38810 Federal Register / Vol. 86, No. 138 / Thursday, July 22, 2021 / Notices 

l. Major Capital Projects as defined by 

49 CFR part 633 ‘‘Project Management 

Oversight’’ must document FTA has 

reviewed the project management plan 

and provided approval. 

m. Milestone information is complete. 

FTA will also review status of other 

open award reports to confirm financial 

and milestone information is current on 

other open awards. 

n. Recipient has ensured that it has 

registered to report to the National 

Transit Database, and that any 

beneficiaries that provide public 

transportation service have also 

registered to report to the National 

Transit Database. FTA must also 

provide Congressional notification 

before awarding competitive grants. 

Other important issues that impact 

FTA grant processing activities in 

addition to the list above are discussed 

below. 

a. Award Budgets—Scope Codes and 

Activity Line Items (ALI) Codes; 

Financial Purpose Codes 

FTA uses Scope and ALI Codes in the 

award budgets to track disbursements, 

monitor program trends, report to 

Congress, and to respond to requests 

from the Inspector General and the 

Government Accountability Office, as 

well as to manage grants. The accuracy 

of the data is dependent on the careful 

and correct use of codes. 

b. Designated and Direct Recipients 

Documentation 

For its formula programs, FTA 

primarily apportions funds to the 

designated recipient in the large UZAs 

(areas over 200,000), or for areas under 

200,000 (small UZAs and rural areas), it 

apportions the funds to the Governor, or 

its designee (e.g., State DOT). 

Depending on the program, as described 

in the individual program sections 

found in Section IV of this notice, 

further suballocation of funds may be 

permitted to eligible recipients who may 

then apply directly to FTA for the 

funding as direct recipients. 

For the programs in which FTA may 

make grants to eligible direct recipients, 

other than the designated recipient(s), 

recipients are reminded that 

documentation must be on file to 

support: (1) The status of the recipient 

either as a designated recipient or direct 

recipient; and (2) the allocation of funds 

to the direct recipient. 

Documentation to support existing 

designated recipients for the UZA must 

also be on file at the time of the first 

application in FY 2021. Split letters 

and/or suballocation letters (Governor’s 

Apportionment letters), must also be on 

file to support grant applications for 

direct recipients. Once suballocation 

letters for FY 2021 funding are finalized, 

they should be uploaded as part of the 

application into TrAMS. 

The Direct Recipient is required to 

upload to TrAMS a copy of the 

suballocation letter (Letter) indicating 

their allocation of funding, for the 

appropriate fund program, when the 

applicant transmits their application for 

initial review. The Letter must be signed 

by the Designated Recipient, or as 

applicable in accordance with their 

planning requirements. If there are two 

Designated Recipients, both entities 

must sign the Letter. The Letter must: 

(1) Indicate the allocations to the 

respective Direct Recipients listed in the 

letter; (2) incorporate language above 

the signatories to reflect this agreement; 

and (3) make clear that the Direct 

Recipient will assume any/all 

responsibility associated with the award 

for the funds. When drafting the Letter, 

Designated Recipients may use the 

template language below: 

As identified in this Letter, the Designated 

Recipient(s) authorize the reassignment/ 

reallocation of [enter fund source; e.g., 

Section 5307 funds] to the Direct Recipient(s) 

named herein. The undersigned agree to the 

amounts allocated/reassigned to each direct 

Recipient. Each Direct Recipient is 

responsible for its application to the Federal 

Transit Administration to receive such funds 

and assumes the responsibilities associated 

with any award for these funds. 

The contents of this document do not 

have the force and effect of law and are 

not meant to bind the public in any 

way. This document is intended only to 

provide clarity to the public regarding 

existing requirements under the law or 

agency policies. 

Recipients should refer to applicable 

regulations and statutes referenced in 

this document. 

Nuria I. Fernandez, 

Administrator. 

[FR Doc. 2021–15576 Filed 7–21–21; 8:45 am] 

BILLING CODE P 

DEPARTMENT OF THE TREASURY 

Office of the Comptroller of the 

Currency 

FEDERAL RESERVE SYSTEM 

FEDERAL DEPOSIT INSURANCE 

CORPORATION 

Proposed Agency Information 

Collection Activities; Comment 

Request 

AGENCY: Office of the Comptroller of the 

Currency (OCC), Treasury; Board of 

Governors of the Federal Reserve 

System (Board); and Federal Deposit 

Insurance Corporation (FDIC). 

