Federal Register / Vol. 87, No. 23 / Thursday, February 3, 2022 / Notices 6239 

1 83 FR 66604 (December 27, 2018). 

bank first becomes subject to the 

guidelines.1

Overview of covered bank. A recovery 

plan should describe the covered bank’s 

overall organizational and legal entity 

structure, including its material entities, 

critical operations, core business lines, 

and core management information 

systems. The plan should describe 

interconnections and interdependencies 

(1) across business lines within the 

covered bank; (2) with affiliates in a 

bank holding company structure; (3) 

between a covered bank and its foreign 

subsidiaries and (4) with critical third 

parties. 

Triggers. A covered bank’s recovery 

plan should identify triggers that 

appropriately reflect the bank’s 

particular vulnerabilities. 

Options for recovery. A recovery plan 

should identify a wide range of credible 

options that a covered bank could 

undertake to restore financial strength 

and viability, thereby allowing the bank 

to continue to operate as a going 

concern and to avoid liquidation or 

resolution. A recovery plan should 

explain how the covered bank would 

carry out each option and describe the 

timing required for carrying out each 

option. The recovery plan should 

specifically identify the recovery 

options that require approval. 

Impact assessments. For each 

recovery option, a covered bank should 

assess and describe how the option 

would affect the covered bank. This 

impact assessment and description 

should specify the procedures the 

covered bank would use to maintain the 

financial strength and viability of its 

material entities, critical operations, and 

core business lines for each recovery 

option. For each option, the recovery 

plan’s impact assessment should 

address the following: (1) The effect on 

the covered bank’s capital, liquidity, 

funding, and profitability; (2) the effect 

on the covered bank’s material entities, 

critical operations, and core business 

lines, including reputational impact; 

and (3) any legal or market impediment 

or regulatory requirement that must be 

addressed or satisfied in order to 

implement the option. 

Escalation procedures. A recovery 

plan should clearly outline the process 

for escalating decision-making to the 

covered bank’s senior management, 

board of directors (board), or 

appropriate board committee in 

response to the breach of any trigger. 

The recovery plan should also identify 

the departments and persons 

responsible for executing the decisions 

of senior management, the board, or an 

appropriate board committee. 

Management reports. A recovery plan 

should require reports that provide 

senior management, the board, or an 

appropriate board committee with 

sufficient data and information to make 

timely decisions regarding the 

appropriate actions necessary to 

respond to the breach of a trigger. 

Communication procedures. A 

recovery plan should provide that the 

covered bank will notify the OCC of any 

significant breach of a trigger and any 

action taken or to be taken in response 

to such breach and should explain the 

process for deciding when a breach of 

a trigger is significant. A recovery plan 

also should address when and how the 

covered bank will notify persons within 

the organization and other external 

parties of its action under the recovery 

plan. The recovery plan should 

specifically identify how the covered 

bank will obtain required approvals. 

Other information. A recovery plan 

should include any other information 

that the OCC communicates in writing 

directly to the covered bank regarding 

the covered bank’s recovery plan. 

A covered bank should (1) integrate 

its recovery plan into its risk governance 

functions and (2) align its recovery plan 

with its other plans, such as its strategic, 

operational (including business 

continuity), contingency, capital 

(including stress testing), liquidity, and 

resolution planning. The covered bank’s 

recovery plan also should be specific to 

that covered bank and coordinated with 

any recovery and resolution planning 

efforts by the bank’s holding company. 

A covered bank’s recovery plan 

should address the responsibilities of 

the bank’s management and board with 

respect to the plan. Specifically, 

management should review the recovery 

plan at least annually and in response 

to a material event. It should revise the 

plan as necessary to reflect material 

changes in the covered bank’s size, risk 

profile, activities, and complexity, as 

well as changes in external threats. This 

review should evaluate the 

organizational structure and its 

effectiveness in facilitating a recovery. 

