: prainfo@occ.treas.gov. • Mail: Chief Counsel’s Office, Attention: Comment Processing, Office of the Comptroller of the Currency, Attention: 1557–0339, 400 7th Street SW, Suite 3E–218, Washington, DC 20219. • Hand Delivery/Courier: 400 7th Street SW, Suite 3E–218, Washington, DC 20219. • Fax: (571) 465–4326. Instructions: You must include ‘‘OCC’’ as the agency name and ‘‘1557– 0339’’ in your comment. In general, the OCC will publish comments on www.reginfo.gov without change, including any business or personal information provided, such as name and address information, email addresses, or phone numbers. Comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure. Do not include any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure. SUMMARY: PO 00000 Frm 00103 Fmt 4703 Sfmt 4703 30021 You may review comments and other related materials that pertain to this information collection beginning on the date of publication of the second notice for this collection 1 as follows: • Viewing Comments Electronically: Go to www.reginfo.gov. Click on the ‘‘Information Collection Review’’ tab. Underneath the ‘‘Currently under Review’’ section heading, from the dropdown menu select ‘‘Department of Treasury’’ and then click ‘‘submit.’’ This information collection can be located by searching by OMB control number ‘‘1557–0339’’ or ‘‘Mandatory Contractual Stay Requirements for Qualified Financial Contracts.’’ Upon finding the appropriate information collection, click on the related ‘‘ICR Reference Number.’’ On the next screen, select ‘‘View Supporting Statement and Other Documents’’ and then click on the link to any comment listed at the bottom of the screen. For assistance in navigating www.reginfo.gov, please contact the Regulatory Information Service Center at (202) 482–7340. FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance Officer, (202) 649–5490 or, for persons who are deaf or hearing impaired, TTY, (202) 649–5597, Chief Counsel’s Office, Office of the Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219. SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.), Federal agencies must obtain approval from the OMB for each collection of information that they conduct or sponsor. ‘‘Collection of information’’ is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency requests or requirements that members of the public submit reports, keep records, or provide information to a third party. Section 3506(c)(2)(A) of title 44 requires Federal agencies to provide a 60-day notice in the Federal Register concerning each proposed collection of information, including each proposed extension of an existing collection of information, before submitting the collection to OMB for approval. To comply with this requirement, the OCC is publishing notice of the renewal of this collection. Title of Information Collection: Mandatory Contractual Stay Requirements for Qualified Financial Contracts. OMB Control No.: 1557–0339. Frequency of Response: On occasion. Affected Public: A national bank or Federal savings association (FSA) 1 Following the close of this notice’s 60-day comment period, the OCC will publish a second notice with a 30-day comment period. E:\FR\FM\19MYN1.SGM 19MYN1 30022 Federal Register / Vol. 85, No. 97 / Tuesday, May 19, 2020 / Notices (including any subsidiary of either) that is a subsidiary of a global systemically important bank holding company that has been designated pursuant to 12 CFR 252.82 of the Federal Reserve Board’s Regulation YY; a national bank or FSA (including any subsidiary of either) that is a subsidiary of a global systemically important foreign banking organization designated pursuant to 12 CFR 252.87 of the Federal Reserve Board’s Regulation YY; a Federal branch or agency (including any U.S. subsidiary of a Federal branch or agency) of a global systemically important foreign banking organization designated pursuant to 12 CFR 252.87 of the Federal Reserve Board’s Regulation YY; and any national bank or FSA that is not under a bank holding company and that has more than $700 billion in total assets as reported on its most recent Call Report. Abstract: Under 12 CFR part 47, a covered bank is required to ensure that a covered qualified financial contract (QFC) (1) contains a contractual stayand-transfer provision analogous to the statutory stay-and-transfer provision imposed under Title II of the DoddFrank Act and in the Federal Deposit Insurance Act and (2) limits the exercise of default rights based on the insolvency of an affiliate of the covered bank. A covered bank is defined in 12 CFR 47.3(b) as: • A national bank or