60-Day Federal Register Notice

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Federal Register / Vol. 86, No. 138 / Thursday, July 22, 2021 / Notices

l. Major Capital Projects as defined by
49 CFR part 633 ‘‘Project Management
Oversight’’ must document FTA has
reviewed the project management plan
and provided approval.
m. Milestone information is complete.
FTA will also review status of other
open award reports to confirm financial
and milestone information is current on
other open awards.
n. Recipient has ensured that it has
registered to report to the National
Transit Database, and that any
beneficiaries that provide public
transportation service have also
registered to report to the National
Transit Database. FTA must also
provide Congressional notification
before awarding competitive grants.
Other important issues that impact
FTA grant processing activities in
addition to the list above are discussed
below.

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a. Award Budgets—Scope Codes and
Activity Line Items (ALI) Codes;
Financial Purpose Codes
FTA uses Scope and ALI Codes in the
award budgets to track disbursements,
monitor program trends, report to
Congress, and to respond to requests
from the Inspector General and the
Government Accountability Office, as
well as to manage grants. The accuracy
of the data is dependent on the careful
and correct use of codes.
b. Designated and Direct Recipients
Documentation
For its formula programs, FTA
primarily apportions funds to the
designated recipient in the large UZAs
(areas over 200,000), or for areas under
200,000 (small UZAs and rural areas), it
apportions the funds to the Governor, or
its designee (e.g., State DOT).
Depending on the program, as described
in the individual program sections
found in Section IV of this notice,
further suballocation of funds may be
permitted to eligible recipients who may
then apply directly to FTA for the
funding as direct recipients.
For the programs in which FTA may
make grants to eligible direct recipients,
other than the designated recipient(s),
recipients are reminded that
documentation must be on file to
support: (1) The status of the recipient
either as a designated recipient or direct
recipient; and (2) the allocation of funds
to the direct recipient.
Documentation to support existing
designated recipients for the UZA must
also be on file at the time of the first
application in FY 2021. Split letters
and/or suballocation letters (Governor’s
Apportionment letters), must also be on
file to support grant applications for

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direct recipients. Once suballocation
letters for FY 2021 funding are finalized,
they should be uploaded as part of the
application into TrAMS.
The Direct Recipient is required to
upload to TrAMS a copy of the
suballocation letter (Letter) indicating
their allocation of funding, for the
appropriate fund program, when the
applicant transmits their application for
initial review. The Letter must be signed
by the Designated Recipient, or as
applicable in accordance with their
planning requirements. If there are two
Designated Recipients, both entities
must sign the Letter. The Letter must:
(1) Indicate the allocations to the
respective Direct Recipients listed in the
letter; (2) incorporate language above
the signatories to reflect this agreement;
and (3) make clear that the Direct
Recipient will assume any/all
responsibility associated with the award
for the funds. When drafting the Letter,
Designated Recipients may use the
template language below:
As identified in this Letter, the Designated
Recipient(s) authorize the reassignment/
reallocation of [enter fund source; e.g.,
Section 5307 funds] to the Direct Recipient(s)
named herein. The undersigned agree to the
amounts allocated/reassigned to each direct
Recipient. Each Direct Recipient is
responsible for its application to the Federal
Transit Administration to receive such funds
and assumes the responsibilities associated
with any award for these funds.

The contents of this document do not
have the force and effect of law and are
not meant to bind the public in any
way. This document is intended only to
provide clarity to the public regarding
existing requirements under the law or
agency policies.
Recipients should refer to applicable
regulations and statutes referenced in
this document.
Nuria I. Fernandez,
Administrator.
[FR Doc. 2021–15576 Filed 7–21–21; 8:45 am]
BILLING CODE P

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
FEDERAL RESERVE SYSTEM
FEDERAL DEPOSIT INSURANCE
CORPORATION
Proposed Agency Information
Collection Activities; Comment
Request
Office of the Comptroller of the
Currency (OCC), Treasury; Board of

AGENCY:

