80 FR 35737 - Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Subordinated Debt
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency Federal Register Volume 80, Issue 119 (June 22, 2015)
Office of the Comptroller of the Currency
Federal Register Volume 80, Issue 119 (June 22, 2015)
| Page Range | 35737-35739 | |
| FR Document | 2015-15297 |
[Federal Register Volume 80, Number 119 (Monday, June 22, 2015)] [Notices] [Pages 35737-35739] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-15297] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Subordinated Debt AGENCY: Office of the Comptroller of the Currency (OCC), Treasury. ACTION: Notice and request for comment. ----------------------------------------------------------------------- [[Page 35738]] 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.'' The OCC also is giving notice that it has sent the collection to OMB for review. DATES: Comments must be submitted on or before July 22, 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 include any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure. Additionally, please send a copy of your comments by mail to: OCC Desk Officer, 1557-0320, U.S. Office of Management and Budget, 725 17th Street NW., #10235, Washington, DC 20503, or by email to: [email protected]. FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, 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: 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 year period. --------------------------------------------------------------------------- \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, contained in the December 2014 Interim Final Rule, amended only the rules applicable 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 national 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 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 renumbered this section as new Sec. 5.56 in its final rule entitled ``Integration of National Bank and Federal Savings Association Regulations: Licensing Rules,'' 80 FR 28346 (May 18, 2015). --------------------------------------------------------------------------- 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. The OCC issued a 60-day Federal Register notice on April 14, 2015, [[Page 35739]] regarding the collection (80 FR 20074). No comments were received regarding the information collection. One comment was received regarding subordinated debt guidelines and rulemakings issued separately by the OCC. The comment will be considered with regard to those issuances. Comments continue to be invited on: (a) Whether the collections of information are necessary for the proper performance of the OCC's functions, including whether the information has practical utility; (b) The accuracy of the OCC's estimates of the burden of the information collections, including the validity of the methodology and assumptions used; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; and (d) Ways to minimize the burden of information collections on respondents, including through the use of automated collection techniques or other forms of information technology. Dated: June 17, 2015. Mary H. Gottlieb, Regulatory Specialist, Legislative and Regulatory Activities Division. [FR Doc. 2015-15297 Filed 6-19-15; 8:45 am] BILLING CODE 4810-33-P
![Federal Register / Vol. 80, No. 119 / Monday, June 22, 2015 / Notices 35737
electronic mail to prainfo@occ.treas.gov. information; loan-to-values and debt-to holding company structure. The
You may personally inspect and income-ratios; non-personally commenter recommended coordination
photocopy comments at the OCC, 400 identifiable borrower information; of the data collection with the FRB to
7th Street SW., Washington, DC 20219. bankruptcy and foreclosure status; and minimize duplicative or divergent
For security reasons, the OCC requires other loan information. The reported reporting requirements. The commenter
that visitors make an appointment to portfolio-level data would include: total suggested that the OCC consider
inspect comments. You may do so by managed Home Equity portfolio (lines accepting data currently submitted to
calling (202) 649–6700. Upon arrival, and loans), total securitized Home the FRB in connection with the FR Y–
visitors will be required to present valid Equity portfolio, and other portfolio- 14 in satisfaction of the data collection
government-issued photo identification level information. or work with the FRB to establish a
and submit to security screening in Also, in order to match senior and single set of data with identical file
order to inspect and photocopy junior lien residential mortgages on the layouts and definitions. The commenter
comments. same collateral, the OCC would collect suggested, as an alternative, having the
All comments received, including additional information (add data FRB add data elements to the FR Y–14
attachments and other supporting elements) on the residential mortgage that designate whether a loan is part of
materials, are part of the public record loans reported in Domestic First Lien the bank or a non-bank affiliate.
and subject to public disclosure. Do not Residential Mortgage and the Domestic The request for copies of the data
include any information in your Residential Home Equity Lending templates will be met by the
comment or supporting materials that datasets. This data would include: Information Collection Request, which
you consider confidential or Property and mailing address, census will be submitted to the Office of
inappropriate for public disclosure. tract, liquidation status, and original Management and Budget and made
Additionally, please send a copy of lien position. By matching the senior publicly available at www.reginfo.gov.
your comments by mail to: OCC Desk and junior liens by property ID, the OCC Furthermore, the OCC understands the
Officer, 1557–NEW, U.S. Office of would gain better insight into the level commenters concerns and is actively
Management and Budget, 725 17th of risk of both credit types, for example, exploring use of the FRB’s FR Y–14
Street NW., #10235, Washington, DC current loans secured by junior liens data, where possible, in order to
20503, or by email to: oira_submission@ behind past due loans secured by first decrease banks’ reporting burden.
omb.eop.gov. liens. The data is subject to an Comments continue to be invited on:
information security program to ensure (a) Whether the collection of
FOR FURTHER INFORMATION CONTACT:
its confidentiality. information is necessary for the proper
Shaquita Merritt, OCC Clearance performance of the functions of the
Officer, (202) 649–5490, for persons Type of Review: Regular review.
