The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requires the Federal Reserve to conduct annual stress tests of bank holding companies with total consolidated assets of $50 billion or more and nonbank financial companies the Financial Stability Oversight Council (Council) designates for supervision by the Federal Reserve (nonbank covered companies, and together, with bank holding companies with total consolidated assets of $50 billion or more, covered companies) and also requires the Federal Reserve to issue regulations that require covered companies to conduct stress tests semi-annually. On January 5, 2012, the Federal Reserve published a notice of proposed rulemaking in the Federal Register for public comment (77 FR 594). The comment period expired on April 30, 2012. On October 12, 2012, the Federal Reserve published a notice of final rulemaking in the Federal Register (77 FR 62378). The final rule is effective on November 15, 2012.
US Code:
12 USC 5366
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
5 USC 552(b)(4)
Name of Law: Freedom of Information Act
US Code:
5 USC 552(b)(8)
Name of Law: Freedom of Information Act
US Code:
12 USC 5365
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
PL: Pub.L. 111 - 203 124 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.