80 FR 20074 - Agency Information Collection Activities: Information Collection Renewal; Comment Request; Subordinated Debt
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency Federal Register Volume 80, Issue 71 (April 14, 2015)
Office of the Comptroller of the Currency
Federal Register Volume 80, Issue 71 (April 14, 2015)
| Page Range | 20074-20075 | |
| FR Document | 2015-08498 |
[Federal Register Volume 80, Number 71 (Tuesday, April 14, 2015)] [Notices] [Pages 20074-20075] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-08498] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Activities: Information Collection Renewal; Comment Request; Subordinated Debt 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 renewal of its information collection titled, ``Subordinated Debt.'' DATES: Comments must be submitted on or before June 15, 2015. ADDRESSES: Because paper mail in the Washington, DC area and at the OCC is subject to delay, commenters are encouraged to submit comments by email, if possible. Comments may be sent to: Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, Attention: 1557-0320, 400 7th Street SW., Suite 3E-218, Mail Stop 9W- 11, Washington, DC 20219. In addition, comments may be sent by fax to (571) 465-4326 or by electronic mail to [email protected]. You may personally inspect and photocopy comments at the OCC, 400 7th Street SW., Washington, DC 20219. For security reasons, the OCC requires that visitors make an appointment to inspect comments. You may do so by calling (202) 649-6700. Upon arrival, visitors will be required to present valid government-issued photo identification and submit to security screening in order to inspect and photocopy comments. All comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure. Do not enclose any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure. FOR FURTHER INFORMATION CONTACT: Mary H. Gottlieb, OCC Clearance Officer, (202) 649-5490, for persons who are deaf or hard of hearing, TTY, (202) 649-5597, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street SW., Suite 3E-218, Mail Stop 9W-11, Washington, DC 20219. SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal agencies must obtain approval from OMB for each collection of information 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 the PRA (44 U.S.C. 3506(c)(2)(A)) 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 requirement, the OCC is publishing notice of the proposed collection of information set forth in this document. OMB granted the OCC a six-month approval for the information collection requirements contained in the interim final rule entitled ``Subordinated Debt Issued by a National Bank.'' (December 2014 Interim Final Rule).\1\ The OCC obtained this approval under existing OMB Control No. 1557-0320, which contained the information collection requirements in the interim final rule entitled ``Basel III Conforming Amendments Related to Cross-References, Subordinated Debt and Limits Based on Regulatory Capital.'' (February 2014 Interim Final Rule).\2\ The OCC proposes to extend OMB approval of the entire information collection for the standard three years. --------------------------------------------------------------------------- \1\ 79 FR 75417 (December 18, 2014). \2\ 79 FR 11300 (February 28, 2014). --------------------------------------------------------------------------- Title: Subordinated Debt. OMB Control No.: 1557-0320. Frequency of Response: On occasion. Affected Public: Business or other for-profit. Burden Estimates: Prepayment of Subordinated Debt in Form of Call Option: 184 Respondents; 1.30 burden hours per respondent; 239 total burden hours. Authority to Limit Distributions: 42 Respondents; 0.5 hours per respondent; 21 total burden hours. Total Burden: 260 hours. Description: The OCC amended its rules governing subordinated debt twice in 2014. The first set of revisions, contained in the February 2014 Interim Final Rule, amended the rules applicable to both national banks and Federal savings associations (12 CFR 5.47 and 163.81, respectively). The second revisions, in the December 2014 Interim Final Rule, amended only the rules application to national banks. The February 2014 Interim Final Rule revised the requirements of 12 CFR 5.47 applicable to national banks. Specifically, those revisions require that all national banks must receive prior OCC approval in order to prepay subordinated debt that is included