ACTION: Joint notice and request for 

comment. 

SUMMARY: In accordance with the 

requirements of the Paperwork 

Reduction Act of 1995 (PRA), the OCC, 

the Board, and the FDIC (the agencies) 

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 Federal Financial 

Institutions Examination Council 

(FFIEC), of which the agencies are 

members, has approved the agencies’ 

publication for public comment of a 

proposal to revise and extend the 

Consolidated Reports of Condition and 

Income (Call Reports) (FFIEC 031, 

FFIEC 041, and FFIEC 051), which are 

currently approved collections of 

information. The agencies are requesting 

comment on proposed changes to clarify 

instructions for reporting of deferred tax 

assets (DTAs) consistent with a 

proposed rule on tax allocation 

agreements and a new item related to 

the final rule on the standardized 

approach for counterparty credit risk. 

DATES: Comments must be submitted on 

or before September 20, 2021. 

ADDRESSES: Interested parties are 

invited to submit written comments to 

any or all of the agencies. All comments, 

which should refer to the ‘‘Call Report 

Revisions,’’ will be shared among the 

agencies. 

OCC: You may submit comments, 

which should refer to ‘‘Call Report 

Revisions,’’ by any of the following 

methods: 

• Email: prainfo@occ.treas.gov. 

• Mail: Chief Counsel’s Office, Office 

of the Comptroller of the Currency, 

Attention: 1557–0081, 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 ‘‘1557– 

0081’’ 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 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 86, No. 138 / Thursday, July 22, 2021 / Notices 38811 

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 this collection by the following 

method: 

• Viewing Comments Electronically: 

Go to www.reginfo.gov. Click on the 

‘‘Information Collection Review’’ link 

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 

‘‘1557–0081.’’ 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. 

Board: You may submit comments, 

which should refer to ‘‘Call Report 

Revisions,’’ by any of the following 

methods: 

• Agency Website: http://

www.federalreserve.gov. Follow the 

instructions for submitting comments at: 

http://www.federalreserve.gov/ 

generalinfo/foia/ProposedRegs.cfm. 

• Email: regs.comments@

federalreserve.gov. Include ‘‘Call Report 

Reporting Revisions’’ in the subject line 

of the message. 

• Fax: (202) 452–3819 or (202) 452– 

3102. 

• Mail: Ann E. Misback, Secretary, 

Board of Governors of the Federal 

Reserve System, 20th Street and 

Constitution Avenue NW, Washington, 

DC 20551. 

All public comments are available on 

the Board’s website at https://

www.federalreserve.gov/apps/foia/ 

proposedregs.aspx as submitted, unless 

modified for technical reasons. 

Accordingly, your comments will not be 

edited to remove any identifying or 

contact information. 

FDIC: You may submit comments, 

which should refer to ‘‘Call Report 

Revisions,’’ by any of the following 

methods: 

• Agency Website: https://

www.fdic.gov/regulations/laws/federal/. 

Follow the instructions for submitting 

comments on the FDIC’s website. 

• Federal eRulemaking Portal: 

https://www.regulations.gov. Follow the 

instructions for submitting comments. 

• Email: comments@FDIC.gov. 

Include ‘‘Call Report Revisions’’ in the 

subject line of the message. 

• Mail: Manuel E. Cabeza, Counsel, 

Attn: Comments, Room MB–3128, 

Federal Deposit Insurance Corporation, 

550 17th Street NW, Washington, DC 

20429. 

• Hand Delivery: Comments may be 

hand delivered to the guard station at 

the rear of the 550 17th Street Building 

(located on F Street) on business days 

between 7:00 a.m. and 5:00 p.m. 

• Public Inspection: All comments 

received will be posted without change 

to https://www.fdic.gov/regulations/ 

laws/federal/ including any personal 

information provided. Paper copies of 

public comments may be requested from 

the FDIC Public Information Center by 

telephone at (877) 275–3342 or (703) 

562–2200. 

Additionally, commenters may send a 

copy of their comments to the OMB 

desk officers for the agencies by mail to 

the Office of Information and Regulatory 

Affairs, U.S. Office of Management and 

Budget, New Executive Office Building, 

Room 10235, 725 17th Street NW, 

Washington, DC 20503; by fax to (202) 

395–6974; or by email to oira_

submission@omb.eop.gov. 

