83 FR 56400 - 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 83, Issue 219 (November 13, 2018)
Office of the Comptroller of the Currency
Federal Register Volume 83, Issue 219 (November 13, 2018)
| Page Range | 56400-56402 | |
| FR Document | 2018-24612 |
[Federal Register Volume 83, Number 219 (Tuesday, November 13, 2018)] [Notices] [Pages 56400-56402] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-24612] ----------------------------------------------------------------------- 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 (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). 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.'' DATES: You should submit written comments by January 14, 2019. ADDRESSES: Commenters are encouraged to submit comments by email, if possible. You may submit comments by any of the following methods:Email: [email protected]. Mail: Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, Attention: 1557-0140, 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 ``1557-0140'' in your comment. In general, the OCC will publish your comment on www.reginfo.gov without change, including any business or personal information that you provide, 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. You may review comments and other related materials that pertain to this information collection beginning on the date of publication of the second notice [[Page 56401]] for this collection \1\ by any of the following methods: --------------------------------------------------------------------------- \1\ Following the close of the 60-Day comment period for this notice, the OCC will publish a notice for 30 days of comment for this collection. --------------------------------------------------------------------------- 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 ``1557-0140'' or ``Fiduciary Activities.'' Upon finding the appropriate information collection, click on the related ``ICR Reference Number.'' On the next screen, select ``View Supporting 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. Viewing Comments Personally: You may personally inspect comments at the OCC, 400 7th Street SW, Washington, DC. 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 hearing impaired, 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 comments. 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, Chief Counsel's Office, 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 part 44 (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,\2\ have long required FSAs to comply with the requirements of the OCC's CIF regulation.\3\ Thus, 12 CFR 9.18 governs CIFs managed by both national banks and FSAs. --------------------------------------------------------------------------- \2\ 76 FR 48950 (August 9, 2011). \3\ See 12 CFR 150.260(b)(3). --------------------------------------------------------------------------- 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 any audit conducted (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 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 [[Page 56402]] 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: 320. Frequency of Response: On occasion. Estimated Total Annual Burden: 115,125 hours. Comments submitted in response to this notice will be summarized, included in the request for OMB approval, and 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 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 6, 2018. Theodore J. Dowd, Deputy Chief Counsel, Office of the Comptroller of the Currency. [FR Doc. 2018-24612 Filed 11-9-18; 8:45 am] BILLING CODE 4810-33-P
![56400 Federal Register / Vol. 83, No. 219 / Tuesday, November 13, 2018 / Notices
present valid government-issued photo developing: (i) Underwriting policies for DEPARTMENT OF THE TREASURY
identification and submit to security leveraged lending, including stress-
screening in order to inspect comments. testing procedures for leveraged credits; Office of the Comptroller of the
FOR FURTHER INFORMATION CONTACT: (ii) risk management policies, including Currency
Shaquita Merritt, Clearance Officer, stress-testing procedures for pipeline
exposures; and, (iii) policies and Agency Information Collection
(202) 649–5490 or, for persons who are
procedures for incorporating the results Activities: Information Collection
deaf or hearing impaired, TTY, (202)
of leveraged credit and pipeline stress Renewal; Comment Request; Fiduciary
649–5597, Chief Counsel’s Office, Office
tests into the firm’s overall stress-testing Activities
of the Comptroller of the Currency, 400
7th Street SW, Washington, DC 20219. framework. While not requirements, AGENCY: Office of the Comptroller of the
SUPPLEMENTARY INFORMATION: Under the these recommended policies qualify as Currency (OCC), Treasury.
PRA (44 U.S.C. 3501–3520), federal ‘‘collections of information’’ as defined ACTION: Notice and request for
agencies must obtain approval from in the PRA. comment.
OMB for each collection of information Respondents are financial institutions
they conduct or sponsor. ‘‘Collection of with leveraged lending activities as SUMMARY: The OCC, as part of its
information’’ is defined in 44 U.S.C. defined in the guidance that may continuing effort to reduce paperwork
3502(3) and 5 CFR 1320.3(c) to include develop policies recommended in the and respondent burden, invites the
Agency recommendations, requests, or guidance. general public and other federal
requirements that members of the public Title: Guidance on Leveraged agencies to take this opportunity to
submit reports, keep records, or provide Lending. comment on a continuing information
information to a third party. Section collection as required by the Paperwork
OMB Control No.: 1557–0315. Reduction Act of 1995 (PRA).
3506(c)(2)(A) of title 44 (44 U.S.C.
3506(c)(2)(A)) requires federal agencies Frequency of Response: Annual. An agency may not conduct or
to provide a 60-day notice in the Affected Public: Financial institutions sponsor, and a respondent is not
Federal Register concerning each with leveraged lending. required to respond to, an information
proposed collection of information, Burden Estimates: collection unless it displays a currently
including each proposed extension of an valid OMB control number.
