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