[Federal Register Volume 62, Number 116 (Tuesday, June 17, 1997)]
[Notices]
[Pages 32855-32856]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-15778]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Information Collection; Submission for OMB Review; Comment
Request
AGENCY: Office of the Comptroller of the Currency, Treasury.
ACTION: Submission for OMB review; Comment request.
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SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995 (44 U.S.C. Chapter 35), the Office of the Comptroller of
the Currency (OCC) hereby gives notice that it has sent to the Office
of Management and Budget (OMB) for review an information collection
titled Investment Securities (12 CFR 1).
DATES: Comments regarding this information collection are welcome and
should be submitted to the OMB Reviewer and the OCC. Comments are due
on or before July 17, 1997.
ADDRESSES: A copy of the of the submission may be obtained by calling
the OCC Contact listed. Direct all written comments to the
Communications Division, Attention: 1557-0205, 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 [email protected]
SUPPLEMENTARY INFORMATION:
OMB Number: 1557-0205.
Form Number: Not applicable.
Type of Review: Renewal of OMB approval.
Title: Investment Securities (12 CFR 1).
Description: This submission covers a renewal without change of the
information collections currently contained in 12 CFR Part 1. The
collection of information requirements are found in 12 CFR 1.3(h)(2)
and 12 CFR 1.7(b).
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 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 determining
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 of securities held in satisfaction
of debts previously contracted (DPC) for up to an additional five
years. The bank must provide a clearly convincing demonstration of why
any 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, and to
evaluate the risks to the bank of extending the holding period,
including potential effects on bank safety and soundness.
Respondents: Businesses or other for-profit; individuals.
Number of Respondents: 25.
[[Page 32856]]
Total Annual Responses: 25.
Frequency of Response: On occasion.
Estimated Total Annual Burden: 460.
OCC Contact: Jessie Gates or Dionne Walsh, (202) 874-5090,
Legislative and Regulatory Activities Division, Office of the
Comptroller of the Currency, 250 E Street, SW, Washington, DC 20219.
OMB Reviewer: Alexander Hunt, (202) 395-7340, Paperwork Reduction
Project 1557-0205, Office of Management and Budget, Room 10226, New
Executive Office Building, Washington, DC 20503.
The OCC may not conduct or sponsor, and a respondent is not
required to respond to, an information collection that has been
extended, revised, or implemented on or after October 1, 1995, unless
it displays a currently valid OMB control number. Comments are invited
on: (a) whether the collections of information are necessary for the
proper performance of the OCC's functions, including whether the
information has practical utility; (b) the accuracy of the OCC's
estimate of the burden of the information collection; (c) ways to
enhance the quality, utility, and clarity of the information to be
collected; (d) ways to minimize the burden of information 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: June 11, 1997.
Karen Solomon,
Director, Legislative & Regulatory Activities Division.
[FR Doc. 97-15778 Filed 6-16-97; 8:45 am]
BILLING CODE 4810-33-P