Affected Public: Businesses or other OCC, including whether the information
who are deaf or hard of hearing, TTY, shall have practical utility;
(202) 649–5597, Legislative and for-profit.
Estimated Number of Respondents: (b) The accuracy of the OCC’s
Regulatory Activities Division, Office of estimate of the burden of the collection
the Comptroller of the Currency, 400 7th 64.
Estimated Annual Responses per of information;
Street SW., Washington, DC 20219. (c) Ways to enhance the quality,
Respondent: 12.
SUPPLEMENTARY INFORMATION: The OCC Estimated Burden per Response: 430. utility, and clarity of the information to
is requesting OMB approval for the Estimated Total Annual Burden: be collected;
following information collection: 330,240 hours. (d) Ways to minimize the burden of
Title: Domestic Residential Home An agency may not conduct or the collection on respondents, including
Equity Lending Data. sponsor, and a respondent is not through the use of automated collection
OMB Control Number: To be assigned required to respond to, an information techniques or other forms of information
by OMB. collection unless the information technology; and
Description: Comprehensive home collection displays a currently valid (e) Estimates of capital or start-up
equity line of credit data is vital to OMB control number. costs and costs of operation,
assessing and monitoring credit quality The OCC published a notice regarding maintenance, and purchase of services
and loss mitigation activities in the this collection on September 5, 2014 for to provide information.
residential mortgage market and the 60 days of comment (79 FR 53102). One Dated: June 16, 2015.
federal banking system. This data is comment was received regarding the Stuart E. Feldstein,
important and necessary to support collection from a trade association. Director, Legislative and Regulatory Activities
supervisory activities to ensure the The trade association acknowledged Division.
safety and soundness of the federal that, while the notice provided a general [FR Doc. 2015–15248 Filed 6–19–15; 8:45 am]
banking system. Where the respondent description of the data requested, it did
BILLING CODE 4810–33–P
is both the servicer and originator of a not include the specific data templates.
home equity loan or line of credit, the In addition, it was not clear to the
Home Equity Residential Lending Data commenter which national banks would DEPARTMENT OF THE TREASURY
collection would include origination be subject to the data collection, the
data and only servicing data where the timeframe for submission, and the Office of the Comptroller of the
respondent services for others. Detailed effective date of the collection. The Currency
loan-level data would be collected commenter also suggested that the data
monthly and portfolio-level data collection might duplicate data that Agency Information Collection
tkelley on DSK3SPTVN1PROD with NOTICES
collected quarterly. All data collected banking organizations already are Activities: Information Collection
would be based on standard data and providing to the Federal Reserve Board Renewal; Submission for OMB Review;
definitions. (FRB) in connection with the FR Y–14 Subordinated Debt
The reported loan-level data items reporting requirements and pointed out AGENCY: Office of the Comptroller of the
would include: Loan number; property that the potential for duplication is Currency (OCC), Treasury.
information; loan, line, and appraisal especially relevant to national banks
ACTION: Notice and request for comment.
amounts; loan documentation that are the dominant subsidiary in a
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![Federal Register / Vol. 80, No. 119 / Monday, June 22, 2015 / Notices 35739
regarding the collection (80 FR 20074). that the collection has been submitted to corporate and government).
No comments were received regarding OMB for review. Additionally, it includes credit bureau
the information collection. One DATES: You should submit written attributes at the account-level and
comment was received regarding comments by: July 22, 2015. portfolio-level data. The collection
subordinated debt guidelines and ADDRESSES: Because paper mail in the request covers all credit card receivables
rulemakings issued separately by the Washington, DC area and at the OCC is managed by the largest national banks
OCC. The comment will be considered subject to delay, commenters are credit card issuers and their
with regard to those issuances. encouraged to submit comments by subsidiaries. The credit card account-
Comments continue to be invited on: email, if possible. Comments may be level data requested uses common
(a) Whether the collections of sent to: Legislative and Regulatory definitions and data elements for asset
information are necessary for the proper Activities Division, Office of the quality metrics (delinquencies, losses,
performance of the OCC’s functions, Comptroller of the Currency, Attention: etc.), forbearance activities, and
including whether the information has 1557–NEW, 400 7th Street SW., Suite segmentation by credit quality risk
practical utility; 3E–218, Mail Stop 9W–11, Washington, indicators (such as credit scores). The
(b) The accuracy of the OCC’s DC 20219. In addition, comments may credit card portfolio-level data request
estimates of the burden of the be sent by fax to (571) 465–4326 or by uses common definitions and data
information collections, including the electronic mail to prainfo@occ.treas.gov. elements for portfolio performance
validity of the methodology and You may personally inspect and metrics not likely to be captured at the
assumptions used; photocopy comments at the OCC, 400 account level. The account-level data
(c) Ways to enhance the quality, 7th Street SW., Washington, DC 20219. collection frequency is monthly with
utility, and clarity of the information to For security reasons, the OCC requires credit attributes collected quarterly; the
be collected; and that visitors make an appointment to portfolio-level data collection is
(d) Ways to minimize the burden of inspect comments. You may do so by quarterly using month-end data for each
information collections on respondents, calling (202) 649–6700. Upon arrival, month in the quarter. The data is subject
including through the use of automated visitors will be required to present valid to an information security program to
collection techniques or other forms of government-issued photo identification ensure its confidentiality.
