71630 Federal Register / Vol. 79, No. 232 / Wednesday, December 3, 2014 / Rules and Regulations 

Reporting and recordkeeping 

requirements. 

10 CFR Part 431 

Administrative practice and 

procedure, Confidential business 

information, Energy conservation, 

Household appliances. 

Issued in Washington, DC, on November 

24, 2014. 

Kathleen B. Hogan, 

Deputy Assistant Secretary for Energy 

Efficiency, Energy Efficiency and Renewable 

Energy. 

For the reasons stated in the 

preamble, DOE amends parts 429 and 

431 of Chapter II of Title 10, Code of 

Federal Regulations as set forth below: 

PART 429—CERTIFICATION, 

COMPLIANCE, AND ENFORCEMENT 

FOR CONSUMER PRODUCTS AND 

COMMERCIAL AND INDUSTRIAL 

EQUIPMENT 

■ 1. The authority citation for part 429 

continues to read as follows: 

Authority: 42 U.S.C. 6291–6317. 

■ 2. Section 429.46 is amended by 

revising paragraphs (a)(2)(i) 

introductory text, (a)(2)(ii) introductory 

text, and (b)(2) to read as follows: 

§ 429.46 Commercial clothes washers. 

(a) * * * 

(2) * * * 

(i) Any represented value of the water 

factor or other measure of energy or 

water consumption of a basic model for 

which consumers would favor lower 

values shall be greater than or equal to 

the higher of: 

* * * * * 

(ii) Any represented value of the 

modified energy factor or other measure 

of energy or water consumption of a 

basic model for which consumers would 

favor higher values shall be greater than 

or equal to the higher of: 

* * * * * 

(b) * * * 

(2) Pursuant to § 429.12(b)(13), a 

certification report shall include the 

following public product-specific 

information: 

(i) If testing was conducted using 

Appendix J1 to subpart B of part 430 of 

this chapter: The modified energy factor 

(MEF) in cubic feet per kilowatt hour 

per cycle (cu ft/kWh/cycle); and the 

water factor (WF) in gallons per cubic 

feet per cycle (gal/cu ft/cycle); 

(ii) If testing was conducted using 

Appendix J2 to subpart B of part 430 of 

this chapter: The modified energy factor 

(MEFJ2) in cu ft/kWh/cycle and the 

integrated water factor (IWF) in gal/cu 

ft/cycle. 

PART 431—ENERGY EFFICIENCY 

PROGRAM FOR CERTAIN 

COMMERCIAL AND INDUSTRIAL 

EQUIPMENT 

■ 3. The authority citation for part 431 

continues to read as follows: 

Authority: 42 U.S.C. 6311–6317 

■ 4. Section 431.152 is amended by 

adding in alphabetical order the 

definitions for IWF, MEF, MEFJ2, and 

WF to read as follows: 

§ 431.152 Definitions concerning 

commercial clothes washers. 

* * * * * 

IWF means integrated water factor, in 

gallons per cubic feet per cycle (gal/cu 

ft/cycle), as determined in section 4.2.13 

of Appendix J2 to subpart B of 10 CFR 

part 430. 

MEF means modified energy factor, in 

cubic feet per kilowatt hour per cycle 

(cu ft/kWh/cycle), as determined in 

section 4.4 of Appendix J1 to subpart B 

of part 430. 

MEFJ2 means modified energy factor, 

in cu ft/kWh/cycle, as determined in 

section 4.5 of Appendix J2 to subpart B 

of part 430. 

WF means water factor, in gal/cu ft/ 

cycle, as determined in section 4.2.3 of 

Appendix J1 to subpart B of part 430. 

■ 5. Section 431.154 is revised to read 

as follows: 

§ 431.154 Test procedures. 

The test procedures for clothes 

washers in Appendix J1 to subpart B of 

part 430 of this chapter must be used to 

test commercial clothes washers to 

determine compliance with the energy 

conservation standards at § 431.156(b). 

The test procedures for clothes washers 

in Appendix J2 to subpart B of part 430 

of this title must be used to determine 

compliance with any amended 

standards based on Appendix J2 

efficiency metrics published after 

December 3, 2014. 

