Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Libor Self-Assessment, 36863-36864 [2021-14772]

Download as PDF Federal Register / Vol. 86, No. 131 / Tuesday, July 13, 2021 / Notices • Email: PRA_BurdenComments@ state.gov. • Phone: Dylan Aikens at 202–485– 7586. You must include the DS form number (if applicable), information collection title, and OMB control number in any correspondence. SUPPLEMENTARY INFORMATION: • Title of Information Collection: Petition to Classify Special Immigrant Under INA 203(b)(4) as Employee or Former Employee of the U.S. Government Abroad. • OMB Control Number: 1405–0082. • Type of Request: Extension of a Currently Approved Collection. • Originating Office: CA/VO. • Form Number: DS–1884. • Respondents: Aliens petitioning for immigrant visas under INA 203(b)(4) as a special immigrant described in INA section 101(a)(27)(D). • Estimated Number of Respondents: 600. • Estimated Number of Responses: 600. • Average Time per Response: 10 minutes. • Total Estimated Burden Time: 100 hours. • Frequency: Once per petition. • Obligation to Respond: Required to Obtain or Retain a Benefit. We are soliciting public comments to permit the Department to: • Evaluate whether the proposed information collection is necessary for the proper functions of the Department. • Evaluate the accuracy of our estimate of the time and cost burden for this proposed collection, including the validity of the methodology and assumptions used. • Enhance the quality, utility, and clarity of the information to be collected. • Minimize the reporting burden on those who are to respond, including the use of automated collection techniques or other forms of information technology. Please note that comments submitted in response to this Notice are public record. Before including any detailed personal information, you should be aware that your comments as submitted, including your personal information, will be available for public review. jbell on DSKJLSW7X2PROD with NOTICES Abstract of Proposed Collection DS–1884 solicits information from petitioners claiming employment-based immigrant visa preference under section 203(b)(4) of the Immigration and Nationality Act on the basis of qualification as a special immigrant described in section 101(a)(27)(D) of the Immigration and Nationality Act. A VerDate Sep<11>2014 17:47 Jul 12, 2021 Jkt 253001 petitioner may file the DS–1884 petition within one year of notification by the Department of State that the Secretary has approved a recommendation for special immigrant status. DS–1884 solicits information that will assist the consular officer in ensuring that the petitioner is statutorily qualified to receive such status, including meeting the years of service and exceptional service requirements. Methodology The petitioner can obtain the form from consular posts abroad or through the Department’s website, travel.state.gov. The application available on the Department’s website allows an applicant to complete the application electronically and then print the application and submit it to post. Kevin E. Bryant, Deputy Director, Office of Directives Management, Department of State. [FR Doc. 2021–14825 Filed 7–12–21; 8:45 am] BILLING CODE 4710–06–P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Libor Self-Assessment 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 take this opportunity to comment on a new information collection as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the 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 a collection of information titled, ‘‘Libor Self-Assessment.’’ The OCC also is giving notice that it has sent the collection to OMB for review. DATES: Comments must be submitted on or before August 12, 2021. ADDRESSES: Commenters are encouraged to submit comments by email, if possible. You may submit comments by any of the following methods: SUMMARY: PO 00000 Frm 00166 Fmt 4703 Sfmt 4703 36863 • Email: prainfo@occ.treas.gov. • Mail: Chief Counsel’s Office, Attention: Comment Processing, 1557– 0349, 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– 0349’’ 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. 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 ‘‘1557–0349’’ or ‘‘Libor SelfAssessment.’’ 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, 1 On March 17, 2021, the OCC published a 60-day notice for this information collection, 86 FR 14681. E:\FR\FM\13JYN1.SGM 13JYN1 jbell on DSKJLSW7X2PROD with NOTICES 36864 Federal Register / Vol. 86, No. 131 / Tuesday, July 13, 2021 / Notices (202) 649–5490, 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 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. OCC asks that OMB extend its approval of this collection. Title: Libor Self-Assessment. OMB Control No.: 1557–0349. Type of Review: Regular. Description: The expected cessation of the London InterBank Offered Rate (Libor) prompted the OCC to create a self-assessment tool for banks to use in preparing for the expected Libor cessation. The self-assessment tool may be used in assessing the appropriateness of a bank’s Libor transition