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Federal Register / Vol. 86, No. 109 / Wednesday, June 9, 2021 / Notices
whether the acquisition of the nonbanking company complies with the standards in section 4 of the BHC Act 12 U.S.C. 1843, and interested persons may express their views in writing on the standards enumerated in section 4.
Unless otherwise noted, nonbanking activities will be conducted throughout the United States.
Comments regarding each of these applications must be received at the Reserve Bank indicated or the offices of the Board of Governors, Ann E.
Misback, Secretary of the Board, 20th Street and Constitution Avenue NW, Washington, DC 205510001, not later than July 9, 2021.
A. Federal Reserve Bank of Richmond Adam M. Drimer, Assistant Vice President 701 East Byrd Street, Richmond, Virginia 23219. Comments can also be sent electronically to or Comments.applications@rich.frb.org:
1. VCC Social Enterprises, Richmond, Virginia; to become a bank holding company by acquiring VCC Bank, Richmond, Virginia, and also acquire Virginia Community Capital, Locus Capital, Locus Impact Investing, and Locus Foundation, all of Richmond, Virginia, and thereby engage in extending credit and servicing loans, asset management activities, management consulting, community development activities, financing and investment activities, and data processing activities pursuant to section 225.28b1, b2vi, b9iA, 225.28b12i, and b14i the Boards Regulation Y, respectively.
Board of Governors of the Federal Reserve System, June 4, 2021.
Ann Misback, Secretary of the Board.
FR Doc. 202112084 Filed 6821; 8:45 am BILLING CODE P

FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System Board is adopting a proposal to extend for three years, without revision, the Recordkeeping Provisions Associated with Stress Testing Guidance FR 4202;
OMB No. 71000348. The Board has extended the FR 4202 without revision to ensure compliance with the Paperwork Reduction Act PRA.
However, whether and how any changes should be made to the guidance in light
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of recent amendments made by the Board to its stress testing rules is under consideration. The Board will publish any proposed changes to the FR 4202
via a separate notice for comment.
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance OfficerNuha ElmaghrabiOffice of the Chief Data Officer, Board of Governors of the Federal Reserve System, Washington, DC 20551, 202
4523829.
Office of Management and Budget OMB Desk OfficerShagufta Ahmed Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 10235, 725 17th Street NW, Washington, DC 20503, or by fax to 202 3956974.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board authority under the PRA to approve and assign OMB control numbers to collections of information conducted or sponsored by the Board. Boardapproved collections of information are incorporated into the official OMB
inventory of currently approved collections of information. The OMB
inventory, as well as copies of the PRA
Submission, supporting statements, and approved collection of information instruments are available at https
www.reginfo.gov/public/do/PRAMain.
These documents are also available on the Federal Reserve Boards public website at https
www.federalreserve.gov/apps/
reportforms/review.aspx or may be requested from the agency clearance officer, whose name appears above.
Final Approval Under OMB Delegated Authority of the Extension for Three Years, Without Revision, of the Following Information Collection Report title: Recordkeeping Provisions Associated with Stress Testing Guidance.
Agency form number: FR 4202.
OMB control number: 71000348.
Frequency: As needed.
Respondents: Banking organizations.
Estimated number of respondents:
100.
Estimated average hours per response:
180.
Estimated annual burden hours:
18,000.
General description of report: On May 17, 2012, the Board published the Supervisory Guidance on Stress Testing for Banking Organizations With More Than $10 Billion in Total Consolidated Assets Stress Testing Guidance in the
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Federal Register.1 The Stress Testing Guidance outlines high-level principles for stress testing practices applicable to all Board-supervised banking organizations with more than $10
billion in total consolidated assets.2
The Stress Testing Guidance recommends that banking organizations i have a stress testing framework that includes clearly defined objectives, well-designed scenarios tailored to the banking organizations business and risks, well-documented assumptions, conceptually sound methodologies to assess potential impact on the banking organizations financial condition, informative management reports, and recommended actions based on stress test results; and ii have policies and procedures for a stress testing framework. These recordkeeping activities are collections of information under the PRA.
An organization should have written policies, approved and annually reviewed by the board, that direct and govern the implementation of the stress testing framework in a comprehensive manner. Policies, along with procedures to implement them, should:
Describe the overall purpose of stress testing activities;
articulate consistent and sufficiently rigorous stress testing practices across the entire organization;
indicate stress testing roles and responsibilities, including controls over external resources used for any part of stress testing such as vendors and data providers;
describe the frequency and priority with which stress testing activities should be conducted;
indicate how stress test results are used and by whom, and be reviewed and updated as necessary to ensure that stress testing practices remain appropriate and keep up to date with changes in market conditions, organization products and strategies, organization exposures and activities, the organizations established risk appetite, and industry stress testing practices.
Legal authorization and confidentiality: This voluntary information collection is authorized pursuant to section 11 of the Federal Reserve Act, 12 U.S.C. 248 state member banks; sections 25 and 25A of 1 77 FR 29458. The Stress Testing Guidance was issued jointly by the Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency.
2 Board-supervised banking organizations include state member banks, bank holding companies, savings and loan holding companies, and all other institutions for which the Board is the primary federal supervisor.

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