[FR Doc. 2014–28446 Filed 12–2–14; 8:45 am] 

BILLING CODE 6450–01–P 

DEPARTMENT OF THE TREASURY 

Office of the Comptroller of the 

Currency 

12 CFR Part 46 

[Docket ID OCC–2014–0015] 

RIN 1557–AD85 

Annual Stress Test—Schedule Shift 

and Adjustments to Regulatory Capital 

Projections 

AGENCY: Office of the Comptroller of the 

Currency, Treasury. 

ACTION: Final rule. 

SUMMARY: On July 1, 2014, the Office of 

the Comptroller of the Currency (OCC) 

proposed to adjust the timing of the 

annual stress testing cycle and to clarify 

the method used to calculate regulatory 

capital in the stress tests (proposed 

rule). The OCC is now adopting the 

proposed rule as final (final rule). The 

final rule shifts the dates of the annual 

stress testing cycle by approximately 

three months. The final rule also 

provides that covered institutions will 

not have to calculate their risk-weighted 

assets using the internal ratings-based 

and advanced measurement approaches 

until the stress testing cycle beginning 

on January 1, 2016. 

DATES: The rule is effective January 2, 

2015. 

FOR FURTHER INFORMATION CONTACT: 

Robert Scavotto, Deputy Director, 

International Analysis and Banking 

Condition, (202) 649–5477; William 

Russell, National Bank Examiner, Large 

Bank Supervision, (202) 649–7157; Kari 

Falkenborg, National Bank Examiner, 

Midsize and Community Bank 

Supervision, (202) 649–6831; Ron 

Shimabukuro, Senior Counsel, or Henry 

Barkhausen, Attorney, Legislative and 

Regulatory Activities Division, (202) 

649–5490; for persons who are deaf or 

hard of hearing, TTY, (202) 649–5597. 

SUPPLEMENTARY INFORMATION: 

I. Introduction and Background 

Section 165(i)(2) of the Dodd-Frank 

Wall Street Reform and Consumer 

Protection Act (‘‘Dodd-Frank Act’’) 

requires the federal banking agencies to 

issue regulations requiring financial 

companies with more than $10 billion 

in assets to conduct annual stress tests 

(‘‘company-run stress tests’’). In October 

2012, the OCC, the Board of Governors 

of the Federal Reserve System 

(‘‘Board’’), and the Federal Deposit 

Insurance Corporation issued rules 

implementing the company-run stress 

tests required by the Dodd-Frank Act. 

Under these rules, the OCC distributes 


tkelley on DSK3SPTVN1PROD with RULES
Federal Register / Vol. 79, No. 232 / Wednesday, December 3, 2014 / Rules and Regulations 71631 

1These scenarios provided by the OCC reflect a 

minimum of three sets of economic and financial 

conditions, including baseline, adverse, and 

severely adverse scenarios. 

2 79 FR 37231 (July 1, 2014). 

3Under the final rule the reporting deadline has 

been changed to April 5. 

stress scenarios by November 15 1 to 

covered institutions. Covered 

institutions use their financial position 

as of September 30 (‘‘as of date’’) and 

must make projections that estimate 

their financial position under the 

different stress scenarios. Covered 

institutions with $50 billion or more in 

assets must submit the results of their 

stress tests by January 5. Covered 

institutions with $50 billion or more are 

required to publish a summary of their 

stress test results between March 15 and 

March 31. Covered institutions with 

between $10 and $50 billion in assets 

are required to submit their stress test 

results to the OCC by March 31 and 

publish a summary of their results 

between June 15 and June 30. 

II. Description of the Final Rule 

A. Shift in Stress Testing Cycle 

The proposed rule would have shifted 

the dates of the stress testing cycle by 

approximately three months.2 The 

proposed rule would have relieved 

covered institutions with $50 billion or 

more in assets of the obligation to 

complete their stress testing 

submissions by January 5, a time of year 

when these institutions have other yearend obligations. 