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Governors of the Federal Reserve
System (Board); and Federal Deposit
Insurance Corporation (FDIC).
ACTION: Joint notice and request for
comment.
In accordance with the
requirements of the Paperwork
Reduction Act of 1995 (PRA), the OCC,
the Board, and the FDIC (the agencies)
may not conduct or sponsor, and the
respondent is not required to respond
to, an information collection unless it
displays a currently valid Office of
Management and Budget (OMB) control
number. The Federal Financial
Institutions Examination Council
(FFIEC), of which the agencies are
members, has approved the agencies’
publication for public comment of a
proposal to revise and extend the
Consolidated Reports of Condition and
Income (Call Reports) (FFIEC 031,
FFIEC 041, and FFIEC 051), which are
currently approved collections of
information. The agencies are requesting
comment on proposed changes to clarify
instructions for reporting of deferred tax
assets (DTAs) consistent with a
proposed rule on tax allocation
agreements and a new item related to
the final rule on the standardized
approach for counterparty credit risk.
DATES: Comments must be submitted on
or before September 20, 2021.
ADDRESSES: Interested parties are
invited to submit written comments to
any or all of the agencies. All comments,
which should refer to the ‘‘Call Report
Revisions,’’ will be shared among the
agencies.
OCC: You may submit comments,
which should refer to ‘‘Call Report
Revisions,’’ by any of the following
methods:
• Email: prainfo@occ.treas.gov.
• Mail: Chief Counsel’s Office, Office
of the Comptroller of the Currency,
Attention: 1557–0081, 400 7th Street
SW, Suite 3E–218, Washington, DC
20219.
• Hand Delivery/Courier: 400 7th
Street SW, Suite 3E–218, Washington,
DC 20219.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0081’’ in your comment. In general, the
OCC will publish comments on
www.reginfo.gov without change,
including any business or personal
information provided, such as name and
address information, email addresses, or
phone numbers. Comments received,
including attachments and other
supporting materials, are part of the
public record and subject to public
disclosure. Do not include any
information in your comment or
SUMMARY:

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lotter on DSK11XQN23PROD with NOTICES1

Federal Register / Vol. 86, No. 138 / Thursday, July 22, 2021 / Notices
supporting materials that you consider
confidential or inappropriate for public
disclosure.
You may review comments and other
related materials that pertain to this
information collection beginning on the
date of publication of the second notice
for this collection by the following
method:
• Viewing Comments Electronically:
Go to www.reginfo.gov. Click on the
‘‘Information Collection Review’’ link
on the ‘‘Information Collection Review’’
tab. Underneath the ‘‘Currently under
Review’’ section heading, from the dropdown menu select ‘‘Department of
Treasury’’ and then click ‘‘submit.’’ This
information collection can be located by
searching by OMB control number
‘‘1557–0081.’’ Upon finding the
appropriate information collection, click
on the related ‘‘ICR Reference Number.’’
On the next screen, select ‘‘View
Supporting Statement and Other
Documents’’ and then click on the link
to any comment listed at the bottom of
the screen.
• For assistance in navigating
www.reginfo.gov, please contact the
Regulatory Information Service Center
at (202) 482–7340.
Board: You may submit comments,
which should refer to ‘‘Call Report
Revisions,’’ by any of the following
methods:
• Agency Website: http://
www.federalreserve.gov. Follow the
instructions for submitting comments at:
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
• Email: regs.comments@
federalreserve.gov. Include ‘‘Call Report
Reporting Revisions’’ in the subject line
of the message.
• Fax: (202) 452–3819 or (202) 452–
3102.
• Mail: Ann E. Misback, Secretary,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue NW, Washington,
DC 20551.
All public comments are available on
the Board’s website at https://
www.federalreserve.gov/apps/foia/
proposedregs.aspx as submitted, unless
modified for technical reasons.
Accordingly, your comments will not be
edited to remove any identifying or
contact information.
FDIC: You may submit comments,
which should refer to ‘‘Call Report
Revisions,’’ by any of the following
methods:
• Agency Website: https://
www.fdic.gov/regulations/laws/federal/.
Follow the instructions for submitting
comments on the FDIC’s website.

