The OCC is seeking comments on the renewal of its guidelines establishing standards for recovery planning by certain large banks. The standards—which were first issued in 2015 and later modified by a final rule in 2018—apply to banks with more than $250 billion in assets, and require firms to create recovery plans that describe overall organization and legal entity structure, as well as interconnections and independencies across business lines, with affiliates in a bank holding company structure, between a covered bank and its foreign subsidiaries and with critical third-parties.
The OCC is inviting comments on whether the information collection is necessary; the accuracy of the agency’s estimate of the burden the information collection places on banks; ways to enhance the quality, utility and clarity of the information being collected; ways to reduce burden; and estimates of costs associated with providing the information. Comments will be due 30 days after publication in the Federal Register.