Under the proposed rule, covered 

institutions with $50 billion or more in 

assets would have been required to 

submit the results of their company-run 

stress tests to the OCC by April 7 3 and 

would have been required to disclose 

stress test results between June 15 and 

July 15. However, within this disclosure 

period a covered institution that is a 

consolidated subsidiary of a bank 

holding company or savings and loan 

holding company subject to supervisory 

stress tests conducted by the Board 

pursuant to 12 CFR part 252 could not 

disclose its results until the Board has 

published the supervisory stress test 

results of the covered institution’s 

parent holding company. In addition, if 

the Board publishes the supervisory 

stress test results of the covered 

institution’s parent holding company 

prior to June 15, then such covered 

institution could satisfy its publication 

requirement either through actual 

publication by the covered institution or 

through publication by the parent 

holding company pursuant to 12 CFR 

46.8(b). Under the proposed rule, 

covered institutions with between $10 

and $50 billion in assets would have 

been required to submit the results of 

their company-run stress tests to the 

OCC by July 31 and publish those 

results between October 15 and October 

31. 

The OCC received four comments on 

the proposed rule from banking 

organizations and trade associations. 

The commenters supported the 

proposed schedule shift and 

recommended that the OCC adopt the 

schedule shift earlier than proposed 

(adopting the schedule shift for the 

stress test cycle beginning October 1, 

2014 instead of 2015, as proposed). 

Commenters argued that the current 

January 5 submission deadline has been 

challenging because of other year-end 

financial reporting obligations. The OCC 

recognizes these concerns and believes 

that covered institutions should conduct 

these tests at a time when they are better 

able to manage their resources. 

However, adopting the schedule shift 

one year earlier than proposed would 

disrupt planning for the stress testing 

schedule beginning October 1, 2014. 

Accordingly, under the final rule the 

schedule shift will take effect in the 

subsequent stress testing cycle, which 

will begin January 1, 2016. 

The following table summarizes the 

changes made by the final rule. 

TABLE 1—REVISED ANNUAL STRESS TEST TIMELINE FOR COVERED INSTITUTIONS WITH $50 BILLION OR MORE IN ASSETS

Action required Current rule Final rule 

‘‘As of’’ Date for Financial Data Used by Stress Test ............................ September 30 ................................ December 31. 

Distribution of Stress Scenarios in OCC ................................................. By November 15 ............................ By February 15. 

Submission of Stress Test Results ......................................................... By January 5 ................................. By April 5. 

Disclosure of Results Summary .............................................................. Between March 15 and March 31 Between June 15 and July 15 except no earlier than Board publication of the supervisory stress 

test results of the bank holding 

company. 

TABLE 2—REVISED ANNUAL STRESS TEST TIMELINE FOR COVERED INSTITUTIONS WITH BETWEEN $10 AND $50 BILLION

IN ASSETS

Action required Current rule Proposed rule 

‘‘As of’’ Date for Financial Data Used in Stress Test ............................. September 30 ................................ December 31. 

Distribution of Stress Scenarios by OCC ................................................ By November 15 ............................ By February 15. 

Submission of Stress Test Results ......................................................... By March 31 .................................. By July 31. 

Disclosure of Results Summary .............................................................. Between June 15 and June 30 ..... Between October 15 and October 

31. 

All covered institutions with between 

$10 and $50 billion in assets will be 

required to submit the results of their 

company-run stress tests to the OCC by 

July 31 and publish those results 

between October 15 and October 31. 

Covered institutions with $50 billion or 

more will be required to submit the 

results of their company-run stress tests 

to the OCC by April 5 and publish those 

results between June 15 and July 15. 

The April 5 reporting deadline for 

covered institutions with $50 billion or 

more in assets is a minor change from 

the April 7 deadline proposed in the 

proposed rule. The final rule also adopts 

the provisions in the proposed rule that 

prohibit a covered institution that is a 

consolidated subsidiary of a bank 

holding company or savings and loan 

holding company supervised by the 


tkelley on DSK3SPTVN1PROD with RULES
71632 Federal Register / Vol. 79, No. 232 / Wednesday, December 3, 2014 / Rules and Regulations 

4 78 FR 62018. 