The board is responsible for overseeing 

the covered bank’s recovery planning 

process. The board of a covered bank or 

an appropriate board committee should 

review and approve the recovery plan at 

least annually, and as needed to address 

significant changes made by 

management. 

The OCC believes that a large, 

complex institution should undertake 

recovery planning in order to be able to 

respond quickly to and recover from the 

financial effects of severe stress on the 

institution. The process of developing 

and maintaining a recovery plan also 

should cause a covered bank’s 

management and its board to enhance 

their focus on risk governance with a 

view toward lessening the negative 

impact of future events. OCC examiners 

will assess the appropriateness and 

adequacy of the covered bank’s ongoing 

recovery planning process as part of the 

agency’s regular supervisory activities. 

Type of Review: Extension, without 

change, of a currently approved 

collection. 

Affected Public: Businesses or other 

for-profit; individuals. 

Total Number of Respondents: 8. 

Total Burden per Respondent: 7,543 

hours. 

Total Burden for Collection: 60,344 

hours. 

On October 29, 2021, the OCC 

published a 60-day notice for this 

information collection, 86 FR 60105. No 

comments were received. Comments 

continue to be solicited 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 agency’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, 

maintenance, and purchase of services 

to provide information. 

Theodore J. Dowd, 

Deputy Chief Counsel, Office of the 

Comptroller of the Currency. 

[FR Doc. 2022–02301 Filed 2–2–22; 8:45 am] 

BILLING CODE 4810–33–P 

DEPARTMENT OF THE TREASURY 

Office of Foreign Assets Control 

Notice of OFAC Sanctions Actions 

AGENCY: Office of Foreign Assets 

Control, Treasury. 

ACTION: Notice. 

SUMMARY: The U.S. Department of the 

Treasury’s Office of Foreign Assets 

Control (OFAC) is publishing the names 

of one or more persons that have been 

placed on OFAC’s Specially Designated 

Nationals and Blocked Persons List 


khammond on DSKJM1Z7X2PROD with NOTICES
6240 Federal Register / Vol. 87, No. 23 / Thursday, February 3, 2022 / Notices 

(SDN List) based on OFAC’s 

determination that one or more 

applicable legal criteria were satisfied. 

All property and interests in property 

subject to U.S. jurisdiction of these 

persons are blocked, and U.S. persons 

are generally prohibited from engaging 

in transactions with them. 

DATES: See SUPPLEMENTARY INFORMATION

section for applicable date(s). 

FOR FURTHER INFORMATION CONTACT: 

OFAC: Andrea Gacki, Director, tel.: 

202–622–2490; Associate Director for 

Global Targeting, tel.: 202–622–2420; 

Assistant Director for Licensing, tel.: 

202–622–2480; Assistant Director for 

Regulatory Affairs, tel.: 202–622–4855; 

or Assistant Director for Sanctions 

Compliance & Evaluation, tel.: 202–622– 

2490. 

SUPPLEMENTARY INFORMATION: 

Electronic Availability 

The SDN List and additional 

information concerning OFAC sanctions 

programs are available on OFAC’s 

website (https://www.treasury.gov/ofac). 

Notice of OFAC Actions 

On January 31, 2022, OFAC 

determined that the property and 

interests in property subject to U.S. 

jurisdiction of the following persons are 

blocked under the relevant sanctions 

authority listed below. 

Individuals 

1. OO, Thida (a.k.a. OO, Daw Thida; a.k.a. 

OO, Thi Da), Burma; DOB 27 Nov 1964; POB 

Rangoon, Burma; nationality Burma; citizen 

Burma; Gender Female; Passport DM003921 

(Burma) issued 02 Aug 2017 expires 01 Aug 

2027; Union Attorney General (individual) 

[BURMA–EO14014]. 

