Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Mandatory Contractual Stay Requirements for Qualified Financial Contracts, 89024-89026 [2023-28373]
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Federal Register / Vol. 88, No. 246 / Tuesday, December 26, 2023 / Notices
delivery should contact Docket Services
at 202–366–9826 or 202–366–9317
before delivery to ensure staff is
available to receive the delivery.
• Fax: (202) 493–2251.
All submissions received must
include the agency name and docket
number OST–2023–0166. All comments
received will be posted without change
to www.regulations.gov, including any
personal information provided. For
information on DOT’s compliance with
the Privacy Act, please visit https://
www.transportation.gov/privacy.
For access to the docket to read
background documents or comments
received, go to www.regulations.gov at
any time and search for docket number
OST–2023–0166.
FOR FURTHER INFORMATION CONTACT: For
general questions, Holly Ceasar-Fox,
DOT Office of General Counsel, (202)
366–7420 or holly.ceasarfox@dot.gov.
For program questions related to transit,
John Day, FTA Office of Civil Rights,
(202) 366–1671 or john.day@dot.gov.
For legal questions related to transit,
Bonnie Graves, FTA Office of Chief
Counsel, (202) 366–0944 or
bonnie.graves@dot.gov. For questions
related to intercity or high-speed rail,
Alana Kuhn, FRA Office of Chief
Counsel, (202) 493–0842 or
alana.kuhn@dot.gov.
SUPPLEMENTARY INFORMATION: On
November 6, 2023, the Department of
Transportation (Department) published
a request for information (RFI) in the
Federal Register seeking input from the
public on whether to propose
amendments to the Department’s
standards for transportation facilities
under its regulations implementing the
transportation provisions of the
Americans with Disabilities Act of 1990
(ADA) to improve accessibility and
equity for persons with disabilities. (88
FR 76272)
The Department proposed a series of
questions to guide public input to areas
of interest to the Department, and
invited comment on means to improve
other aspects of the existing standards
for buildings and facilities.
Since the publication of the RFI,
commenters have requested that the
Department extend the comment period
given the complexity of the issues for
which comment is being sought. The
American Public Transportation
Association (APTA) requested an
extension of 30 days. The National
Railroad Passenger Corporation
(Amtrak) requested an extension of 45
days.
The Department has reviewed the
requests for extension of the comment
period, and by this notice extends the
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20:25 Dec 22, 2023
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comment period for the RFI from
January 5, 2024, to February 20, 2024.
The Department believes that granting
this extension of the original comment
period is sufficient to allow
stakeholders to conduct a thorough and
careful consideration of the request for
information and prepare comments.
All interested parties are encouraged
to provide input in response to the RFI.
Submissions are strictly voluntary.
Individuals or entities providing
comments should state their role as well
as knowledge of and experience with
the ADA in a transportation
environment. DOT may request
additional clarifying information from
any or all respondents. If a respondent
does not wish to be contacted by DOT
for additional information, a statement
to that effect should be included in the
response. All information submitted
should be unclassified and should not
contain proprietary information, as it
will be posted to www.regulations.gov
without changes.
DOT is not obligated to officially
respond to the information received, but
the responses will assist DOT in its
consideration of whether to revise the
ADA standards for transportation
buildings and facilities.
Comments may be submitted and
viewed at Docket No. DOT–OST–2023–
0166 at https://www.regulations.gov.
Signed pursuant to authority
delegated at 49 CFR 1.27(a) on
December 19, 2023.
Subash S. Iyer,
Acting General Counsel, Department of
Transportation.
[FR Doc. 2023–28332 Filed 12–22–23; 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;
Mandatory Contractual Stay
Requirements for Qualified Financial
Contracts
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
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
SUMMARY:
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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, ‘‘Mandatory Contractual Stay
Requirements for Qualified Financial
Contracts.’’ The OCC also is giving
notice that it has sent the collection to
OMB for review.
DATES: Comments must be received by
January 25, 2024.
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: 1557–0339, 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) 293–4835.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0339’’ 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 also be
sent within 30 days of publication of
this notice to www.reginfo.gov/public/
do/PRAMain. You can find this
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 following the
close of the 30-day comment period for
this notice by the method set forth in
the next bullet.
• Viewing Comments Electronically:
Go to www.reginfo.gov. Hover over the
‘‘Information Collection Review’’ tab
and click on ‘‘Information Collection
Review’’ from the drop-down menu.
From the ‘‘Currently under Review’’
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Federal Register / Vol. 88, No. 246 / Tuesday, December 26, 2023 / Notices
drop-down menu, select ‘‘Department of
Treasury’’ and then click ‘‘submit.’’ This
information collection can be located by
searching 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, Clearance Officer,
(202) 649–5490, Chief Counsel’s Office,
Office of the Comptroller of the
Currency, 400 7th Street SW,
Washington, DC 20219. If you are deaf,
hard of hearing, or have a speech
disability, please dial 7–1–1 to access
telecommunications relay services.
