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)

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.''

[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]


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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 (OCC), Treasury.

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 (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:
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    \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.
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     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.
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    \2\ 76 FR 48950 (August 9, 2011).
    \3\ 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 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