97-10402. Submission for OMB Review; Comment Request

[Federal Register Volume 62, Number 77 (Tuesday, April 22, 1997)]
[Notices]
[Page 19654]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-10402]



[[Page 19654]]

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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Submission for OMB Review; Comment Request

AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork 
and respondent burden, invites the general public and other Federal 
agencies to take this opportunity to comment on a proposed information 
collection, as required by the Paperwork Reduction Act of 1995. 
Currently, the OCC is soliciting comments concerning an information 
collection titled Year 2000 Assessment.

DATES: Written comments should be submitted by May 9, 1997.

ADDRESSES: Direct all written comments to the Communications Division, 
Attention: 1557-YR2K, Third Floor, Office of the Comptroller of the 
Currency, 250 E Street, SW., Washington, DC 20219. In addition, 
comments may be sent by facsimile transmission to [phone], or by 
electronic mail to [email protected]

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
may be sent to Jessie Gates or Dionne Walsh, [phone], 
Legislative and Regulatory Activities Division (1557-YR2K), Office of 
the Comptroller of the Currency, 250 E Street, SW, Washington, DC 
20219.

SUPPLEMENTARY INFORMATION: The OCC has submitted the Year 2000 
Assessment to OMB under the emergency processing procedures in 5 CFR 
1320.13. Further, the OCC has requested OMB action by May 9, 1997.
    Title: Year 2000 Assessment.
    OMB Number: 1557-YR2K.
    Form Number: N/A.
    Abstract: The turn of the century will present significant problems 
for users of automated systems, unless timely corrective action is 
taken. Financial institutions, due to the reliance on computer based 
processing systems, face critical challenges in addressing what is now 
known as the Year 2000 problem. Experts agree that the Year 2000 
problem represents one of the largest and most costly project 
management efforts that have been undertaken.
    The OCC and the other federal banking agencies alerted the industry 
to Year 2000 issues in June, 1996 and are currently working on updated 
guidance which they expect to issue shortly. The OCC has begun 
comprehensive examinations of national bank Year 2000 preparedness. As 
a part of this effort, the OCC is seeking to obtain a current, accurate 
and uniform system-wide assessment of each bank's Year 2000 efforts. We 
will use the information gleaned from this assessment to identify 
institutions needing priority attention and will schedule those 
institutions for early examination.
    To complete the Year 2000 assessment, examiners will ask bank 
management questions similar to those that follow. The OCC may develop 
additional questions to facilitate its assessment of national bank Year 
2000 preparations as the process continues.

Year 2000 Assessment

Overall Plan

    1. Does the institution have a year 2000 process including: 
recognition of the problem, inventory of systems, remediation of 
systems, testing, and implementation?
    2. Has the institution completed an inventory to determine Year 
2000 impact?
    3. Has the institution prioritized internally and externally 
maintained systems (hardware, software, operating, ATM's HVAC, 
elevators, vaults, etc.), including those supplied by hardware and 
software vendors?

Resource Implications

    4. Has the institution established a budget for the Year 2000 
effort?
    5. Has the institution determined whether they have resources 
(hardware, people, etc.) sufficient to achieve Year 2000 processing 
capabilities?

Sponsorship/Monitoring

    6. Has the institution assigned overall responsibility for the Year 
2000 effort to a senior manager?
    7. Have the institution established project target dates and 
deliverables for the Year 2000 effort?
    8. Does the process include a regular reporting to and monitoring 
by senior management?
    9. Does the institution's plan call for all critical systems to 
meet Year 2000 processing requirements no later than December 31, 1998?
    10. Has the institution developed a testing strategy for the Year 
2000 effort?
    11. For remediated systems, did the testing results meet 
management's expectations?
    Type of Review: New collection.
    Affected Public: Businesses or other for-profit.
    Number of Respondents: 2,800.
    Total Annual Responses: 2,800.
    Frequency of Response: Occasional.
    Total Annual Burden Hours: 700.

Comments

    Comments submitted in response to this notice will be considered in 
developing the final version of the Year 2000 Assessment. All comments 
will become a matter of public record. Comments are invited on:
    (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information has practical utility;
    (b) The accuracy of the agency's estimate of the burden of the 
collection of information;
    (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    (d) Ways to minimize the burden of the collection on respondents, 
including through the use of automated collection techniques or other 
forms of information technology; and
    (e) Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Dated: April 17, 1997.
Karen Solomon,
Director, Legislative and Regulatory Activities Division.
[FR Doc. 97-10402 Filed 4-17-97; 2:47 pm]
BILLING CODE 4810-33-P