[Federal Register Volume 87, Number 125 (Thursday, June 30, 2022)]
[Notices]
[Pages 39159-39160]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-13941]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Revision; Comment Request; Annual Stress Test Rule

AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.

ACTION: Notice and request for comment.

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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). An agency may not conduct or sponsor, and respondents are 
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 ``Annual Stress Test Rule.''

DATES: Comments must be submitted on or before August 29, 2022.

ADDRESSES: Commenters are encouraged to submit comments by email, if 
possible. You may submit comments by any of the following methods:
    <bullet> Email: <a href="/cdn-cgi/l/email-protection#c6b6b4a7afa8a0a986a9a5a5e8b2b4a3a7b5e8a1a9b0"><span class="__cf_email__" data-cfemail="fa8a889b93949c95ba959999d48e889f9b89d49d958c">[email protected]</span></a>.
    <bullet> Mail: Chief Counsel's Office, Attention: Comment 
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0343, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
    <bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218, 
Washington, DC 20219.
    <bullet> Fax: (571) 465-4326.
    Instructions: You must include ``OCC'' as the agency name and 
``1557-0343'' 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.
    Following the close of this notice's 60-day comment period, the OCC 
will publish a second notice with a 30-day comment period. 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 method set forth in the next 
bullet.
    <bullet> Viewing Comments Electronically: Go to www.reginfo.gov. 
Hover over the ``Information Collection Review'' drop down menu, and 
click on ``Information Collection Review.'' 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 ``1557-0343'' or ``Annual Stress Test 
Rule.'' 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.
    <bullet> 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, Washington, DC 20219. 
If you are deaf, hard of hearing, or have a speech disability, please 
dial 7-1-1 to access telecommunications relay services.

SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.), 
Federal agencies must obtain approval from the OMB for each collection 
of information that they conduct or sponsor. ``Collection of 
information'' is defined

[[Page 39160]]

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 disclose 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 revision of an existing collection of 
information, before submitting the collection to OMB for approval. To 
comply with this requirement, the OCC is publishing this notice.
    Title: Annual Stress Test Rule.
    OMB Control No.: 1557-0343.
    Type of Review: Regular review.
    Description: The annual stress test rule \1\ implemented Section 
165(i) of the Dodd-Frank Wall Street Reform and Consumer Protection Act 
\2\ (``Dodd-Frank Act'') which requires certain companies to conduct 
annual stress tests. National banks and Federal savings associations 
with total consolidated assets of more than $10 billion were required 
to conduct annual stress tests and comply with reporting and disclosure 
requirements under the rule. The reporting templates for institutions 
with total consolidated assets of over $50 billion were finalized in 
2012.\3\
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    \1\ October 9, 2012--Final Rule (77 FR 61238)
    \2\ Dodd-Frank Wall Street Reform and Consumer Protection Act, 
Public Law 111-203, 124 Stat. 1376 (2010).
    \3\ 77 FR 49485 (August 16, 2012); 77 FR 66663 (November 6, 
2012).
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    Section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (Dodd-Frank Act) required certain financial companies, 
including national banks and Federal savings associations, to conduct 
annual stress tests \4\ and requires the primary financial regulatory 
agency \5\ of those financial companies to issue regulations 
implementing the stress test requirements.\6\
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    \4\ 12 U.S.C. 5365(i)(2)(A).
    \5\ 12 U.S.C. 5301(12).
    \6\ 12 U.S.C. 5365(i)(2)(C).
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    Under section 165(i)(2), a covered institution was required to 
submit to the Board of Governors of the Federal Reserve System (Board) 
and to its primary financial regulatory agency a report at such time, 
in such form, and containing such information as the primary financial 
regulatory agency may require.\7\
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    \7\ 12 U.S.C. 5365(i)(2)(B).
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    The Economic Growth, Regulatory Relief, and Consumer Protection Act 
(EGRRCPA), enacted on May 24, 2018, amended certain aspects of the 
company-run stress testing requirement in section 165(i)(2) of the 
Dodd-Frank Act.\8\ Specifically, section 401 of EGRRCPA raises the 
minimum asset threshold for financial companies covered by the company-
run stress testing requirement from $10 billion to $250 billion in 
total consolidated assets; revises the requirement for banks to conduct 
stress tests ``annually'' and instead requires them to conduct stress 
tests ``periodically''; and no longer requires the OCC to provide an 
``adverse'' stress-testing scenario, thus reducing the number of 
required stress test scenarios from three to two.
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    \8\ Public Law 115-174, 132 Stat. 1296-1368 (2018).
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    The OCC uses the information to assess the reasonableness of the 
stress test results and provide forward-looking information to the OCC 
regarding a covered institution's capital adequacy. The OCC also may 
use the results of the stress tests to determine whether additional 
analytical techniques and exercises could be appropriate to identify, 
measure, and monitor risks at the covered institution. The stress test 
results support ongoing improvement in a covered institution's stress 
testing practices with respect to its internal assessments of capital 
adequacy and overall capital planning.
    Under 12 CFR 46.6(c), each covered institution is required to 
establish and maintain a system of controls, oversight, and 
documentation, including policies and procedures, describing the 
covered institution's stress test practices and methodologies, and 
processes for validating and updating the covered institution's stress 
test practices. The board of directors of the covered institution must 
approve and review these policies at least annually. Section 46.7(a) 
requires each covered institution to report the results of their stress 
tests to the OCC annually. Section 46.8(a) requires that a covered 
institution publish a summary of the results of its annual stress tests 
on its website or in any other forum that is reasonably accessible to 
the public.
    The 2019 increase in the applicability threshold for these 
requirements \9\ reduced the estimated number of respondents. In 
addition, the frequency of these reporting, recordkeeping, and 
disclosure requirements for some institutions were decreased to 
biennial.
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    \9\ 84 FR 54472 (October 10, 2019).
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    Affected Public: Businesses or other for-profit.
    Estimated Annual Burden: 6,240 Hours.
    Frequency of Response: Annual.
    Comments: 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 collections of information are 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 estimates of the information 
collection burden;
    (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. 2022-13941 Filed 6-29-22; 8:45 am]
BILLING CODE 4810-33-P


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