Guidelines Establishing Standards for Recovery Planning by Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches
ICR 202201-1557-002 · OMB 1557-0333 · Received in OIRA
⚠️ Notice: This information collection may be outdated. More recent filings for OMB 1557-0333 can be found here:
Guidelines Establishing Standards for Recovery Planning by Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches
Extension without change of a currently approved collection
No
Regular
02/03/2022
Requested
Previously Approved
36 Months From Approved
03/31/2022
8
8
60,344
60,344
0
0
In 2015, the OCC issued guidelines applicable to each insured national bank, insured Federal savings association, and insured Federal branch of a foreign bank (together, banks) with average total consolidated assets equal to or greater than $50 billion (covered banks). The guidelines stated that each covered bank should develop and maintain a recovery plan that is appropriate for its individual size, risk profile, activities, and complexity, including the complexity of its organizational and legal entity structure, in order to be able to respond quickly to and recover from the financial effects of severe stress. The guidelines established standards for this recovery planning.
Currently, the OCC issued a final rule which increases the average total consolidated assets threshold for applying the recovery planning guidelines to a bank from $50 billion to $250 billion and decrease from 18 months to 12 months the time within which a bank should comply with the recovery planning guidelines after the bank first becomes subject to the guidelines. The OCC submitted the collection to OMB in connection with the proposed rule and is resubmitting at the request of OMB.
US Code:
12 USC 1831p-1
Name of Law: Federal Deposit Insurance Act
PL:
Pub.L. 115 - 174 401
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.
1557-0333 Recovery Planning Supporting Statement 1-31-22.docx
Recovery Plan