FOR FURTHER INFORMATION CONTACT: For 

further information about the proposed 

revisions to the information collections 

discussed in this notice, please contact 

any of the agency staff whose names 

appear below. In addition, copies of the 

report forms for the Call Reports can be 

obtained at the FFIEC’s website (https:// 

www.ffiec.gov/ffiec_report_forms.htm). 

OCC: Kevin Korzeniewski, Counsel, 

Chief Counsel’s Office, (202) 649–5490. 

Board: Nuha Elmaghrabi, Federal 

Reserve Board Clearance Officer, (202) 

452–3884, Office of the Chief Data 

Officer, Board of Governors of the 

Federal Reserve System, 20th and C 

Streets NW, Washington, DC 20551. 

Telecommunications Device for the Deaf 

(TDD) users may call (202) 263–4869. 

FDIC: Manuel E. Cabeza, Counsel, 

(202) 898–3767, Legal Division, Federal 

Deposit Insurance Corporation, 550 17th 

Street NW, Washington, DC 20429. 

SUPPLEMENTARY INFORMATION: 

I. Report Summary 

The agencies propose to extend for 

three years, with revision, the FFIEC 

031, FFIEC 041, and FFIEC 051 Call 

Reports. 

Report Title: Consolidated Reports of 

Condition and Income (Call Report). 

Form Number: FFIEC 031 

(Consolidated Reports of Condition and 

Income for a Bank with Domestic and 

Foreign Offices), FFIEC 041 

(Consolidated Reports of Condition and 

Income for a Bank with Domestic 

Offices Only), and FFIEC 051 

(Consolidated Reports of Condition and 

Income for a Bank with Domestic 

Offices Only and Total Assets Less Than 

$5 Billion). 

Frequency of Response: Quarterly. 

Affected Public: Business or other forprofit. 

Type of Review: Revision and 

extension of currently approved 

collections. 

OCC 

OMB Control No.: 1557–0081. 

Estimated Number of Respondents: 

1,090 national banks and federal savings 

associations. 

Estimated Average Burden per 

Response: 42.10 burden hours per 

quarter to file. 

Estimated Total Annual Burden: 

183,556 burden hours to file. 

Board 

OMB Control No.: 7100–0036. 

Estimated Number of Respondents: 

728 state member banks. 

Estimated Average Burden per 

Response: 45.62 burden hours per 

quarter to file. 

Estimated Total Annual Burden: 

132,845 burden hours to file. 

FDIC 

OMB Control No.: 3064–0052. 

Estimated Number of Respondents: 

3,209 insured state nonmember banks 

and state savings associations. 

Estimated Average Burden per 

Response: 40.13 burden hours per 

quarter to file. 

Estimated Total Annual Burden: 

515,109 burden hours to file. 

The estimated average burden hours 

collectively reflect the estimates for the 

FFIEC 031, the FFIEC 041, and the 

FFIEC 051 reports for each agency. 

When the estimates are calculated by 

type of report across the agencies, the 

estimated average burden hours per 

quarter are 86.49 (FFIEC 031), 55.53 

(FFIEC 041), and 35.38 (FFIEC 051). The 

changes to the FFIEC 031, FFIEC 041 

and FFIEC 051 Call Report forms and 

instructions proposed in this notice 

would not have a material impact on the 

existing burden estimates. The 

estimated burden per response for the 

quarterly filings of the Call Report is an 

average that varies by agency because of 

differences in the composition of the 

institutions under each agency’s 

supervision (e.g., size distribution of 

institutions, types of activities in which 

they are engaged, and existence of 

foreign offices). 


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38812 Federal Register / Vol. 86, No. 138 / Thursday, July 22, 2021 / Notices 

1www.ffiec.gov/forms031.htm; www.ffiec.gov/ 

forms041.htm; www.ffiec.gov/forms051.htm. 

2 86 FR 24755 (May 10, 2021). 

3Accounting Standards Codification (ASC) Topic 

740 ¶ 740–10–10–1 (Fin. Acct. Standards Bd. 2019). 

4 Id. ¶ 740–10–05–7. 

5 Id. ¶ 740–10–20. 

6When an asset or liability is transferred outside 

the consolidated group, the institution would no 

longer recognize the associated DTA or DTL. The 

institution would include the tax consequences of 

the transaction in the calculation of its current 

period tax expense or benefit. 