Estimated number of respondents: 29. The OCC is soliciting comment
existing collection of information,
before submitting the collection to OMB Estimated total annual burden: 39,162 concerning the renewal of its
for approval. To comply with this hours to build; 49,462 hours for ongoing information collection titled, ‘‘Fiduciary
requirement, the OCC is publishing use. Activities.’’
notice of the proposed collection of Total estimated annual burden: DATES: You should submit written
information set forth in this document. 88,624 hours. comments by January 14, 2019.
Title: Leveraged Lending. Comments submitted in response to ADDRESSES: Commenters are encouraged
OMB Control No.: 1557–0315. this notice will be summarized, to submit comments by email, if
Description: On March 22, 2013, the included in the request for OMB possible. You may submit comments by
agencies 2 issued guidance to the approval, and become a matter of public any of the following methods:
financial institutions they supervise 3 on record. Comments are invited on: • Email: prainfo@occ.treas.gov.
how to evaluate and monitor credit risks (a) Whether the information • Mail: Legislative and Regulatory
in leveraged loans, understand the effect collections are necessary for the proper Activities Division, Office of the
of changes in borrowers’ enterprise performance of the OCC’s functions, Comptroller of the Currency, Attention:
values on credit portfolio quality, and including whether the information has 1557–0140, 400 7th Street SW, Suite
assess the sensitivity of future credit practical utility; 3E–218, Washington, DC 20219.
losses to these changes in enterprise • Hand Delivery/Courier: 400 7th
values.4 In regard to the underwriting of (b) The accuracy of the OCC’s Street SW, Suite 3E–218, Washington,
such credits, the guidance provides estimates of the burden of the DC 20219.
information for financial institutions to information collections, including the • Fax: (571) 465–4326.
consider in assessing whether borrowers validity of the methodology and Instructions: You must include
have the ability to repay credits when assumptions used; ‘‘OCC’’ as the agency name and ‘‘1557–
due and whether borrowers have (c) Ways to enhance the quality, 0140’’ in your comment. In general, the
sustainable capital structures, including utility, and clarity of the information to OCC will publish your comment on
bank borrowings and other debt, to be collected; www.reginfo.gov without change,
support their continued operations (d) Ways to minimize the burden of including any business or personal
through economic cycles. The guidance information collections on respondents, information that you provide, such as
also provides information to financial including through the use of automated name and address information, email
institutions on the risks and potential collection techniques or other forms of addresses, or phone numbers.
impact of stressful events and information technology; and Comments received, including
circumstances on a borrower’s financial (e) Estimates of capital or startup costs attachments and other supporting
condition. and costs of operation, maintenance, materials, are part of the public record
The final guidance recommends that and purchase of services to provide and subject to public disclosure. Do not
financial institutions consider include any information in your
amozie on DSK3GDR082PROD with NOTICES1
information.
comment or supporting materials that
2 OCC, Board of Governors of the Federal Reserve Dated: November 6, 2018. you consider confidential or
System, and Federal Deposit Insurance Corporation. Theodore J. Dowd, inappropriate for public disclosure.
3 For the OCC, the term ‘‘financial institution’’ or
Deputy Chief Counsel, Office of the You may review comments and other
‘‘institution’’ includes national banks, federal Comptroller of the Currency.
savings associations, and federal branches and related materials that pertain to this
agencies supervised by the OCC. [FR Doc. 2018–24616 Filed 11–9–18; 8:45 am] information collection beginning on the
4 78 FR 17766 (March 22, 2013). BILLING CODE 4810–33–P date of publication of the second notice
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![56402 Federal Register / Vol. 83, No. 219 / Tuesday, November 13, 2018 / Notices
management; mark-to-market and copy of the report upon request to any DEPARTMENT OF THE TREASURY
amortized cost net asset values; dollar- person for a reasonable charge.
weighted average portfolio maturity; Office of the Comptroller of the
Twelve CFR 9.18(c)(5) (and 150.260
dollar-weighted average portfolio life Currency
by cross-reference) require that, for
maturity as of the last business day of special exemption CIFs, national banks
the prior calendar month; and certain Agency Information Collection
and FSAs must submit to the OCC a Activities: Information Collection
other security-level information for each
written plan that sets forth: Renewal; Request for Comment;
security held.
Twelve CFR 9.18(b)(4)(iii)(J) (and • The reason the proposed fund Identity Theft Red Flags and Address
150.260 by cross-reference) require that requires a special exemption; Discrepancies Under the Fair and
national banks and FSAs adopt, for Accurate Credit Transactions Act of
• The provisions of the fund that are
STIFs, procedures that require a 2003
inconsistent with 12 CFR 9.18(a) and
national bank or FSA that manages a (b); AGENCY: Office of the Comptroller of the
STIF to notify the OCC prior to or Currency (OCC), Treasury.
within one business day thereafter of • The provisions of 12 CFR 9.18(b) for
which the national bank or FSA seeks ACTION: Notice and request for
certain events.
an exemption; and comment.
