2021-06469. Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Investment Securities  

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    AGENCY:

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

    ACTION:

    Notice and request for comment.

    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 continuing information collection as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and respondents are not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning the renewal of its information collection titled, “Investment Securities.” The OCC also is giving notice that it has submitted the collection to OMB for review.

    DATES:

    You should submit written comments by April 29, 2021.

    ADDRESSES:

    Commenters are encouraged to submit comments by email, if possible. You may submit comments by any of the following methods:

    • Email: prainfo@occ.treas.gov.
    • Mail: Chief Counsel's Office, Attention: Comment Processing, 1557-0205, Office of the Comptroller of the Currency, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
    • Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
    • Fax: (571) 465-4326.

    Instructions: You must include “OCC” as the agency name and “1557-0205” 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 supporting materials that you consider confidential or inappropriate for public disclosure.

    Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/​public/​do/​PRAMain. Find this particular information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function.

    You may review comments and other related materials that pertain to this information collection [1] following the close of the 30-day comment period for this notice by the following method:

    • Viewing Comments Electronically: Go to www.reginfo.gov. Click on the “Information Collection Review” tab. Underneath the “Currently under Review” section heading, from the drop-down menu select “Department of Treasury” and then click “submit.” This information collection can be located by searching by OMB control number “1557-0205” or “Investment Securities.” Upon finding the appropriate information collection, click on the related “ICR Reference Number.” On the next screen, select “View Start Printed Page 16656Supporting 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.
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    FOR FURTHER INFORMATION CONTACT:

    Shaquita Merritt, OCC Clearance Officer, (202) 649-5490, Chief Counsel's Office, Office of the Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219.

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    SUPPLEMENTARY INFORMATION:

    Under the PRA (44 U.S.C. 3501-3520), Federal agencies must obtain approval from the OMB for each collection of information that they conduct or sponsor. “Collection of information” is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency requests or requirements that members of the public submit reports, keep records, or provide information to a third party. The OCC asks that OMB extend its approval of the collection in this notice.

    Title: Investment Securities.

    OMB Control No.: 1557-0205.

    Description: Under 12 CFR 1.3(h)(2), a national bank may request an OCC determination that it may invest in an entity that is exempt from registration under section 3(c)(1) of the Investment Company Act of 1940 [2] if the portfolio of the entity consists exclusively of assets that a national bank may purchase and sell for its own account. The OCC uses the information contained in the request as a basis for ensuring that the bank's investment is consistent with its investment authority under applicable law and does not pose unacceptable risk.

    Under 12 CFR 1.7(b), a national bank may request OCC approval to extend the five-year holding period for securities held in satisfaction of debts previously contracted for up to an additional five years. In its request, the bank must provide a clearly convincing demonstration of why the additional holding period is needed. The OCC uses the information in the request to ensure, on a case-by-case basis, that the bank's purpose in retaining the securities is not speculative and that the bank's reasons for requesting the extension are adequate. The OCC also uses the information to evaluate the risks to the bank in extending the holding period, including potential effects on the bank's safety and soundness.

    Type of Review: Extension of a currently approved collection.

    Affected Public: Businesses or other for-profit.

    Estimated Number of Respondents: 25.

    Estimated Total Annual Burden: 460 hours.

    Frequency of Response: On occasion.

    On January 12, 2021, the OCC published a 60-day notice for this information collection, 86 FR 2491. No comments were received. Comments continue to be invited on:

    (a) Whether the collection of information is necessary for the proper performance of the functions of the OCC, including whether the information has practical utility;

    (b) The accuracy of the OCC'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 start-up costs and costs of operation, maintenance, and purchase of services to provide information.

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    Theodore J. Dowd,

    Deputy Chief Counsel, Office of the Comptroller of the Currency.

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    Footnotes

    1.  On January 12, 2021, the OCC published a 60-day notice for this information collection, 86 FR 2491.

    Back to Citation

    [FR Doc. 2021-06469 Filed 3-29-21; 8:45 am]

    BILLING CODE 4810-33-P

Document Information

Published:
03/30/2021
Department:
Comptroller of the Currency
Entry Type:
Notice
Action:
Notice and request for comment.
Document Number:
2021-06469
Dates:
You should submit written comments by April 29, 2021.
Pages:
16655-16656 (2 pages)
PDF File:
2021-06469.pdf