6238 Federal Register / Vol. 87, No. 23 / Thursday, February 3, 2022 / Notices 

prepared remarks submitted will be 

accepted and considered as part of the 

meeting’s record. Any member of the 

public may submit a written statement 

after the meeting deadline, and it will be 

presented to the committee. 

The U.S. Department of 

Transportation is committed to 

providing equal access to this meeting 

for all participants. If you need 

alternative formats or services because 

of a disability, such as sign language, 

interpretation, or other ancillary aids, 

please contact the person listed in the 

FOR FURTHER INFORMATION CONTACT

section. Any member of the public may 

present a written statement to the 

Advisory Board at any time. 

Issued at Washington, DC. 

Carrie Lavigne, 

(Approving Official), Chief Counsel, Great 

Lakes St. Lawrence Seaway Development 

Corporation. 

[FR Doc. 2022–02290 Filed 2–2–22; 8:45 am] 

BILLING CODE 4910–61–P 

DEPARTMENT OF THE TREASURY 

Office of the Comptroller of the 

Currency 

Agency Information Collection 

Requirements; Information Collection 

Renewal; Submission for OMB Review; 

OCC Guidelines Establishing 

Standards for Recovery Planning by 

Certain Large Insured National Banks, 

Large Insured Federal Savings 

Associations, and Large Insured 

Federal Branches 

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 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, ‘‘OCC Guidelines Establishing 

Standards for Recovery Planning by 

Certain Large Insured National Banks, 

Insured Federal Savings Associations, 

and Insured Federal Branches.’’ The 

OCC also is giving notice that it has sent 

the collection to OMB for review. 

DATES: You should submit written 

comments by March 7, 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– 

0333, 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– 

0333’’ 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 29, 2021, 

the OCC published a 60-day notice for 

this information collection, 86 FR 

60105. 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’’ drop-down menu. From the 

‘‘Currently under Review’’ drop-down 

menu, select ‘‘Department of Treasury’’ 

and then click ‘‘submit.’’ This 

information collection can be located by 

searching by OMB control number 

‘‘1557–0333’’ or ‘‘OCC Guidelines 

Establishing Standards for Recovery 

Planning by Certain Large Insured 

National Banks, Insured Federal Savings 

Associations, and Insured Federal 

Branches.’’ 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. The OCC 

asks that OMB extend its approval of 

this collection. 

Title: OCC Guidelines Establishing 

Standards for Recovery Planning by 

Certain Large Insured National Banks, 

Insured Federal Savings Associations, 

and Insured Federal Branches. 

OMB Control No.: 1557–0333. 

Abstract: In 2015, the OCC issued 

guidelines applicable to each insured 

national bank, insured Federal savings 

association, and insured Federal branch 

of a foreign bank (together, banks) with 

average total consolidated assets equal 

to or greater than $50 billion (covered 

banks). The guidelines stated that each 

covered bank should develop and 

maintain a recovery plan that is 

appropriate for its individual size, risk 

profile, activities, and complexity, 

including the complexity of its 

organizational and legal entity structure, 

in order to be able to respond quickly 

to and recover from the financial effects 

of severe stress. The guidelines 

established standards for this recovery 

planning. 

The OCC issued a final rule in 2018 

that increased the average total 

consolidated assets threshold for 

applying the recovery planning 

guidelines to a bank from $50 billion to 

$250 billion and decreased from 18 

months to 12 months the time within 

which a bank should comply with the 

recovery planning guidelines after the 


khammond on DSKJM1Z7X2PROD with NOTICES
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