Guidelines Establishing Standards for Recovery Planning by Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches
ICR 202410-1557-008 · OMB 1557-0333 · Received in OIRA
Guidelines Establishing Standards for Recovery Planning by Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches
Revision of a currently approved collection
No
Regular
10/23/2024
Requested
Previously Approved
36 Months From Approved
03/31/2025
21
8
672,357
60,344
0
0
In 2016, 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. In 2018, the OCC raised the threshold from $50 billion to $250 billion.
This filing is in connection with the OCC-issued final guidelines that revise the threshold to $100 billion or more. The final guidelines also incorporate a testing standard for recovery plans and clarify the roles of financial and non-financial (including operational and strategic) risk in recovery planning.
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
The new testing standard and inclusion of non-financial risks will increase burden hours for existing covered banks. Additionally, compliance by newly covered banks will add burden hours and involve significant engagement across various stakeholders in the front-line unit, independent risk management, and internal audit. The increase in burden is also driven by an original underestimation of burden hours.
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 Final Guidelines Supporting Statement Final (Submitted to OMB).docx
Recovery Plan