Agency Information Collection Activities: Information Collection Renewal; Comment Request; Libor Self-Assessment, 58723-58725 [2021-23056]

Download as PDF Federal Register / Vol. 86, No. 202 / Friday, October 22, 2021 / Notices information that does not display a currently valid OMB control number. Authority: 44 U.S.C. 3501–3520. Brett A. Jortland, Deputy Chief Counsel. [FR Doc. 2021–23104 Filed 10–21–21; 8:45 am] BILLING CODE 4910–06–P DEPARTMENT OF TRANSPORTATION Federal Transit Administration [FTA Docket No. FTA 2021–0015] Agency Information Collection Activity Under OMB Review AGENCY: Federal Transit Administration, DOT. ACTION: Notice of request for comments. In accordance with the Paperwork Reduction Act of 1995, this notice announces the intention of the Federal Transit Administration (FTA) to request the Office of Management and Budget (OMB) to approve the extension of a currently approved information collection. DATES: Comments must be submitted before December 21, 2021. ADDRESSES: To ensure that your comments are not entered more than once into the docket, submit comments identified by the docket number by only one of the following methods: 1. Website: www.regulations.gov. Follow the instructions for submitting comments on the U.S. Government electronic docket site. (Note: The U.S. Department of Transportation’s (DOT’s) electronic docket is no longer accepting electronic comments.) All electronic submissions must be made to the U.S. Government electronic docket site at www.regulations.gov. Commenters should follow the directions below for mailed and hand-delivered comments. 2. Fax: 202–366–7951. 3. Mail: U.S. Department of Transportation, 1200 New Jersey Avenue SE, Docket Operations, M–30, West Building, Ground Floor, Room W12–140, Washington, DC 20590–0001. 4. Hand Delivery: U.S. Department of Transportation, 1200 New Jersey Avenue SE, Docket Operations, M–30, West Building, Ground Floor, Room W12–140, Washington, DC 20590–0001 between 9:00 a.m. and 5:00 p.m., Monday through Friday, except federal holidays. Instructions: You must include the agency name and docket number for this notice at the beginning of your comments. Submit two copies of your comments if you submit them by mail. For confirmation that FTA has received lotter on DSK11XQN23PROD with NOTICES1 SUMMARY: VerDate Sep<11>2014 17:47 Oct 21, 2021 Jkt 256001 your comments, include a selfaddressed stamped postcard. Note that all comments received, including any personal information, will be posted and will be available to internet users, without change, to www.regulations.gov. You may review DOT’s complete Privacy Act Statement in the Federal Register published April 11, 2000, (65 FR 19477), or you may visit www.regulations.gov. Docket: For access to the docket to read background documents and comments received, go to www.regulations.gov at any time. Background documents and comments received may also be viewed at the U.S. Department of Transportation, 1200 New Jersey Avenue SE, Docket Operations, M–30, West Building, Ground Floor, Room W12–140, Washington, DC 20590–0001 between 9:00 a.m. and 5:00 p.m., Monday through Friday, except federal holidays. FOR FURTHER INFORMATION CONTACT: Tawanna Glover (202) 493–0229 or email: Tawanna.Glover@dot.gov. SUPPLEMENTARY INFORMATION: Interested parties are invited to send comments regarding any aspect of this information collection, including: (1) The necessity and utility of the information collection for the proper performance of the functions of the FTA; (2) the accuracy of the estimated burden; (3) ways to enhance the quality, utility, and clarity of the collected information; and (4) ways to minimize the collection burden without reducing the quality of the collected information. Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval of this information collection. Title: 49 U.S.C. Section 5320 Paul S. Sarbanes Transit in Parks Program (OMB Number: 2132–0574). Background: Section 3021 of the Safe, Accountable, Flexible, Efficient Transportation Equity Act—A Legacy for Users (SAFETEA–LU), as amended, established the Paul S. Sarbanes Transit in Parks Program (Transit in Parks Program—49 U.S.C. 5320). The program was administered by FTA in partnership with the Department of the Interior (DOI) and the U.S. Department of Agriculture’s Forest Service. The program provided grants to Federal land management agencies that manage an eligible area, including but not limited to the National Park Service, the Fish and Wildlife Service, the Bureau of Land Management, the Forest Service, the Bureau of Reclamation; and State, tribal and local governments with jurisdiction over land in the vicinity of an eligible area, acting with the consent of a Federal land management agency, PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 58723 alone or in partnership with a Federal land management agency or other governmental or non-governmental participant. The purpose of the program was to provide for the planning and capital costs of alternative transportation systems that will enhance the protection of national parks and Federal lands; increase the enjoyment of visitors’ experience by conserving natural, historical, and cultural resources; reduce congestion and pollution; improve visitor mobility and accessibility; enhance visitor experience; and ensure access to all, including persons with disabilities. The Paul S. Sarbanes Transit in the Parks program was repealed under the Moving Ahead for Progress in the 21st Century Act (MAP–21). However, funding previously authorized for programs repealed by MAP–21 remain available for their originally authorized purposes until the period of availability expires, the funds are fully expended, the funds are rescinded by Congress, or the funds are otherwise reallocated. Respondents: Transit agencies, States, and Metropolitan Planning Organizations. Estimated Annual Burden on Respondents: Approximately 2 hours for each of the 2 remaining respondents. Estimated Total Annual Burden: 4 hours. Estimated Total Burden Cost: $255.32. Frequency: Annually. Nadine Pembleton, Director Office of Management Planning. [FR Doc. 2021–23065 Filed 10–21–21; 8:45 am] BILLING CODE P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Activities: Information Collection Renewal; Comment Request; Libor Self-Assessment 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 AGENCY: E:\FR\FM\22OCN1.SGM 22OCN1 lotter on DSK11XQN23PROD with NOTICES1 58724 Federal Register / Vol. 86, No. 202 / Friday, October 22, 2021 / Notices 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.’’ DATES: Comments must be submitted on or before December 21, 2021. ADDRESSES: Commenters are encouraged to submit comments by email, if possible. You may submit comments by any of the following methods: • Email: prainfo@occ.treas.gov. • Mail: Chief Counsel’s Office, Attention: Comment Processing, Office of the Comptroller of the Currency, Attention: 1557–0349, 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. Following the close of this notice’s 60-day comment period, the OCC will publish a second notice with a 30-day comment period. 