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 that OMB extend its approval of the
collection in this notice.
Title: Mandatory Contractual Stay
Requirements for Qualified Financial
Contracts.
OMB Control No.: 1557–0339.
Type of Review: Regular.
Frequency of Response: On occasion.
Affected Public: A national bank or
Federal savings association (FSA) (or
any subsidiary of either) that is a
subsidiary of a global systemically
important bank holding company that
has been designated pursuant to the
Federal Reserve Board’s Regulation YY,
12 CFR 252.82; a national bank or FSA
(or any subsidiary of either) that is a
subsidiary of a global systemically
important foreign banking organization
designated pursuant to the Federal
Reserve Board’s Regulation YY, 12 CFR
252.87; a Federal branch or agency (or
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
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total assets as reported on its most
recent Consolidated Reports of
Condition and Income (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 Wall Street Reform and Consumer
Protection Act (see 12 U.S.C. 5390(c)(9)–
(10)) and in the Federal Deposit
Insurance Act (see 12 U.S.C. 1821(e)(8)–
(10)) 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 FSA that has
more than $700 billion in total assets as
reported on the national bank’s or FSA’s
most recent Call Report;
• A national bank or FSA 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 FSA 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);
• 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
§ 252.87 of this title (Federal Reserve
Board Regulation YY) (12 CFR 252.87);
or
• A subsidiary of a covered bank,
except, as defined in 12 CFR 47.3(b)(3):
Æ Subsidiaries held in satisfaction of
debt previously contracted in good faith,
Æ Portfolio companies held under the
Small Business Investment Act of 1956,
and
Æ Certain companies engaged in the
business of making public welfare
investments.
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
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89025
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. The OCC will then use
the information collected to 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: 44.
Estimated Burden per Respondent:
140 hours.
Total Estimated Annual Burden:
6,160 hours.
Comments: On June 28, 2023, the
OCC published a 60-day notice for this
information collection (88 FR 42002).
No comments were received. Comments
continue to be invited on:
(a) Whether the collection of
information is necessary for the proper
performance of the functions of the
OCC, including whether the information
has practical utility;
(b) The accuracy of the OCC’s
estimate 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) Estimates of capital or start-up
costs and costs of operation,
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Federal Register / Vol. 88, No. 246 / Tuesday, December 26, 2023 / Notices
maintenance, and purchase of services
to provide information.
Patrick T. Tierney,
Assistant Director, Bank Advisory, Office of
the Comptroller of the Currency.
[FR Doc. 2023–28373 Filed 12–22–23; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
Agency Information Collection
Activities: Revision of an Approved
Information Collection; Comment
Request; Bank Activities and
Operations; Investment in Bank
Premises
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
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 a
revision to its information collection
titled, ‘‘Bank Activities and Operations;
Investment in Bank Premises.’’
DATES: Comments must be received by
February 26, 2024.
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: 1557–0204, 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) 293–4835.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0204’’ 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
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SUMMARY:
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20:25 Dec 22, 2023
Jkt 262001
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 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 menu. Click on ‘‘Information
Collection Review.’’ From the
‘‘Currently under Review’’ drop-down
menu, select ‘‘Department of Treasury’’
and then click ‘‘submit.’’ This
information collection can be located by
searching OMB control number ‘‘1557–
0204’’ or ‘‘Bank Activities and
Operations; Investment in Bank
Premises.’’ 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. If you are deaf,
hard of hearing, or have a speech
disability, please dial 7–1–1 to access
telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the
PRA (44 U.S.C. 3501–3520), Federal
agencies must obtain approval from
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, and/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
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Sfmt 4703
comply with this requirement, the OCC
is publishing notice of the renewal of
this collection.
Title: Bank Activities and Operations;
Investment in Bank Premises.
OMB Control No.: 1557–0204.
Type of Review: Revision of a
currently approved collection.
Affected Public: Businesses or other
for-profit.
Estimated Frequency of Response: On
occasion; Quarterly.
Description: The information
collection requirements ensure that
institutions conduct their operations in
a safe and sound manner and in
accordance with applicable Federal
banking law and regulations. The
collections of information provide
needed information for examiners and
offer protections for institutions. The
collections are necessary for regulatory
and examination purposes and for
national banks to ensure their
compliance with Federal law and
regulations.
