Agency Information Collection Requirements; Information Collection Renewal; Comment Request; Climate Risk Range of Practice Questionnaire, 2667-2669 [2022-00843]
Download as PDF
khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 11 / Tuesday, January 18, 2022 / Notices
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. The OCC
asks that OMB extend its emergency
approval of this collection.
Title: Libor Self-Assessment.
OMB Control No.: 1557–0349. Type of
Review: Regular. Description: The
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 Libor
cessation. The self-assessment tool was
created to assess 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
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
1 https://www.newyorkfed.org/medialibrary/
Microsites/arrc/files/2021/USD-LIBOR-transitionprogress-report-mar-21.pdf.
VerDate Sep<11>2014
17:00 Jan 14, 2022
Jkt 256001
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 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 banks should not be
creating new Libor exposure, the
prevalence of Libor, and the remaining
work to be done within the timeframe
described above, the OCC has made 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
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
2 https://www.occ.gov/news-issuances/bulletins/
2020/bulletin-2020-104.html#ft1.
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
2667
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 October 22, 2021, the
OCC published a 60-day notice for this
information collection, 86 FR 58723. 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
estimate of the burden of the
information collection, 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 collection 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.
Patrick T. Tierney,
Assistant Director, Bank Advisory, Office of
the Comptroller of the Currency.
[FR Doc. 2022–00842 Filed 1–14–22; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
Agency Information Collection
Requirements; Information Collection
Renewal; Comment Request; Climate
Risk Range of Practice Questionnaire
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 the renewal of an
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
SUMMARY:
E:\FR\FM\18JAN1.SGM
18JAN1
khammond on DSKJM1Z7X2PROD with NOTICES
2668
Federal Register / Vol. 87, No. 11 / Tuesday, January 18, 2022 / Notices
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, ‘‘Climate
Risk Range of Practice Questionnaire.’’
DATES: You should submit written
comments by March 21, 2022.
ADDRESSES: Commenters are encouraged
to submit comments through the Federal
eRulemaking Portal. Please use the title
‘‘Climate Risk Range of Practice
Questionnaire’’ to facilitate the
organization and distribution of the
comments. You may submit comments
by any of the following methods:
• Federal eRulemaking Portal—
Regulations.gov:
Go to https://regulations.gov/. Enter
‘‘Docket ID OCC–2021–0024’’ in the
Search Box and click ‘‘Search.’’ Public
comments can be submitted via the
‘‘Comment’’ box below the displayed
document information or by clicking on
the document title and then clicking the
‘‘Comment’’ box on the top-left side of
the screen. For help with submitting
effective comments please click on
‘‘Commenter’s Checklist.’’ For
assistance with the Regulations.gov site,
please call (877) 378–5457 (toll free) or
(703) 454–9859 Monday–Friday, 9 a.m.–
5 p.m. ET or email regulations@
erulemakinghelpdesk.com.
• Mail: Chief Counsel’s Office,
Attention: Comment Processing, 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.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘Docket
ID OCC–2021–0024’’ in your comment.
In general, the OCC will enter all
comments received into the docket and
publish the comments on the
Regulations.gov website 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
action by the following method:
• Viewing Comments Electronically—
Regulations.gov: Go to https://
VerDate Sep<11>2014
17:00 Jan 14, 2022
Jkt 256001
regulations.gov/. Enter ‘‘Docket ID OCC–
2021–0024’’ in the Search Box and click
‘‘Search.’’ Click on the ‘‘Documents’’ tab
and then the document’s title. After
clicking the document’s title, click the
‘‘Browse Comments’’ tab. Comments can
be viewed and filtered by clicking on
the ‘‘Sort By’’ drop-down on the right
side of the screen or the ‘‘Refine
Results’’ options on the left side of the
screen. Supporting materials can be
viewed by clicking on the ‘‘Documents’’
tab and filtered by clicking on the ‘‘Sort
By’’ drop-down on the right side of the
screen or the ‘‘Refine Documents
Results’’ options on the left side of the
screen.’’ For assistance with the
Regulations.gov site, please call (877)
378–5457 (toll free) or (703) 454–9859
Monday–Friday, 9 a.m.–5 p.m. ET or
email regulations@
erulemakinghelpdesk.com.