Designated pursuant to section 1(a)(iii)(B) 

of Executive Order 14014 of February 10, 

2021, ‘‘Blocking Property With Respect To 

The Situation In Burma’’ (‘‘E.O. 14014’’), 86 

FR 9429, for being a foreign person who is 

or has been a leader or official of the 

Government of Burma on or after February 2, 

2021. 

2. OO, Tin (a.k.a. OO, U Tin), No. 22, 

Thanlwin Street, Pyinyawady Condominium, 

No. 5 Quarter, Yankin Township, Rangoon, 

Burma; DOB 24 Nov 1952; nationality Burma; 

citizen Burma; Gender Male; National ID No. 

5KALATANAING127084 (Burma); Chairman 

of Anti-Corruption Commission (individual) 

[BURMA–EO14014]. 

Designated pursuant to section 1(a)(iii)(B) 

of E.O. 14014 for being a foreign person who 

is or has been a leader or official of the 

Government of Burma on or after February 2, 

2021. 

3. OO, Tun Tun (a.k.a. OO, Htun Htun; 

a.k.a. OO, U Htun Htun; a.k.a. OO, U Tun 

Tun), Naypyitaw, Burma; DOB 28 Jul 1956; 

nationality Burma; citizen Burma; Gender 

Male; Chief Justice of Union Supreme Court 

(individual) [BURMA–EO14014]. 

Designated pursuant to section 1(a)(iii)(B) 

of E.O. 14014 for being a foreign person who 

is or has been a leader or official of the 

Government of Burma on or after February 2, 

2021. 

4. TAY ZA, Htoo Htet (a.k.a. TAYZA, Htoo 

Htet), Burma; DOB 24 Jan 1993; alt. DOB 24 

Jan 1994; citizen Burma; Gender Male 

(individual) [BURMA–EO14014] (Linked To: 

ZA, Tay). 

Designated pursuant to section 1(a)(v) of 

E.O. 14014 for being a spouse or adult child 

of TAY ZA, a person whose property and 

interests in property are blocked pursuant to 

E.O. 14014. 

5. TAY ZA, Pye Phyo (a.k.a. TAY ZA, Pyae 

Phyo; a.k.a. TAYZA, Pye Phyo), Burma; DOB 

29 Jan 1987; POB Burma; nationality Burma; 

Gender Male (individual) [BURMA– 

EO14014] (Linked To: ZA, Tay). 

Designated pursuant to section 1(a)(v) of 

E.O. 14014 for being a spouse or adult child 

of TAY ZA, a person whose property and 

interests in property are blocked pursuant to 

E.O. 14014. 

6. THAUNG, Jonathan Myo Kyaw (a.k.a. 

TAUNG, Jonathan Kwang; a.k.a. THAUNG, 

Jonathan Kwang; a.k.a. THAUNG, Jonathan 

Kyaw; a.k.a. ‘‘MYO, Jonathan’’), Burma; DOB 

29 Dec 1981; nationality Burma; Gender Male 

(individual) [BURMA–EO14014] (Linked To: 

MYANMA ECONOMIC HOLDINGS PUBLIC 

COMPANY LIMITED). 

Designated pursuant to section 1(a)(vi) of 

E.O. 14014 for having materially assisted, 

sponsored, or provided financial, material, or 

technological support for, or goods or 

services to or in support of MYANMA 

ECONOMIC HOLDINGS PUBLIC COMPANY 

LIMITED (MEHL), a person whose property 

and interests in property are blocked 

pursuant to E.O. 14014. 

7. ZA, Tay, Singapore; Burma; DOB 18 Jul 

1964; alt. DOB 18 Jul 1967; POB Burma; 

citizen Burma; Gender Male; Passport 306869 

(Burma); National ID No. MYGN 006415 

(Burma) (individual) [BURMA–EO14014]. 

Designated pursuant to section 1(a)(i) of 

E.O. 14014 for operating in the defense sector 

of the Burmese economy or any other sector 

of the Burmese economy as may be 

determined by the Secretary of the Treasury, 

in consultation with the Secretary of State. 

