81 FR 50057 - Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Margin and Capital Requirements for Covered Swap Entities: Exemptions
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency Federal Register Volume 81, Issue 146 (July 29, 2016)
Office of the Comptroller of the Currency
Federal Register Volume 81, Issue 146 (July 29, 2016)
| Page Range | 50057-50058 | |
| FR Document | 2016-17981 |
[Federal Register Volume 81, Number 146 (Friday, July 29, 2016)] [Notices] [Pages 50057-50058] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-17981] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Margin and Capital Requirements for Covered Swap Entities: Exemptions 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 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 [[Page 50058]] valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning the renewal of its information collection titled, ``Margin and Capital Requirements for Covered Swap Entities: Exemptions.'' The OCC also is giving notice that it has sent the collection to OMB for review. DATES: Comments must be submitted on or before August 29, 2016. 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: 1557-0335, 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 or, for persons who are deaf or hard of hearing, TTY, (202) 649-5597. Upon arrival, visitors will be required to present valid government-issued photo identification and to 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, 1557-0335, U.S. Office of Management and Budget, 725 17th Street NW., #10235, Washington, DC 20503 or by email to: oira [email protected]. FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance Officer, (202) 649-5490 or, 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: The OCC is requesting that OMB extend its approval of the following information collection. In connection with issuance of the interim final rule entitled ``Margin and Capital Requirements for Covered Swap Entities,'' \1\ OMB provided a six-month approval for this information collection. The OCC is proposing to extend OMB approval of the collection for the standard three years. --------------------------------------------------------------------------- \1\ 80 FR 74915 (November 30, 2015). --------------------------------------------------------------------------- Title: Margin and Capital Requirements for Covered Swap Entities: Exemptions. OMB Control No.: 1557-0335. Description: The OCC issued an interim final rule required by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA).\2\ Title III of TRIPRA, the ``Business Risk Mitigation and Price Stabilization Act of 2015,'' amends the statutory provisions added by the Dodd-Frank Act relating to margin requirements for non- cleared swaps and non-cleared security-based swaps. Section 302 of TRIPRA amends sections 731 and 764 of the Dodd-Frank Act to provide that the initial and variation margin requirements do not apply to certain transactions with specified counterparties that qualify for an exemption or exception from clearing. Non-cleared swaps and non-cleared security-based swaps that are exempt under section 302 of TRIPRA will not be subject to the Agencies' \3\ rules implementing margin requirements.\4\ The effect of the interim final rule is to augment provisions of the final rule published by the Agencies in November 2015 \5\ that allow swap entities to collect no initial or variation margin from certain ``other counterparties'' like commercial end-users with a provision that grants an exception from the margin requirements for certain swaps with these and certain additional counterparties. --------------------------------------------------------------------------- \2\ Public Law 114-1, 129 Stat. 3 (2015). \3\ The Agencies are the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Administration, and the Federal Housing Finance Agency. \4\ The interim final rule is a companion rule to a final rule adopted to implement section 731 and 764 of the Dodd-Frank Act. \5\ The final rule was issued on November 30, 2015 (80 FR 74840). --------------------------------------------------------------------------- The reporting requirements in the interim final rule are found in 12 CFR 45.1(d), which refers to other statutory provisions that set forth conditions for an exemption from clearing. Section 45.1(d)(1) provides an exemption for non-cleared swaps if one of the counterparties to the swap is not a financial entity, is using swaps to hedge or mitigate commercial risk, and notifies the Commodity Futures Trading Commission of how it generally meets its financial obligations associated with entering into non-cleared swaps. Section 45.1(d)(2) provides an exemption for security-based swaps if the counterparty notifies the Securities and Exchange Commission of how it generally meets its financial obligations associated with entering into non- cleared security-based swaps. Type of Review: Extension of a currently approved collection. Affected Public: Individuals; Businesses or other for-profit. Estimated Number of Respondents: 20. Estimated Total Annual Burden: 20,000. On April 19, 2016, the OCC issued a notice for 60 days of comment concerning the collection, 81 FR 23082. No comments were received. Comments continue to be invited on: (a) Whether the collection of information is 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 estimate 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. Dated: July 25, 2016. Karen Solomon, Deputy Chief Counsel, Office of the Comptroller of the Currency. [FR Doc. 2016-17981 Filed 7-28-16; 8:45 am] BILLING CODE 4810-33-P
![Federal Register / Vol. 81, No. 146 / Friday, July 29, 2016 / Notices 50057
Development Financial Institutions Native CDFIs. Through the CDFI Estimated Total Annual Burden
Program (CDFI Program) and Native Program and NACA Program, the CDFI Hours: 325 hours.
