Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Rev. Proc. 2008-27, 30022-30023 [2020-10713]
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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
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17:57 May 18, 2020
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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;
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(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:
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Federal Register / Vol. 85, No. 97 / Tuesday, May 19, 2020 / Notices
Abstract: The IRS needs certain
information to determine whether a
taxpayer should be granted permission
to make late filings of certain statements
or notices under sections 897 and 1445.
The information submitted will include
a statement by the taxpayer
demonstrating reasonable cause for the
failure to timely make relevant filings
under sections 897 and 1445. This
revenue procedure provides a simplified
method for taxpayers to request relief
for late filings under sections 1.897–
2(g)(1)(ii)(A), 1.897–2(h)(2), 1.1445–
2(d)(2), 1.1445–5(b)(2), and 1.1445–
5(b)(4) of the Income Tax Regulations.
Current Actions: There is no change to
the burden previously approved by
OMB. This request is being submitted
for renewal purposes only.
Type of Review: Extension of a
currently approved collection.
Affected Public: Businesses and other
for-profit organizations, Farms.
Estimated Number of Respondents:
250.
Estimated Time per Respondent: 4
hours.
Estimated Total Annual Burden
Hours: 1,000.
The following paragraph applies to all
the collections of information covered
by this notice:
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless the collection of information
displays a valid OMB control number.
Books or records relating to a
collection of information must be
retained if their contents may become
material in the administration of any
internal revenue law. Generally, tax
returns and tax return information are
confidential, as required by 26 U.S.C.
6103.
Desired Focus of Comments: The
Internal Revenue Service (IRS) is
particularly interested in comments
that:
• Evaluate whether the proposed
collection of information is necessary
for the proper performance of the
functions of the agency, including
whether the information will have
practical utility;
• Evaluate the accuracy of the
agency’s estimate of the burden of the
proposed collection of information,
including the validity of the
methodology and assumptions used;
• Enhance the quality, utility, and
clarity of the information to be
collected; and
• Minimize the burden of the
collection of information on those who
are to respond, including using
appropriate automated, electronic,
mechanical, or other technological
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collection techniques or other forms of
information technology, e.g., by
permitting electronic submissions of
responses.
Comments submitted in response to
this notice will be summarized and/or
included in the ICR for OMB approval
of the extension of the information
collection; they will also become a
matter of public record.
Approved: May 14, 2020.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2020–10713 Filed 5–18–20; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF VETERANS
AFFAIRS
[OMB Control No. 2900–0567]
Agency Information Collection
Activity: (Presidential Memorial
Certificate Form)
National Cemetery
Administration, Department of Veterans
Affairs.
ACTION: Notice.
AGENCY:
The National Cemetery
Administration (NCA), Department of
Veterans Affairs (VA), is announcing an
opportunity for public comment on the
proposed collection of certain
information by the agency. Under the
Paperwork Reduction Act (PRA) of
1995, Federal agencies are required to
publish notice in the Federal Register
concerning each proposed collection of
information, including each revised
collection allow 60 days for public
comment in response to the notice.
DATES: Written comments and
recommendations on the proposed
collection of information should be
received on or before July 20, 2020.
ADDRESSES: Submit written comments
on the collection of information through
Federal Docket Management System
(FDMS) at www.Regulations.gov or to
Cynthia Harvey-Pryor, National
Cemetery Administration (42E),
Department of Veterans Affairs, 810
Vermont Avenue NW, Washington, DC
20420 at 202–461–5870, or email to
cynthia.harvey-pryor@va.gov. Please
refer to ‘‘OMB Control No. 2900–0567’’
in any correspondence. During the
comment period, comments may be
viewed online through the FDMS.
FOR FURTHER INFORMATION CONTACT: Mr.
James Flanagan can be contacted at 202–
632–7219 or email at James.Flanagan@
va.gov.
SUPPLEMENTARY INFORMATION: Under the
PRA of 1995, Federal agencies must
SUMMARY:
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30023
obtain approval from the Office of
Management and Budget (OMB) for each
collection of information they conduct
or sponsor. This request for comment is
being made pursuant to Section
3506(c)(2)(A) of the PRA.
