81 FR 10364 - Agency Information Collection Activities; Information Collection Renewal; Comment Request; Funding and Liquidity Risk Management
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency Federal Register Volume 81, Issue 39 (February 29, 2016)
Office of the Comptroller of the Currency
Federal Register Volume 81, Issue 39 (February 29, 2016)
| Page Range | 10364-10366 | |
| FR Document | 2016-04255 |
[Federal Register Volume 81, Number 39 (Monday, February 29, 2016)] [Notices] [Pages 10364-10366] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-04255] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Activities; Information Collection Renewal; Comment Request; Funding and Liquidity Risk Management 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). [[Page 10365]] In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is 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 renewal of its information collection titled, ``Funding and Liquidity Risk Management.'' DATES: Comments must be received by April 29, 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: 1557-0244, 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, OCC 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., Suite 3E-218, Mailstop 9W-11, 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 or 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 collection of information set forth in this document. The OCC is proposing to extend OMB approval of the following information collection: Title: Funding and Liquidity Risk Management. OMB Control No.: 1557-0244. Type of Review: Extension, without revision, of a currently approved collection. Description: The Interagency Policy Statement on Funding and Liquidity Risk Management \1\ (Policy Statement) summarizes the principles of sound liquidity risk management that the agencies have issued in the past \2\ and, where appropriate, harmonizes these principles with the international statement issued by the Basel Committee on Banking Supervision titled ``Principles for Sound Liquidity Risk Management and Supervision.'' \3\ The Policy Statement emphasizes supervisory expectations for all depository institutions including banks, savings associations, and credit unions. --------------------------------------------------------------------------- \1\ 75 FR 13656 (Mar. 22, 2010). \2\ For national banks and Federal savings associations, see the Comptroller's Handbook on Liquidity. For state member banks and bank holding companies, see the Federal Reserve's Commercial Bank Examination Manual (section 4020), Bank Holding Company Supervision Manual (section 4010), and Trading and Capital Markets Activities Manual (section 2030). For state non-member banks, see the FDIC's Revised Examination Guidance for Liquidity and Funds Management (Trans. No. 2002-01) (Nov. 19, 2001), and Financial Institution Letter 84-2008, Liquidity Risk Management (August 2008). For Federally insured credit unions, see Letter to Credit Unions No. 02- CU-05, Examination Program Liquidity Questionnaire (March 2002). Also see Basel Committee on Banking Supervision, ``Principles for Sound Liquidity Risk Management and Supervision'' (September 2008). \3\ Basel Committee on Banking Supervision, ``Principles for Sound Liquidity Risk Management and Supervision,'' September 2008. See www.bis.org/publ/bcbs144.htm. Federally insured credit unions are not directly referenced in the principles issued by the Basel Committee. --------------------------------------------------------------------------- Section 14 of the Policy Statement provides that financial institutions should consider liquidity costs, benefits, and risks in strategic planning and budgeting processes. Significant business activities should be evaluated for liquidity risk exposure as well as profitability. More complex and sophisticated financial institutions should incorporate liquidity costs, benefits, and risks in the internal product pricing, performance measurement, and new product approval process for all material business lines, products, and activities. Incorporating the cost of liquidity into these functions should align the risk-taking incentives of individual business lines with the liquidity risk exposure their activities create for the institution as a whole. The quantification and attribution of liquidity risks should be explicit and transparent at the line management level, and should include consideration of how liquidity would be affected under stressed conditions. Section 20 of the Policy Statement states that liquidity risk reports should provide aggregate information with sufficient supporting detail to enable management to assess the sensitivity of the institution to changes in market conditions, its own financial performance, and other important risk factors. Institutions also should report on the use of and availability of government support, such as lending and guarantee programs, and implications on liquidity positions, particularly since these programs are generally temporary or reserved as a source for contingent funding. Affected Public: Businesses or other for-profit. Frequency: On occasion. Estimated Burden The OCC estimates the burden of this collection of information on national banks and Federal savings associations as follows: Estimated Number of Respondents: 1,469 total, 15 large (over $100 billion in assets), 46 mid-size ($10--$100 billion), 1,408 small (less than $10 billion). Estimated Burden under Section 14: 360 hours per large respondent, 120 hours per mid-size respondent, and 40 hours per small respondent. Estimated Burden under Section 20: 2 hours per month. Total Estimated Burden Hours: 102,496 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 information collections are 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 information collection burden; [[Page 10366]] (c) Ways to enhance the quality, utility, and clarity of the information to be collected; (d) Ways to minimize the burden of information collections 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 the services necessary to provide the required information. Dated: February 23, 2016. Mary Hoyle Gottlieb, Regulatory Specialist, Legislative and Regulatory Activities Division. [FR Doc. 2016-04255 Filed 2-26-16; 8:45 am] BILLING CODE 4810-33-P
![10364 Federal Register / Vol. 81, No. 39 / Monday, February 29, 2016 / Notices
collection, as required by the Paperwork members of the public submit reports, understand that they are not required to
Reduction Act of 1995 (PRA). keep records, or provide information to purchase, and may refrain from
In accordance with the requirements a third party. Section 3506(c)(2)(A) of purchasing, certain insurance products
of the PRA, the OCC may not conduct the PRA (44 U.S.C. 3506(c)(2)(A)) or annuities in order to qualify for an
or sponsor, and the respondent is not requires Federal agencies to provide a extension of credit.