in tier 2 capital and certain banks must receive prior OCC approval to prepay subordinated debt that is not included in tier 2 capital. If the prepayment is in the form of a call option and the subordinated debt is included in tier 2 capital, a national bank must submit the [[Page 20075]] information required for general prepayment requests under 12 CFR 5.47(g)(1)(ii)(A) \3\ and also must comply with 12 CFR 5.47(g)(1)(ii)(B)(2) \4\, which requires a national bank to submit either: (1) A statement explaining why the bank believes that following the proposed prepayment the bank would continue to hold an amount of capital commensurate with its risk or (2) a description of the replacement capital instrument that meets the criteria for tier 1 or tier 2 capital under 12 CFR 3.20, including the amount of such instrument and the time frame for issuance. --------------------------------------------------------------------------- \3\ Appeared as Sec. 5.47(n)(1)(ii)(B) in the February 2014 Interim Final Rule and subsequently redesignated as Sec. 5.47(g)(1)(ii)(B). \4\ Appeared as Sec. 5.47(n)(1)(ii)(A) in the February 2014 Interim Final Rule and subsequently redesignated as Sec. 5.47(g)(1)(ii)(A). --------------------------------------------------------------------------- The February 2014 Interim Final Rule also revised the requirements of 12 CFR 163.81 \5\ applicable to Federal savings associations. Specifically, those revisions require a Federal savings association to obtain prior OCC approval to prepay subordinated debt securities or mandatorily redeemable preferred stock (covered securities) included in tier 2 capital. In addition, if the prepayment is in the form of a call option, a Federal savings association must submit the information required for general prepayment requests under 12 CFR 163.81(j)(2)(i) and also comply with 12 CFR 163.81(j)(2)(ii)(A), which requires a Federal savings association to submit either: (1) A statement explaining why the Federal savings association believes that following the proposed prepayment the Federal savings association would continue to hold an amount of capital commensurate with its risk or (2) a description of the replacement capital instrument that meets the criteria for tier 1 or tier 2 capital under 12 CFR 3.20, including the amount of such instrument and the time frame for issuance. --------------------------------------------------------------------------- \5\ The OCC proposed to renumber this section as new Sec. 5.56 in its proposed rule entitled ``Integration of National Bank and Federal Savings Association Regulations: Licensing Rules,'' 79 FR 33260 (June 10, 2014). --------------------------------------------------------------------------- The December 2014 Interim Final Rule revised 12 CFR 5.47 to add a disclosure requirement in 12 CFR 5.47(d)(3)(ii)(C). A national bank must describe in the subordinated debt note the OCC's authority under 12 CFR 3.11 to limit distributions, including interest payments on any tier 2 capital instrument, if the national bank has full discretion to permanently or temporarily suspend such payments without triggering an event of default. 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 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. Dated: April 8, 2015. Mary H. Gottlieb, Regulatory Specialist, Legislative and Regulatory Activities Division. [FR Doc. 2015-08498 Filed 4-13-15; 8:45 am] BILLING CODE 4810-33-P
![20074 Federal Register / Vol. 80, No. 71 / Tuesday, April 14, 2015 / Notices
Board of Governors of the Federal In accordance with the requirements concerning each proposed collection of
Reserve System (FRB) involving a cash of the PRA, the OCC may not conduct information, including each proposed
dividend pursuant to 12 U.S.C. 1467a(f), or sponsor, and the respondent is not extension of an existing collection of
it is required to provide an required to respond to, an information information, before submitting the
informational copy of the filing to the collection unless it displays a currently collection to OMB for approval. To
OCC under 12 CFR 163.143(d) at the valid Office of Management and Budget comply with this requirement, the OCC
same time the notice is filed with the (OMB) control number. is publishing notice of the proposed
FRB. The OCC is soliciting comment collection of information set forth in
Type of Review: Regular. concerning renewal of its information this document.