The docket may be viewed after the
close of the comment period in the same
manner as during the comment period.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, OCC Clearance
Officer, (202) 649–5490, Chief Counsel’s
Office, Office of the Comptroller of the
Currency, 400 7th Street SW, Suite 3E–
218, Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the
PRA (44 U.S.C. 3501–3520), Federal
agencies must obtain approval from the
Office of Management and Budget
(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 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 renewal of the emergency
approval granted to the information
collection set forth in this document.
Title: Climate Risk Range of Practice
Questionnaire.
OMB Control No.: 1557–0354.
Abstract: The OCC is conducting a
climate risk range of practice among
large banks with the purpose of
developing an understanding of climate
risk management practices, specifically
as they pertain to climate-related
financial risk. Climate risks can have a
material impact on the financial system
by damaging property, impeding
business activity, shifting the values of
PO 00000
Frm 00080
Fmt 4703
Sfmt 4703
assets, and affecting incomes. Banks are
exposed to both physical risks and
transition risks presented by climate
change, which may impact the safety
and soundness of supervised
institutions. The OCC is collecting the
information through the range of
practice to understand the financial
risks and ensure the establishment of
sound risk management frameworks to
measure, monitor, and control risks
presented by climate change. The
agency understands that some banks are
working to incorporate climate-related
financial risks into their existing risk
management frameworks and business
strategies. The OCC recognizes that
banks’ exposure to climate-related
financial risks and their climate risk
management practices may vary
substantially based on institutions’ size,
complexity of operations, geographic
footprint, business model, and risk
profile. The range of practice will not
result in an adequacy assessment as to
the banks’ current climate risk
management program. The range of
practice will:
• Inform the need for clarification or
development of necessary supervisory
expectations;
• Start to establish baseline
supervisory knowledge;
• Help identify challenges and gaps
in risk management frameworks; and
• Inform the agency on plans to
evolve current practices.
Type of Review: Extension, without
change, of a currently approved
collection.
Affected Public: Businesses or other
for-profit; individuals.
Estimated Number of Respondents:
20.
Estimated Burden per Respondent:
170 hours.
Total Burden: 3,400 hours.
Comments submitted in response to
this notice will be summarized and
included in the request for OMB
approval. All comments will become a
matter of public record. Comments are
invited on:
(a) Whether the collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information has practical utility;
(b) The accuracy of the OCC’s
estimates of the burden of the collection
of information;
(c) Ways to enhance the quality,
utility, and clarity of the information to
be collected;
(d) Ways to minimize the burden of
the collection on respondents, including
through the use of automated collection
techniques or other forms of information
technology; and
E:\FR\FM\18JAN1.SGM
18JAN1
Federal Register / Vol. 87, No. 11 / Tuesday, January 18, 2022 / Notices
(e) Estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
Patrick T. Tierney,
Assistant Director, Bank Advisory, Office of
the Comptroller of the Currency.
[FR Doc. 2022–00843 Filed 1–14–22; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
Agency Information Collection
Requirements; Information Collection
Renewals; Comment Requests;
Request for a Religious Exception to
the COVID–19 Vaccine Requirement;
and Request for a Medical Exception to
the COVID–19 Vaccine Requirement
Office of the Comptroller of the
Currency (OCC), Treasury.
ACTION: Notice and requests 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 the renewal of two
information collections 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 collections titled, ‘‘Request
for a Religious Exception to the COVID–
19 Vaccine Requirement;’’ and ‘‘Request
for a Medical Exception to the COVID–
19 Vaccine Requirement.’’
DATES: You should submit written
comments by March 21, 2022.