5 12 CFR 46.6(a)(2). 

6A satisfactory parallel run is defined as a period 

of no less than four consecutive calendar quarters 

during which a banking organization complies with 

certain qualification requirements. 12 CFR 3.21(c). 

Board from disclosing its results until 

the Board has published the supervisory 

stress test results of the covered 

institution’s parent holding company. 

With respect to covered institutions 

with assets between $10 and $50 billion, 

pursuant to 12 CFR 46.3(e) a covered 

institution may elect to conduct its 

stress test under the stress test 

requirements applicable to a covered 

institution with assets of $50 billion or 

more. In that case we note that the 

covered institution also would be 

subject to the disclosure requirements 

applicable to covered institutions with 

$50 billion or more in assets. 

One commenter requested that the 

OCC release the stress test scenarios 

earlier than February 15 to give covered 

institutions more time to prepare their 

stress test submissions. Under the final 

rule, the OCC will provide the scenarios 

‘‘no later than’’ February 15. The OCC 

recognizes the need for covered 

institutions to have adequate time to 

complete their submissions and will 

attempt to distribute the scenarios as 

early as possible. 

Two commenters requested that the 

OCC reduce the stress test planning 

horizon from nine quarters to eight 

quarters. Under the current stress testing 

rule covered institutions are required to 

make stress test projections over a 

planning horizon lasting nine quarters. 

The OCC believes that the nine-quarter 

planning horizon results in an actual 

planning horizon of eight quarters, as 

the first quarter of the horizon is 

contemporaneous with the quarter in 

which the covered institution submits 

its stress test results. As such, in order 

to maintain a two-year stress test 

planning horizon, the final rule 

maintains the nine-quarter requirement. 

The OCC will consider the appropriate 

length of the planning horizon in light 

of future experience with stress testing. 

The proposed rule would also have 

amended the applicability provisions in 

§ 46.3 of the Annual Stress Test rule to 

reflect the changed timeline. Currently, 

a national bank or Federal savings 

association that becomes a covered 

institution must conduct its first annual 

stress test beginning in the next 

calendar year after the date the national 

bank or Federal savings association 

becomes a covered institution. Under 

the new stress testing timeline, if this 

applicability provision were left 

unchanged and a national bank or 

Federal savings association became a 

covered institution as of September 30 

of a given year, the institution would be 

required to conduct its first stress test in 

the stress testing cycle beginning the 

following January 1, three months after 

becoming a covered institution. The 

current Annual Stress Test rule provides 

a minimum of nine months between the 

date on which a national bank or 

Federal savings association becomes a 

covered institution and the start date of 

the stress testing cycle in which the 

covered institution must conduct it first 

stress test. To preserve the nine-month 

minimum the proposed rule would have 

established a March 31 cutoff date. A 

national bank or Federal savings 

association that becomes a covered 

institution on or before March 31 of a 

given year would be required to conduct 

its first stress test in the next calendar 

year. For example, a national bank or 

Federal savings association that 

becomes a covered institution on March 

31, 2015 would be required to conduct 

its first stress test in the stress testing 

cycle beginning January 1, 2016. A 

national bank or Federal savings 

association that becomes a covered 

institution after March 31 of a given 

year would be required to conduct its 

first stress test in the second calendar 

year after the date the national bank or 

Federal savings association becomes a 

covered institution. For example, a 

national bank or Federal savings 

association that becomes a covered 

institution on June 30, 2015 would be 

required to conduct its first stress test in 

the stress testing cycle beginning 

January 1, 2017. The OCC received no 

comments on this aspect of the 

proposed rule and is adopting the 

proposed changes as final. 

