Agency Information Collection Activities; Information Collection Renewal; Submission for OMB Review; Mandatory Contractual Stay Requirements for Qualified Financial Contracts, 62799-62801 [2020-21891]

Download as PDF Federal Register / Vol. 85, No. 193 / Monday, October 5, 2020 / Notices CBI deleted; and (3) explain why the information you are submitting is CBI. Unless you are notified otherwise, PHMSA will treat such marked submissions as confidential under the FOIA, and they will not be placed in the public docket of this notice. Submissions containing CBI should be sent to: Kay McIver, DOT, PHMSA– PHP–80, 1200 New Jersey Avenue SE, Washington, DC 20590–0001. Any commentary PHMSA receives that is not specifically designated as CBI will be placed in the public docket for this matter. jbell on DSKJLSW7X2PROD with NOTICES FOR FURTHER INFORMATION CONTACT: 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. SUPPLEMENTARY INFORMATION: PHMSA received a special permit request from CGT, a subsidiary of TC Energy, seeking a waiver from the requirements of 49 CFR 192.505(c): Strength test requirements for steel pipeline to operate at a hoop stress of 30 percent or more of SMYS, 49 CFR 192.611: Change in class location: Confirmation or revision of maximum allowable operating pressure, and 49 CFR 192.619: Maximum allowable operating pressure: Steel or plastic pipelines. The special permit request is for special permit segments that have either a Class 1 to 3 location change, a pressure test duration below eight (8) hours, or a pressure test times maximum allowable operating pressure (MAOP) safety factor that is below 1.25. This special permit is being requested in lieu of pipe replacement, pressure reduction, or a new pressure test for 61 special permit segments totaling 114,124 feet (approximately 21.614 miles) in total length of pipeline. The pipeline special permit segments consist of the following: • Lafayette Parish, Louisiana—8,307 feet of 24-inch diameter East Lateral (EL) 200 Pipeline and 4,187 feet of 30inch diameter EL 400 Pipeline; • Franklin Parish, Louisiana—1,312 feet of 30-inch diameter Mainline (ML) 100 Pipeline and 8,485 feet of 30-inch ML 200 Pipeline; • Union County, Mississippi—4,173 feet of 30-inch diameter ML 100 Pipeline, 3,976 feet of 30-inch ML 200 Pipeline, and 3,897 feet of 36-inch diameter ML 300 Pipeline; • Alcorn County, Mississippi—5,062 feet of 30-inch diameter ML 100 Pipeline, 5,331 feet of 30-inch ML 200 Pipeline, and 1,940 feet of 36-inch diameter ML 300 Pipeline; VerDate Sep<11>2014 23:42 Oct 02, 2020 Jkt 253001 • Macon County, Tennessee—3,896 feet of 30-inch diameter ML 100 Pipeline, 3,885 feet of 30-inch ML 200 Pipeline, and 3,949 feet of 36-inch diameter ML 300 Pipeline; • Menifee County, Kentucky—62 feet of 30-inch diameter ML 100 Pipeline and 199 feet of 30-inch ML 200 Pipeline; • Montgomery County, Kentucky— 1,008 feet of 30-inch diameter ML 100 Pipeline and 803 feet of 30-inch ML 200 Pipeline; • Carter County, Kentucky—9,798 feet of 30-inch diameter ML 100 Pipeline and 20,461 feet of 30-inch ML 200 Pipeline; • Madison County, Kentucky—22,385 feet of 30-inch diameter ML 200 Pipeline and 823 feet of 30-inch ML 300 Pipeline; and • Rowan County, Kentucky—185 feet of 30-inch diameter ML 200 Pipeline. The proposed special permit will allow operation of the original Class 1 pipe in Class 3 locations. The CGT pipelines were constructed in the following time periods and operate at the MAOPs listed below: • 24-inch diameter EL 200 Pipeline was constructed in 1954 and has a MAOP of 973 pound per square inch gauge (psig); • 30-inch diameter ML 400 Pipeline was constructed in 1971 and has a MAOP of 1,007 psig; • 30-inch diameter ML 100 Pipeline was constructed between 1953 to 1954 and has a MAOP of 935 psig; • 30-inch diameter ML 200 Pipeline was constructed between 1958 to 1965 and has a MAOP of 1,007 psig; and • 36-inch diameter ML 300 Pipeline was constructed between 1968 to 1971 and has a MAOP of 1,007 psig. The special permit request, proposed special permit with conditions, and Draft Environmental Assessment (DEA) for the CGT pipelines are available for review and public comments in Docket No. PHMSA–2019–0201. 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 comments 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 it receives in making its decision to grant or deny this special permit request. PO 00000 Frm 00110 Fmt 4703 Sfmt 4703 62799 Issued in Washington, DC under authority delegated in 49 CFR 1.97. Alan K. Mayberry, Associate Administrator for Pipeline Safety. [FR Doc. 2020–21926 Filed 10–2–20; 8:45 am] BILLING CODE 4910–60–P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Activities; Information Collection Renewal; Submission for OMB Review; 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.’’ The OCC is also giving notice that it has sent the collection to OMB for review. DATES: Comments must be received by November 4, 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, 1557– 0339, Office of the Comptroller of the Currency, 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– 0399’’ 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 SUMMARY: E:\FR\FM\05OCN1.SGM 05OCN1 jbell on DSKJLSW7X2PROD with NOTICES 62800 Federal Register / Vol. 85, No. 193 / Monday, October 5, 2020 / Notices 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. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/public/do/ PRAMain. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. You may review comments and other related materials that pertain to this information collection 1 following the close of the 30-day comment period for this notice by the following method: • 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. The OCC 1 On May 19, 2020 the OCC published a 60-day notice for this information collection, 85 FR 30021. VerDate Sep<11>2014 23:42 Oct 02, 2020 Jkt 253001 asks OMB to extend its approval of the collection in this document. 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) (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 PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 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 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: On May 19, 2020, the OCC published a notice for 60 days of comment concerning the collection, 85 E:\FR\FM\05OCN1.SGM 05OCN1 Federal Register / Vol. 85, No. 193 / Monday, October 5, 2020 / Notices FR 30021. No comments were received. Comments continue to be solicited 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. 2020–21891 Filed 10–2–20; 8:45 am] BILLING CODE 4810–33–P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Activities: Information Collection Renewal; Comment Request; Examination Survey Office of the Comptroller of the Currency (OCC), Treasury. ACTION: Notice and request for comment. AGENCY: The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the renewal of an information collection, as required by the Paperwork Reduction Act of 1995 (PRA). An agency 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 renewal of its information collection titled, ‘‘Examination Survey.’’ DATES: Comments must be submitted by December 4, 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, 1557– jbell on DSKJLSW7X2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 23:42 Oct 02, 2020 Jkt 253001 0199, Office of the Comptroller of the Currency, 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– 0199’’ 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 by any of the following methods: • 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 ‘‘1557–0199’’ or ‘‘Examination Survey.’’ 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, Clearance Officer, (202) 649–5490 or, for persons who are deaf or hard of hearing, 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. 3501–3520), 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 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. PO 00000 Frm 00112 Fmt 4703 Sfmt 4703 62801 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 the PRA (44 U.S.C. 3506(c)(2)(A)) 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 proposed collection of information set forth in this document. The OCC is proposing to extend the approval for the following information collection: Title: Examination Survey. OMB Control No.: 1557–0199. Affected Public: Businesses or other for-profit. Type of Review: Regular. Abstract: The OCC provides each national bank, Federal savings association, and Federal branch or agency (bank) with an Examination Survey at the end of its supervisory cycle (12- or 18-month period). This information collection permits banks to assess the OCC’s bank supervisory activities, including the: • Effectiveness of OCC communications with the bank; • Reasonableness of OCC requests for data and information; • Quality of OCC decision making during the exam process; • Professionalism of OCC examining staff; and • Responsiveness of OCC examiners. The OCC developed the survey in 1994, at the suggestion of banking industry members who expressed a desire to provide examination-related feedback to the OCC. The Comptroller of the Currency and OCC supervisory staff considered that expressed desire and concurred. The information collection continues to be an important tool for the OCC to measure OCC examination performance, design more efficient and effective examinations, and target examiner training. This information collection continues to formalize and promote a longstanding OCC program. The OCC always has given the institutions it supervises the opportunity to provide input regarding the examination process. Burden Estimates: Estimated Number of Respondents: 1,714. Estimated Annual Burden: 286 hours. Comments submitted in response to this notice will be summarized and included in the request for OMB approval. All comments will become a E:\FR\FM\05OCN1.SGM 05OCN1

