80 FR 72784 - Agency Information Collection Activities: Information Collection Renewal; Comment Request; Fiduciary Activities

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency

Federal Register Volume 80, Issue 224 (November 20, 2015)

Page Range		72784-72786
FR Document		2015-29595

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. An agency may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless it displays a currently valid OMB control number. The OCC is soliciting comment concerning the renewal of its information collection titled, ``Fiduciary Activities.''

Federal Register, Volume 80 Issue 224 (Friday, November 20, 2015)

[Federal Register Volume 80, Number 224 (Friday, November 20, 2015)]
[Notices]
[Pages 72784-72786]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-29595]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Comment Request; Fiduciary Activities

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

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 a continuing 
information collection, as required by the Paperwork Reduction Act of 
1995.
    An agency may not conduct or sponsor, and a respondent is not

[[Page 72785]]

required to respond to, an information collection unless it displays a 
currently valid OMB control number.
    The OCC is soliciting comment concerning the renewal of its 
information collection titled, ``Fiduciary Activities.''

DATES: You should submit written comments by January 19, 2016.

ADDRESSES: Because paper mail in the Washington, DC area and at the OCC 
is subject to delay, commenters are encouraged to submit comments by 
email, if possible. Comments may be sent to: Legislative and Regulatory 
Activities Division, Office of the Comptroller of the Currency, 
Attention: 1557-0140, 400 7th Street SW., Suite 3E-218, Mail Stop 9W-
11, Washington, DC 20219. In addition, comments may be sent by fax to 
(571) 465-4326 or by electronic mail to [email protected]. You may 
personally inspect and photocopy comments at the OCC, 400 7th Street 
SW., Washington, DC 20219. For security reasons, the OCC requires that 
visitors make an appointment to inspect comments. You may do so by 
calling (202) 649-6700 or, for persons who are deaf or hard of hearing, 
TTY, (202) 649-5597. Upon arrival, visitors will be required to present 
valid government-issued photo identification and submit to security 
screening in order to inspect and photocopy comments.
    All 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.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer, 
(202) 649-5490 or, for persons who are deaf or hard of hearing, TTY, 
(202) 649-5597, Legislative and Regulatory Activities Division, Office 
of the Comptroller of the Currency, 400 7th Street SW., Washington, DC 
20219.

SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal 
agencies must obtain approval from OMB for each collection of 
information 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 and requirements that members of the public submit reports, 
keep records, or provide information to a third party. Section 
3506(c)(2)(A) of the PRA (44 U.S.C. 3506(c)(2)(A)) requires Federal 
agencies to provide a 60-day notice in the Federal Register concerning 
each proposed collection of information, including each proposed 
extension of an existing collection of information, before submitting 
the collection to OMB for approval. To comply with this requirement, 
the OCC is publishing notice of the proposed extension of this 
collection of information.
    Title: Fiduciary Activities.
    OMB Control No.: 1557-0140.
    Description: The OCC regulates the fiduciary activities of national 
banks and federal savings associations (FSAs), including the 
administration of collective investment funds (CIFs), pursuant to 12 
U.S.C. 92a and 12 U.S.C. 1464(n), respectively. Twelve CFR part 9 
contains the regulations that national banks must follow when 
conducting fiduciary activities, and 12 CFR part 150 contains the 
regulations that FSAs must follow when conducting fiduciary activities. 
Regulations adopted by the former Office of Thrift Supervision, now 
recodified as OCC rules pursuant to Title III of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act,\1\ have long required FSAs 
to comply with the requirements of the OCC's CIF regulation.\2\ Thus, 
12 CFR 9.18 governs CIFs managed by both national banks and FSAs.
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    \1\ 76 FR 48950 (August 9, 2011).
    \2\ See 12 CFR 150.260(b)(3).
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    Twelve CFR 9.8 and 150.410-150.430 require that national banks and 
FSAs document the establishment and termination of each fiduciary 
account and maintain adequate records. Records must be retained for a 
period of three years from the later of the termination of the account 
or the termination of any litigation. The records must be separate and 
distinct from other records of the institution.
    Twelve CFR 9.9 and 12 CFR 150.480 require national banks and FSAs 
to note the results of an audit (including significant actions taken as 
a result of the audit) in the minutes of the board of directors. 
National banks and FSAs that adopt a continuous audit system must note 
the results of all discrete audits performed since the last audit 
report (including significant actions taken as a result of the audits) 
in the minutes of the board of directors at least once during each 
calendar year.
    Twelve CFR 9.17(a) and 150.530 require that a national bank or FSA 
seeking to surrender its fiduciary powers file with the OCC a certified 
copy of the resolution of its board of directors evidencing that 
intent.
    Twelve CFR 9.18(b)(1) (and 12 CFR 150.260 by cross-reference) 
require national banks and FSAs to establish and maintain each CIF in 
accordance with a written plan approved by the board of directors or a 
committee authorized by the board. The plan must include provisions 
relating to:
     Investment powers and policies with respect to the fund;
     Allocation of income, profits, and losses;
     Fees and expenses that will be charged to the fund and to 
participating accounts;
     Terms and conditions regarding admission and withdrawal of 
participating accounts;
     Audits of participating accounts;
     Basis and method of valuing assets in the fund;
     Expected frequency for income distribution to 
participating accounts;
     Minimum frequency for valuation of fund assets;
     Amount of time following a valuation date during which the 
valuation must be made;
     Bases upon which the institution may terminate the fund; 
and
     Any other matters necessary to define clearly the rights 
of participating accounts.
    Twelve CFR 9.18(b)(1) (and 150.260 by cross-reference) require that 
a national bank or FSA make a copy of any CIF plan available for public 
inspection at its main office and provide a copy of the plan to any 
person who requests it.
    Twelve CFR 9.18(b)(4)(iii)(E) (and 150.260 by cross-reference) 
require that national banks and FSAs adopt portfolio and issuer 
qualitative standards and concentration restrictions for short-term 
investment funds (STIFs), a type of CIF.
    Twelve CFR 9.18(b)(4)(iii)(F) (and 150.260 by cross-reference) 
require that national banks and FSAs adopt liquidity standards and 
include provisions that address contingency funding needs for STIFs.
    Twelve CFR 9.18(b)(4)(iii)(G) (and 150.260 by cross-reference) 
require that national banks and FSAs adopt shadow pricing procedures 
for STIFs that calculate the extent of difference, if any, of the mark-
to-market net asset value per participating interest from the STIF's 
amortized cost per participating interest, and to take certain actions 
if that difference exceeds $0.005 per participating interest.
    Twelve CFR 9.18(b)(4)(iii)(H) (and 150.260 by cross-reference) 
require that national banks and FSAs adopt, for STIFs, procedures for 
stress testing the STIF's ability to maintain a stable net asset value 
per participating interest and provide for reporting the results.
    Twelve CFR 9.18(b)(4)(iii)(I) (and 150.260 by cross-reference) 
require that national banks and FSAs adopt, for STIFs, procedures that 
require a

[[Page 72786]]