Federal savings association that has more than $700 billion in total assets as reported on the national bank’s or Federal savings association’s most recent Consolidated Reports of Condition and Income (Call Report); • A national bank or Federal savings association that is a subsidiary of a global systemically important bank holding company that has been designated pursuant to § 252.82 of this title (Federal Reserve Board Regulation YY) (12 CFR 252.82); • A national bank or Federal savings association that is a subsidiary of a global systemically important foreign banking organization that has been designated pursuant to § 252.87 of this title (Federal Reserve Board Regulation YY) (12 CFR 252.87); or • A Federal branch or agency, as defined in subpart B of this chapter (governing Federal branches and agencies), of a global systemically important foreign banking organization that has been designated pursuant to § 252.87 of this title (Federal Reserve Board Regulation YY) (12 CFR 252.87). The requirements are intended to enhance the resilience and the safety and soundness of Federally chartered and licensed financial institutions by addressing concerns relating to the VerDate Sep<11>2014 17:57 May 18, 2020 Jkt 250001 exercise of default rights of certain financial contracts that could interfere with the orderly resolution of certain systemically important financial firms. Covered banks may comply either by amending the contractual provisions of their QFCs consistent with the requirements of §§ 47.4 and 47.5 within a specified period of time or by adhering to the International Swaps and Derivatives Association 2015 Universal Resolution Stay Protocol or U.S. Protocol (ISDA Protocols). Alternatively, 12 CFR 47.6(b)(1) provides that a covered bank may request that the OCC approve as compliant with the requirements of §§ 47.4 and 47.5 provisions of one or more forms of covered QFCs, or amendments to one or more forms of covered QFCs, with enhanced creditor protection conditions. In order for the OCC to evaluate a covered bank’s request, 12 CFR 47.6(b)(3) requires that the request include (1) an analysis of the proposal that addresses a range of factors laid out in § 47.6(d) that are intended to facilitate the OCC’s consideration of whether the proposal would be consistent with the restrictions and the main objectives of the rule; (2) a written legal opinion verifying that the covered bank’s proposed provisions or amendments would be valid and enforceable under applicable laws of the relevant jurisdictions, including in the case of proposed amendments, the validity and enforceability of the proposal to amend the covered QFCs; and (3) any additional information relevant to the OCC’s approval that the OCC requests. Based on the information collected, the OCC will then determine whether the covered bank’s proposed alternative creditor protection conditions comply with the requirements of the rule and achieve its policy goals. Estimated Burden: Number of Respondents: 50. Estimated Burden per Respondent: 140 hours. Total Estimated Annual Burden: 7,000 hours. Comments: Comments submitted in response to this notice will be summarized and included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the OCC’s functions, including whether the information has practical utility; (b) The accuracy of the OCC’s burden estimates, including the validity of the methodology and assumptions used; PO 00000 Frm 00104 Fmt 4703 Sfmt 4703 (c) Ways to enhance the quality, utility, and clarity of the information to be collected; (d) Ways to minimize the burden of the information 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. Theodore J. Dowd, Deputy Chief Counsel, Office of the Comptroller of the Currency. [FR Doc. 2020–10712 Filed 5–18–20; 8:45 am] BILLING CODE 4810–33–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Rev. Proc. 2008– 27 Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning the burden related to Rev. Proc. 2008–27, 9100 Relief Under Sections 897 and 1445. SUMMARY: Written comments should be received on or before July 20, 2020 to be assured of consideration. ADDRESSES: Direct all written comments to Kinna Brewington, Internal Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC 20224. Requests for additional information or copies of the regulations should be directed to Ronald J. Durbala, at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at RJoseph.Durbala@irs.gov. SUPPLEMENTARY INFORMATION: Title: Late Filing of Certification or Notices. OMB Number: 1545–2098. Regulation Project Number: Rev. Proc. 2008–27. DATES: E:\FR\FM\19MYN1.SGM 19MYN1