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• Federal eRulemaking Portal:
https://www.regulations.gov. Follow the
instructions for submitting comments.
• Email: comments@FDIC.gov.
Include ‘‘Call Report Revisions’’ in the
subject line of the message.
• Mail: Manuel E. Cabeza, Counsel,
Attn: Comments, Room MB–3128,
Federal Deposit Insurance Corporation,
550 17th Street NW, Washington, DC
20429.
• Hand Delivery: Comments may be
hand delivered to the guard station at
the rear of the 550 17th Street Building
(located on F Street) on business days
between 7:00 a.m. and 5:00 p.m.
• Public Inspection: All comments
received will be posted without change
to https://www.fdic.gov/regulations/
laws/federal/ including any personal
information provided. Paper copies of
public comments may be requested from
the FDIC Public Information Center by
telephone at (877) 275–3342 or (703)
562–2200.
Additionally, commenters may send a
copy of their comments to the OMB
desk officers for the agencies by mail to
the Office of Information and Regulatory
Affairs, U.S. Office of Management and
Budget, New Executive Office Building,
Room 10235, 725 17th Street NW,
Washington, DC 20503; by fax to (202)
395–6974; or by email to oira_
submission@omb.eop.gov.
FOR FURTHER INFORMATION CONTACT: For
further information about the proposed
revisions to the information collections
discussed in this notice, please contact
any of the agency staff whose names
appear below. In addition, copies of the
report forms for the Call Reports can be
obtained at the FFIEC’s website (https://
www.ffiec.gov/ffiec_report_forms.htm).
OCC: Kevin Korzeniewski, Counsel,
Chief Counsel’s Office, (202) 649–5490.
Board: Nuha Elmaghrabi, Federal
Reserve Board Clearance Officer, (202)
452–3884, Office of the Chief Data
Officer, Board of Governors of the
Federal Reserve System, 20th and C
Streets NW, Washington, DC 20551.
Telecommunications Device for the Deaf
(TDD) users may call (202) 263–4869.
FDIC: Manuel E. Cabeza, Counsel,
(202) 898–3767, Legal Division, Federal
Deposit Insurance Corporation, 550 17th
Street NW, Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
I. Report Summary
The agencies propose to extend for
three years, with revision, the FFIEC
031, FFIEC 041, and FFIEC 051 Call
Reports.
Report Title: Consolidated Reports of
Condition and Income (Call Report).
Form Number: FFIEC 031
(Consolidated Reports of Condition and

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38811

Income for a Bank with Domestic and
Foreign Offices), FFIEC 041
(Consolidated Reports of Condition and
Income for a Bank with Domestic
Offices Only), and FFIEC 051
(Consolidated Reports of Condition and
Income for a Bank with Domestic
Offices Only and Total Assets Less Than
$5 Billion).
Frequency of Response: Quarterly.
Affected Public: Business or other forprofit.
Type of Review: Revision and
extension of currently approved
collections.
OCC
OMB Control No.: 1557–0081.
Estimated Number of Respondents:
1,090 national banks and federal savings
associations.
Estimated Average Burden per
Response: 42.10 burden hours per
quarter to file.
Estimated Total Annual Burden:
183,556 burden hours to file.
Board
OMB Control No.: 7100–0036.
Estimated Number of Respondents:
728 state member banks.
Estimated Average Burden per
Response: 45.62 burden hours per
quarter to file.
Estimated Total Annual Burden:
132,845 burden hours to file.
FDIC
OMB Control No.: 3064–0052.
Estimated Number of Respondents:
3,209 insured state nonmember banks
and state savings associations.
Estimated Average Burden per
Response: 40.13 burden hours per
quarter to file.
Estimated Total Annual Burden:
515,109 burden hours to file.
The estimated average burden hours
collectively reflect the estimates for the
FFIEC 031, the FFIEC 041, and the
FFIEC 051 reports for each agency.
When the estimates are calculated by
type of report across the agencies, the
estimated average burden hours per
quarter are 86.49 (FFIEC 031), 55.53
(FFIEC 041), and 35.38 (FFIEC 051). The
changes to the FFIEC 031, FFIEC 041
and FFIEC 051 Call Report forms and
instructions proposed in this notice
would not have a material impact on the
existing burden estimates. The
estimated burden per response for the
quarterly filings of the Call Report is an
average that varies by agency because of
differences in the composition of the
institutions under each agency’s
supervision (e.g., size distribution of
institutions, types of activities in which
they are engaged, and existence of
foreign offices).