American CDFI Assistance Program Fund provides: (1) Financial Assistance Requests For Comments: Comments
(NACA Program). The form will be (FA) awards to CDFIs and Native CDFIs submitted in response to this notice will
renamed the Uses of Award Report that have Comprehensive Business be summarized and/or included in the
Form in an effort by the CDFI Fund to Plans for creating demonstrable request for Office of Management and
create uniform reporting requirements. community development impact Budget (OMB) approval. All comments
DATES: Written comments should be through the deployment of credit, will become a matter of public record
received on or before September 27, capital, and financial services within and will be published on the CDFI Fund
2016 to be assured of consideration. their respective Target Markets or the Web site at http://www.cdfifund.gov.
ADDRESSES: Submit your comments via expansion into new Investment Areas, Comments are invited on: (a) whether
email to Michael Banks, Associate Low-Income Targeted Populations, or the collection of information is
Program Manager, CDFI Fund, at Other Targeted Populations, and (ii) necessary for the proper performance of
cdfihelp@cdfi.treas.gov. Technical Assistance (TA) grants to the functions of the agency, including
CDFIs and Native CDFIs and entities whether the information shall have
FOR FURTHER INFORMATION CONTACT:
proposing to become CDFIs or Native practical utility; (b) the accuracy of the
Michael Banks, Associate Program agency’s estimate of the burden of the
Manager, CDFI Fund, U.S. Department CDFIs in order to build their capacity to
better address the community collection of information; (c) ways to
of the Treasury, 1500 Pennsylvania enhance the quality, utility, and clarity
Avenue NW, Washington, DC 20220. development and capital access needs of
their existing or proposed Target of the information collected; (d) ways to
The Uses of Award Report Form may be minimize the burden of the collection of
obtained from the CDFI Fund’s Web site Markets and/or to become certified
CDFIs. CDFI Program applicants submit information on respondents, including
at http://www.cdfifund.gov/bea under
applications and are evaluated in through the use of technology; and (e)
How to Apply Step 5: Compliance and
accordance with statutory and estimates of capital or start-up costs and
Reporting or http://www.cdfifund.gov/
regulatory requirements (12 CFR 1805), costs of operation, maintenance, and
cdfi under How to Apply Step 4:
and requirements that are set forth in an purchase of services to provide
Compliance and Reporting.
annual Notice of Funds Availability. information.
SUPPLEMENTARY INFORMATION: Title: Uses An agency may not conduct or
NACA Program applicants submit
of Award Report Form (formerly BEA sponsor, and a person is not required to
Program Award Report Form). applications and are evaluated in
accordance with requirements that are respond to, a collection of information
OMB Number: 1559–0032. unless the collections of information
Abstract: The purpose of the BEA set forth in an annual Notice of Funds
Availability. Recipients with FA or TA displays a valid OMB control number.
Program is to provide an incentive to
insured depository institutions to awards are required to report to the Authority: 12 U.S.C. 4704, 4713; 12 CFR
increase their activities in the form of CDFI Fund on the uses of those funds parts 1805 and 1806.
loans, investments, services, and per their Assistance Agreements. Mary Ann Donovan,
technical assistance within distressed In an effort to create uniformity in
Director, Community Development Financial
communities and provide financial reporting across the CDFI Fund, the Institutions Fund.
assistance to certified Community CDFI Fund seeks to revise the BEA
[FR Doc. 2016–17996 Filed 7–28–16; 8:45 am]
Development Financial Institutions Program Award Report Form and
BILLING CODE 4810–70–P
(CDFIs) through grants, stock purchases, rename it the ‘‘Uses of Award Report
loans, deposits, and other forms of Form.’’ The BEA Program Award Report
financial and technical assistance. Form is currently required for DEPARTMENT OF THE TREASURY
Applicants submit applications and are Recipients of awards under the BEA
evaluated in accordance with statutory Program. These revisions would allow Office of the Comptroller of the
and regulatory requirements (12 CFR the form to also be used by the Currency
1806), and requirements that are set Community Development Financial
forth in the annual Notice of Funds Institutions Program (CDFI Program) Agency Information Collection
Availability. The CDFI Fund requires and Native American CDFI Assistance Activities: Information Collection
BEA Program Award Recipients to use Program (NACA Program). This request Renewal; Submission for OMB Review;
BEA Program Awards for BEA Program for public comment seeks to gather Margin and Capital Requirements for
Qualified Activities, as defined in the information on the revised Use of Covered Swap Entities: Exemptions
BEA Program regulations. Recipients are Award Report Form.
