[Federal Register Volume 64, Number 32 (Thursday, February 18, 1999)]
[Notices]
[Pages 8162-8163]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-3891]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Proposed Renewal of Information Collections; Comment Request
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
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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 continuing information
collections, as required by the Paperwork Reduction Act of 1995.
Currently, the OCC is soliciting comment concerning its extension,
without change, of several information collections.
DATES: Written comments should be submitted by April 19, 1999.
ADDRESSES: Direct all written comments to the Communications Division,
Attention: 1557-L299, 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 (202)874-5274, or by
electronic mail to regs.comments@occ.treas.gov.
FOR FURTHER INFORMATION CONTACT: You can request additional information
or a copy of the collection from Jessie Gates or Camille Dickerson,
(202)874-5090, Legislative and Regulatory Activities Division (1557-
L299), Office of the Comptroller of the Currency, 250 E Street, SW.,
Washington, DC 20219. You can inspect and photocopy the comments at the
OCC's Public Reference Room, 250 E Street, SW., Washington, DC, between
9:00am and 5:00pm on business days. You can make an appointment to
inspect the comments by calling (202)874-5043.
SUPPLEMENTARY INFORMATION: The OCC is proposing to extend OMB approval
of the following three information collections:
1. Title: Fiduciary Activities of National Banks--12 CFR 9
OMB Number: 1557-0140.
Form Number: None.
Abstract: This submission covers an existing regulation and
involves no change to the regulation or to the information collections
embodied in the regulation. The OCC requests only that OMB renew its
approval of the information collections in the current regulation.
OCC regulations at 12 CFR part 9 require national banks with
fiduciary powers to retain fiduciary records related to an account for
three years after termination of the account or of related litigation.
Part 9 also requires that national banks note annually in their board
minutes the results of fiduciary audits. Part 9 also requires that
national banks operate their collective investment funds in accordance
with a written plan. The plan is analogous to a prospectus required for
registered investment companies by Securities and Exchange Corporation
requirements. In order to avail itself of certain regulatory
exemptions, a national bank must submit its collective investment fund
plan to OCC for approval. Finally, each national bank must prepare an
annual financial report on each fund and notify participants of its
availability.
The requirements in 12 CFR part 9 are located as follows:
Record retention: 12 CFR 9.8(b).
Noting audit in board minutes: 12 CFR 9.9(a) and (b).
Surrender of fiduciary powers: 12 CFR 9.17(a).
Disclosing plan: 12 CFR 9.18(b)(1).
Preparing/Amending plan: 12 CFR 9.18(b)(1).
Preparing financial report: 12 CFR 9.18(b)(6)(ii).
Disclosing financial report: 12 CFR 9.18(b)(6)(iv).
Requesting special exemptions: 12 CFR 9.18(c)(5).
National banks use these records to establish operational
parameters for their collective investment funds and to disclose
information to fund participants. Participants and other members of the
public use the fund plan and report to obtain information about the
fund, including its financial performance. The plan and the annual
financial report inform and protect the public. The OCC uses the
information in the examination process, to ensure bank compliance with
provisions of 12 CFR 9.18, and to ensure bank safety and soundness.
Below are the OCC's current estimates of the paperwork attributable
to 12 CFR part 9. These estimates were prepared pursuant to the notice-
and comment rulemaking process undertaken in 1995 and were approved by
OMB in February 1996.
[[Page 8163]]
Type of Review: Extension, without change, of a currently approved
collection.
Affected Public: Businesses or other for-profit.
Number of Respondents: 1,000.
Total Annual Responses: 1,000.
Frequency of Response: On occasion/annually.
Total Annual Burden: 17,300 Hours.
2. Title: Recordkeeping Requirements for Securities Transactions--
12 CFR 12
OMB Number: 1557-0142.
Form Number: None.
Abstract: This submission covers an existing regulation and
involves no change to the regulation or to the information collections
embodied in the regulation. The OCC requests only that OMB renew its
approval of the information collections in the current regulation.
Under 12 U.S.C. 92a, the OCC is granted supervisory responsibility
for national bank trust activities and, under 12 U.S.C. 24 (Seventh),
has general authority relating to securities activities. Further, under
12 U.S.C. 93a, the OCC has authority to prescribe rules and regulations
to carry out its responsibilities. The requirements in part 12 are
necessary for the OCC to effectively carry out its statutory
responsibilities.
The requirements in 12 CFR part 12 are located as follows:
Recordkeeping requirements: 12 CFR 12.3(a).
Notification of transaction to customer: 12 CFR 12.4.
Notification by agreement: 12 CFR 12.5(a), (b), (c), and (e).
Securities trading policies: 12 CFR 12.7(a).
Report by bank officers and employees: 12 CFR 12.7(a) and (b).
Waiver request. 12 CFR 12.8.
The transaction confirmation information provides customers with a
record regarding the transaction and provides banks and the OCC with
records to ensure bank compliance with banking and securities law and
regulations. The OCC uses the required information in its examinations
to, among other things, evaluate the bank's compliance with the
antifraud provisions of the Federal securities laws.
Below are the OCC's current estimates of the paperwork attributable
to 12 CFR part 12. These estimates were prepared pursuant to the notice
and comment rulemaking process undertaken in 1995 and were approved by
OMB in February 1996.
Type of Review: Extension, without change, of a currently approved
collection.
Affected Public: Businesses or other for-profit.
Number of Respondents: 1,047.
Total Annual Responses: 1,047.
Frequency of Response: On occasion.
Total Annual Burden: 56,019 Hours.
3. Title: Community Development Corporation and Project Investments
and Other Public Welfare Investments--12 CFR 24
OMB Number: 1557-0194.
Form Number: None.
Abstract: This submission covers an existing regulation and
involves no change to the regulation or to the information collections
embodied in the regulation. The OCC requests only that OMB renew its
approval of the information collections in the current regulation.
Twelve U.S.C. 24 (Eleventh) authorizes national banks to make
investments that are designated primarily to promote the public
welfare, including the welfare of low- and moderate-income families and
communities (such as through the provision of housing, services, or
jobs) consistent with safe and sound banking practices. The statute
requires the OCC to limit a national bank's investment in any one
project as well as its aggregate investment in such projects. This
regulation requires national banks to make occasional filings to the
OCC regarding investment proposals, certain self-certifications, and
requests from 3-rated banks to self-certify.
The requirements in 12 CFR part 24 are located as follows:
Investment proposals: 12 CFR 24.4(a) and 24.5(b).
Self-certification letters: 12 CFR 24.5(a).
Letters from 3-rated banks requesting to self-certify: 12 CFR
24.5(a)(4).
The OCC uses the information to determine whether the investment
meets the statutory requirements, is likely to impact bank
profitability or safety and soundness, or poses a risk to the deposit
insurance system. Further, the OCC uses the information in planning
bank examinations.
Below are the OCC's current estimates of the paperwork attributable
to 12 CFR part 24. These estimates were prepared pursuant to the notice
and comment rulemaking process undertaken in 1995 and were approved by
OMB in February 1996.
Type of Review: Extension, without change, of a currently approved
collection.
Affected Public: Businesses or other for-profit.
Number of Respondents: 400.
Total Annual Responses: 400.
Frequency of Response: On occasion.
Total Annual Burden: 418 Hours.
COMMENTS: Comments submitted in response to this notice will be
summarized and included in the request for OMB approval. 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: February 10, 1999.
Mark Tenhundfeld,
Assistant Director, Legislative & Regulatory Activities Division.
[FR Doc. 99-3891 Filed 2-17-99; 8:45 am]
BILLING CODE 4810-33-P