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Federal Register / Vol. 86, No. 138 / Thursday, July 22, 2021 / Notices

Type of Review: Extension and
revision of currently approved
collections. In addition to the proposed
revisions discussed below, Call Reports
are periodically updated to clarify
instructional guidance and correct
grammatical and typographical errors on
the forms and instructions, which are
published on the FFIEC website.1 These
non-substantive updates may also be
commented upon.

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Legal Basis and Need for Collections
The Call Report information
collections are mandatory: 12 U.S.C. 161
(national banks), 12 U.S.C. 324 (state
member banks), 12 U.S.C. 1817 (insured
state nonmember commercial and
savings banks), and 12 U.S.C. 1464
(federal and state savings associations).
At present, except for selected data
items and text, these information
collections are not given confidential
treatment.
Banks and savings associations
submit Call Report data to the agencies
each quarter for the agencies’ use in
monitoring the condition, performance,
and risk profile of individual
institutions and the industry as a whole.
Call Report data serve a regulatory or
public policy purpose by assisting the
agencies in fulfilling their shared
missions of ensuring the safety and
soundness of financial institutions and
the financial system and protecting
consumer financial rights, as well as
agency-specific missions affecting
national and state-chartered institutions,
such as conducting monetary policy,
ensuring financial stability, and
administering federal deposit insurance.
Call Reports are the source of the most
current statistical data available for
identifying areas of focus for on-site and
off-site examinations. Among other
purposes, the agencies use Call Report
data in evaluating institutions’ corporate
applications, including interstate merger
and acquisition applications for which
the agencies are required by law to
determine whether the resulting
institution would control more than 10
percent of the total amount of deposits
of insured depository institutions in the
United States. Call Report data also are
used to calculate institutions’ deposit
insurance assessments and national
banks’ and federal savings associations’
semiannual assessment fees.

II. Current Actions
A. Deferred Tax Items
Background
On May 10, 2021, the agencies
published a proposed rule on Tax
Allocation Agreements (Tax NPR).2 The
Tax NPR addresses safety and
soundness requirements and
appropriate accounting for these
agreements. Consistent with the
proposed requirements and discussion
in the Tax NPR, the agencies propose to
revise the Call Report instructions to
clarify the Glossary entry for ‘‘Income
Taxes’’ to address treatment of
temporary difference deferred tax items
and operating loss and tax credit
carryforward deferred tax assets (DTAs).
Temporary Difference Deferred Tax
Items
Consistent with the separate entity
basis reporting requirement, separating
DTAs and deferred tax liabilities (DTLs)
from the associated assets or liabilities
that gave rise to the deferred tax items
would depart from one of the primary
objectives related to accounting for
income taxes, which is to recognize
deferred tax items for the future tax
consequences of events that have been
recognized in an entity’s financial
statements or tax returns.3 The relevant
accounting standards specifically state
that a temporary difference refers to a
difference between the tax basis of an
asset or liability and its reported amount
in the financial statements that will
result in taxable or deductible amounts
in future years when the reported
amount of the asset or liability is
recovered or settled, respectively.4 More
specifically, DTAs are the deferred tax
consequences attributable to deductible
temporary differences and
carryforwards, while DTLs are the
deferred tax consequences attributable
to taxable temporary differences.5
Based on the description of deferred
tax items in ASC paragraph 740–10–05–
7 and the uncertainty over the actual
amounts at which deferred tax items
will be settled or realized in future
periods, temporary difference deferred
tax items should remain on the balance
sheet as long as the associated assets or
liabilities that give rise to those deferred
tax items remain on the balance sheet.
Accordingly, an institution’s purchase,
sale, or other transfer of deferred tax
items arising from temporary differences
is not acceptable under U.S. generally
2 86

FR 24755 (May 10, 2021).
Standards Codification (ASC) Topic
740 ¶ 740–10–10–1 (Fin. Acct. Standards Bd. 2019).
4 Id. ¶ 740–10–05–7.
5 Id. ¶ 740–10–20.
3 Accounting

1 www.ffiec.gov/forms031.htm; www.ffiec.gov/
forms041.htm; www.ffiec.gov/forms051.htm.