AGENCY: Office of the Comptroller of the
required to report to the CDFI Fund on Current Actions: Renewal and
Currency (OCC), Treasury.
their Qualified Activities per their revision of an existing Information
ACTION: Notice and request for comment.
Assistance Agreements. Collection.
The CDFI Program is authorized by Type of Review: Regular Review. SUMMARY: The OCC, as part of its
the Riegle Community Development Affected Public: Recipients of BEA continuing effort to reduce paperwork
Banking and Financial Institutions Act Program awards. and respondent burden, invites the
of 1994 (Pub. L. 103–325, 12 U.S.C. Estimated Number of BEA Program general public and other Federal
4701 et seq.). The CDFI Program uses Respondents: 80. agencies to comment on a continuing
federal resources to invest in and build Estimated Annual Time per BEA information collection as required by
ebenthall on DSK5MVXVN1PROD with NOTICES
the capacity of CDFIs to serve low- Program Respondent: 1 hour. the Paperwork Reduction Act of 1995
income people and communities lacking Affected Public: Recipients of CDFI or (PRA).
adequate access to affordable financial NACA Program awards. In accordance with the requirements
products and services. The CDFI Fund Estimated Number of CDFI and NACA of the PRA, the OCC may not conduct
created the Native Initiatives, which Program Respondents: 245. or sponsor, and the respondent is not
includes the NACA Program, to further Estimated Annual Time CDFI and required to respond to, an information
support the creation and expansion of NACA Program per Respondent: 1 hour. collection unless it displays a currently
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![50058 Federal Register / Vol. 81, No. 146 / Friday, July 29, 2016 / Notices
valid Office of Management and Budget Capital Requirements for Covered Swap Section 45.1(d)(2) provides an
(OMB) control number. Entities,’’ 1 OMB provided a six-month exemption for security-based swaps if
The OCC is soliciting comment approval for this information collection. the counterparty notifies the Securities
concerning the renewal of its The OCC is proposing to extend OMB and Exchange Commission of how it
information collection titled, ‘‘Margin approval of the collection for the generally meets its financial obligations
and Capital Requirements for Covered standard three years. associated with entering into non-
Swap Entities: Exemptions.’’ The OCC Title: Margin and Capital cleared security-based swaps.
also is giving notice that it has sent the Requirements for Covered Swap Type of Review: Extension of a
collection to OMB for review. Entities: Exemptions. currently approved collection.
DATES: Comments must be submitted on OMB Control No.: 1557–0335. Affected Public: Individuals;
or before August 29, 2016. Description: The OCC issued an Businesses or other for-profit.
ADDRESSES: Because paper mail in the
interim final rule required by the Estimated Number of Respondents:
Washington, DC area and at the OCC is Terrorism Risk Insurance Program 20.
subject to delay, commenters are Reauthorization Act of 2015 (TRIPRA).2 Estimated Total Annual Burden:
encouraged to submit comments by Title III of TRIPRA, the ‘‘Business Risk 20,000.
email, if possible. Comments may be Mitigation and Price Stabilization Act of On April 19, 2016, the OCC issued a
sent to: Legislative and Regulatory 2015,’’ amends the statutory provisions notice for 60 days of comment
Activities Division, Office of the added by the Dodd-Frank Act relating to concerning the collection, 81 FR 23082.
Comptroller of the Currency, Attention: margin requirements for non-cleared No comments were received. Comments
1557–0335, 400 7th Street SW., Suite swaps and non-cleared security-based continue to be invited on:
3E–218, Mail Stop 9W–11, Washington, swaps. Section 302 of TRIPRA amends (a) Whether the collection of
DC 20219. In addition, comments may sections 731 and 764 of the Dodd-Frank information is necessary for the proper
be sent by fax to (571) 465–4326 or by Act to provide that the initial and performance of the functions of the
electronic mail to prainfo@occ.treas.gov. variation margin requirements do not OCC, including whether the information
You may personally inspect and apply to certain transactions with has practical utility;
specified counterparties that qualify for (b) The accuracy of the OCC’s
photocopy comments at the OCC, 400
an exemption or exception from estimate of the information collection
7th Street SW., Washington, DC 20219.