plan, in the execution of the plan by its management, and in related matters. The Intercontinental Exchange Libor is a reference rate that is intended to reflect the cost of unsecured interbank borrowing. Libor is published daily in five currencies with seven maturities ranging from overnight to 12 months. It is used globally in the over-the-counter derivatives market, bonds, loan products, and securitizations. As of the end of 2016, $199 trillion of financial instruments were exposed to U.S. dollar (USD) Libor as the primary reference rate. While certain reference rates have ceased to be reported in the past, the significant exposure of the financial markets to Libor creates the need for banks to assess whether they are identifying applicable risks, preparing for the cessation, and successfully transitioning to replacement rates. Libor is referenced globally, and its cessation could affect banks of all sizes through direct or indirect exposure. There is risk of market disruptions, litigation, and destabilized balance sheets if acceptable replacement rates do not attract sufficient market-wide acceptance or if contracts cannot seamlessly transition to new rates. A bank’s risk exposure from expected Libor cessation depends on the bank’s specific circumstances. Many community banks may not offer products or services that use Libor. However, community banks could have Libor exposure in positions such as Federal Home Loan Bank (FHLB) VerDate Sep<11>2014 17:47 Jul 12, 2021 Jkt 253001 borrowings, mortgage-backed securities, or bonds in the banks’ investment portfolios. Libor exposure can exist in all product categories and lines of business, both on or off the balance sheet, and in asset management activities. Risk can also emanate from third-party relationships because Libor is often used in pricing models, financial models, and in other parts of banks’ infrastructure, such as core processing. The ubiquity of Libor, present in over $200T notional contracts, makes moving off the rate incredibly complicated. Many existing contracts do not include sufficient provisions in the event that Libor becomes unavailable (known as fallback provisions). Without adequate preparation, Libor cessation could cause market disruption and present risks to banks and their customers. In addition, fallback provision language does not sufficiently account for a permanent cessation of Libor. The Federal banking agencies published a statement communicating that banks should discontinue entering into contracts that use USD Libor as a reference rate as soon as practicable and in any event by the end of 2021 (with a few exceptions for orderly market support).2 Given that the OCC expects banks to discontinue making Libor loans by the end of 2021, the prevalence of Libor, and the remaining work to be done within the timeframe described above, the OCC is requesting renewal of the emergency clearance for this selfassessment tool to be made available to banks due to the immediate need and the brief duration of use, to help banks prepare for Libor-related risk. Banks may use the self-assessment to determine whether they have risk management processes in place to identify and mitigate their Libor transition risks. Not all sections or questions will apply to all banks. Applicable risks (e.g., operational, compliance, strategic, and reputation) can be identified when scoping and completing Libor cessation preparedness assessments. Affected Public: Businesses or other for-profit. Burden Estimates: Estimated Number of Respondents: 1,096. Estimated Annual Burden: 8,768 hours. Frequency of Response: On occasion. Comments: On March 17, 2021, the OCC published a 60-day notice for this information collection, 86 FR 14681. No 2 https://www.federalreserve.gov/newsevents/ pressreleases/files/bcreg20201130a1.pdf. PO 00000 Frm 00167 Fmt 4703 Sfmt 4703 comments were received. Comments continue to be invited on: (a) Whether the collections of information are necessary for the proper performance of the OCC’s functions, including whether the information has practical utility; (b) The accuracy of the OCC’s estimates of the burden of the information collections, including the validity of the methodology and assumptions used; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; and (d) Ways to minimize the burden of information collections on respondents, including through the use of automated collection techniques or other forms of information technology. (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. 2021–14772 Filed 7–12–21; 8:45 am] BILLING CODE P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; International Regulation 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 take this opportunity to comment on a continuing information collection as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the 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 ‘‘International Regulation—Part 28.’’ The OCC also is giving notice that it has sent the collection to OMB for review. SUMMARY: Comments must be received by August 12, 2021. DATES: E:\FR\FM\13JYN1.SGM 13JYN1