The information collection
requirements are as follows:
• Investment in national bank or
Federal savings association premises—
A national bank or Federal savings
association may invest in banking
premises and other premises-related
investments, loans, or indebtedness by
filing an application for prior approval
whenever its investment in bank
premises will cause it to exceed its
capital stock. The application must
describe the present and proposed
investment and the business reason for
exceeding the limit. A bank with a
composite 1 or 2 CAMELS rating
entering a transaction that increases its
aggregate bank premises investment to
not more than 150 percent of its capital
and surplus may proceed without prior
OCC approval but must provide an afterthe-fact notice. 12 CFR 5.37.
• Sale of money orders at nonbanking
outlets—A national bank may designate
bonded agents to sell the bank’s money
orders at nonbanking outlets. The
responsibility of both the bank and its
agent should be defined in a written
agreement setting forth the duties of
both parties and providing for
remuneration of the agent. 12 CFR
7.1014.
• Tax equity finance transactions—
Written requests are required for waiver
to participate in a renewable energy tax
equity finance transaction exceeding the
aggregate investment limit. Prior written
notification to OCC is required for each
renewable energy tax equity finance
transaction. 12 CFR 7.1025.
• Payment systems—Thirty (30) days
advance written notice is required
before joining a payment system that
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]]>Agencies
[Federal Register Volume 88, Number 246 (Tuesday, December 26, 2023)]
[Notices]
[Pages 89024-89026]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-28373]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Submission for OMB Review; Mandatory Contractual Stay
Requirements for Qualified Financial Contracts
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites 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,
``Mandatory Contractual Stay Requirements for Qualified Financial
Contracts.'' The OCC also is giving notice that it has sent the
collection to OMB for review.
DATES: Comments must be received by January 25, 2024.
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-
0339, 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) 293-4835.
Instructions: You must include ``OCC'' as the agency name and
``1557-0339'' 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 also be sent within 30 days of publication of this
notice to www.reginfo.gov/public/do/PRAMain. You can find this
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 following the close of the 30-day comment
period for this notice by the method set forth in the next bullet.
Viewing Comments Electronically: Go to www.reginfo.gov.
Hover over the ``Information Collection Review'' tab and click on
``Information Collection Review'' from the drop-down menu. From the
``Currently under Review''
[[Page 89025]]
drop-down menu, select ``Department of Treasury'' and then click
``submit.'' This information collection can be located by searching 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, Clearance Officer,
(202) 649-5490, Chief Counsel's Office, Office of the Comptroller of
the Currency, 400 7th Street SW, Washington, DC 20219. If you are deaf,
hard of hearing, or have a speech disability, please dial 7-1-1 to
access telecommunications relay services.
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 that OMB extend its approval of the collection in this
notice.
Title: Mandatory Contractual Stay Requirements for Qualified
Financial Contracts.
OMB Control No.: 1557-0339.
Type of Review: Regular.
Frequency of Response: On occasion.
Affected Public: A national bank or Federal savings association
(FSA) (or any subsidiary of either) that is a subsidiary of a global
systemically important bank holding company that has been designated
pursuant to the Federal Reserve Board's Regulation YY, 12 CFR 252.82; a
national bank or FSA (or any subsidiary of either) that is a subsidiary
of a global systemically important foreign banking organization
designated pursuant to the Federal Reserve Board's Regulation YY, 12
CFR 252.87; a Federal branch or agency (or 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 Consolidated
Reports of Condition and Income (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
Wall Street Reform and Consumer Protection Act (see 12 U.S.C.
5390(c)(9)-(10)) and in the Federal Deposit Insurance Act (see 12
U.S.C. 1821(e)(8)-(10)) 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 FSA that has more than $700 billion in
total assets as reported on the national bank's or FSA's most recent
Call Report;
A national bank or FSA 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 FSA 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);
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); or
A subsidiary of a covered bank, except, as defined in 12
CFR 47.3(b)(3):
[cir] Subsidiaries held in satisfaction of debt previously
contracted in good faith,
[cir] Portfolio companies held under the Small Business Investment
Act of 1956, and
[cir] Certain companies engaged in the business of making public
welfare investments.
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. The OCC will then use the information collected to 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: 44.
Estimated Burden per Respondent: 140 hours.
Total Estimated Annual Burden: 6,160 hours.
Comments: On June 28, 2023, the OCC published a 60-day notice for
this information collection (88 FR 42002). No comments were received.
Comments continue to be invited on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the OCC, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimate 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) Estimates of capital or start-up costs and costs of operation,
[[Page 89026]]
maintenance, and purchase of services to provide information.
Patrick T. Tierney,
Assistant Director, Bank Advisory, Office of the Comptroller of the
Currency.
[FR Doc. 2023-28373 Filed 12-22-23; 8:45 am]
BILLING CODE 4810-33-P