With respect to the following
collection of information, NCA invites
comments on: (1) Whether the proposed
collection of information is necessary
for the proper performance of NCA’s
functions, including whether the
information will have practical utility;
(2) the accuracy of NCA’s estimate of the
burden of the proposed collection of
information; (3) ways to enhance the
quality, utility, and clarity of the
information to be collected; and (4)
ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
the use of other forms of information
technology.
Authority: Public Law 104–13; 44
U.S.C. 3501–21.
Title: Presidential Memorial
Certificate Form VA form 40–0247.
OMB Control Number: 2900–0567.
Type of Review: Revision of a
currently approved collection.
Abstract: The Presidential Memorial
Certificate (PMC) is an engraved paper
certificate, signed by a current U.S.
President, to honor the memory of
deceased Veterans who are eligible for
burial in a national cemetery. VA Form
40–0247 information collection is
required to properly inscribe and
address for delivery of the PMC.
Supporting military or discharge
documents are also needed to verify that
the veteran’s character of service and
duty status meet program eligibility and
legal requirements. NCA is updating
Form VA 40–0247 to include personal
information necessary for statistical data
gathering, targeted outreach and
utilization trend analysis.
Affected Public: Individuals or
Households.
Estimated Annual Burden: 6,250
hours.
Estimated Average Burden per
Respondent: 3 minutes.
Frequency of Response: One-time.
Estimated Number of Respondents:
125,000.
By direction of the Secretary.
Danny S. Green,
Department Clearance Officer, Office of
Quality, Performance and Risk, Department
of Veterans Affairs.
[FR Doc. 2020–09546 Filed 5–18–20; 8:45 am]
BILLING CODE 8320–01–P
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]]>Agencies
[Federal Register Volume 85, Number 97 (Tuesday, May 19, 2020)]
[Notices]
[Pages 30022-30023]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-10713]
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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
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: 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.
DATES: 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 [email protected].
SUPPLEMENTARY INFORMATION:
Title: Late Filing of Certification or Notices.
OMB Number: 1545-2098.
Regulation Project Number: Rev. Proc. 2008-27.
[[Page 30023]]
Abstract: The IRS needs certain information to determine whether a
taxpayer should be granted permission to make late filings of certain
statements or notices under sections 897 and 1445. The information
submitted will include a statement by the taxpayer demonstrating
reasonable cause for the failure to timely make relevant filings under
sections 897 and 1445. This revenue procedure provides a simplified
method for taxpayers to request relief for late filings under sections
1.897-2(g)(1)(ii)(A), 1.897-2(h)(2), 1.1445-2(d)(2), 1.1445-5(b)(2),
and 1.1445-5(b)(4) of the Income Tax Regulations.
Current Actions: There is no change to the burden previously
approved by OMB. This request is being submitted for renewal purposes
only.
Type of Review: Extension of a currently approved collection.
Affected Public: Businesses and other for-profit organizations,
Farms.
Estimated Number of Respondents: 250.
Estimated Time per Respondent: 4 hours.
Estimated Total Annual Burden Hours: 1,000.
The following paragraph applies to all the collections of
information covered by this notice:
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number.
Books or records relating to a collection of information must be
retained if their contents may become material in the administration of
any internal revenue law. Generally, tax returns and tax return
information are confidential, as required by 26 U.S.C. 6103.
Desired Focus of Comments: The Internal Revenue Service (IRS) is
particularly interested in comments that:
Evaluate whether the proposed collection of information is
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility;
Evaluate the accuracy of the agency's estimate of the
burden of the proposed collection of information, including the
validity of the methodology and assumptions used;
Enhance the quality, utility, and clarity of the
information to be collected; and
Minimize the burden of the collection of information on
those who are to respond, including using appropriate automated,
electronic, mechanical, or other technological collection techniques or
other forms of information technology, e.g., by permitting electronic
submissions of responses.
Comments submitted in response to this notice will be summarized
and/or included in the ICR for OMB approval of the extension of the
information collection; they will also become a matter of public
record.
Approved: May 14, 2020.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2020-10713 Filed 5-18-20; 8:45 am]
BILLING CODE 4830-01-P
