36864 Federal Register / Vol. 86, No. 131 / Tuesday, July 13, 2021 / Notices 

2https://www.federalreserve.gov/newsevents/ 

pressreleases/files/bcreg20201130a1.pdf. 

(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. OCC asks 

that OMB extend its approval of this 

collection. 

Title: Libor Self-Assessment. 

OMB Control No.: 1557–0349. 

Type of Review: Regular. 

Description: The expected 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 expected Libor 

cessation. The self-assessment tool may 

be used in assessing the appropriateness 

of a bank’s Libor transition plan, in the 

execution of the plan by its 

management, and in 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 2016, $199 trillion of financial 

instruments were exposed to U.S. dollar 

(USD) Libor as the primary reference 

rate. 

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 the cessation, and successfully 

transitioning to replacement 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 expected 

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 

$200T notional contracts, makes moving 

off the rate incredibly complicated. 

Many existing contracts do not include 

sufficient provisions in the event that 

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 the OCC expects banks to 

discontinue making Libor loans by the 

end of 2021, the prevalence of Libor, 

and the remaining work to be done 

within the timeframe described above, 

the OCC is requesting renewal of the 

emergency clearance for this selfassessment tool to be made 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 March 17, 2021, the 

OCC published a 60-day notice for this 

information collection, 86 FR 14681. No 

comments were received. Comments 

continue to be invited on: 

(a) Whether the collections of 

information are necessary for the proper 

performance of the OCC’s functions, 

including whether the information has 

practical utility; 

(b) The accuracy of the OCC’s 

estimates of the burden of the 

information collections, 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 collections 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. 

Theodore J. Dowd, 

Deputy Chief Counsel, Office of the 

Comptroller of the Currency. 

[FR Doc. 2021–14772 Filed 7–12–21; 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; 

International Regulation 

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 ‘‘International Regulation—Part 

28.’’ The OCC also is giving notice that 

it has sent the collection to OMB for 

review. 

DATES: Comments must be received by 

August 12, 2021. 


jbell on DSKJLSW7X2PROD with NOTICES
Federal Register / Vol. 86, No. 131 / Tuesday, July 13, 2021 / Notices 36865 

1On March 17, 2021, the OCC published a 60-day 

notice for this information collection, 86 FR 14679. 

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– 

0102, 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– 

0102 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 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. 

You may review comments and other 

related materials that pertain to this 

information collection 1 following the 

close of the 30-day comment period for 

this notice by the following method: 

• Viewing Comments Electronically: 

Go to www.reginfo.gov. Click on the 

‘‘Information Collection Review’’ tab. 

Underneath the ‘‘Currently under 

Review’’ section heading, from the dropdown menu select ‘‘Department of 

Treasury’’ and then click ‘‘submit.’’ This 

information collection can be located by 

searching by OMB control number 

‘‘1557–0102’’ or ‘‘International 

Regulation—Part 28.’’ 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 

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 OMB to extend its approval of this 

collection. 

Title: International Regulation—Part 

28. 

OMB Control No.: 1557–0102. 

Description: This submission covers 

an existing regulation and involves no 

change to the regulation or to the 

information collection requirements. 

The OCC requests only that OMB extend 

its approval of the information 

collection. 

12 CFR 28.3 Filing Requirements for 

Foreign Operations of a National 

Bank—Notice Requirement 

A national bank shall notify the OCC 

when it (1) files an application, notice, 

or report with the Board of Governors of 

the Federal Reserve System (FRB) to 

establish or open a foreign branch; or 

acquire or divest of an interest in, or 

close, an Edge corporation, Agreement 

corporation, foreign bank, or other 

foreign organization; or (2) opens a 

foreign branch, and no application or 

notice is required by the FRB for such 

transaction. 

The OCC also has required an 

application pursuant to § 28.3(c) from a 

national bank seeking to join a foreign 

exchange, clearinghouse, or similar type 

of organization. In lieu of a notice, the 

OCC may accept a copy of an 

application, notice, or report submitted 

to another Federal agency that covers 

the proposed action and contains 

substantially the same information 

required by the OCC. A national bank 

shall furnish the OCC with any 

additional information the OCC may 

require in connection with the national 

bank’s foreign operations. 

12 CFR 28.14(c) Limitations Based 

Upon Capital of a Foreign Bank— 

Aggregation 

A foreign bank shall aggregate 

business transacted by all Federal 

branches and agencies with the business 

transacted by all state branches and 

agencies controlled by the foreign bank 

in determining its compliance with 

limitations based upon the capital of the 

foreign bank. A foreign bank shall 

designate one Federal branch or agency 

office in the United States to maintain 

consolidated information so that the 

OCC can monitor compliance. 