Agencies

[Federal Register Volume 86, Number 131 (Tuesday, July 13, 2021)]
[Notices]
[Pages 36863-36864]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-14772]


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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; Libor Self-Assessment

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

ACTION: Notice and request for comment.

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

SUMMARY: The OCC, as part of its continuing effort to reduce paperwork 
and respondent burden, invites the general public and other Federal 
agencies to take this opportunity to comment on a new information 
collection as required by the Paperwork Reduction Act of 1995 (PRA). In 
accordance with the requirements of the PRA, the OCC may not conduct or 
sponsor, and the 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 a collection of information titled, 
``Libor Self-Assessment.'' The OCC also is giving notice that it has 
sent the collection to OMB for review.

DATES: Comments must be submitted on or before August 12, 2021.

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, 1557-0349, 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 
``1557-0349'' 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.
    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 March 17, 2021, the OCC published a 60-day notice for 
this information collection, 86 FR 14681.
---------------------------------------------------------------------------

     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 ``1557-0349'' or ``Libor Self-Assessment.'' 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,

[[Page 36864]]

(202) 649-5490, 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 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. OCC asks that 
OMB extend its approval of this collection.
    Title: Libor Self-Assessment.
    OMB Control No.: 1557-0349.
    Type of Review: Regular.
    Description: The expected cessation of the London InterBank Offered 
Rate (Libor) prompted the OCC to create a self-assessment tool for 
banks to use in preparing for the expected Libor cessation. The self-
assessment tool may be used in assessing the appropriateness of a 
bank's Libor transition plan, in the execution of the plan by its 
management, and in related matters.
    The Intercontinental Exchange Libor is a reference rate that is 
intended to reflect the cost of unsecured interbank borrowing. Libor is 
published daily in five currencies with seven maturities ranging from 
overnight to 12 months. It is used globally in the over-the-counter 
derivatives market, bonds, loan products, and securitizations. As of 
the end of 2016, $199 trillion of financial instruments were exposed to 
U.S. dollar (USD) Libor as the primary reference rate.
    While certain reference rates have ceased to be reported in the 
past, the significant exposure of the financial markets to Libor 
creates the need for banks to assess whether they are identifying 
applicable risks, preparing for the cessation, and successfully 
transitioning to replacement rates. Libor is referenced globally, and 
its cessation could affect banks of all sizes through direct or 
indirect exposure.
    There is risk of market disruptions, litigation, and destabilized 
balance sheets if acceptable replacement rates do not attract 
sufficient market-wide acceptance or if contracts cannot seamlessly 
transition to new rates. A bank's risk exposure from expected Libor 
cessation depends on the bank's specific circumstances. Many community 
banks may not offer products or services that use Libor. However, 
community banks could have Libor exposure in positions such as Federal 
Home Loan Bank (FHLB) borrowings, mortgage-backed securities, or bonds 
in the banks' investment portfolios.
    Libor exposure can exist in all product categories and lines of 
business, both on or off the balance sheet, and in asset management 
activities. Risk can also emanate from third-party relationships 
because Libor is often used in pricing models, financial models, and in 
other parts of banks' infrastructure, such as core processing.
    The ubiquity of Libor, present in over $200T notional contracts, 
makes moving off the rate incredibly complicated. Many existing 
contracts do not include sufficient provisions in the event that Libor 
becomes unavailable (known as fallback provisions). Without adequate 
preparation, Libor cessation could cause market disruption and present 
risks to banks and their customers. In addition, fallback provision 
language does not sufficiently account for a permanent cessation of 
Libor. The Federal banking agencies published a statement communicating 
that banks should discontinue entering into contracts that use USD 
Libor as a reference rate as soon as practicable and in any event by 
the end of 2021 (with a few exceptions for orderly market support).\2\
---------------------------------------------------------------------------

    \2\ https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20201130a1.pdf.
---------------------------------------------------------------------------

    Given that the OCC expects banks to discontinue making Libor loans 
by the end of 2021, the prevalence of Libor, and the remaining work to 
be done within the timeframe described above, the OCC is requesting 
renewal of the emergency clearance for this self-assessment tool to be 
made available to banks due to the immediate need and the brief 
duration of use, to help banks prepare for Libor-related risk.
    Banks may use the self-assessment to determine whether they have 
risk management processes in place to identify and mitigate their Libor 
transition risks. Not all sections or questions will apply to all 
banks. Applicable risks (e.g., operational, compliance, strategic, and 
reputation) can be identified when scoping and completing Libor 
cessation preparedness assessments.
    Affected Public: Businesses or other for-profit.
    Burden Estimates:
    Estimated Number of Respondents: 1,096.
    Estimated Annual Burden: 8,768 hours.
    Frequency of Response: On occasion.
    Comments: On March 17, 2021, the OCC published a 60-day notice for 
this information collection, 86 FR 14681. No comments were received. 
Comments continue to be invited on:
    (a) Whether the collections of information are necessary for the 
proper performance of the OCC's functions, including whether the 
information has practical utility;
    (b) The accuracy of the OCC's estimates of the burden of the 
information collections, including the validity of the methodology and 
assumptions used;
    (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected; and
    (d) Ways to minimize the burden of information collections on 
respondents, including through the use of automated collection 
techniques or other forms of information technology.
    (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. 2021-14772 Filed 7-12-21; 8:45 am]
BILLING CODE P