Agencies

[Federal Register Volume 85, Number 97 (Tuesday, May 19, 2020)]
[Notices]
[Pages 30021-30022]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-10712]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities; Information Collection 
Renewal; Comment Request; Mandatory Contractual Stay Requirements for 
Qualified Financial Contracts

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

ACTION: Notice and request for comments.

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

SUMMARY: The OCC, as part of its continuing effort to reduce paperwork 
and respondent burden, invites the general public and other Federal 
agencies to comment on a continuing information collection as required 
by the Paperwork Reduction Act of 1995 (PRA). The OCC may not conduct 
or sponsor, and a respondent is not required to respond to, an 
information collection unless it displays a currently valid Office of 
Management and Budget (OMB) control number. The OCC is soliciting 
comment concerning the renewal of its information collection titled 
``Mandatory Contractual Stay Requirements for Qualified Financial 
Contracts.''

DATES: Comments must be received by July 20, 2020.

ADDRESSES: Commenters are encouraged to submit comments by email, if 
possible. You may submit comments by any of the following methods:
     Email: [email protected].
     Mail: Chief Counsel's Office, Attention: Comment 
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0339, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
     Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218, 
Washington, DC 20219.
     Fax: (571) 465-4326.
    Instructions: You must include ``OCC'' as the agency name and 
``1557-0339'' in your comment. In general, the OCC will publish 
comments on www.reginfo.gov without change, including any business or 
personal information provided, such as name and address information, 
email addresses, or phone numbers. Comments received, including 
attachments and other supporting materials, are part of the public 
record and subject to public disclosure. Do not include any information 
in your comment or supporting materials that you consider confidential 
or inappropriate for public disclosure.
    You may review comments and other related materials that pertain to 
this information collection beginning on the date of publication of the 
second notice for this collection \1\ as follows:
---------------------------------------------------------------------------

    \1\ Following the close of this notice's 60-day comment period, 
the OCC will publish a second notice with a 30-day comment period.
---------------------------------------------------------------------------

     Viewing Comments Electronically: Go to www.reginfo.gov. 
Click on the ``Information Collection Review'' tab. Underneath the 
``Currently under Review'' section heading, from the drop-down menu 
select ``Department of Treasury'' and then click ``submit.'' This 
information collection can be located by searching by OMB control 
number ``1557-0339'' or ``Mandatory Contractual Stay Requirements for 
Qualified Financial Contracts.'' Upon finding the appropriate 
information collection, click on the related ``ICR Reference Number.'' 
On the next screen, select ``View Supporting Statement and Other 
Documents'' and then click on the link to any comment listed at the 
bottom of the screen.
    For assistance in navigating www.reginfo.gov, please contact the 
Regulatory Information Service Center at (202) 482-7340.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance 
Officer, (202) 649-5490 or, for persons who are deaf or hearing 
impaired, TTY, (202) 649-5597, Chief Counsel's Office, Office of the 
Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219.

SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.), 
Federal agencies must obtain approval from the OMB for each collection 
of information that they conduct or sponsor. ``Collection of 
information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to 
include agency requests or requirements that members of the public 
submit reports, keep records, or provide information to a third party. 
Section 3506(c)(2)(A) of title 44 requires Federal agencies to provide 
a 60-day notice in the Federal Register concerning each proposed 
collection of information, including each proposed extension of an 
existing collection of information, before submitting the collection to 
OMB for approval. To comply with this requirement, the OCC is 
publishing notice of the renewal of this collection.
    Title of Information Collection: Mandatory Contractual Stay 
Requirements for Qualified Financial Contracts.
    OMB Control No.: 1557-0339.
    Frequency of Response: On occasion.
    Affected Public: A national bank or Federal savings association 
(FSA)

[[Page 30022]]

