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OMB Control No: 1557-0320	ICR Reference No: 201402-1557-003
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Subordinated Debt
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR: No
Type of Review Request: Emergency	Approval Requested By: 02/20/2014
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/28/2014
	Date Received in OIRA: 02/10/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2014	6 Months From Approved
Responses	184	0	0
Time Burden (Hours)	239	0	0
Cost Burden (Dollars)	0	0	0

Abstract: A key element of Basel III is stricter requirements for all regulatory capital instruments, including subordinated debt instruments. Subordinated debt is an important capital instrument issued by banks, and the amendments in this interim final rule include revisions to the OCC's regulations governing subordinated debt make conforming, technical and clarifying amendments to the OCC's rules. The OCC is concerned that, absent the amendments made in this interim final rule, subordinated debt issued by national banks or federal savings associations would not have the strong safeguards crafted by OCC rules implementing Basel III. Therefore, OCC is issuing an interim final rule, which would bring its subordinated debt regulations in conformity with Basel III, which became effective for certain large banks on January 1, 2014. It is imperative that this interim final rule become effective as soon as possible, as Basel III is already in effect for those banks.

Emergency Justfication: This collection is based on the OCC’s implementation of Basel III, which was adopted by the OCC to address shortfalls in the capital rules applicable to national bank and Federal savings associations made apparent by the financial crisis. A key element of Basel III is stricter requirements for all regulatory capital instruments, including subordinated debt instruments. The rule specifically sets forth revisions to the OCC’s regulations governing subordinated debt with respect to the criteria for subordinated debt that may be counted as regulatory capital and restrictions relating to prepayment prior to maturity. The OCC is concerned that, absent the amendments made in this interim final rule, subordinated debt issued by national banks and Federal savings associations would not be subject to necessary safeguards crafted by OCC regulations implementing Basel III. Therefore, the OCC is issuing an interim final rule, which would bring its subordinated debt regulations in conformity with OCC regulations implementing Basel III, which became effective for certain large banks on January 1, 2014. It is imperative that this interim final rule become effective as soon as possible, as Basel III is already in effect for those banks. Therefore, the OCC is requesting emergency clearance.

Authorizing Statute(s): US Code: 12 USC 1 et seq. Name of Law: The National Bank Act

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1557-AD73	Final or interim final rulemaking	79 FR 11300	02/28/2014

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Subordinated Debt

ICR Summary of Burden

	Total Approved	Change Due to Agency Discretion
Annual Number of Responses	184	184
Annual Time Burden (Hours)	239	239
Annual Cost Burden (Dollars)	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The increase in burden is due to the addition of new reporting requirements in 12 CFR 5.47.

Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

Agency Contact: Jean Campbell 202 874-5090 jean.campbell@occ.treas.gov

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