The Office has adopted a limited waiver policy related to Category 2 covered reporters. Specifically, the Office will not seek to pursue remedies if a financial company that qualifies as a Category 2 covered reporter pursuant to 12 CFR 1610.11(b)(2)(ii) does not report data under the Final Rule, if all of the following criteria are satisfied:
(a) pursuant to the terms of the Final Rule, absent this waiver, the financial company would be required to begin reporting data to the Office for the first time; and
(b) the financial company submits a written statement to the Office at NCCBR_General_Inquiries@ofr.treasury.gov, signed by a duly authorized representative of the financial company, attesting that (1) the financial company has not met the criteria set forth at 12 CFR 1610.11(b)(2)(ii) for at least two calendar quarters preceding the compliance date applicable to the financial company under 12 CFR 1610.11(e), and (2) based on a reasonable assessment of the facts available to it at the time, the financial company does not expect to meet the criteria set forth at 12 CFR 1610.11(b)(2)(ii) in the future.
A financial company may rely on this waiver no more than one time.