(including any subsidiary of either) that is a subsidiary of a global 
systemically important bank holding company that has been designated 
pursuant to 12 CFR 252.82 of the Federal Reserve Board's Regulation YY; 
a national bank or FSA (including any subsidiary of either) that is a 
subsidiary of a global systemically important foreign banking 
organization designated pursuant to 12 CFR 252.87 of the Federal 
Reserve Board's Regulation YY; a Federal branch or agency (including 
any U.S. subsidiary of a Federal branch or agency) of a global 
systemically important foreign banking organization designated pursuant 
to 12 CFR 252.87 of the Federal Reserve Board's Regulation YY; and any 
national bank or FSA that is not under a bank holding company and that 
has more than $700 billion in total assets as reported on its most 
recent Call Report.
    Abstract: Under 12 CFR part 47, a covered bank is required to 
ensure that a covered qualified financial contract (QFC) (1) contains a 
contractual stay-and-transfer provision analogous to the statutory 
stay-and-transfer provision imposed under Title II of the Dodd-Frank 
Act and in the Federal Deposit Insurance Act and (2) limits the 
exercise of default rights based on the insolvency of an affiliate of 
the covered bank. A covered bank is defined in 12 CFR 47.3(b) as:
     A national bank or Federal savings association that has 
more than $700 billion in total assets as reported on the national 
bank's or Federal savings association's most recent Consolidated 
Reports of Condition and Income (Call Report);
     A national bank or Federal savings association that is a 
subsidiary of a global systemically important bank holding company that 
has been designated pursuant to Sec.  252.82 of this title (Federal 
Reserve Board Regulation YY) (12 CFR 252.82);
     A national bank or Federal savings association that is a 
subsidiary of a global systemically important foreign banking 
organization that has been designated pursuant to Sec.  252.87 of this 
title (Federal Reserve Board Regulation YY) (12 CFR 252.87); or
     A Federal branch or agency, as defined in subpart B of 
this chapter (governing Federal branches and agencies), of a global 
systemically important foreign banking organization that has been 
designated pursuant to Sec.  252.87 of this title (Federal Reserve 
Board Regulation YY) (12 CFR 252.87).
    The requirements are intended to enhance the resilience and the 
safety and soundness of Federally chartered and licensed financial 
institutions by addressing concerns relating to the exercise of default 
rights of certain financial contracts that could interfere with the 
orderly resolution of certain systemically important financial firms.
    Covered banks may comply either by amending the contractual 
provisions of their QFCs consistent with the requirements of Sec. Sec.  
47.4 and 47.5 within a specified period of time or by adhering to the 
International Swaps and Derivatives Association 2015 Universal 
Resolution Stay Protocol or U.S. Protocol (ISDA Protocols). 
Alternatively, 12 CFR 47.6(b)(1) provides that a covered bank may 
request that the OCC approve as compliant with the requirements of 
Sec. Sec.  47.4 and 47.5 provisions of one or more forms of covered 
QFCs, or amendments to one or more forms of covered QFCs, with enhanced 
creditor protection conditions.
    In order for the OCC to evaluate a covered bank's request, 12 CFR 
47.6(b)(3) requires that the request include (1) an analysis of the 
proposal that addresses a range of factors laid out in Sec.  47.6(d) 
that are intended to facilitate the OCC's consideration of whether the 
proposal would be consistent with the restrictions and the main 
objectives of the rule; (2) a written legal opinion verifying that the 
covered bank's proposed provisions or amendments would be valid and 
enforceable under applicable laws of the relevant jurisdictions, 
including in the case of proposed amendments, the validity and 
enforceability of the proposal to amend the covered QFCs; and (3) any 
additional information relevant to the OCC's approval that the OCC 
requests. Based on the information collected, the OCC will then 
determine whether the covered bank's proposed alternative creditor 
protection conditions comply with the requirements of the rule and 
achieve its policy goals.
    Estimated Burden:
    Number of Respondents: 50.
    Estimated Burden per Respondent: 140 hours.
    Total Estimated Annual Burden: 7,000 hours.
    Comments: Comments submitted in response to this notice will be 
summarized and included in the request for OMB approval. All comments 
will become a matter of public record. Comments are invited on:
    (a) Whether the collection of information is necessary for the 
proper performance of the OCC's functions, including whether the 
information has practical utility;
    (b) The accuracy of the OCC's burden estimates, including the 
validity of the methodology and assumptions used;
    (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    (d) Ways to minimize the burden of the information 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.

Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2020-10712 Filed 5-18-20; 8:45 am]
 BILLING CODE 4810-33-P
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