2666 Federal Register / Vol. 87, No. 11 / Tuesday, January 18, 2022 / Notices 

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 collection of information 

set forth in this document. 

Title: Leasing. 

OMB Control No.: 1557–0206. 

Description: Under 12 CFR 23.4(c), 

national banks must liquidate or re-lease 

property that is no longer subject to 

lease (off-lease property) as soon as 

practicable and not later than five years 

from the date the national bank acquires 

the legal right to possess or control the 

property. If a national bank wishes to 

extend the five-year holding period for 

up to an additional five years, it must 

obtain OCC approval. Twelve CFR 

23.4(c) requires a national bank seeking 

an extension to provide a clearly 

convincing demonstration as to why any 

additional holding period is necessary. 

In addition, a national bank must value 

off-lease property at the lower of current 

fair market value or book value 

promptly after the property becomes offlease property. 

Under 12 CFR 23.6, leases are subject 

to the lending limits prescribed by 12 

U.S.C. 84, as implemented by 12 CFR 

part 32, or, if the lessee is an affiliate of 

the national bank, to the restrictions on 

transactions with affiliates prescribed by 

12 U.S.C. 371c and 371c–1 and 

Regulation W, 12 CFR part 223. The 

OCC may also determine that other 

limits or restrictions apply. 

Twelve U.S.C. 24 contains two 

separate provisions authorizing a 

national bank to acquire personal 

property for purposes of lease financing. 

A national bank may invest in personal 

property for purposes of lease financing 

under 12 U.S.C. 24(Seventh) (Section 

24(Seventh) Leases) if the lease is a 

conforming lease, as defined in 12 CFR 

23.2(d)(2), representing a noncancelable 

obligation of the lessee (i.e., the lease 

serves as the functional equivalent of a 

loan). See, 12 CFR 23.20. A national 

bank also may invest in tangible 

personal property for purposes of lease 

financing under the authority of 12 

U.S.C. 24(Tenth) (CEBA Leases) if the 

related lease is a conforming lease as 

defined in 12 CFR 23.2(d)(1), which 

requires, among other things, that the 

aggregate book value of the property not 

exceed 10 percent of the national bank’s 

consolidated assets. See, 12 CFR 23.10. 

Type of Review: Regular. 

Affected Public: Businesses or other 

for-profit. 

Estimated Number of Respondents: 

29. 

Frequency of Response: On occasion. 

Estimated Total Annual Burden: 290. 

Comments submitted in response to 

this notice will be summarized and 

included in the submission to OMB. 

Comments are requested on: 

(a) Whether the information collection 

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; 

(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; and 

(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. 2022–00838 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 

Activities: Information Collection 

Renewal; Submission for OMB Review; 

Libor Self-Assessment 

AGENCY: Office of the Comptroller of the 

Currency (OCC), Treasury. 

ACTION: Notice and request for comment. 

SUMMARY: The OCC, as part of its 

continuing effort to reduce paperwork 

and respondent burden, invites the 

general public and other Federal 

agencies to take this opportunity to 

comment on 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 

respondent is not required to respond 

to, an information collection unless it 

displays a currently valid Office of 

Management and Budget (OMB) control 

number. The OCC is soliciting comment 

concerning renewal of a collection of 

information titled, ‘‘Libor SelfAssessment.’’ The OCC also is giving 

notice that it has sent the collection to 

OMB for review. 

DATES: Comments must be submitted on 

or before February 17, 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, 1557– 

0349, Office of the Comptroller of the 

Currency, 400 7th Street SW, Suite 3E– 

218, Washington, DC 20219. 

• Hand Delivery/Courier: 400 7th 

Street SW, Suite 3E–218, Washington, 

DC 20219. 

• Fax: (571) 465–4326. 

Instructions: You must include 

‘‘OCC’’ as the agency name and ‘‘1557– 

0349’’ in your comment. In general, the 

OCC will publish comments on 

www.reginfo.gov without change, 

including any business or personal 

information provided, such as name and 

address information, email addresses, or 

phone numbers. Comments received, 

including attachments and other 

supporting materials, are part of the 

public record and subject to public 

disclosure. Do not include any 

information in your comment or 

supporting materials that you consider 

confidential or inappropriate for public 

disclosure. 

Written comments and 

recommendations for the proposed 

information collection should also 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. 

On October 22, 2021, the OCC 

published a 60-day notice for this 

information collection, 86 FR 58723. 

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’’ dropdown. 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 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 11 / Tuesday, January 18, 2022 / Notices 2667 

1https://www.newyorkfed.org/medialibrary/ 

Microsites/arrc/files/2021/USD-LIBOR-transitionprogress-report-mar-21.pdf. 

2https://www.occ.gov/news-issuances/bulletins/ 

2020/bulletin-2020-104.html#ft1. 

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 

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 

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 

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 


khammond on DSKJM1Z7X2PROD with NOTICES