The Office of the Comptroller of the Currency (OCC) is inviting public and federal agency comments on a proposed revision to an information collection requirement under the Paperwork Reduction Act. This involves updating reporting requirements for national banks and federal savings associations, particularly those with assets of $250 billion or more, to align with stress test templates used by the Federal Reserve. The goal is to minimize the burden on these institutions while ensuring effective stress testing practices. Comments on the proposal are requested by March 29, 2021, and the OCC encourages electronic submissions.
Simple Explanation
The Office of the Comptroller of the Currency (OCC) wants to make sure big banks are ready for tough times without making them fill out too much paperwork. They're asking people to share their thoughts on how to do this better by March 29, 2021.