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accepted accounting principles (GAAP)
unless these items are transferred in
connection with the transfer of the
associated assets or liabilities. In the
case of timing differences, it may be
appropriate to transfer DTAs or DTLs
resulting from a timing difference when
the underlying asset or liability that
created the future tax benefit or
obligation is being purchased, sold, or
transferred within the consolidated
group.6 In addition, when the DTA or
DTL can be realized or is absorbed by
the consolidated group in the current
period tax return, it would be
appropriate to settle or recover the DTA
or DTL, respectively.7 Therefore, the
agencies propose to revise the Glossary
entry for ‘‘Income Taxes’’ to clarify the
treatment for transfers of temporary
difference deferred tax items as
described above.
Operating Loss and Tax Credit
Carryforward DTAs
Carryforwards are deductions or
credits that cannot be utilized on the tax
return during a year that may be carried
forward to reduce taxable income or
taxes payable in a future year.8 Thus, in
contrast to temporary differences,
carryforwards do not arise directly from
book-tax basis differences associated
with particular assets or liabilities.
GAAP does not require a single
allocation method for income taxes
when members of a consolidated group
issue separate financial statements.9 The
commonly applied ‘‘separate-return’’
method, which would reflect DTAs for
net operating losses (NOLs) and tax
credit carryforwards on a separate
return basis, would meet the relevant
criteria.10 Other systematic and rational
methods that are consistent with the
broad principles established by ASC
Topic 740 are also acceptable under
GAAP.
As described in detail in
SUPPLEMENTARY INFORMATION section of
the Tax NPR, the agencies have
determined that the derecognition by
insured depository institutions of DTAs
for NOL or tax credit carryforwards in
6 When an asset or liability is transferred outside
the consolidated group, the institution would no
longer recognize the associated DTA or DTL. The
institution would include the tax consequences of
the transaction in the calculation of its current
period tax expense or benefit.
7 Under GAAP, a deferred tax item generally
becomes a current tax item when it is expected to
be used to calculate estimated taxes payable or
receivable on tax returns for current and prior years.
ASC Topic 740 ¶ 740–10–25–2(a) (Fin. Acct.
Standards Bd. 2019).
8 Id. ¶ 740–10–20.
9 See id. ¶ 740–10–30–27 (referring to ASC
subtopic 740–10).
10 Id.

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Federal Register / Vol. 86, No. 138 / Thursday, July 22, 2021 / Notices
the Call Report raises significant
supervisory and other concerns.
Consistent with that determination, the
agencies propose to revise the
instructions to clarify that an institution
must not derecognize DTAs for NOLs or
tax credit carryforwards on its separateentity regulatory reports prior to the
time when such carryforwards are
absorbed by the consolidated group.
B. Standardized Approach for
Counterparty Credit Risk (SA–CCR)
The agencies are proposing a revision
to add a new item to the Call Report
forms related to early or voluntary
adoption of the standardized approach
for counterparty credit risk methodology
in the agencies’ capital rules.11
Background
On January 24, 2020, the agencies
issued a final rule 12 (SA–CCR final rule)
that amends the regulatory capital rule
to implement a new approach for
calculating the exposure amount for
derivative contracts for purposes of
calculating the total risk-weighted assets
(RWA), which is called SA–CCR. The
final rule also incorporates SA–CCR into
the determination of the exposure
amount of derivatives for total leverage
exposure under the supplementary
leverage ratio, and the cleared
transaction framework under the capital
rule.
Banking institutions that are not
advanced approaches institutions may
elect to use SA–CCR to calculate
standardized total RWA by notifying
their appropriate federal supervisor.13
Advanced approaches institutions are
required to use SA–CCR to calculate
standardized total RWA starting on
January 1, 2022. Advanced approaches
institutions may adopt SA–CCR prior to
January 1, 2022, but must notify their
appropriate federal supervisor of early
adoption.14

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Proposed Change
The agencies are proposing to revise
Schedule RC–R, Part I, Regulatory
Capital Components and Ratios, on all
versions of the Call Report by adding a
new line item 31.b, ‘‘Standardized
Approach for Counterparty Credit Risk
opt-in election.’’ The agencies are
proposing to add this new item to
identify institutions that have chosen to
early adopt or voluntarily elect SA–
11 12 CFR part 3 (OCC); 12 CFR part 217 (Board);
12 CFR part 324 (FDIC).
12 85 FR 4362 (Jan. 24, 2020).
13 12 CFR 3.34(a)(1)(ii) (OCC); 12 CFR
217.34(a)(1)(ii) (Board); 12 CFR 324.34(a)(1)(ii)
(FDIC).
14 12 CFR 3.300(g) (OCC); 12 CFR 217.300(h)
(Board); 12 CFR 324.300(g) (FDIC).