Agencies

[Federal Register Volume 85, Number 193 (Monday, October 5, 2020)]
[Notices]
[Pages 62799-62801]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-21891]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities; Information Collection 
Renewal; Submission for OMB Review; 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.'' The OCC is also giving notice that it has sent the 
collection to OMB for review.

DATES: Comments must be received by November 4, 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, 1557-0339, Office of the Comptroller of the Currency, 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 
``1557-0399'' 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

[[Page 62800]]

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.
    Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
to www.reginfo.gov/public/do/PRAMain. Find this particular information 
collection by selecting ``Currently under 30-day Review--Open for 
Public Comments'' or by using the search function.
    You may review comments and other related materials that pertain to 
this information collection \1\ following the close of the 30-day 
comment period for this notice by the following method:
---------------------------------------------------------------------------

    \1\ On May 19, 2020 the OCC published a 60-day notice for this 
information collection, 85 FR 30021.
---------------------------------------------------------------------------

     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. 
The OCC asks OMB to extend its approval of the collection in this 
document.
    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) (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: On May 19, 2020, the OCC published a notice for 60 days 
of comment concerning the collection, 85

[[Page 62801]]

FR 30021. No comments were received. Comments continue to be solicited 
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. 2020-21891 Filed 10-2-20; 8:45 am]
BILLING CODE 4810-33-P