Agency Information Collection Activities: Information Collection Renewal; Comment Request; Mandatory Contractual Stay Requirements for Qualified Financial Contracts

Issuing agencies

Abstract

The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites 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 valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning the renewal of its information collection titled, "Mandatory Contractual Stay Requirements for Qualified Financial Contracts."

Full Text

<html>
<head>
<title>Federal Register, Volume 91 Issue 211 (Tuesday, November 3, 2026)</title>
</head>
<body><pre>
[Federal Register Volume 91, Number 211 (Tuesday, November 3, 2026)]
[Notices]
[Pages 69309-69311]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-22415]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Comment Request; Mandatory Contractual Stay Requirements for 
Qualified Financial Contracts

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 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 valid Office of 
Management and Budget (OMB) control number. The OCC is soliciting 
comment concerning the renewal of its information collection titled, 
``Mandatory Contractual Stay Requirements for Qualified Financial 
Contracts.''

DATES: Comments must be received by January 4, 2027.

ADDRESSES: Commenters are encouraged to submit comments by email, if 
possible. You may submit comments by any of the following methods:
    <bullet> Email: <a href="/cdn-cgi/l/email-protection#037371626a6d656c436c60602d77716662702d646c75"><span class="__cf_email__" data-cfemail="e49496858d8a828ba48b8787ca9096818597ca838b92">[email&#160;protected]</span></a>.
    <bullet> Mail: Chief Counsel's Office, Attention: Comment 
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0339, 400 7th Street SW, Suite 1E-216, Washington, DC 20219.
    <bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 1E-216, 
Washington, DC 20219.
    <bullet> Fax: (571) 293-4835.
    Instructions: You must include ``OCC'' as the agency name and 
``1557-0339'' in your comment. In general, the OCC will publish 
comments on <a href="http://www.reginfo.gov">www.reginfo.gov</a> without change, including any business or 
personal information provided, such as name and address information, 
email addresses, or phone numbers. 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.

[[Page 69310]]

    Following the close of this notice's 60-day comment period, the OCC 
will publish a second notice with a 30-day comment period. You may 
review comments and other related materials that pertain to this 
information collection beginning on the date of publication of the 
second notice for this collection by the method set forth in the next 
bullet.
    <bullet> Viewing Comments Electronically: Go to <a href="http://www.reginfo.gov">www.reginfo.gov</a>. 
Hover over the ``Information Collection Review'' tab and click on 
``Information Collection Review'' from the drop-down menu. From the 
``Currently under Review'' drop-down menu, select ``Department of the 
Treasury'' and then click ``submit.'' This information collection can 
be located by searching OMB control number ``1557-0339'' or ``Mandatory 
Contractual Stay Requirements for Qualified Financial Contracts.'' Upon 
finding the appropriate information collection, click on the related 
``ICR Reference Number.'' On the next screen, select ``View Supporting 
Statement and Other Documents'' and then click on the link to any 
comment listed at the bottom of the screen.
    For assistance in navigating <a href="http://www.reginfo.gov">www.reginfo.gov</a>, please contact the 
Regulatory Information Service Center at (202) 482-7340.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer, 
(202) 649-5490, Chief Counsel's Office, Office of the Comptroller of 
the Currency, 400 7th Street SW, Washington, DC 20219. If you are deaf, 
hard of hearing, or have a speech disability, please dial 7-1-1 to 
access telecommunications relay services.

SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.), 
Federal agencies must obtain approval from the OMB for each collection 
of information that they conduct or sponsor. ``Collection of 
information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to 
include agency requests or requirements, imposed on ten or more 
persons, that members of the public submit reports, keep records, or 
provide information to a third party. Section 3506(c)(2)(A) of title 44 
generally requires Federal agencies to provide a 60-day notice in the 
Federal Register concerning each proposed collection of information, 
including each proposed extension of an existing collection of 
information, before submitting the collection to OMB for approval. To 
comply with this requirement, the OCC is publishing notice of the 
renewal of this collection.
    Title: Mandatory Contractual Stay Requirements for Qualified 
Financial Contracts.
    OMB Control No.: 1557-0339.
    Type of Review: Regular.
    Frequency of Response: On occasion.
    Affected Public: A national bank or Federal savings association 
(FSA) (or any subsidiary of either) that is a subsidiary of a global 
systemically important bank holding company that has been designated 
pursuant to 12 CFR 252.82 of the Federal Reserve Board's Regulation YY; 
a national bank or FSA (or any subsidiary of either) that is a 
subsidiary of a global systemically important foreign banking 
organization designated pursuant to 12 CFR 252.87 of the Federal 
Reserve Board's Regulation YY; a Federal branch or agency (or any U.S. 
subsidiary of a Federal branch or agency) of a global systemically 
important foreign banking organization designated pursuant to 12 CFR 
252.87 of the Federal Reserve Board's Regulation YY; and any national 
bank or FSA that is not under a bank holding company and that has more 
than $700 billion in total assets as reported on its most recent 
Consolidated Reports of Condition and Income (Call Report).
    Abstract: Under 12 CFR part 47, a covered bank is required to 
ensure that a covered qualified financial contract (QFC) (1) contains a 
contractual stay-and-transfer provision analogous to the statutory 
stay-and-transfer provision imposed under Title II of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act (see 12 U.S.C. 
5390(c)(9)-(10)) and in the Federal Deposit Insurance Act (see 12 
U.S.C. 1821(e)(8)-(10)) and (2) limits the exercise of default rights 
based on the insolvency of an affiliate of the covered bank. A covered 
bank is defined in 12 CFR 47.3(b) as:
    <bullet> A national bank or FSA that has more than $700 billion in 
total assets as reported on the national bank's or FSA's most recent 
Call Report;
    <bullet> A national bank or FSA that is a subsidiary of a global 
systemically important bank holding company that has been designated 
pursuant to Sec.  252.82 of this title (Federal Reserve Board 
Regulation YY) (12 CFR 252.82);
    <bullet> A national bank or FSA that is a subsidiary of a global 
systemically important foreign banking organization that has been 
designated pursuant to Sec.  252.87 of this title (Federal Reserve 
Board Regulation YY) (12 CFR 252.87);
    <bullet> A Federal branch or agency, as defined in subpart B of 
this chapter (governing Federal branches and agencies), of a global 
systemically important foreign banking organization that has been 
designated pursuant to Sec.  252.87 of this title (Federal Reserve 
Board Regulation YY) (12 CFR 252.87); or
    <bullet> A subsidiary of a covered bank, except, as defined in 12 
CFR 47.3(b)(3), subsidiaries held in satisfaction of debt previously 
contracted in good faith, a portfolio concern that is controlled by a 
small business investment company, and certain companies engaged in the 
business of making public welfare investments.
    The requirements are intended to enhance the resilience and the 
safety and soundness of Federally chartered and licensed financial 
institutions by addressing concerns relating to the exercise of default 
rights of certain financial contracts that could interfere with the 
orderly resolution of certain systemically important financial firms.
    Covered banks may comply either by amending the contractual 
provisions of their QFCs consistent with the requirements of Sec. Sec.  
47.4 and 47.5 within a specified period of time or by adhering to the 
International Swaps and Derivatives Association 2015 Universal 
Resolution Stay Protocol or U.S. Protocol (ISDA Protocols). 
Alternatively, 12 CFR 47.6(b)(1) provides that a covered bank may 
request that the OCC approve as compliant with the requirements of 
Sec. Sec.  47.4 and 47.5 provisions of one or more forms of covered 
QFCs, or amendments to one or more forms of covered QFCs, with enhanced 
creditor protection conditions.
    In order for the OCC to evaluate a covered bank's request, 12 CFR 
47.6(b)(3) requires that the request include (1) an analysis of the 
proposal that addresses a range of factors laid out in Sec.  47.6(d) 
that are intended to facilitate the OCC's consideration of whether the 
proposal would be consistent with the restrictions and the main 
objectives of the rule; (2) a written legal opinion verifying that the 
covered bank's proposed provisions or amendments would be valid and 
enforceable under applicable laws of the relevant jurisdictions, 
including, in the case of proposed amendments, the validity and 
enforceability of the proposal to amend the covered QFCs; and (3) any 
additional information relevant to the OCC's approval that the OCC 
requests. The OCC will then use the information collected to determine 
whether the covered bank's proposed alternative creditor protection 
conditions comply with the requirements of the rule and achieve its 
policy goals.

[[Page 69311]]

Estimated Burden

    Estimated Number of Respondents: 51.
    Estimated Burden per Respondent: 140 hours.
    Estimated Total Annual Burden: 7,140 hours.
    Comments submitted in response to this notice will be summarized 
and included in the request for OMB approval. All comments will become 
a matter of public record. Comments are 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 burden of the 
collection of information;
    (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.

Eden Gray,
Assistant Director, Office of the Comptroller of the Currency.
[FR Doc. 2026-22415 Filed 11-2-26; 8:45 am]
BILLING CODE 4810-33-P


</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>