required to respond to, an information 60-day notice in the Federal Register Affected Public: Businesses or other
collection unless it displays a currently concerning each proposed collection of for-profit.
valid Office of Management and Budget information, including each proposed Frequency: On occasion.
(OMB) control number. extension of an existing collection of Estimated Burden:
The OCC is soliciting comment information, before submitting the Estimated Number of Respondents:
concerning renewal of its information collection to OMB for approval. To 663.
collection titled, ‘‘Consumer Protections comply with this requirement, the OCC Total Estimated Burden Hours: 3,315
for Depository Institution Sales of is publishing notice of the collection of hours.
Insurance.’’ information set forth in this document. Comments: Comments submitted in
The OCC is proposing to extend OMB response to this notice will be
DATES: Comments must be received by
approval of the following information summarized and included in the request
April 29, 2016. for OMB approval. All comments will
ADDRESSES: Because paper mail in the
collection:
Title: Consumer Protections for become a matter of public record.
Washington, DC area and at the OCC is Comments are invited on:
Depository Institution Sales of
subject to delay, commenters are (a) Whether the collection of
Insurance.
encouraged to submit comments by information is necessary for the proper
OMB Control No.: 1557–0220.
email, if possible. Comments may be Type of Review: Extension, without performance of the functions of the
sent to: Legislative and Regulatory revision, of a currently approved OCC, including whether the information
Activities Division, Office of the collection. has practical utility;
Comptroller of the Currency, Attention: Description: This information (b) The accuracy of the OCC’s
1557–0220, 400 7th Street SW., Suite collection is required under section 305 estimate of the information collection
3E–218, Mail Stop 9W–11, Washington, of the Gramm-Leach-Bliley Act (GLB burden;
DC 20219. In addition, comments may Act), Public Law 106–102. Section 305 (c) Ways to enhance the quality,
be sent by fax to (571) 465–4326 or by of the GLB Act requires the OCC, the utility, and clarity of the information to
electronic mail to prainfo@occ.treas.gov. Board of Governors of the Federal be collected;
You may personally inspect and Reserve System, and the Federal Deposit (d) Ways to minimize the burden of
photocopy comments at the OCC, 400 Insurance Corporation (collectively, the the collection on respondents, including
7th Street SW., Washington, DC 20219. Agencies) to prescribe joint consumer through the use of automated collection
For security reasons, the OCC requires protection regulations that apply to techniques or other forms of information
that visitors make an appointment to retail sales practices, solicitations, technology; and
inspect comments. You may do so by advertising, and offers of any insurance (e) Estimates of capital or start-up
calling (202) 649–6700 or, for persons product by a depository institution or by costs and costs of operation,
who are deaf or hard of hearing, TTY, other persons performing these maintenance, and purchase of the
(202) 649–5597. Upon arrival, visitors activities at an office of the institution services necessary to provide the
will be required to present valid or on behalf of the institution (other required information.
government-issued photo identification covered persons). Section 305 also Dated: February 23, 2016.
and submit to security screening in requires those performing such Mary Hoyle Gottlieb,
order to inspect and photocopy activities to disclose certain information Regulatory Specialist, Legislative and
comments. to consumers (e.g., that insurance Regulatory Activities Division.