information technology. and submit to security screening in This collection supports OCC’s efforts
order to inspect and photocopy to perform risk-based supervision of
Dated: June 17, 2015. large banks by enhancing its
Mary H. Gottlieb,
comments.
All comments received, including benchmarking and analytic capabilities.
Regulatory Specialist, Legislative and attachments and other supporting Comprehensive credit card data allows
Regulatory Activities Division. early warning analysis and
materials, are part of the public record
[FR Doc. 2015–15297 Filed 6–19–15; 8:45 am]
and subject to public disclosure. Do not benchmarking across the largest
BILLING CODE 4810–33–P include any information in your federally-regulated credit card issuers. A
comment or supporting materials that standard set of data elements and
you consider confidential or definitions allows sound conclusions to
DEPARTMENT OF THE TREASURY be drawn regarding the credit card
inappropriate for public disclosure.
Additionally, please send a copy of industry. The data are important and
Office of the Comptroller of the necessary to support supervisory
Currency your comments by mail to: OCC Desk
Officer, 1557–NEW, U.S. Office of activities to ensure the safety and
Agency Information Collection Management and Budget, 725 17th soundness of the federal banking
Activities: Proposed Information Street NW., #10235, Washington, DC system.
20503, or by email to: oira_submission@ Type of Review: Regular review.
Collection; Submission for OMB Affected Public: Businesses or other
Review; Domestic Credit Card Data omb.eop.gov.
for-profit.
FOR FURTHER INFORMATION CONTACT:
AGENCY: Office of the Comptroller of the Estimated Number of Respondents: 17
Shaquita Merritt, OCC Clearance (16 institutions; 1 credit bureau).
Currency (OCC), Treasury. Officer, (202) 649–5490, for persons Estimated Annual Responses per
ACTION: Notice and request for comment. who are deaf or hard of hearing, TTY, Respondent: 12.
(202) 649–5597, Legislative and Estimated Burden per Response: 430
SUMMARY: The OCC, as part of its Regulatory Activities Division, Office of hours.
continuing effort to reduce paperwork the Comptroller of the Currency, 400 7th Estimated Total Annual Burden:
and respondent burden, invites the Street SW., Washington, DC 20219. 87,720 hours.
general public and other Federal SUPPLEMENTARY INFORMATION: The OCC An agency may not conduct or
agencies to take this opportunity to is requesting approval on its proposed sponsor, and a respondent is not
comment on an information collection, information collection. required to respond to, an information
as required by the Paperwork Reduction Title: Domestic Credit Card Data. collection unless the information
Act of 1995 (PRA). OMB Control Number: To be assigned collection displays a currently valid
In accordance with the requirements by OMB. OMB control number.
of the PRA, the OCC may not conduct Description This collection involves The OCC issued a notice regarding
or sponsor, and the respondent is not the provision of monthly this collection for 60 days of comment
required to respond to, an information comprehensive credit card account-level on September 5, 2014, (79 FR 53101).
tkelley on DSK3SPTVN1PROD with NOTICES
collection unless it displays a currently data to the OCC. The OCC requires this The OCC received two comments
valid Office of Management and Budget comprehensive credit card data to regarding the collection from two trade
(OMB) control number. obtain a detailed picture of the activities associations.
The OCC is soliciting comment of national bank credit card issuers. The One trade association recommended
concerning its proposed information scope of the credit card data includes that the OCC: (a) Extend the comment
collection titled, ‘‘Domestic Credit Card domestic general purpose, private label, period for the information collection; (b)
Data.’’ The OCC also is giving notice and business card portfolios (excluding publish a copy of the proposed
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Document Created: 2018-02-22 11:13:54
Document Modified: 2018-02-22 11:13:54
| 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 July 22, 2015. | |
| Contact | Shaquita Merritt, 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 35737 |
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