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 


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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://

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 

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 


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

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 

AGENCY: Office of the Comptroller of the 

Currency (OCC), Treasury. 

ACTION: Notice and requests 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 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. 

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 

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: 


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