7Under GAAP, a deferred tax item generally 

becomes a current tax item when it is expected to 

be used to calculate estimated taxes payable or 

receivable on tax returns for current and prior years. 

ASC Topic 740 ¶ 740–10–25–2(a) (Fin. Acct. 

Standards Bd. 2019). 

8 Id. ¶ 740–10–20. 

9See id. ¶ 740–10–30–27 (referring to ASC 

subtopic 740–10). 

10 Id. 

Type of Review: Extension and 

revision of currently approved 

collections. In addition to the proposed 

revisions discussed below, Call Reports 

are periodically updated to clarify 

instructional guidance and correct 

grammatical and typographical errors on 

the forms and instructions, which are 

published on the FFIEC website.1 These 

non-substantive updates may also be 

commented upon. 

Legal Basis and Need for Collections 

The Call Report information 

collections are mandatory: 12 U.S.C. 161 

(national banks), 12 U.S.C. 324 (state 

member banks), 12 U.S.C. 1817 (insured 

state nonmember commercial and 

savings banks), and 12 U.S.C. 1464 

(federal and state savings associations). 

At present, except for selected data 

items and text, these information 

collections are not given confidential 

treatment. 

Banks and savings associations 

submit Call Report data to the agencies 

each quarter for the agencies’ use in 

monitoring the condition, performance, 

and risk profile of individual 

institutions and the industry as a whole. 

Call Report data serve a regulatory or 

public policy purpose by assisting the 

agencies in fulfilling their shared 

missions of ensuring the safety and 

soundness of financial institutions and 

the financial system and protecting 

consumer financial rights, as well as 

agency-specific missions affecting 

national and state-chartered institutions, 

such as conducting monetary policy, 

ensuring financial stability, and 

administering federal deposit insurance. 

Call Reports are the source of the most 

current statistical data available for 

identifying areas of focus for on-site and 

off-site examinations. Among other 

purposes, the agencies use Call Report 

data in evaluating institutions’ corporate 

applications, including interstate merger 

and acquisition applications for which 

the agencies are required by law to 

determine whether the resulting 

institution would control more than 10 

percent of the total amount of deposits 

of insured depository institutions in the 

United States. Call Report data also are 

used to calculate institutions’ deposit 

insurance assessments and national 

banks’ and federal savings associations’ 

semiannual assessment fees. 

II. Current Actions 

A. Deferred Tax Items 

Background 

On May 10, 2021, the agencies 

published a proposed rule on Tax 

Allocation Agreements (Tax NPR).2 The 

Tax NPR addresses safety and 

soundness requirements and 

appropriate accounting for these 

agreements. Consistent with the 

proposed requirements and discussion 

in the Tax NPR, the agencies propose to 

revise the Call Report instructions to 

clarify the Glossary entry for ‘‘Income 

Taxes’’ to address treatment of 

temporary difference deferred tax items 

and operating loss and tax credit 

carryforward deferred tax assets (DTAs). 

Temporary Difference Deferred Tax 

Items 

Consistent with the separate entity 

basis reporting requirement, separating 

DTAs and deferred tax liabilities (DTLs) 

from the associated assets or liabilities 

that gave rise to the deferred tax items 

would depart from one of the primary 

objectives related to accounting for 

income taxes, which is to recognize 

deferred tax items for the future tax 

consequences of events that have been 

recognized in an entity’s financial 

statements or tax returns.3 The relevant 

accounting standards specifically state 

that a temporary difference refers to a 

difference between the tax basis of an 

asset or liability and its reported amount 

in the financial statements that will 

result in taxable or deductible amounts 

in future years when the reported 

amount of the asset or liability is 

recovered or settled, respectively.4 More 

specifically, DTAs are the deferred tax 

consequences attributable to deductible 

temporary differences and 

carryforwards, while DTLs are the 

deferred tax consequences attributable 

to taxable temporary differences.5

Based on the description of deferred 

tax items in ASC paragraph 740–10–05– 

7 and the uncertainty over the actual 

amounts at which deferred tax items 

will be settled or realized in future 

periods, temporary difference deferred 

tax items should remain on the balance 

sheet as long as the associated assets or 

liabilities that give rise to those deferred 

tax items remain on the balance sheet. 