B. Clarification on the Use of Basel III 

Advanced Approaches 

On October 11, 2013, the OCC 

published revised risk-based and 

leverage capital rules that implement 

the Basel III framework.4 In light of the 

issuance of the revised capital rules, the 

proposed rule would have clarified 

when covered institutions would be 

required to estimate their minimum 

regulatory capital ratios over the stresstest planning horizon using the Basel III 

advanced approaches methodology. The 

current OCC stress testing rule requires 

covered institutions to estimate the 

impact of stress scenarios on the 

covered institution’s regulatory capital 

levels and ratios applicable to the 

covered institution under 12 CFR part 3 

(for national banks) or part 167 (for 

Federal savings associations), as 

applicable, and any other capital ratios 

specified by the OCC.5 A national bank 

or Federal savings association that is an 

advanced approaches banking 

organization is required to use the 

advanced approaches to calculate its 

minimum regulatory capital ratios if it 

has conducted a satisfactory parallel 

run.6 The proposed rule would have 

provided that covered institutions are 

not required to calculate their riskweighted assets using the advanced 

approaches in their stress testing 

projections until the stress testing cycle 

beginning on January 1, 2016—even if 

an organization has previously exited 

parallel run. 

On February 14, 2014, the OCC 

announced that certain national banks 

had completed a successful parallel run. 

Given the operational complexity 

associated with incorporating the 

advanced approaches into the stress 

testing process, the proposed rule would 

have clarified that incorporating the 

advanced approaches into stress testing 

would be deferred for one stress testing 

cycle. The transition period will provide 

the OCC with sufficient time to integrate 

the advanced approaches into its stress 

testing examination processes and to 

provide guidance to advanced 

approaches banking organizations 

regarding supervisory expectations on 

the use of the advanced approaches in 

stress testing projections. The OCC 

received no comments on this aspect of 

the proposed rule and is adopting it as 

final. 

III. Regulatory Analysis 

Paperwork Reduction Act 

Under the Paperwork Reduction Act 

(PRA) (44 U.S.C. 3501–3520), the OCC 

may not conduct or sponsor, and a 

person is not required to respond to, an 

information collection unless the 

information collection displays a valid 

Office of Management and Budget 

(OMB) control number. The final rule 

amends 12 CFR part 46, which has an 

approved information collection under 

the PRA (OMB Control No. 1557–0311). 

The amendments do not introduce any 

new collections of information, nor do 

they amend 12 CFR part 46 in a way 

that modifies the collection of 

information that OMB has approved. 

Therefore, this final rule does not 

require a PRA submission to OMB. 

Regulatory Flexibility Act 

The Regulatory Flexibility Act (RFA), 

5 U.S.C. 601 et seq., requires generally 

that, in connection with a final rule, an 

agency prepare a regulatory flexibility 

analysis that describes the impact of a 

proposed rule on small entities (defined 

by the Small Business Administration 

for purposes of the RFA to include 


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Federal Register / Vol. 79, No. 232 / Wednesday, December 3, 2014 / Rules and Regulations 71633 

banking entities with total assets of $550 

million or less). However, the regulatory 

flexibility analysis otherwise required 

under the RFA is not required if an 

agency certifies that the rule will not 

have a significant economic impact on 

a substantial number of small entities 

and publishes its certification and a 

brief explanatory statement in the 

Federal Register together with the rule. 

As discussed in the SUPPLEMENTARY

INFORMATION above, the modified dates 

of the annual stress test cycle will only 

affect institutions with more than $10 

billion in total assets. As such, pursuant 

to section 605(b) of the RFA, the OCC 

certifies that this final rule will not have 

a significant economic impact on a 

substantial number of small entities 

because no small national banks or 

Federal savings associations will be 

affected by the final rule. Accordingly, 

a regulatory flexibility analysis is not 

required. 

Unfunded Mandates Reform Act 

The OCC has analyzed the final rule 

under the factors in the Unfunded 

Mandates Reform Act of 1995 (UMRA) 

(2 U.S.C. 1532). Under this analysis, the 

OCC considered whether the final rule 

includes a Federal mandate that may 

result in the expenditure by State, local, 

and tribal governments, in the aggregate, 

or by the private sector, of $100 million 

or more in any one year (adjusted 

annually for inflation). The OCC has 

determined that this final rule will not 

result in expenditures by State, local, 

and tribal governments, or the private 

sector, of $100 million or more in any 

one year. Accordingly, this final rule is 

not subject to section 202 of the 

Unfunded Mandates Act (2 U.S.C. 