All comments received, including products and annuities are not FDIC- [FR Doc. 2016–04266 Filed 2–26–16; 8:45 am]
attachments and other supporting insured). BILLING CODE 4810–33–P
materials, are part of the public record This information collection requires
and subject to public disclosure. Do not national banks, Federal savings
include any information in your associations, and other covered persons, DEPARTMENT OF THE TREASURY
comment or supporting materials that as defined in 12 CFR 14.20(f) and
you consider confidential or 136.20, involved in insurance sales to Office of the Comptroller of the
inappropriate for public disclosure. make two separate disclosures to Currency
FOR FURTHER INFORMATION CONTACT: consumers. Under §§ 14.40 and 136.40,
Shaquita Merritt, Clearance Officer, a national bank, Federal savings Agency Information Collection
(202) 649–5490 or, for persons who are association, or other covered person Activities; Information Collection
deaf or hard of hearing, TTY, (202) 649– must prepare and provide orally and in Renewal; Comment Request; Funding
5597, Legislative and Regulatory writing: (1) Certain insurance and Liquidity Risk Management
Activities Division, Office of the disclosures to consumers before the AGENCY: Office of the Comptroller of the
Comptroller of the Currency, 400 7th completion of the initial sale of an Currency (OCC), Treasury.
Street SW., Suite 3E–218, Mail Stop insurance product or annuity to a ACTION: Notice and request for comment.
9W–11, Washington, DC 20219. consumer and (2) certain credit
asabaliauskas on DSK5VPTVN1PROD with NOTICES
SUPPLEMENTARY INFORMATION: Under the disclosures at the time of application for SUMMARY: The OCC, as part of its
PRA (44 U.S.C. 3501–3520), Federal the extension of credit (if insurance continuing effort to reduce paperwork
agencies must obtain approval from products or annuities are sold, solicited, and respondent burden, invites the
OMB for each collection of information advertised, or offered in connection general public and other Federal
they conduct or sponsor. ‘‘Collection of with an extension of credit). agencies to take this opportunity to
information’’ is defined in 44 U.S.C. Consumers use the disclosures to comment on a continuing information
3502(3) and 5 CFR 1320.3(c) to include understand the risks associated with collection, as required by the Paperwork
agency requests or requirements that insurance products and annuities and to Reduction Act of 1995 (PRA).
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![10366 Federal Register / Vol. 81, No. 39 / Monday, February 29, 2016 / Notices
(c) Ways to enhance the quality, of the text, ‘‘Attention: PRA institutions information regarding
utility, and clarity of the information to Comments—314(a) program.’’ individuals, entities, and organizations
be collected; • Please submit by one method only. engaged in or reasonably suspected based on
All comments submitted by either credible evidence of engaging in terrorist acts
(d) Ways to minimize the burden of
or money laundering activities.1
information collections on respondents, method in response to this notice will
including through the use of automated become a matter of public record. B. Overview of the Current Regulatory
collection techniques or other forms of Therefore, you should submit only Provisions Regarding the 314(a)
information technology; and information that you wish to make Program
(e) Estimates of capital or start-up publicly available.
Inspection of comments. Comments On September 26, 2002, FinCEN
costs and costs of operation,
will be posted on the FinCEN public published a final rule implementing the
maintenance, and purchase of the
Web site. Persons wishing to review the authority contained in section 314(a) of
services necessary to provide the
comments submitted may access the the Act.2 That rule (‘‘the 314(a) rule’’)
required information.
posted comments by going to required U.S. financial institutions upon
Dated: February 23, 2016. FinCEN’s request, to search their
https://www.fincen.gov/statutes_regs/
Mary Hoyle Gottlieb, records to determine whether they have
frn/https://www.fincen.gov/statutes_
Regulatory Specialist, Legislative and regs/frn/ and select the appropriate maintained an account or conducted a
Regulatory Activities Division. transaction with a person that a Federal
listing.