Accordingly, an institution’s purchase, 

sale, or other transfer of deferred tax 

items arising from temporary differences 

is not acceptable under U.S. generally 

accepted accounting principles (GAAP) 

unless these items are transferred in 

connection with the transfer of the 

associated assets or liabilities. In the 

case of timing differences, it may be 

appropriate to transfer DTAs or DTLs 

resulting from a timing difference when 

the underlying asset or liability that 

created the future tax benefit or 

obligation is being purchased, sold, or 

transferred within the consolidated 

group.6 In addition, when the DTA or 

DTL can be realized or is absorbed by 

the consolidated group in the current 

period tax return, it would be 

appropriate to settle or recover the DTA 

or DTL, respectively.7 Therefore, the 

agencies propose to revise the Glossary 

entry for ‘‘Income Taxes’’ to clarify the 

treatment for transfers of temporary 

difference deferred tax items as 

described above. 

Operating Loss and Tax Credit 

Carryforward DTAs 

Carryforwards are deductions or 

credits that cannot be utilized on the tax 

return during a year that may be carried 

forward to reduce taxable income or 

taxes payable in a future year.8 Thus, in 

contrast to temporary differences, 

carryforwards do not arise directly from 

book-tax basis differences associated 

with particular assets or liabilities. 

GAAP does not require a single 

allocation method for income taxes 

when members of a consolidated group 

issue separate financial statements.9 The 

commonly applied ‘‘separate-return’’ 

method, which would reflect DTAs for 

net operating losses (NOLs) and tax 

credit carryforwards on a separate 

return basis, would meet the relevant 

criteria.10 Other systematic and rational 

methods that are consistent with the 

broad principles established by ASC 

Topic 740 are also acceptable under 

GAAP. 

As described in detail in 

SUPPLEMENTARY INFORMATION section of 

the Tax NPR, the agencies have 

determined that the derecognition by 

insured depository institutions of DTAs 

for NOL or tax credit carryforwards in 


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Federal Register / Vol. 86, No. 138 / Thursday, July 22, 2021 / Notices 38813 

11 12 CFR part 3 (OCC); 12 CFR part 217 (Board); 

12 CFR part 324 (FDIC). 

12 85 FR 4362 (Jan. 24, 2020). 

13 12 CFR 3.34(a)(1)(ii) (OCC); 12 CFR 

217.34(a)(1)(ii) (Board); 12 CFR 324.34(a)(1)(ii) 

(FDIC). 

14 12 CFR 3.300(g) (OCC); 12 CFR 217.300(h) 

(Board); 12 CFR 324.300(g) (FDIC). 

15 12 CFR 3.34(a)(1)(ii) (OCC); 12 CFR 

217.34(a)(1)(ii) (Board); 12 CFR 324.34(a)(1)(ii) 

(FDIC). 

the Call Report raises significant 

supervisory and other concerns. 

Consistent with that determination, the 

agencies propose to revise the 

instructions to clarify that an institution 

must not derecognize DTAs for NOLs or 

tax credit carryforwards on its separateentity regulatory reports prior to the 

time when such carryforwards are 

absorbed by the consolidated group. 

B. Standardized Approach for 

Counterparty Credit Risk (SA–CCR) 

The agencies are proposing a revision 

to add a new item to the Call Report 

forms related to early or voluntary 

adoption of the standardized approach 

for counterparty credit risk methodology 

in the agencies’ capital rules.11

Background 

On January 24, 2020, the agencies 

issued a final rule 12 (SA–CCR final rule) 

that amends the regulatory capital rule 

to implement a new approach for 

calculating the exposure amount for 

derivative contracts for purposes of 

calculating the total risk-weighted assets 

(RWA), which is called SA–CCR. The 

final rule also incorporates SA–CCR into 

the determination of the exposure 

amount of derivatives for total leverage 

exposure under the supplementary 

leverage ratio, and the cleared 

transaction framework under the capital 

rule. 