1532). 

Plain Language 

Section 722 of the Gramm-LeachBliley Act requires the OCC to use plain 

language in all proposed and final rules 

published after January 1, 2000. The 

OCC has sought to present the final rule 

in a simple and straightforward manner. 

The OCC did not receive any comment 

on its use of plain language. 

List of Subjects in 12 CFR Part 46 

Banking, Banks, Capital, Disclosures, 

National banks, Recordkeeping, Risk, 

Savings associations, Stress test. 

Authority and Issuance 

For the reasons set forth in the 

preamble, the OCC amends 12 CFR part 

46 as follows: 

PART 46—ANNUAL STRESS TEST 

■ 1. The authority citation for part 46 is 

revised to read as follows: 

Authority: 12 U.S.C. 93a; 1463(a)(2); 

5365(i)(2); and 5412(b)(2)(B). 

■ 2. Section 46.3 is amended by revising 

paragraph (c) to read as follows: 

§ 46.3 Applicability. 

* * * * * 

(c) Covered institutions that become 

subject to stress testing requirements 

under revised Annual Stress Test 

schedule. A national bank or Federal 

savings association that becomes a 

covered institution, as defined in § 46.2, 

after March 31, 2014 and on or before 

March 31, 2015 shall conduct it first 

annual stress test in the stress test 

beginning January 1, 2016. A national 

bank or Federal savings association that 

becomes a covered institution on or 

before March 31 of a given year (after 

2014) shall conduct its first annual 

stress test under this part in the next 

calendar year after the date the national 

bank or Federal savings association 

becomes a covered institution. A 

national bank or Federal savings 

association that becomes a covered 

institution after March 31 of a given 

year (after 2014) shall conduct its first 

annual stress test under this part in the 

second calendar year after the date the 

national bank or Federal savings 

association becomes a covered 

institution. 

* * * * * 

■ 3. Section 46.5 is amended by revising 

paragraphs (a) through (c) to read as 

follows: 

§ 46.5 Annual stress test. 

* * * * * 

(a) Financial data. A covered 

institution must use financial data as of 

September 30 (for the stress test 

beginning October 1, 2014) or December 

31 (for the stress test beginning January 

1, 2016, and all stress tests thereafter) of 

that calendar year. 

(b) Scenarios provided by the OCC. In 

conducting the stress test under this 

part, each covered institution must use 

the scenarios provided by the OCC. The 

scenarios provided by the OCC will 

reflect a minimum of three sets of 

economic and financial conditions, 

including baseline, adverse, and 

severely adverse scenarios. The OCC 

will provide a description of the 

scenarios required to be used by each 

covered institution no later than 

November 15 (for the stress test 

beginning October 1, 2014) or February 

15 (for the stress test beginning January 

1, 2016, and all stress tests thereafter) of 

that calendar year. 

(c) Significant trading activities. The 

OCC may require a covered institution 

with significant trading activities, as 

determined by the OCC, to include 

trading and counterparty components in 

its adverse and severely adverse 

scenarios. The trading and counterparty 

position data to be used in this 

component will be as of a date between 

October 1 and December 1 (for the stress 

test beginning October 1, 2014) or 

between January 1 and March 1 (for the 

stress test beginning January 1, 2016, 

and all stress tests thereafter) of that 

calendar year that will be selected by 

the OCC and communicated to the 

covered institution no later than 

December 1 (for the stress test beginning 

October 1, 2014) or March 1 (for the 

stress test beginning January 1, 2016, 

and all stress tests thereafter) of the 

calendar year. 

* * * * * 

■ 4. Section 46.6 is amended by revising 

paragraph (a)(2) to read as follows: 

§ 46.6 Stress test methodologies and 

practices. 