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CCR, which would allow for enhanced
comparability of the reported derivative
data and for better supervision of the
implementation of the framework at
these institutions. Due to the inherent
complexity of adopting SA–CCR, this
identification is particularly important
for non-advanced approaches
institutions that choose to voluntarily
adopt SA–CCR.
A non-advanced approaches
institution that adopts SA–CCR would
enter ‘‘1’’ for ‘‘Yes’’ in line item 31.b.
All other non-advanced approaches
institutions would leave this item blank.
If a non-advanced approaches
institution has elected to use SA–CCR,
the institution may change its election
only with prior approval of its
appropriate federal regulator.15 An
advanced approaches institution that
elects to early adopt SA–CCR prior to
the January 1, 2022, mandatory
compliance date would enter ‘‘1’’ for
‘‘Yes’’ in line item 31.b. After January 1,
2022, an advanced approaches
institution would leave this item blank.
This proposed reporting change would
take effect starting with the December
31, 2021, Call Report. This item would
no longer be applicable to advanced
approaches institutions starting with the
March 31, 2022, report date.
III. Request for Comment
Public comment is requested on all
aspects of this joint notice. Comment is
specifically invited on:
(a) Whether the proposed revisions to
the collections of information that are
the subject of this notice are necessary
for the proper performance of the
agencies’ functions, including whether
the information has practical utility;
(b) The accuracy of the agencies’
estimates of the burden of the
information collections as they are
proposed to be revised, including the
validity of the methodology and
assumptions used;
(c) Ways to enhance the quality,
utility, and clarity of the information to
be collected;
(d) Ways to minimize the burden of
information collections on respondents,
including through the use of automated
collection techniques or other forms of
information technology; and
(e) Estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
15 12 CFR 3.34(a)(1)(ii) (OCC); 12 CFR
217.34(a)(1)(ii) (Board); 12 CFR 324.34(a)(1)(ii)
(FDIC).

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38813

Comments submitted in response to
this joint notice will be shared among
the agencies.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
Board of Governors of the Federal Reserve
System.
Michelle Taylor Fennell,
Deputy Associate Secretary of the Board.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on July 13, 2021.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2021–15556 Filed 7–21–21; 8:45 am]
BILLING CODE P

DEPARTMENT OF THE TREASURY
Bureau of the Fiscal Service
Prompt Payment Interest Rate;
Contract Disputes Act
Bureau of the Fiscal Service,
Treasury.
ACTION: Notice of prompt payment
interest rate; Contract Disputes Act.
AGENCY:

For the period beginning July
1, 2021, and ending on December 31,
2021, the prompt payment interest rate
is 11⁄8 per centum per annum.
DATES: Effective July 1, 2021, to
December 31, 2021.
ADDRESSES: Comments or inquiries may
be mailed to: E-Commerce Division,
Bureau of the Fiscal Service, 401 14th
Street SW, Room 306F, Washington, DC
20227. Comments or inquiries may also
be emailed to PromptPayment@
fiscal.treasury.gov.
FOR FURTHER INFORMATION CONTACT:
Thomas M. Burnum, E-Commerce
Division, (202) 874–6430; or Thomas
Kearns, Senior Counsel, Office of the
Chief Counsel, (202) 874–7036.
SUPPLEMENTARY INFORMATION: An agency
that has acquired property or service
from a business concern and has failed
to pay for the complete delivery of
property or service by the required
payment date shall pay the business
concern an interest penalty. 31 U.S.C.
3902(a). The Contract Disputes Act of
1978, Sec. 12, Public Law 95–563, 92
Stat. 2389, and the Prompt Payment Act,
31 U.S.C. 3902(a), provide for the
calculation of interest due on claims at
the rate established by the Secretary of
the Treasury.
The Secretary of the Treasury has the
authority to specify the rate by which
the interest shall be computed for
interest payments under section 12 of
the Contract Disputes Act of 1978 and
SUMMARY:

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