Entity 

1. DIRECTORATE OF PROCUREMENT OF 

THE COMMANDER–IN–CHIEF OF DEFENSE 

SERVICES ARMY (a.k.a. DIRECTORATE OF 

PROCUREMENT, OFFICE OF THE 

COMMANDER–IN–CHIEF ARMY, THE 

REPUBLIC OF THE UNION OF MYANMAR; 

a.k.a. MYANMAR DIRECTORATE OF 

PROCUREMENT; a.k.a. ‘‘DIRECTORATE OF 

DEFENSE PROCUREMENT’’; a.k.a. 

‘‘DIRECTORATE OF PROCUREMENT’’), Nay 

Pyi Taw City, Burma; Target Type 

Government Entity [BURMA–EO14014]. 

Designated pursuant to section 1(a)(i) of 

E.O. 14014 for operating in the defense sector 

of the Burmese economy or any other sector 

of the Burmese economy as may be 

determined by the Secretary of the Treasury, 

in consultation with the Secretary of State. 

2. KT SERVICES & LOGISTICS KTSL 

COMPANY LIMITED (a.k.a. KT SERVICES & 

LOGISTICS CO., LTD; a.k.a. KT SERVICES 

AND LOGISTICS CO., LTD; a.k.a. KT 

SERVICES AND LOGISTICS COMPANY 

LIMITED; a.k.a. KT SERVICES AND 

LOGISTICS KTSL COMPANY LIMITED), 

Pyay Road, A4/A5 Kamayut Township, 

Rangoon 11201, Burma; Registration Country 

Burma; Organization Established Date 18 Feb 

2014; Registration Number 108301848 

(Burma) [BURMA–EO14014] (Linked To: 

MYANMA ECONOMIC HOLDINGS PUBLIC 

COMPANY LIMITED). 

Designated pursuant to section 1(a)(vi) of 

E.O. 14014 for having materially assisted, 

sponsored, or provided financial, material, or 

technological support for, or goods or 

services to or in support of MEHL, a person 

whose property and interests in property are 

blocked pursuant to E.O. 14014. 

Authority: E.O. 14014, 86 FR 9429. 

Dated: January 31, 2022. 

Andrea M. Gacki, 

Director, Office of Foreign Assets Control, 

U.S. Department of the Treasury. 

[FR Doc. 2022–02275 Filed 2–2–22; 8:45 am] 

BILLING CODE 4810–AL–P 

DEPARTMENT OF THE TREASURY 

Office of Foreign Assets Control 

Notice of OFAC Sanctions Actions 

AGENCY: Office of Foreign Assets 

Control, Treasury. 

ACTION: Notice. 

SUMMARY: The U.S. Department of the 

Treasury’s Office of Foreign Assets 

Control (OFAC) is publishing the name 

of one vessel identified as blocked 

property that has been removed from 

OFAC’s Specially Designated Nationals 

and Blocked Persons List (SDN List). 

Property and interests relating to the 

vessel are no longer blocked, and U.S. 

persons are no longer generally 

prohibited from engaging in transactions 

relating to the vessel. 

DATES: See SUPPLEMENTARY INFORMATION

section for applicable date(s). 

FOR FURTHER INFORMATION CONTACT: 

OFAC: Andrea Gacki, Director, tel.: 

202–622–2480; Associate Director for 

Global Targeting, tel: 202–622–2420; 

Assistant Director for Licensing, tel.: 

202–622–2480; Assistant Director for 

Regulatory Affairs, tel.: 202–622–4855; 

or the Assistant Director for Sanctions 

Compliance & Evaluation, tel.: 202–622– 

2490. 

SUPPLEMENTARY INFORMATION: 

Electronic Availability 

The SDN List and additional 

information concerning OFAC sanctions 

programs are available on OFAC’s 

website (www.treasury.gov/ofac). 


khammond on DSKJM1Z7X2PROD with NOTICES