(a) * * * 

(2) The potential impact on the 

covered institution’s regulatory capital 

levels and ratios applicable to the 

covered institution under 12 CFR part 3 

or part 167, as applicable, and any other 

capital ratios specified by the OCC, 

incorporating the effects of any capital 

actions over the planning horizon and 

maintenance by the covered institution 

of an allowance for loan losses 

appropriate for credit exposures 

throughout the planning horizon. Until 

December 31, 2015, or such other date 

specified by the OCC, a covered 

institution is not required to calculate 

its risk-based capital requirements using 

the internal ratings-based and advanced 

measurement approaches as set forth in 

12 CFR part 3, subpart E. 

* * * * * 

■ 5. Section 46.7 is amended by revising 

paragraphs (a) and (b) to read as follows: 

§ 46.7 Reports to the Office of the 

Comptroller of the Currency and the Federal 

Reserve Board. 

(a) $10 to $50 billion covered 

institution. A $10 to $50 billion covered 

institution must report to the OCC and 

to the Board of Governors of the Federal 

Reserve System, on or before March 31 

(for the stress test beginning October 1, 

2014) and on or before July 31 (for the 

stress test beginning January 1, 2016, 

and all stress tests thereafter), the results 

of the stress test in the manner and form 

specified by the OCC. 

(b) Over $50 billion covered 

institution. An over $50 billion covered 

institution must report to the OCC and 

to the Board of Governors of the Federal 

Reserve System, on or before January 5 

(for the stress test beginning October 1, 


tkelley on DSK3SPTVN1PROD with RULES
71634 Federal Register / Vol. 79, No. 232 / Wednesday, December 3, 2014 / Rules and Regulations 

2014) and on or before April 5 (for the 

stress test beginning January 1, 2016, 

and all stress tests thereafter), the results 

of the stress test in the manner and form 

specified by the OCC. 

* * * * * 

■ 6. Section 46.8 is amended by revising 

paragraphs (a)(1) and (2) to read as 

follows: 

§ 46.8 Publication of disclosures. 

(a) Publication date—(1) Over $50 

billion covered institution. (i) Prior to 

January 1, 2016, an over $50 billion 

covered institution must publish a 

summary of the results of its annual 

stress test in the period starting March 

15 and ending March 31 (for the stress 

test cycle beginning October 1, 2014). 

(ii) Effective January 1, 2016, an over 

$50 billion covered institution must 

publish a summary of the results of its 

annual stress test in the period starting 

June 15 and ending July 15 (for the 

stress test cycle beginning January 1, 

2016, and for all stress tests thereafter) 

provided: 

(A) Unless the OCC determines 

otherwise, if the over $50 billion 

covered institution is a consolidated 

subsidiary of a bank holding company 

or savings and loan holding company 

subject to supervisory stress tests 

conducted by the Board of Governors of 

the Federal Reserve System pursuant to 

12 CFR part 252, then within the June 

15 to July 15 period such covered 

institution may not publish the required 

summary of its annual stress test earlier 

than the date that the Board of 

Governors of the Federal Reserve 

System publishes the supervisory stress 

test results of the covered bank’s parent 

holding company. 

(B) If the Board of Governors of the 

Federal Reserve System publishes the 

supervisory stress test results of the 

covered institution’s parent holding 

company prior to June 15, then such 

covered institution may publish its 

stress test results prior to June 15, but 

no later than July 15, through actual 

publication by the covered institution or 

through publication by the parent 

holding company pursuant to paragraph 

(b) of this section. 

(2) $10 to $50 billion covered 

institution. (i) Prior to January 1, 2016, 

a $10 to $50 billion covered institution 

must publish a summary of the results 

of its annual stress test in the period 

starting June 15 and ending June 30 (for 

the stress test cycle beginning October 1, 

2014). 

(ii) Effective January 1, 2016, a $10 to 

$50 billion covered institution must 

publish a summary of the results of its 

annual stress test in the period starting 

October 15 and ending October 31 (for 

the stress test cycle beginning January 1, 

2016, and for all stress tests thereafter). 

* * * * * 

Dated: November 19, 2014. 

Thomas J. Curry, 

Comptroller of the Currency. 

[FR Doc. 2014–28420 Filed 12–2–14; 8:45 am] 

BILLING CODE 4810–33–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Parts 61 and 141 

[Docket No.: FAA–2014–0987; Amdt. Nos. 

61–133, 141–18]; RIN 2120–AK62 

Aviation Training Device Credit for 

Pilot Certification 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Direct final rule. 