Affected Public: Businesses or other collection titled, ‘‘Subordinated Debt.’’ OMB granted the OCC a six-month
for-profit. DATES: Comments must be submitted on approval for the information collection
Estimated Number of Respondents: or before June 15, 2015. requirements contained in the interim
10. ADDRESSES: Because paper mail in the final rule entitled ‘‘Subordinated Debt
Estimated Frequency of Response: On Washington, DC area and at the OCC is Issued by a National Bank.’’ (December
occasion. subject to delay, commenters are 2014 Interim Final Rule).1 The OCC
Estimated Total Burden: 11 hours. encouraged to submit comments by obtained this approval under existing
On January 26, 2015, the OCC issued email, if possible. Comments may be OMB Control No. 1557–0320, which
a notice regarding this collection for 60 sent to: Legislative and Regulatory contained the information collection
days of comment (80 FR 4037). No Activities Division, Office of the requirements in the interim final rule
comments were received. Comments Comptroller of the Currency, Attention: entitled ‘‘Basel III Conforming
continue to be solicited on: 1557–0320, 400 7th Street SW., Suite Amendments Related to Cross-
a. Whether the proposed collection of 3E–218, Mail Stop 9W–11, Washington, References, Subordinated Debt and
information is necessary for the proper DC 20219. In addition, comments may Limits Based on Regulatory Capital.’’
performance of the functions of the be sent by fax to (571) 465–4326 or by (February 2014 Interim Final Rule).2
OCC; electronic mail to regs.comments@ The OCC proposes to extend OMB
b. The accuracy of OCC’s estimate of occ.treas.gov. You may personally approval of the entire information
the burden of the proposed information inspect and photocopy comments at the collection for the standard three years.
collection; OCC, 400 7th Street SW., Washington, Title: Subordinated Debt.
c. Ways to enhance the quality, DC 20219. For security reasons, the OCC OMB Control No.: 1557–0320.
utility, and clarity of the information to requires that visitors make an Frequency of Response: On occasion.
be collected; appointment to inspect comments. You Affected Public: Business or other for-
d. Ways to minimize the burden of the may do so by calling (202) 649–6700. profit.
information collection on respondents, Upon arrival, visitors will be required to Burden Estimates:
including through the use of Prepayment of Subordinated Debt in
present valid government-issued photo
information technology. Form of Call Option: 184 Respondents;
identification and submit to security
e. Estimates of capital or start-up costs 1.30 burden hours per respondent; 239
screening in order to inspect and
and costs of operation, maintenance, total burden hours.
photocopy comments.
and purchase of services to provide All comments received, including Authority to Limit Distributions: 42
information. attachments and other supporting Respondents; 0.5 hours per respondent;
materials, are part of the public record 21 total burden hours.
Dated: April 8, 2015.
Total Burden: 260 hours.
Mary H. Gottlieb, and subject to public disclosure. Do not Description: The OCC amended its
Regulatory Specialist, Legislative and enclose any information in your rules governing subordinated debt twice
Regulatory Activities Division. comment or supporting materials that in 2014. The first set of revisions,
[FR Doc. 2015–08499 Filed 4–13–15; 8:45 am] you consider confidential or contained in the February 2014 Interim
BILLING CODE 4810–33–P
inappropriate for public disclosure. Final Rule, amended the rules
FOR FURTHER INFORMATION CONTACT: applicable to both national banks and
Mary H. Gottlieb, OCC Clearance Federal savings associations (12 CFR
DEPARTMENT OF THE TREASURY Officer, (202) 649–5490, for persons 5.47 and 163.81, respectively). The
who are deaf or hard of hearing, TTY, second revisions, in the December 2014
Office of the Comptroller of the (202) 649–5597, Legislative and Interim Final Rule, amended only the
Currency Regulatory Activities Division, Office of rules application to national banks.
the Comptroller of the Currency, 400 7th The February 2014 Interim Final Rule
Agency Information Collection Street SW., Suite 3E–218, Mail Stop
Activities: Information Collection revised the requirements of 12 CFR 5.47
9W–11, Washington, DC 20219. applicable to national banks.