Twelve CFR 9.18(b)(4)(iii)(K) (and
150.260 by cross-reference) require that • The manner in which the proposed SUMMARY: The OCC, as part of its
national banks and FSAs adopt, for fund addresses the rights and interests continuing effort to reduce paperwork
STIFs, certain procedures in the event of participating accounts. and respondent burden, invites the
that the STIF has repriced its net asset general public and other federal
value below $0.995 per participating Type of Review: Regular.
agencies to take this opportunity to
interest. Affected Public: Businesses or other comment on a continuing information
Twelve CFR 9.18(b)(4)(iii)(L) (and for-profit. collection as required by the Paperwork
150.260 by cross-reference) require that Estimated Number of Respondents: Reduction Act of 1995 (PRA).
national banks and FSAs adopt, for 320. An agency may not conduct or
STIFs, procedures for initiating sponsor, and a respondent is not
liquidation of a STIF upon the Frequency of Response: On occasion.
required to respond to, an information
suspension or limitation of withdrawals Estimated Total Annual Burden: collection unless it displays a currently
as a result of redemptions. 115,125 hours. valid OMB control number.
Twelve CFR 9.18(b)(6)(ii) (and Comments submitted in response to The OCC is soliciting comment
150.260 by cross-reference) require, for concerning the renewal of its
this notice will be summarized,
CIFs, that national banks and FSAs, at information collection titled, ‘‘Identity
included in the request for OMB
least once during each 12-month period, Theft Red Flags and Address
prepare a financial report of the fund approval, and become a matter of public
record. Comments are invited on: Discrepancies under the Fair and
based on the audit required by 12 CFR Accurate Credit Transactions Act of
9.18(b)(6)(i). The report must disclose (a) Whether the collection of 2003.’’
the fund’s fees and expenses in a information is necessary for the proper
manner consistent with applicable state performance of the functions of the DATES: Comments must be received by
law in the state in which the national OCC, including whether the information January 14, 2019.
bank or FSA maintains the fund and has practical utility; ADDRESSES: Commenters are encouraged
must contain: to submit comments by email, if
(b) The accuracy of the OCC’s
• A list of investments in the fund possible. You may submit comments by
estimate of the burden of the collection any of the following methods:
showing the cost and current market
of information; • Email: prainfo@occ.treas.gov.
value of each investment;
• A statement covering the period (c) Ways to enhance the quality, • Mail: Legislative and Regulatory
after the previous report showing the utility, and clarity of the information to Activities Division, Office of the
following (organized by type of be collected; Comptroller of the Currency, Attention:
investment): 1557–0237, 400 7th Street SW, Suite
(d) Ways to minimize the burden of
Æ A summary of purchases (with 3E–218, Washington, DC 20219.
the collection on respondents, including • Hand Delivery/Courier: 400 7th
costs);
Æ A summary of sales (with profit or through the use of automated collection Street SW, Suite 3E–218, Washington,
loss and any investment change); techniques or other forms of information DC 20219.
Æ Income and disbursements; and technology; and • Fax: (571) 465–4326.
Æ An appropriate notation of any (e) Estimates of capital or start-up Instructions: You must include
investments in default. costs and costs of operation, ‘‘OCC’’ as the agency name and ‘‘1557–
Twelve CFR 9.18(b)(6)(iv) (and maintenance, and purchase of services 0237’’ in your comment. In general, the
150.260 by cross-reference) require that to provide information. OCC will publish your comment on
a national bank or FSA managing a CIF www.reginfo.gov without change,
provide a copy of the financial report, Dated: November 6, 2018. including any business or personal
or provide notice that a copy of the Theodore J. Dowd, information that you provide, such as
report is available upon request without Deputy Chief Counsel, Office of the name and address information, email
amozie on DSK3GDR082PROD with NOTICES1
charge, to each person who ordinarily Comptroller of the Currency. addresses, or phone numbers.
would receive a regular periodic [FR Doc. 2018–24612 Filed 11–9–18; 8:45 am] Comments received, including
accounting with respect to each BILLING CODE 4810–33–P attachments and other supporting
participating account. The national bank materials, are part of the public record
or FSA may provide a copy to and subject to public disclosure. Do not
prospective customers. In addition, the include any information in your
national bank or FSA must provide a comment or supporting materials that
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Document Created: 2018-11-10 03:18:21
Document Modified: 2018-11-10 03:18:21
| 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 14, 2019. | |
| Contact | Shaquita Merritt, Clearance Officer, (202) 649-5490 or, for persons who are deaf or hard of hearing, TTY, (202) 649-5597, Chief Counsel's Office, Office of the Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219. | |
| FR Citation | 83 FR 56400 |
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