SUMMARY: This rulemaking relieves 

burdens on pilots seeking to obtain 

aeronautical experience, training, and 

certification by increasing the allowed 

use of aviation training devices. These 

training devices have proven to be an 

effective, safe, and affordable means of 

obtaining pilot experience. These 

actions are necessary to bring the 

regulations in line with current needs 

and activities of the general aviation 

training community and pilots. 

DATES: Effective January 20, 2015. 

Send comments on or before January 

2, 2015. If the FAA receives an adverse 

comment or notice of intent to file an 

adverse comment, the FAA will advise 

the public by publishing a document in 

the Federal Register before the effective 

date of the final rule, which may 

withdraw this direct final rule in whole 

or in part. 

ADDRESSES: Send comments identified 

by docket number FAA–2014–0987 

using any of the following methods: 

• Federal eRulemaking Portal: Go to 

http://www.regulations.gov and follow 

the online instructions for sending your 

comments electronically. 

• Mail: Send comments to Docket 

Operations, M–30; U.S. Department of 

Transportation (DOT), 1200 New Jersey 

Avenue SE., Room W12–140, West 

Building Ground Floor, Washington, DC 

20590–0001. 

• Hand Delivery or Courier: Take 

comments to Docket Operations in 

Room W12–140 of the West Building 

Ground Floor at 1200 New Jersey 

Avenue SE., Washington, DC, between 9 

a.m. and 5 p.m., Monday through 

Friday, except Federal holidays. 

• Fax: Fax comments to Docket 

Operations at 202–493–2251. 

Privacy: In accordance with 5 U.S.C. 

553(c), DOT solicits comments from the 

public to better inform its rulemaking 

process. DOT posts these comments, 

without edit, including any personal 

information the commenter provides, to 

http://www.regulations.gov, as 

described in the system of records 

notice (DOT/ALL–14 FDMS), which can 

be reviewed at http://www.dot.gov/

privacy. 

Docket: Background documents or 

comments received may be read at 

http://www.regulations.gov at any time. 

Follow the online instructions for 

accessing the docket or go to the Docket 

Operations in Room W12–140 of the 

West Building Ground Floor at 1200 

New Jersey Avenue SE., Washington, 

DC, between 9 a.m. and 5 p.m., Monday 

through Friday, except Federal holidays. 

FOR FURTHER INFORMATION CONTACT: For 

technical questions concerning this 

action, contact Marcel Bernard, Airmen 

Certification and Training Branch, 

Flight Standards Service, AFS–810, 

Federal Aviation Administration, 55 M 

Street SE., 8th floor, Washington, DC 

20003–3522; telephone (202) 385–9616; 

email marcel.bernard@faa.gov. 

For legal questions concerning this 

action, contact Anne Moore, 

International Law, Legislation, and 

Regulations Division, Office of the Chief 

Counsel, AGC–200, Federal Aviation 

Administration, 800 Independence 

Avenue SW., Washington, DC 20591; 

telephone (202) 267–8018; email 

anne.moore@faa.gov. 

SUPPLEMENTARY INFORMATION: 

Authority for This Rulemaking 

The FAA’s authority to issue rules on 

aviation safety is found in Title 49 of the 

United States Code (49 U.S.C.). Subtitle 

I, Section 106 describes the authority of 

the FAA Administrator. Subtitle VII, 

Aviation Programs, describes in more 

detail the scope of the agency’s 

authority. 

This rulemaking is promulgated 

under the authority described in 49 

U.S.C. 106(f), which establishes the 

authority of the Administrator to 

promulgate regulations and rules; 49 

U.S.C. 44701(a)(5), which requires the 

Administrator to promote safe flight of 

civil aircraft in air commerce by 

prescribing regulations and setting 

minimum standards for other practices, 

methods, and procedures necessary for 

safety in air commerce and national 

security; and 49 U.S.C. 44703(a), which 

requires the Administrator to prescribe 

regulations for the issuance of airman 

certificates when the Administrator 


tkelley on DSK3SPTVN1PROD with RULES