12 CFR 28.15(d), (d)(1), (d)(2), and (f) 

Capital Equivalency Deposits 

A foreign bank should require its 

depository bank to segregate its capital 

equivalency deposits (CED) on the 

depository bank’s books and records. 

The instruments making up the CED 

that are placed in safekeeping at a 

depository bank to satisfy a foreign 

bank’s CED requirement must be 

maintained pursuant to an agreement 

prescribed by the OCC that shall be a 

written agreement entered into with the 

OCC. Each Federal branch or agency 

shall maintain a capital equivalency 

account and keep records of the amount 

of liabilities requiring capital 

equivalency coverage in a manner and 

form prescribed by the OCC. A foreign 

bank’s CED may not be reduced in value 

below the minimum required for that 

branch or agency without the prior 

approval of the OCC, but in no event 

may the value fall below the statutory 

minimum. 

12 CFR 28.16(c) Deposit-Taking by an 

Uninsured Federal Branch— 

Application for an Exemption 

A foreign bank may apply to the OCC 

for an exemption to permit an 

uninsured Federal branch to accept or 

maintain deposit accounts that are not 

listed in § 28.16(b). The request should 

describe the types, sources, and 

estimated amount of such deposits and 

explain why the OCC should grant an 

exemption, and how the exemption 

maintains and furthers the policies 

described in § 28.16(a). 

12 CFR 28.16(d) Deposit-Taking by an 

Uninsured Federal Branch— 

Aggregation of Deposits 

A foreign bank that has more than one 

Federal branch in the same state may 

aggregate deposits in all of its Federal 

branches in that state, but exclude 

deposits of other branches, agencies, or 

wholly owned subsidiaries of the bank. 

The Federal branch shall compute the 

average amount by using the sum of 

deposits as of the close of business of 

the last 30 calendar days ending with, 

and including, the last day of the 

calendar quarter, divided by 30. The 

Federal branch shall maintain records of 


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36866 Federal Register / Vol. 86, No. 131 / Tuesday, July 13, 2021 / Notices 

the calculation until its next 

examination by the OCC. 

12 CFR 28.18(c)(1) Recordkeeping and 

Reporting—Maintenance of Accounts, 

Books, and Records 

Each Federal branch or agency shall 

maintain a set of accounts and records 

reflecting its transactions that are 

separate from those of the foreign bank 

and any other branch or agency. The 

Federal branch or agency shall keep a 

set of accounts and records in English 

sufficient to permit the OCC to examine 

the condition of the Federal branch or 

agency and its compliance with 

applicable laws and regulations. 

12 CFR 28.20(a)(1) Maintenance of 

Assets—General Rule 

The OCC may require a foreign bank 

to hold certain assets in the state in 

which its Federal branch or agency is 

located. 

12 CFR 28.22(e) Voluntary 

Liquidation—Reports of Examination 

The Federal branch or agency shall 

send the OCC certification that all of its 

Reports of Examination have been 

destroyed or return its Reports of 

Examination to the OCC. 

Type of Review: Regular. 

Affected Public: Businesses or other 

for-profit. 

Estimated Number of Respondents: 

52. 

Estimated Total Annual Burden: 

2,294. 

Frequency of Response: On occasion. 

On March 17, 2021, the OCC 

published a 60-day notice for this 

information collection, 86 FR 14679. 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, 

maintenance, and purchase of services 

to provide information. 

Theodore J. Dowd, 

Deputy Chief Counsel, Office of the 

Comptroller of the Currency. 

[FR Doc. 2021–14776 Filed 7–12–21; 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; Comment Request; 

Supervisory Guidance on Stress 

Testing for Banking Organizations 

With Total Consolidated Assets of 

More Than $10 Billion 

AGENCY: Office of the Comptroller of the 

Currency, Treasury (OCC). 

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 renewal 

of its information collection titled, 

‘‘Supervisory Guidance on Stress 

Testing for Banking Organizations with 

Total Consolidated Assets of More Than 

$10 Billion.’’ 

DATES: Comments must be submitted on 

or before September 13, 2021. 

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: 1557–0312, 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– 

0312’’ 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 

(published following the close of this 

notice’s comment period) for this 

collection by the following method: 

• Viewing Comments Electronically: 

Go to www.reginfo.gov. Click on the 

‘‘Information Collection Review’’ tab. 

Underneath the ‘‘Currently under 

Review’’ section heading, from the dropdown menu select ‘‘Department of 

Treasury’’ and then click ‘‘submit.’’ This 

information collection can be located by 

searching by OMB control number 

‘‘1557–0312’’ or ‘‘Supervisory Guidance 

on Stress Testing for Banking 

Organizations with Total Consolidated 

Assets of More Than $10 Billion.’’ 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, (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 

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 


jbell on DSKJLSW7X2PROD with NOTICES