clearing. Non-cleared swaps and non- burden;
For security reasons, the OCC requires
cleared security-based swaps that are (c) Ways to enhance the quality,
that visitors make an appointment to
exempt under section 302 of TRIPRA utility, and clarity of the information to
inspect comments. You may do so by
will not be subject to the Agencies’ 3 be collected;
calling (202) 649–6700 or, for persons
rules implementing margin (d) Ways to minimize the burden of
who are deaf or hard of hearing, TTY,
requirements.4 The effect of the interim the collection on respondents, including
(202) 649–5597. Upon arrival, visitors
final rule is to augment provisions of the through the use of automated collection
will be required to present valid
final rule published by the Agencies in techniques or other forms of information
government-issued photo identification November 2015 5 that allow swap
and to submit to security screening in technology; and
entities to collect no initial or variation (e) Estimates of capital or start-up
order to inspect and photocopy margin from certain ‘‘other
comments. costs and costs of operation,
counterparties’’ like commercial end- maintenance, and purchase of services
All comments received, including
users with a provision that grants an to provide information.
attachments and other supporting
exception from the margin requirements
materials, are part of the public record Dated: July 25, 2016.
for certain swaps with these and certain
and subject to public disclosure. Do not Karen Solomon,
additional counterparties.
include any information in your The reporting requirements in the Deputy Chief Counsel, Office of the
comment or supporting materials that interim final rule are found in 12 CFR Comptroller of the Currency.
you consider confidential or 45.1(d), which refers to other statutory [FR Doc. 2016–17981 Filed 7–28–16; 8:45 am]
inappropriate for public disclosure. provisions that set forth conditions for BILLING CODE 4810–33–P
Additionally, please send a copy of an exemption from clearing. Section
your comments by mail to: OCC Desk 45.1(d)(1) provides an exemption for
Officer, 1557–0335, U.S. Office of non-cleared swaps if one of the DEPARTMENT OF THE TREASURY
Management and Budget, 725 17th counterparties to the swap is not a
Street NW., #10235, Washington, DC financial entity, is using swaps to hedge Internal Revenue Service
20503 or by email to: oira or mitigate commercial risk, and notifies
submission@omb.eop.gov. Quarterly Publication of Individuals,
the Commodity Futures Trading
FOR FURTHER INFORMATION CONTACT:
Who Have Chosen To Expatriate, as
Commission of how it generally meets
Shaquita Merritt, OCC Clearance Required by Section 6039G
its financial obligations associated with
Officer, (202) 649–5490 or, for persons entering into non-cleared swaps. AGENCY: Internal Revenue Service (IRS),
who are deaf or hard of hearing, TTY, Treasury.
(202) 649–5597, Legislative and 1 80
FR 74915 (November 30, 2015). ACTION: Notice.
Regulatory Activities Division, Office of 2 Public
Law 114–1, 129 Stat. 3 (2015).
3 The Agencies are the Office of the Comptroller
the Comptroller of the Currency, 400 7th SUMMARY: This notice is provided in
of the Currency, the Board of Governors of the
Street SW., Suite 3E–218, Mail Stop accordance with IRC section 6039G of
ebenthall on DSK5MVXVN1PROD with NOTICES
Federal Reserve System, the Federal Deposit
9W–11, Washington, DC 20219. Insurance Corporation, the Farm Credit the Health Insurance Portability and
SUPPLEMENTARY INFORMATION: The OCC Administration, and the Federal Housing Finance Accountability Act (HIPPA) of 1996, as
is requesting that OMB extend its Agency. amended. This listing contains the name
4 The interim final rule is a companion rule to a
approval of the following information of each individual losing United States
final rule adopted to implement section 731 and
collection. 764 of the Dodd-Frank Act. citizenship (within the meaning of
In connection with issuance of the 5 The final rule was issued on November 30, 2015 section 877(a) or 877A) with respect to
interim final rule entitled ‘‘Margin and (80 FR 74840). whom the Secretary received
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Document Created: 2018-02-08 07:51:16
Document Modified: 2018-02-08 07:51:16
| 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 August 29, 2016. | |
| Contact | Shaquita Merritt, OCC Clearance Officer, (202) 649-5490 or, 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 | 81 FR 50057 |
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