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 by the method set forth in the next bullet. • Viewing Comments Electronically: Go to www.reginfo.gov. Hover over 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. VerDate Sep<11>2014 17:47 Oct 21, 2021 Jkt 256001 • 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, 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. Section 3506(c)(2)(A) of title 44 requires Federal agencies to provide a 60-day notice in the Federal Register concerning each proposed collection of information, including each renewal of an existing collection of information, before submitting the collection to OMB for approval. To comply with this requirement, the OCC is publishing notice of the renewal of the collection of information set forth in this document, which was approved on an emergency basis. 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, the execution of the plan by its management, and 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 2020, $223 trillion of financial instruments were exposed to U.S. dollar (USD) Libor as the primary reference rate.1 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 1 https://www.newyorkfed.org/medialibrary/ Microsites/arrc/files/2021/USD-LIBOR-transitionprogress-report-mar-21.pdf. PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 identifying applicable risks, preparing for Libor cessation, and successfully transitioning to replacement reference 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 $200 trillion notional contracts, makes moving off the rate incredibly complicated. Many existing contracts do not include sufficient provisions if 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 making this self-assessment tool available to banks, due to the immediate need and the brief duration of use, to help banks prepare for Liborrelated risk. Banks may use the self-assessment to determine whether they have risk management processes in place to 2 https://www.occ.gov/news-issuances/bulletins/ 2020/bulletin-2020-104.html#ft1. E:\FR\FM\22OCN1.SGM 22OCN1 Federal Register / Vol. 86, No. 202 / Friday, October 22, 2021 / Notices 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: 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 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. 2021–23056 Filed 10–21–21; 8:45 am] BILLING CODE P DEPARTMENT OF THE TREASURY Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Alcohol and Tobacco Tax and Trade Bureau Information Collection Requests Departmental Offices, U.S. Department of the Treasury. ACTION: Notice. lotter on DSK11XQN23PROD with NOTICES1 AGENCY: The Department of the Treasury will submit the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork SUMMARY: VerDate Sep<11>2014 17:47 Oct 21, 2021 Jkt 256001 Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on these requests. DATES: Comments must be received on or before November 22, 2021. ADDRESSES: 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. FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be obtained from Molly Stasko by emailing PRA@treasury.gov, calling (202) 622– 8922, or viewing the entire information collection request at www.reginfo.gov. SUPPLEMENTARY INFORMATION: Alcohol and Tobacco Tax and Trade Bureau (TTB) 1. Title: Drawback on Distilled Spirits Exported. OMB Control Number: 1513–0042. Type of Review: Extension of a currently approved collection. Description: Under the IRC at 26 U.S.C. 5062, persons who export taxpaid distilled spirits may claim drawback of the alcohol excise tax paid on those spirits, as prescribed by regulation. The TTB regulations in 27 CFR part 28 require that claimants use TTB F 5110.30 to make such drawback claims. The form requests information regarding the claimant, the tax-paid spirits exported, and the amount of tax to be refunded. TTB uses the collected information to substantiate the claim for drawback. Form: TTB F 5110.30. Affected Public: Businesses or other for-profits. Estimated Number of Respondents: 150. Frequency of Response: On Occasion. Estimated Total Number of Annual Responses: 900. Estimated Time per Response: 2 hours. Estimated Total Annual Burden Hours: 1,800 hours. 2. Title: Application and Permit to Ship Puerto Rican Spirits to the United States Without Payment of Tax. OMB Control Number: 1513–0043. Type of Review: Extension of a currently approved collection. Description: The IRC at 26 U.S.C. 7652 imposes on Puerto Rican distilled spirits shipped to the United States for consumption or sale a tax equal to the internal revenue tax (excise tax) PO 00000 Frm 00090 Fmt 4703 Sfmt 4703 58725 imposed in the United States on distilled spirits of domestic manufacture. However, the IRC at 26 U.S.C. 5232 provides that a person may withdraw distilled spirits imported or brought into the United States in bulk containers from Customs custody and transfer such spirits to the bonded premises of a domestic distilled spirits plant without payment of the internal revenue tax imposed on such spirits, as prescribed by regulation. The IRC at 26 U.S.C. 5314 also states that persons may withdraw spirits from the bonded premises of a distilled spirits plant in Puerto Rico pursuant to an authorization issued under the laws of Puerto Rico. Under those IRC authorities, the TTB regulations in 27 CFR part 26 require respondents to use form TTB F 5110.31 to apply for and receive approval to ship Puerto Rican distilled spirits to the United States without payment of Federal excise tax. The form identifies the specific spirits and amounts shipped and received, and the shipment’s consignor in Puerto Rico and consignee in the United States. TTB uses the information collected to ensure appropriate application of the IRC tax provisions. Form: TTB F 5110.31. Affected Public: Businesses or other for-profits. Estimated Number of Respondents: 10. Frequency of Response: On Occasion. Estimated Total Number of Annual Responses: 500. Estimated Time per Response: 0.75 hour. Estimated Total Annual Burden Hours: 375 hours. 3. Title: Distilled Spirits Production Records and Monthly Report of Production Operations. OMB Control Number: 1513–0047. Type of Review: Extension of a currently approved collection. Description: In general, the IRC at 26 U.S.C. 5001 prescribes the excise tax rates for distilled spirits produced in or imported into the United States, while 26 U.S.C. 5207 requires distilled spirit plant (DSP) proprietors to maintain records of production, storage, denaturation, and processing activities and to render reports covering those operations, as prescribed by regulation. Under those IRC authorities, the TTB regulations in 27 CFR part 19 require DSP proprietors to keep records regarding the production materials used to produce spirits, the amount of spirits produced, the amount withdrawn from the production account, and the production of spirits byproducts, which proprietors must maintain for at least 3 years. Based on those records, the part E:\FR\FM\22OCN1.SGM 22OCN1

Agencies

[Federal Register Volume 86, Number 202 (Friday, October 22, 2021)]
[Notices]
[Pages 58723-58725]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-23056]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Comment Request; 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

[[Page 58724]]

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.''

DATES: Comments must be submitted on or before December 21, 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, Office of the Comptroller of the Currency, Attention: 1557-
0349, 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.
    Following the close of this notice's 60-day comment period, the OCC 
will publish a second notice with a 30-day comment period. 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 by the method set forth in the next 
bullet.
     Viewing Comments Electronically: Go to www.reginfo.gov. 
Hover over 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, 
(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. Section 
3506(c)(2)(A) of title 44 requires Federal agencies to provide a 60-day 
notice in the Federal Register concerning each proposed collection of 
information, including each renewal of an existing collection of 
information, before submitting the collection to OMB for approval. To 
comply with this requirement, the OCC is publishing notice of the 
renewal of the collection of information set forth in this document, 
which was approved on an emergency basis.
    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, the execution of the plan by its 
management, and 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 2020, $223 trillion of financial instruments were exposed to 
U.S. dollar (USD) Libor as the primary reference rate.\1\
---------------------------------------------------------------------------

    \1\ https://www.newyorkfed.org/medialibrary/Microsites/arrc/files/2021/USD-LIBOR-transition-progress-report-mar-21.pdf.
---------------------------------------------------------------------------

    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 Libor cessation, and successfully 
transitioning to replacement reference 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 $200 trillion notional 
contracts, makes moving off the rate incredibly complicated. Many 
existing contracts do not include sufficient provisions if 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.occ.gov/news-issuances/bulletins/2020/bulletin-2020-104.html#ft1.
---------------------------------------------------------------------------

    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 making this 
self-assessment tool 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

[[Page 58725]]

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: 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 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. 2021-23056 Filed 10-21-21; 8:45 am]
BILLING CODE P

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