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GAO-17-148R 1 (2016-10-11)

handle is hein.gao/gaobadsri0001 and id is 1 raw text is: GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-328476 October 11, 2016 The Honorable Richard Shelby Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Jeb Hensarling Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Department of the Treasury, Office of the Comptroller of the Currency: OCC Guidelines Establishing Standards for Recovery Planning by Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches; Technical Amendments Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury, Office of the Comptroller of the Currency (OCC) entitled OCC Guidelines Establishing Standards for Recovery Planning by Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches; Technical Amendments (RIN: 1557-AD96). We received the rule on September 30, 2016. It was published in the Federal Register as a final rule and guidelines on September 29, 2016. 81 Fed. Reg. 66,791. The final rule and guidelines establish standards for recovery planning by insured national banks, insured federal savings associations, and insured federal branches of foreign banks with average total consolidated assets of $50 billion or more. OCC is issuing this rule as an appendix to its safety and soundness standards regulations, and OCC determined it will be enforceable by the terms of the federal statute that authorizes OCC to prescribe operational and managerial standards for national banks and federal savings associations. This rule also adopts technical changes to the safety and soundness standards regulations that are made necessary by the addition of the rule. Enclosed is our assessment of OCC's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review of the procedural steps taken indicates that OCC complied with the applicable requirements. GAO-17-148R

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