Banking institutions that are not 

advanced approaches institutions may 

elect to use SA–CCR to calculate 

standardized total RWA by notifying 

their appropriate federal supervisor.13

Advanced approaches institutions are 

required to use SA–CCR to calculate 

standardized total RWA starting on 

January 1, 2022. Advanced approaches 

institutions may adopt SA–CCR prior to 

January 1, 2022, but must notify their 

appropriate federal supervisor of early 

adoption.14

Proposed Change 

The agencies are proposing to revise 

Schedule RC–R, Part I, Regulatory 

Capital Components and Ratios, on all 

versions of the Call Report by adding a 

new line item 31.b, ‘‘Standardized 

Approach for Counterparty Credit Risk 

opt-in election.’’ The agencies are 

proposing to add this new item to 

identify institutions that have chosen to 

early adopt or voluntarily elect SA– 

CCR, which would allow for enhanced 

comparability of the reported derivative 

data and for better supervision of the 

implementation of the framework at 

these institutions. Due to the inherent 

complexity of adopting SA–CCR, this 

identification is particularly important 

for non-advanced approaches 

institutions that choose to voluntarily 

adopt SA–CCR. 

A non-advanced approaches 

institution that adopts SA–CCR would 

enter ‘‘1’’ for ‘‘Yes’’ in line item 31.b. 

All other non-advanced approaches 

institutions would leave this item blank. 

If a non-advanced approaches 

institution has elected to use SA–CCR, 

the institution may change its election 

only with prior approval of its 

appropriate federal regulator.15 An 

advanced approaches institution that 

elects to early adopt SA–CCR prior to 

the January 1, 2022, mandatory 

compliance date would enter ‘‘1’’ for 

‘‘Yes’’ in line item 31.b. After January 1, 

2022, an advanced approaches 

institution would leave this item blank. 

This proposed reporting change would 

take effect starting with the December 

31, 2021, Call Report. This item would 

no longer be applicable to advanced 

approaches institutions starting with the 

March 31, 2022, report date. 

III. Request for Comment 

Public comment is requested on all 

aspects of this joint notice. Comment is 

specifically invited on: 

(a) Whether the proposed revisions to 

the collections of information that are 

the subject of this notice are necessary 

for the proper performance of the 

agencies’ functions, including whether 

the information has practical utility; 

(b) The accuracy of the agencies’ 

estimates of the burden of the 

information collections as they are 

proposed to be revised, 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 collections 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. 

Comments submitted in response to 

this joint notice will be shared among 

the agencies. 

Theodore J. Dowd, 

Deputy Chief Counsel, Office of the 

Comptroller of the Currency. 

Board of Governors of the Federal Reserve 

System. 

Michelle Taylor Fennell, 

Deputy Associate Secretary of the Board. 

Federal Deposit Insurance Corporation. 

Dated at Washington, DC, on July 13, 2021. 

James P. Sheesley, 

Assistant Executive Secretary. 

[FR Doc. 2021–15556 Filed 7–21–21; 8:45 am] 

BILLING CODE P 

DEPARTMENT OF THE TREASURY 

Bureau of the Fiscal Service 

Prompt Payment Interest Rate; 

Contract Disputes Act 

AGENCY: Bureau of the Fiscal Service, 

Treasury. 

ACTION: Notice of prompt payment 

interest rate; Contract Disputes Act. 

SUMMARY: For the period beginning July 

1, 2021, and ending on December 31, 

2021, the prompt payment interest rate 

is 11⁄8 per centum per annum. 

DATES: Effective July 1, 2021, to 

December 31, 2021. 

ADDRESSES: Comments or inquiries may 

be mailed to: E-Commerce Division, 

Bureau of the Fiscal Service, 401 14th 

Street SW, Room 306F, Washington, DC 

20227. Comments or inquiries may also 

be emailed to PromptPayment@

fiscal.treasury.gov. 

FOR FURTHER INFORMATION CONTACT: 

Thomas M. Burnum, E-Commerce 

Division, (202) 874–6430; or Thomas 

Kearns, Senior Counsel, Office of the 

Chief Counsel, (202) 874–7036. 

SUPPLEMENTARY INFORMATION: An agency 

that has acquired property or service 

from a business concern and has failed 

to pay for the complete delivery of 

property or service by the required 

payment date shall pay the business 

concern an interest penalty. 31 U.S.C. 

3902(a). The Contract Disputes Act of 

1978, Sec. 12, Public Law 95–563, 92 

Stat. 2389, and the Prompt Payment Act, 

31 U.S.C. 3902(a), provide for the 

calculation of interest due on claims at 

the rate established by the Secretary of 

the Treasury. 

The Secretary of the Treasury has the 

authority to specify the rate by which 

the interest shall be computed for 

interest payments under section 12 of 

the Contract Disputes Act of 1978 and 


lotter on DSK11XQN23PROD with NOTICES1