Renewal; Comment Request;
SUPPLEMENTARY INFORMATION: Under the Specifically, those revisions require that
Subordinated Debt
PRA (44 U.S.C. 3501–3520), Federal all national banks must receive prior
AGENCY: Office of the Comptroller of the agencies must obtain approval from OCC approval in order to prepay
Currency (OCC), Treasury. OMB for each collection of information subordinated debt that is included in
ACTION: Notice and request for comment. they conduct or sponsor. ‘‘Collection of tier 2 capital and certain banks must
information’’ is defined in 44 U.S.C.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
receive prior OCC approval to prepay
SUMMARY: The OCC, as part of its 3502(3) and 5 CFR 1320.3(c) to include subordinated debt that is not included
continuing effort to reduce paperwork agency requests or requirements that in tier 2 capital. If the prepayment is in
and respondent burden, invites the members of the public submit reports, the form of a call option and the
general public and other Federal keep records, or provide information to subordinated debt is included in tier 2
agencies to take this opportunity to a third party. Section 3506(c)(2)(A) of capital, a national bank must submit the
comment on a continuing information the PRA (44 U.S.C. 3506(c)(2)(A))
collection, as required by the Paperwork requires Federal agencies to provide a 1 79 FR 75417 (December 18, 2014).
Reduction Act of 1995 (PRA). 60-day notice in the Federal Register 2 79 FR 11300 (February 28, 2014).
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![Federal Register / Vol. 80, No. 71 / Tuesday, April 14, 2015 / Notices 20075
information required for general Comments submitted in response to ADDRESSES: Because paper mail in the
prepayment requests under 12 CFR this notice will be summarized and Washington, DC area and at the OCC is
5.47(g)(1)(ii)(A) 3 and also must comply included in the request for OMB subject to delay, commenters are
with 12 CFR 5.47(g)(1)(ii)(B)(2) 4, which approval. All comments will become a encouraged to submit comments by
requires a national bank to submit matter of public record. Comments are email, if possible. Comments may be
either: (1) A statement explaining why invited on: sent to: Legislative and Regulatory
the bank believes that following the (a) Whether the collections of Activities Division, Office of the
proposed prepayment the bank would information are necessary for the proper Comptroller of the Currency, Attention:
continue to hold an amount of capital performance of the OCC’s functions, 1557–0200, 400 7th Street SW., Suite
commensurate with its risk or (2) a including whether the information has 3E–218, Mail Stop 9W–11, Washington,
description of the replacement capital practical utility; DC 20219. In addition, comments may
instrument that meets the criteria for (b) The accuracy of the OCC’s be sent by fax to (571) 465–4326 or by
tier 1 or tier 2 capital under 12 CFR estimates of the burden of the electronic mail to regs.comments@
3.20, including the amount of such information collections, including the occ.treas.gov. You may personally
instrument and the time frame for validity of the methodology and inspect and photocopy comments at the
issuance. assumptions used; OCC, 400 7th Street SW., Washington,
The February 2014 Interim Final Rule (c) Ways to enhance the quality, DC 20219. For security reasons, the OCC
also revised the requirements of 12 CFR utility, and clarity of the information to requires that visitors make an
163.81 5 applicable to Federal savings be collected; and appointment to inspect comments. You
associations. Specifically, those (d) Ways to minimize the burden of may do so by calling (202) 649–6700.
revisions require a Federal savings information collections on respondents, Upon arrival, visitors will be required to
association to obtain prior OCC including through the use of automated present valid government-issued photo
approval to prepay subordinated debt collection techniques or other forms of identification and to submit to security
securities or mandatorily redeemable information technology. screening in order to inspect and
preferred stock (covered securities) Dated: April 8, 2015. photocopy comments.
included in tier 2 capital. In addition, if Mary H. Gottlieb, All comments received, including
the prepayment is in the form of a call Regulatory Specialist, Legislative and attachments and other supporting
option, a Federal savings association Regulatory Activities Division. materials, are part of the public record
must submit the information required [FR Doc. 2015–08498 Filed 4–13–15; 8:45 am] and subject to public disclosure. Do not
for general prepayment requests under BILLING CODE 4810–33–P
enclose any information in your
12 CFR 163.81(j)(2)(i) and also comply comment or supporting materials that
with 12 CFR 163.81(j)(2)(ii)(A), which you consider confidential or
requires a Federal savings association to DEPARTMENT OF THE TREASURY inappropriate for public disclosure.