[FR Doc. 2016–04255 Filed 2–26–16; 8:45 am] law enforcement agency has certified is
FOR FURTHER INFORMATION CONTACT: engaging in or suspected, based on
BILLING CODE 4810–33–P
FinCEN Resource Center at 1–800–767– credible evidence, of engaging in
2825 or 1–703–905–3591 (not a toll free terrorist activity or money laundering.3
DEPARTMENT OF THE TREASURY number) and select option 3 for The rule was expanded on February 10,
regulatory questions. Email inquiries 2010, to enable certain entities other
Financial Crimes Enforcement Network can be sent to FRC@fincen.gov. than Federal law enforcement agencies
SUPPLEMENTARY INFORMATION: to benefit from 314(a) requests to
Proposed Collection; Comment
I. Background industry. As amended, the rule now also
Request; Renewal Without Change of
enables certain foreign law enforcement
the Requirement for Information A. Statutory Provisions agencies, state and local law
Sharing Between Government
On October 26, 2001, the President enforcement agencies, as well as
Agencies and Financial Institutions
signed into law the Uniting and FinCEN, on its own behalf and on behalf
AGENCY: Financial Crimes Enforcement Strengthening America by Providing of appropriate components of the
Network (‘‘FinCEN’’), Treasury. Appropriate Tools Required to Intercept Department of the Treasury, to initiate
ACTION: Notice and request for and Obstruct Terrorism Act of 2001 314(a) queries.4 Before processing a
comments. (‘‘USA PATRIOT Act’’ or ‘‘Act’’), Public request, FinCEN requires the requesting
Law 107–56. Title III of the Act amends agency to certify that, in the case of
SUMMARY: The Department of the the anti-money laundering provisions of money laundering, the matter is
Treasury, as part of its continuing effort the Bank Secrecy Act (‘‘BSA’’), codified significant, and that the requesting
to reduce paperwork and respondent at 12 U.S.C. 1829b and 1951–1959 and agency has been unable to locate the
burden, invites the general public and 31 U.S.C. 5311–5314 and 5316–5332, to information sought through traditional
other Federal agencies to take this promote the prevention, detection, and methods of investigation and analysis
opportunity to comment on proposed prosecution of international money before attempting to use the 314(a)
and/or continuing information laundering and the financing of program.5
collections, as required by the terrorism. Regulations implementing the Since its inception, the 314(a)
Paperwork Reduction Act of 1995, BSA appear at 31 CFR Chapter X. The program has yielded significant
Public Law 104–13 (44 U.S.C. authority of the Secretary of the investigative benefits for law
3506(c)(2)(A)). Currently, FinCEN is Treasury to administer the BSA has enforcement in terrorist financing and
soliciting comments concerning the been delegated to the Director of significant money laundering cases.
renewal without change of the FinCEN. Feedback from the requesters and
‘‘Information sharing between Of the Act’s many goals, the illustrations from sample case studies
government agencies and financial facilitation of information sharing consistently demonstrate that the
institutions’’ under 31 CFR 1010.520, among governmental entities and program is extremely valuable to
generally referred to as the 314(a) financial institutions for the purpose of furthering terrorist financing and
program. combating terrorism and money significant money laundering
DATES: Written comments are welcome laundering, is of paramount importance. investigations. In view of the proven
and must be received on or before April As with many other provisions of the success of the 314(a) program, FinCEN
29, 2016. Act, Congress has charged the U.S. seeks to renew without change the
Department of the Treasury with 314(a) program.
ADDRESSES: Written comments SHOULD developing regulations to implement
BE SUBMITTED to: Office of Regulatory these information-sharing provisions. 1 See 31 U.S.C. 5311–5314.
Policy, Financial Crimes Enforcement
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Subsection 314(a) of the Act states in 2 Special Information Sharing Procedures to Deter
Network, Department of the Treasury, part that: Money Laundering and Terrorist Activity, 67 FR
P.O. Box 39, Vienna, Virginia 22183. 60,579 (Sept. 26, 2002).
Attention: PRA Comments—314(a) [t]he Secretary shall . . . adopt regulations to 3 31 CFR 1010.520.
encourage further cooperation among
program. financial institutions, their regulatory
4 Expansion of Special Information Sharing
• Comments also may be submitted authorities, and law enforcement authorities,
Procedures To Deter Money Laundering and
Terrorist Activity, 75 FR 6560 (Feb. 10, 2010).
by electronic mail to the following with the specific purpose of encouraging 5 FinCEN’s 314(a) Fact Sheet (https://
Internet address: regcomments@ regulatory authorities and law enforcement www.fincen.gov/statutes_regs/patriot/pdf/
fincen.gov with the caption in the body authorities to share with financial 314afactsheet.pdf)
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Document Created: 2016-02-27 02:05:08
Document Modified: 2016-02-27 02:05:08
| 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 | Comments must be received by April 29, 2016. | |
| Contact | Shaquita Merritt, OCC 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., Suite 3E-218, Mailstop 9W-11, Washington, DC 20219. | |
| FR Citation | 81 FR 10364 |
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