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: 1557–0353 or 1557–0352, 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.
khammond on DSKJM1Z7X2PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
17:00 Jan 14, 2022
Jkt 256001
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0353’’ and/or ‘‘1557–0352’’ 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 these collections by the method set
forth in the next bullet. Following the
close of this notice’s 60-day comment
period, the OCC will publish a second
notice with a 30-day comment period:
• Viewing Comments Electronically:
Go to www.reginfo.gov. Hover over the
‘‘Information Collection Review’’
dropdown. Underneath the ‘‘Currently
under Review’’ section heading, from
the drop-down menu select
‘‘Department of Treasury’’ and then
click ‘‘submit.’’ These information
collections can be located by searching
by: OMB control number ‘‘1557–0353’’
or ‘‘Request for a Religious Exception to
the COVID–19 Vaccine Requirement;’’
or ‘‘1557–0352’’ or ‘‘Request for a
Medical Exception to the COVID–19
Vaccine Requirement.’’
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, Chief Counsel’s
Office, Office of the Comptroller of the
Currency, 400 7th Street SW, Suite 3E–
218, Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the
PRA (44 U.S.C. 3501–3520), Federal
agencies must obtain approval from the
Office of Management and Budget
(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
PO 00000
Frm 00081
Fmt 4703
Sfmt 4703
2669
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 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 renewal of the emergency
approvals granted to the information
collections set forth in this document.
Title: Request for a Religious
Exception to the COVID–19 Vaccine
Requirement.
OMB Control No.: 1557–0353.
Title: Request for a Medical Exception
to the COVID–19 Vaccine Requirement.
OMB Control No.: 1557–0352.
Abstract: The President, by Executive
order 13991 (January 20, 2021)
established the Safer Federal Workforce
Task Force. The Task force was
established to give the heads of Federal
agencies ongoing guidance to keep their
employees safe and their agencies
operating during the COVID–19
pandemic. The Task force issued
guidance, in accordance with the
President’s Executive Order 14043
(September 9, 2021), requiring Federal
employees to be vaccinated against
COVID–19 by November 22, 2021 absent
an exception required by law. To
determine whether employees who
request a religious or medical exception
qualify for the exception sought, or,
alternatively, must comply with the
November 22 deadline, the OCC has
developed the ‘‘Request for Religious
Exception to the COVID–19 Vaccination
Requirement Form’’ and the ‘‘Request
for Medical Exception to the COVID–19
Vaccination Requirement Form’’
(collectively, Request forms).
The Request forms were developed,
consistent with guidance issued by the
Task force and the U.S. Department of
Treasury’s Office of Civil Rights and
Diversity, to gather information from
employees and applicants for
employment who have requested
religious or medical exceptions to
determine whether such employees
qualify for legal exceptions to the
vaccine requirement. The Request forms
also will be used to collect information
from job applicants who may request a
legal exception upon receiving an offer
of employment from the OCC.
Type of Review: Extension, without
change, of a currently approved
collection.
Affected Public: Businesses or other
for-profit; individuals.
Religious Exception:
E:\FR\FM\18JAN1.SGM
18JAN1
Agencies
[Federal Register Volume 87, Number 11 (Tuesday, January 18, 2022)]
[Notices]
[Pages 2667-2669]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-00843]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Requirements; Information
Collection Renewal; Comment Request; Climate Risk Range of Practice
Questionnaire
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 the renewal of an
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
[[Page 2668]]
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, ``Climate Risk Range of
Practice Questionnaire.''
DATES: You should submit written comments by March 21, 2022.
ADDRESSES: Commenters are encouraged to submit comments through the
Federal eRulemaking Portal. Please use the title ``Climate Risk Range
of Practice Questionnaire'' to facilitate the organization and
distribution of the comments. You may submit comments by any of the
following methods:
Federal eRulemaking Portal--Regulations.gov:
Go to https://regulations.gov/. Enter ``Docket ID OCC-2021-0024''
in the Search Box and click ``Search.'' Public comments can be
submitted via the ``Comment'' box below the displayed document
information or by clicking on the document title and then clicking the
``Comment'' box on the top-left side of the screen. For help with
submitting effective comments please click on ``Commenter's
Checklist.'' For assistance with the Regulations.gov site, please call
(877) 378-5457 (toll free) or (703) 454-9859 Monday-Friday, 9 a.m.-5
p.m. ET or email [email protected].