national bank or FSA to disclose to the OCC and to STIF participants 
within five business days after each calendar month-end the following 
information about the fund: Total assets under management; mark-to-
market and amortized cost net asset values; dollar-weighted average 
portfolio maturity; dollar-weighted average portfolio life maturity as 
of the last business day of the prior calendar month; and certain other 
security-level information for each security held.
    Twelve CFR 9.18(b)(4)(iii)(J) (and 150.260 by cross-reference) 
require that national banks and FSAs adopt, for STIFs, procedures that 
require a national bank or FSA that manages a STIF to notify the OCC 
prior to or within one business day thereafter of certain events.
    Twelve CFR 9.18(b)(4)(iii)(K) (and 150.260 by cross-reference) 
require that national banks and FSAs adopt, for STIFs, certain 
procedures in the event that the STIF has repriced its net asset value 
below $0.995 per participating interest.
    Twelve CFR 9.18(b)(4)(iii)(L) (and 150.260 by cross-reference) 
require that national banks and FSAs adopt, for STIFs, procedures for 
initiating liquidation of a STIF upon the suspension or limitation of 
withdrawals as a result of redemptions.
    Twelve CFR 9.18(b)(6)(ii) (and 150.260 by cross-reference) require, 
for CIFs, that national banks and FSAs, at least once during each 12-
month period, prepare a financial report of the fund based on the audit 
required by 12 CFR 9.18(b)(6)(i). The report must disclose the fund's 
fees and expenses in a manner consistent with applicable state law in 
the state in which the national bank or FSA maintains the fund and must 
contain:
     A list of investments in the fund showing the cost and 
current market value of each investment;
     A statement covering the period after the previous report 
showing the following (organized by type of investment):
    [cir] A summary of purchases (with costs);
    [cir] A summary of sales (with profit or loss and any investment 
change);
    [cir] Income and disbursements; and
    [cir] An appropriate notation of any investments in default.
    Twelve CFR 9.18(b)(6)(iv) (and 150.260 by cross-reference) require 
that a national bank or FSA managing a CIF provide a copy of the 
financial report, or provide notice that a copy of the report is 
available upon request without charge, to each person who ordinarily 
would receive a regular periodic accounting with respect to each 
participating account. The national bank or FSA may provide a copy to 
prospective customers. In addition, the national bank or FSA must 
provide a copy of the report upon request to any person for a 
reasonable charge.
    Twelve CFR 9.18(c)(5) (and 150.260 by cross-reference) require 
that, for special exemption CIFs, national banks and FSAs must submit 
to the OCC a written plan that sets forth:
     The reason the proposed fund requires a special exemption;
     The provisions of the fund that are inconsistent with 12 
CFR 9.18(a) and (b);
     The provisions of 12 CFR 9.18(b) for which the national 
bank or FSA seeks an exemption; and
     The manner in which the proposed fund addresses the rights 
and interests of participating accounts.

    Type of Review: Regular.
    Affected Public: Businesses or other for-profit.
    Estimated Number of Respondents: 398.
    Frequency of Response: On occasion.
    Estimated Total Annual Burden: 109,320 hours.
    Comments are solicited 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.

    Dated: November 16, 2015.
Mary H. Gottlieb,
Regulatory Specialist, Legislative and Regulatory Activities Division.
[FR Doc. 2015-29595 Filed 11-19-15; 8:45 am]
BILLING CODE 4810-33-P

72784 Federal Register / Vol. 80, No. 224 / Friday, November 20, 2015 / Notices

• Guidelines for financial institutions Identity Theft Prevention Program establish that it regularly and in the
and creditors regarding identity theft (Program) designed to detect, prevent, ordinary course of business furnishes
with respect to their account holders and mitigate identity theft in connection information to the CRA from which it
and customers; (in developing the with accounts. Pursuant to § 41.91, received the notice of address
guidelines, the Agencies are required to credit card and debit card issuers must discrepancy.
identify patterns, practices, and specific implement reasonable policies and Type of Review: Regular.
forms of activity that indicate the procedures to assess the validity of a Affected Public: Individuals;
possible existence of identity theft; the request for a change of address under Businesses or other for-profit.
guidelines must be updated as often as certain circumstances. Estimated Number of Respondents:
necessary and must be consistent with Section 41.90 requires each OCC- 1,441.
the policies and procedures required regulated financial institution or Estimated Total Annual Burden:
under section 326 of the USA PATRIOT creditor that offers or maintains one or 161,034 hours.
Act, 31 U.S.C. 5318(l)); more covered accounts to develop and Comments submitted in response to
• Regulations that require each implement a Program. In developing the this notice will be summarized,
financial institution and each creditor to Program, financial institutions and included in the request for OMB
establish reasonable policies and creditors are required to consider the approval, and become a matter of public
procedures for implementing the guidelines in appendix J and include record. Comments are invited on:
guidelines in order to identify possible the suggested provisions, as appropriate. (a) Whether the collection of
risks to account holders or customers or The initial Program must be approved information is necessary for the proper
to the safety and soundness of the by the institution’s board of directors or performance of the functions of the
institution or creditor; and by an appropriate committee thereof. OCC, including whether the information
• Regulations generally requiring The board, an appropriate committee has practical utility;
credit and debit card issuers to assess thereof, or a designated employee at the (b) The accuracy of the OCC’s
the validity of change of address level of senior management must be estimate of the burden of the collection
requests under certain circumstances. involved in the oversight of the of information;
Section 315 of the FACT Act also Program. In addition, staff members (c) Ways to enhance the quality,
amended section 605 of the FCRA to must be trained to carry out the utility, and clarity of the information to
require the Agencies to issue regulations Program. Pursuant to § 41.91, each be collected;
providing guidance regarding what credit and debit card issuer is required (d) Ways to minimize the burden of
reasonable policies and procedures a to establish and implement policies and the collection on respondents, including
user of consumer reports must have in procedures to assess the validity of a through the use of automated collection
place and employ when a user receives change of address request if it is techniques or other forms of information
a notice of address discrepancy from a followed by a request for an additional technology; and
consumer reporting agency (CRA).2 or replacement card. Before issuing the (e) Estimates of capital or start-up
These regulations are required to additional or replacement card, the card costs and costs of operation,
describe reasonable policies and issuer must notify the cardholder of the maintenance, and purchase of services
procedures for users of consumer request and provide the cardholder a to provide information.
reports to: reasonable means to report incorrect
Dated: November 16, 2015.
• Enable a user to form a reasonable address changes or use another means to
belief that it knows the identity of the Mary H. Gottlieb,
assess the validity of the change of
person for whom it has obtained a address. Regulatory Specialist, Legislative and
consumer report; and As required by section 315 of the Regulatory Activities Division.
• Reconcile the address of the FACT Act, § 1022.82 requires users of [FR Doc. 2015–29594 Filed 11–19–15; 8:45 am]
consumer with the CRA, if the user consumer reports to have in place BILLING CODE 4810–33–P
establishes a continuing relationship reasonable policies and procedures that
with the consumer and regularly and, in must be followed when a user receives
the ordinary course of business, a notice of address discrepancy from a DEPARTMENT OF THE TREASURY
furnishes information to the CRA. credit reporting agency (CRA).
As required by section 114 of the Section 1022.82 requires each user of Office of the Comptroller of the
FACT Act, appendix J to 12 CFR part 41 consumer reports to develop and Currency
contains guidelines for financial implement reasonable policies and
Agency Information Collection
institutions and creditors to use in procedures designed to enable the user
Activities: Information Collection
identifying patterns, practices, and to form a reasonable belief that a
Renewal; Comment Request; Fiduciary
specific forms of activity that may consumer report relates to the consumer
Activities
indicate the existence of identity theft. about whom it requested the report
In addition, 12 CFR 41.90 requires each when it receives a notice of address AGENCY: Office of the Comptroller of the
financial institution or creditor that is a discrepancy from a CRA. A user of Currency, Treasury (OCC).
national bank, Federal savings consumer reports also must develop and ACTION: Notice and request for comment.
association, Federal branch or agency of implement reasonable policies and
a foreign bank, and any of their procedures for furnishing a customer SUMMARY: The OCC, as part of its
operating subsidiaries that are not address that the user has reasonably continuing effort to reduce paperwork
functionally regulated, to establish an confirmed to be accurate to the CRA and respondent burden, invites the
tkelley on DSK3SPTVN1PROD with NOTICES

from which it receives a notice of general public and other Federal
of the Dodd-Frank Act further amended section 615 address discrepancy when the user can: agencies to take this opportunity to
of FCRA to also require the Securities and Exchange (1) Form a reasonable belief that the comment on a continuing information
Commission and the Commodity Futures Trading consumer report relates to the consumer collection, as required by the Paperwork
Commission to issue Red Flags guidelines and
regulations. about whom the user has requested the Reduction Act of 1995.
2 These regulations have been transferred to the report; (2) establish a continuing An agency may not conduct or
CFPB. relationship with the consumer; and (3) sponsor, and a respondent is not

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Document Created: 2015-12-14 13:59:04
Document Modified: 2015-12-14 13:59:04

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Action		Notice and request for comment.
Dates		You should submit written comments by January 19, 2016.
Contact		Shaquita Merritt, Clearance Officer, (202) 649-5490 or, for persons who are deaf or hard of hearing, TTY, (202) 649-5597, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street SW., Washington, DC 20219.
FR Citation		80 FR 72784

80 FR 72784 - Agency Information Collection Activities: Information Collection Renewal; Comment Request; Fiduciary Activities

DEPARTMENT OF THE TREASURYOffice of the Comptroller of the Currency

Federal Register Volume 80, Issue 224 (November 20, 2015)

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency