83 FR 7104 - Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Investment Securities

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency

Federal Register Volume 83, Issue 33 (February 16, 2018)

Page Range		7104-7106
FR Document		2018-03253

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). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and respondents are 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 the renewal of its information collection titled, ``Investment Securities.'' The OCC also is giving notice that it has sent the collection to OMB for review.

Federal Register, Volume 83 Issue 33 (Friday, February 16, 2018)

[Federal Register Volume 83, Number 33 (Friday, February 16, 2018)]
[Notices]
[Pages 7104-7106]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-03253]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Submission for OMB Review; Investment Securities

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

[[Page 7105]]

agencies to take this opportunity to comment on a continuing 
information collection as required by the Paperwork Reduction Act of 
1995 (PRA).
    In accordance with the requirements of the PRA, the OCC may not 
conduct or sponsor, and respondents are 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 the renewal of its 
information collection titled, ``Investment Securities.'' The OCC also 
is giving notice that it has sent the collection to OMB for review.

DATES: You should submit written comments by March 19, 2018.

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: 1557-0205, 400 7th Street SW, Suite 3E-218, 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 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 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.
    Additionally, please send a copy of your comments by mail to: OCC 
Desk Officer, 1557-0205, U.S. Office of Management and Budget, 725 17th 
Street NW, #10235, Washington, DC 20503 or by email to oira 
[email protected].

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance 
Officer, (202) 649-5490 or, for persons who are deaf or hearing 
impaired, 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 the OMB for each collection of 
information that 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. The OCC requests 
that OMB extend its approval of this collection.
    Title: Investment Securities.
    OMB Control No.: 1557-0205.
    Description: 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 \1\ 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 ensuring 
that the bank's investment is consistent with its investment authority 
under applicable law and does not pose unacceptable risk.
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    \1\ 15 U.S.C. 80a-3(c)(1).
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    Under 12 CFR 1.7(b), a national bank may request OCC approval to 
extend the five-year holding period for securities held in satisfaction 
of debts previously contracted for up to an additional five years. In 
its request, 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. The OCC 
also uses the information to evaluate the risks to the bank of 
extending the holding period, including potential effects on the bank's 
safety and soundness.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for-profit.
    Estimated Number of Respondents: 25.
    Estimated Total Annual Burden: 460 hours.
    Frequency of Response: On occasion.
    Comments: The OCC issued a notice for 60 days of comment regarding 
this collection on November 21, 2017, 82 FR 55487. The OCC received one 
comment from an individual.
    The comment related to 12 CFR 1.7(b). Twelve CFR 1.7(b) provides 
that a bank may hold securities in satisfaction of debts previously 
contracted for a period of five years and permits the OCC to extend the 
holding period up to an additional five years if the bank provides a 
clearly convincing demonstration as to why an additional holding period 
is needed.
    The commenter stated that banks should rarely need to hold 
securities in satisfaction of debts previously contracted longer than 
five years. The commenter requested that the OCC conduct a 
retrospective analysis on the need, fairness, and appropriateness of 
the text in 12 CFR 1.7(b) that permits the OCC to extend the holding 
period beyond five years. The commenter stated that this retrospective 
analysis would enable the OCC to narrow the requirements for an 
extended holding period and to specify in 12 CFR 1.7(b) the rare and 
unusual reasons why banks may need more than five years to dispose of a 
security. The commenter further stated that 12 CFR 1.7(b) currently 
encourages banks to speculate on securities acquired in satisfaction of 
debts previously contracted.
    In response to this comment, the OCC notes that the OCC cannot 
rescind regulations through the PRA renewal process. Moreover, as part 
of the OCC's ten-year regulatory review required under by section 222 
of the Economic Growth and Regulatory Paperwork Reduction Act 
(``EGRPRA''), the OCC issued notices soliciting comments on all OCC 
regulations, including 12 CFR part 1.\2\ The OCC did not receive any 
comments regarding 12 CFR part 1 in response to the relevant OCC 
notice. The OCC therefore did not propose any revisions to Part 1 in 
connection with the review required under EGRPRA. Furthermore, the text 
of 12 CFR 1.7(d) explicitly states that banks may not hold securities 
under 12 CFR 1.7 for speculative purposes. Finally, 12 CFR 1.7(b) makes 
clear that the burden is on the bank to provide ``a clearly convincing 
demonstration as to why an additional holding period is needed.'' In 
light of the prohibition on holding securities acquired under 12 CFR 
1.7 for speculative purposes, as well as the high standard that a bank 
must meet to receive an extended holding period under 12 CFR 1.7(b), 
the OCC does not believe that a retrospective analysis on the need, 
fairness, and appropriateness of the text in 12 CFR 1.7(b) is warranted 
at this time.
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    \2\ See Regulatory Publication and Review Under the Economic 
Growth and Regulatory Paperwork Reduction Act of 1996, 79 FR 32172, 
32178 (Jun. 4, 2014).
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    Comments continue to be invited on:
    (a) Whether the collection of information is necessary for the 
proper

[[Page 7106]]

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: February 12, 2018.
Karen Solomon,
Acting Senior Deputy Comptroller and Chief Counsel, Office of the 
Comptroller of the Currency.
[FR Doc. 2018-03253 Filed 2-15-18; 8:45 am]
BILLING CODE 4810-33-P

Federal Register / Vol. 83, No. 33 / Friday, February 16, 2018 / Notices 7105

agencies to take this opportunity to SUPPLEMENTARY INFORMATION: Under the contracted for a period of five years and
comment on a continuing information PRA (44 U.S.C. 3501–3520), federal permits the OCC to extend the holding
collection as required by the Paperwork agencies must obtain approval from the period up to an additional five years if
Reduction Act of 1995 (PRA). OMB for each collection of information the bank provides a clearly convincing
In accordance with the requirements that they conduct or sponsor. demonstration as to why an additional
of the PRA, the OCC may not conduct ‘‘Collection of information’’ is defined holding period is needed.
or sponsor, and respondents are not in 44 U.S.C. 3502(3) and 5 CFR The commenter stated that banks
required to respond to, an information 1320.3(c) to include agency requests or should rarely need to hold securities in
collection unless it displays a currently requirements that members of the public satisfaction of debts previously
valid Office of Management and Budget submit reports, keep records, or provide contracted longer than five years. The
(OMB) control number. information to a third party. The OCC commenter requested that the OCC
The OCC is soliciting comment requests that OMB extend its approval conduct a retrospective analysis on the
concerning the renewal of its of this collection. need, fairness, and appropriateness of
information collection titled, Title: Investment Securities. the text in 12 CFR 1.7(b) that permits
‘‘Investment Securities.’’ The OCC also OMB Control No.: 1557–0205. the OCC to extend the holding period
is giving notice that it has sent the Description: Under 12 CFR 1.3(h)(2), a beyond five years. The commenter
collection to OMB for review. national bank may request an OCC stated that this retrospective analysis
DATES: You should submit written determination that it may invest in an would enable the OCC to narrow the
comments by March 19, 2018. entity that is exempt from registration requirements for an extended holding
ADDRESSES: Because paper mail in the
under section 3(c)(1) of the Investment period and to specify in 12 CFR 1.7(b)
Washington, DC area and at the OCC is Company Act of 1940 1 if the portfolio the rare and unusual reasons why banks
subject to delay, commenters are of the entity consists exclusively of may need more than five years to
encouraged to submit comments by assets that a national bank may dispose of a security. The commenter
email, if possible. Comments may be purchase and sell for its own account. further stated that 12 CFR 1.7(b)
sent to: Legislative and Regulatory The OCC uses the information currently encourages banks to speculate
Activities Division, Office of the contained in the request as a basis for on securities acquired in satisfaction of
Comptroller of the Currency, Attention: ensuring that the bank’s investment is debts previously contracted.
1557–0205, 400 7th Street SW, Suite consistent with its investment authority In response to this comment, the OCC
3E–218, Washington, DC 20219. In under applicable law and does not pose notes that the OCC cannot rescind
addition, comments may be sent by fax unacceptable risk. regulations through the PRA renewal
to (571) 465–4326 or by electronic mail Under 12 CFR 1.7(b), a national bank process. Moreover, as part of the OCC’s
to prainfo@occ.treas.gov. You may may request OCC approval to extend the ten-year regulatory review required
personally inspect and photocopy five-year holding period for securities under by section 222 of the Economic
comments at the OCC, 400 7th Street, held in satisfaction of debts previously Growth and Regulatory Paperwork
SW, Washington, DC 20219. For contracted for up to an additional five Reduction Act (‘‘EGRPRA’’), the OCC
security reasons, the OCC requires that years. In its request, the bank must issued notices soliciting comments on
visitors make an appointment to inspect provide a clearly convincing all OCC regulations, including 12 CFR
comments. You may do so by calling demonstration of why any additional part 1.2 The OCC did not receive any
(202) 649–6700 or, for persons who are holding period is needed. The OCC uses comments regarding 12 CFR part 1 in
deaf or hearing impaired, TTY, (202) the information in the request to ensure, response to the relevant OCC notice.
649–5597. Upon arrival, visitors will be on a case-by-case basis, that the bank’s The OCC therefore did not propose any
required to present valid government- purpose in retaining the securities is not revisions to Part 1 in connection with
issued photo identification and submit speculative and that the bank’s reasons the review required under EGRPRA.
to security screening in order to inspect for requesting the extension are Furthermore, the text of 12 CFR 1.7(d)
and photocopy comments. adequate. The OCC also uses the explicitly states that banks may not hold
All comments received, including information to evaluate the risks to the securities under 12 CFR 1.7 for
attachments and other supporting bank of extending the holding period, speculative purposes. Finally, 12 CFR
materials, are part of the public record including potential effects on the bank’s 1.7(b) makes clear that the burden is on
and subject to public disclosure. Do not safety and soundness. the bank to provide ‘‘a clearly
include any information in your Type of Review: Extension of a convincing demonstration as to why an
comment or supporting materials that currently approved collection. additional holding period is needed.’’ In
Affected Public: Businesses or other light of the prohibition on holding
you consider confidential or
for-profit. securities acquired under 12 CFR 1.7 for
inappropriate for public disclosure. Estimated Number of Respondents:
Additionally, please send a copy of speculative purposes, as well as the
25. high standard that a bank must meet to
your comments by mail to: OCC Desk Estimated Total Annual Burden: 460
Officer, 1557–0205, U.S. Office of receive an extended holding period
hours.
Management and Budget, 725 17th Frequency of Response: On occasion. under 12 CFR 1.7(b), the OCC does not
Street NW, #10235, Washington, DC Comments: The OCC issued a notice believe that a retrospective analysis on
20503 or by email to oira submission@ for 60 days of comment regarding this the need, fairness, and appropriateness
omb.eop.gov. collection on November 21, 2017, 82 FR of the text in 12 CFR 1.7(b) is warranted
FOR FURTHER INFORMATION CONTACT: 55487. The OCC received one comment at this time.
daltland on DSKBBV9HB2PROD with NOTICES

Shaquita Merritt, OCC Clearance from an individual. Comments continue to be invited on:
Officer, (202) 649–5490 or, for persons The comment related to 12 CFR (a) Whether the collection of
who are deaf or hearing impaired, TTY, 1.7(b). Twelve CFR 1.7(b) provides that information is necessary for the proper
(202) 649–5597, Legislative and a bank may hold securities in 2 See Regulatory Publication and Review Under
Regulatory Activities Division, Office of satisfaction of debts previously the Economic Growth and Regulatory Paperwork
the Comptroller of the Currency, 400 7th Reduction Act of 1996, 79 FR 32172, 32178 (Jun.
Street SW, Washington, DC 20219. 1 15 U.S.C. 80a–3(c)(1). 4, 2014).

VerDate Sep<11>2014 19:24 Feb 15, 2018 Jkt 244001 PO 00000 Frm 00098 Fmt 4703 Sfmt 4703 E:\FR\FM\16FEN1.SGM 16FEN1

$7106 Federal Register / Vol. 83, No. 33 / Friday, February 16, 2018 / Notices performance of the functions of the Tampa Street, Tampa Florida. The The recipients of the American Spirit OCC, including whether the information meeting sessions are open to the public Recruitment Awards, VAVS Award for has practical utility; and are scheduled as follows: Excellence, and the NAC male and (b) The accuracy of the OCC’s female Volunteer of the Year awards estimate of the burden of the collection Dates: Time: will be recognized. Educational of information; workshops will be held in the afternoon (c) Ways to enhance the quality, April 11, 2018 ....... 8:00 a.m. to 11:30 a.m. and will focus on building the Episodic utility, and clarity of the information to April 12, 2018 ....... 8:30 a.m. to 4:30 p.m. April 13, 2018 ....... 8:30 a.m. to 3:45 p.m. Volunteer Workshop, S.A.V.E be collected; Training—Suicide Prevention, (d) Ways to minimize the burden of Voluntary Service System, new the collection on respondents, including The Committee, comprised of 51 timekeeping system to track and manage through the use of automated collection national voluntary organizations, volunteer hours, and a writing techniques or other forms of information advises the Secretary, through the Office workshop. On April 13, the morning technology; and of the Under Secretary for Health, on the business session will include (e) Estimates of capital or start-up coordination and promotion of subcommittee reports, the Voluntary costs and costs of operation, volunteer activities and strategic Service Report, NAC Chair Report, and maintenance, and purchase of services partnerships within VA facilities, in the remarks by VA officials on new and to provide information. community, and on matters related to ongoing VA initiatives and priorities. Dated: February 12, 2018. volunteerism and charitable giving. The The educational workshops will be purposes of this meeting are: to provide repeated in the afternoon. No time will Karen Solomon, for Committee review of volunteer be allocated at this meeting for receiving Acting Senior Deputy Comptroller and Chief policies and procedures; to Counsel, Office of the Comptroller of the oral presentations from the public. Currency. accommodate full and open However, the public may submit written communications between organization statements for the Committee’s review [FR Doc. 2018–03253 Filed 2–15–18; 8:45 am] representatives and the Voluntary to Ms. Sabrina C. Clark, Designated BILLING CODE 4810–33–P Service Office and field staff; to provide Federal Officer, Voluntary Service educational opportunities geared Office (10B2A), Department of Veterans towards improving volunteer programs Affairs, 810 Vermont Avenue NW, DEPARTMENT OF VETERANS with special emphasis on methods to AFFAIRS Washington, DC, 20420, or by email at recruit, retain, place, motivate, and Sabrina.Clark@va.gov. Any member of recognize volunteers; and to provide the public wishing to attend the meeting Voluntary Service National Advisory Committee recommendations. The April or seeking additional information Committee, Notice of Meeting 11, session will include a National should contact Ms. Clark at (202) 461– The Department of Veterans Affairs Executive Committee Meeting, Health 7300. (VA) gives notice under the Federal and Information Fair, and VAVS Advisory Committee Act that the annual Representative and Deputy Dated: February 13, 2018. meeting of the Department of Veterans Representative training session. The Jelessa M. Burney, Affairs Voluntary Service (VAVS) April 12, business session will include Federal Advisory Committee Management National Advisory Committee (NAC) welcoming remarks from local officials, Officer. will be held April 11–13, 2018, at the and remarks by VA officials on new and [FR Doc. 2018–03265 Filed 2–15–18; 8:45 am] Tampa Hilton Downtown, 211 North ongoing VA initiatives and priorities. BILLING CODE P daltland on DSKBBV9HB2PROD with NOTICES VerDate Sep<11>2014 19:24 Feb 15, 2018 Jkt 244001 PO 00000 Frm 00099 Fmt 4703 Sfmt 9990 E:\FR\FM\16FEN1.SGM 16FEN1$

Document Created: 2018-02-16 00:55:24
Document Modified: 2018-02-16 00:55:24

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 March 19, 2018.
Contact		Shaquita Merritt, OCC Clearance Officer, (202) 649-5490 or, for persons who are deaf or hearing impaired, 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		83 FR 7104

83 FR 7104 - Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Investment Securities

DEPARTMENT OF THE TREASURYOffice of the Comptroller of the Currency

Federal Register Volume 83, Issue 33 (February 16, 2018)

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency