The Office of the Comptroller of the Currency (OCC) is inviting comments on the proposed renewal of an information collection, as required by the Paperwork Reduction Act. This involves a revision of their annual stress test reporting template for financial institutions with assets of $250 billion or more, under the Dodd-Frank Act. The proposed updates aim to align with existing Federal Reserve reporting forms and exclude outdated or unnecessary components. Public comments are encouraged and can be submitted by various methods outlined in the notice until March 7, 2025.
Simple Explanation
The government wants opinions on changes to a big banks' report card to make sure they’re ready for money problems. They want to make the paperwork easier and more like other forms they already use, and they promise to keep people's info secret as much as the law allows.