Section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) requires that the minimum threshold for national banks and Federal savings associations to conduct stress tests be revised from $10 billion to $250 billion, revise the frequency by which certain national banks and Federal savings associations would be required to conduct stress tests, and reduce the number of required stress testing scenarios from three to two.
Currently, § 46.6(c) requires that each covered institution establish and maintain a system of controls, oversight, and documentation, including policies and procedures, describing the covered institutionâs stress test practices and methodologies, and processes for validating and updating the covered institutionâs stress test practices. The board of directors of the covered institution must approve and review these policies at least annually. Section 46.7(a) requires each covered institution to report the results of their stress tests to the OCC annually. Section 46.8(a) requires that a covered institution publish a summary of the results of its annual stress tests on its website or in any other forum that is reasonably accessible to the public.
This ICR is being submitted in connection with a final rule which increases in the applicability threshold for these requirements resulting in a reduction in the estimated number of respondents. In addition the frequency of these reporting, recordkeeping, and disclosure requirements for some institutions is decreased to biennial.
The existing stress test rule is approved under OMB Control No. 1557-0311 and was undergoing renewal at the time the NPR was issued. Once this ICR is approved, the OCC will discontinue OMB Control No. 1557-0311.
US Code:
12 USC 5365
Name of Law: Economic Growth, Regulatory Relief, and Consumer Protection Act
US Code: 12 USC 5365 Name of Law: Economic Growth, Regulatory Relief, 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.
1557-0343 Supporting Statement to Accompany Final Rule.docx
Annual Disclosures