Mail: Chief Counsel's Office, Attention: Comment
Processing, 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.
Instructions: You must include ``OCC'' as the agency name and
``Docket ID OCC-2021-0024'' in your comment. In general, the OCC will
enter all comments received into the docket and publish the comments on
the Regulations.gov website 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 action by the following method:
Viewing Comments Electronically--Regulations.gov: Go to
https://regulations.gov/. Enter ``Docket ID OCC-2021-0024'' in the
Search Box and click ``Search.'' Click on the ``Documents'' tab and
then the document's title. After clicking the document's title, click
the ``Browse Comments'' tab. Comments can be viewed and filtered by
clicking on the ``Sort By'' drop-down on the right side of the screen
or the ``Refine Results'' options on the left side of the screen.
Supporting materials can be viewed by clicking on the ``Documents'' tab
and filtered by clicking on the ``Sort By'' drop-down on the right side
of the screen or the ``Refine Documents Results'' options on the left
side of the screen.'' For assistance with the Regulations.gov site,
please call (877) 378-5457 (toll free) or (703) 454-9859 Monday-Friday,
9 a.m.-5 p.m. ET or email [email protected].
The docket may be viewed after the close of the comment period in
the same manner as during the comment period.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance
Officer, (202) 649-5490, Chief Counsel's Office, Office of the
Comptroller of the Currency, 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal
agencies must obtain approval from the Office of Management and Budget
(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 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 renewal of the emergency approval
granted to the information collection set forth in this document.
Title: Climate Risk Range of Practice Questionnaire.
OMB Control No.: 1557-0354.
Abstract: The OCC is conducting a climate risk range of practice
among large banks with the purpose of developing an understanding of
climate risk management practices, specifically as they pertain to
climate-related financial risk. Climate risks can have a material
impact on the financial system by damaging property, impeding business
activity, shifting the values of assets, and affecting incomes. Banks
are exposed to both physical risks and transition risks presented by
climate change, which may impact the safety and soundness of supervised
institutions. The OCC is collecting the information through the range
of practice to understand the financial risks and ensure the
establishment of sound risk management frameworks to measure, monitor,
and control risks presented by climate change. The agency understands
that some banks are working to incorporate climate-related financial
risks into their existing risk management frameworks and business
strategies. The OCC recognizes that banks' exposure to climate-related
financial risks and their climate risk management practices may vary
substantially based on institutions' size, complexity of operations,
geographic footprint, business model, and risk profile. The range of
practice will not result in an adequacy assessment as to the banks'
current climate risk management program. The range of practice will:
Inform the need for clarification or development of
necessary supervisory expectations;
Start to establish baseline supervisory knowledge;
Help identify challenges and gaps in risk management
frameworks; and
Inform the agency on plans to evolve current practices.
Type of Review: Extension, without change, of a currently approved
collection.
Affected Public: Businesses or other for-profit; individuals.
Estimated Number of Respondents: 20.
Estimated Burden per Respondent: 170 hours.
Total Burden: 3,400 hours.
Comments submitted in response to this notice will be summarized
and included in the request for OMB approval. All comments will become
a matter of public record. Comments are invited on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the agency, including whether
the information has practical utility;
(b) The accuracy of the OCC's estimates of the burden of the
collection of information;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the collection on respondents,
including through the use of automated collection techniques or other
forms of information technology; and
[[Page 2669]]
(e) Estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Patrick T. Tierney,
Assistant Director, Bank Advisory, Office of the Comptroller of the
Currency.
[FR Doc. 2022-00843 Filed 1-14-22; 8:45 am]
BILLING CODE 4810-33-P