submit either: (1) A statement Additionally, please send a copy of
explaining why the Federal savings Office of the Comptroller of the your comments by mail to: OCC Desk
association believes that following the Currency Officer, 1557–0200, U.S. Office of
proposed prepayment the Federal Management and Budget, 725 17th
savings association would continue to Agency Information Collection Street NW., #10235, Washington, DC
hold an amount of capital Requirements; Information Collection 20503, or by email to: oirasubmission@
commensurate with its risk or (2) a Renewal; Submission for OMB Review; omb.eop.gov.
description of the replacement capital Release of Non-Public Information FOR FURTHER INFORMATION CONTACT:
instrument that meets the criteria for AGENCY: Office of the Comptroller of the Mary H. Gottlieb, OCC Clearance
tier 1 or tier 2 capital under 12 CFR Currency (OCC), Treasury. Officer, (202) 649–5490, for persons
3.20, including the amount of such who are deaf or hard of hearing, TTY,
ACTION: Notice and request for comment.
instrument and the time frame for (202) 649–5597, Legislative and
issuance. SUMMARY: The OCC, as part of its Regulatory Activities Division, Office of
The December 2014 Interim Final continuing effort to reduce paperwork the Comptroller of the Currency, 400 7th
Rule revised 12 CFR 5.47 to add a and respondent burden, invites the Street SW., Suite 3E–218, Mail Stop
disclosure requirement in 12 CFR general public and other Federal 9W–11, Washington, DC 20219.
5.47(d)(3)(ii)(C). A national bank must agencies to take this opportunity to SUPPLEMENTARY INFORMATION: The OCC
describe in the subordinated debt note comment on a continuing information is proposing to extend OMB approval of
the OCC’s authority under 12 CFR 3.11 collection, as required by the Paperwork the following information collection:
to limit distributions, including interest Reduction Act of 1995 (PRA). Title: Release of Non-Public
payments on any tier 2 capital In accordance with the requirements Information—12 CFR 4, Subpart C.
instrument, if the national bank has full of the PRA, the OCC may not conduct OMB No.: 1557–0200.
discretion to permanently or or sponsor, and the respondent is not Description: This submission covers
temporarily suspend such payments required to respond to, an information an existing regulation and involves no
without triggering an event of default. collection unless it displays a currently change to the regulation or to the
valid Office of Management and Budget information collections embodied in the
3 Appeared as § 5.47(n)(1)(ii)(B) in the February
(OMB) control number. regulation. The OCC requests only that
asabaliauskas on DSK5VPTVN1PROD with NOTICES
2014 Interim Final Rule and subsequently The OCC is soliciting comment
redesignated as § 5.47(g)(1)(ii)(B).
OMB renew its approval of the
4 Appeared as § 5.47(n)(1)(ii)(A) in the February
concerning renewal of its information information collections in the current
2014 Interim Final Rule and subsequently collection titled, ‘‘Release of Non-Public regulation.
redesignated as § 5.47(g)(1)(ii)(A). Information.’’ The OCC also is giving The information requirements require
5 The OCC proposed to renumber this section as
notice that it has sent the collection to individuals who are requesting non-
new § 5.56 in its proposed rule entitled ‘‘Integration OMB for review.
of National Bank and Federal Savings Association
public OCC information to provide the
Regulations: Licensing Rules,’’ 79 FR 33260 (June DATES: You should submit written OCC with information regarding the
10, 2014). comments by May 14, 2015. legal grounds for the request. The
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Document Created: 2015-12-18 11:09:31
Document Modified: 2015-12-18 11:09:31
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice and request for comment. | |
| Dates | Comments must be submitted on or before June 15, 2015. | |
| Contact | Mary H. Gottlieb, OCC Clearance Officer, (202) 649-5490, for persons who are deaf or hard of hearing, TTY, (202) 649-5597, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street SW., Suite 3E-218, Mail Stop 9W-11, Washington, DC 20219. | |
| FR Citation | 80 FR 20074 |
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