Agency Information Collection Activities: Submission for OMB Review; Comment Request

[Federal Register Volume 64, Number 161 (Friday, August 20, 1999)]
[Notices]
[Pages 45587-45588]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-21718]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Submission for OMB 
Review; Comment Request

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

ACTION: Submission for OMB review; comment request.

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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. The OCC may not conduct or sponsor, and a respondent is not 
required to respond to, an information collection that has been 
extended, revised, or implemented unless it displays a currently valid 
Office of Management and Budget (OMB) control number. Currently, the 
OCC is soliciting comments concerning extension, without change, of an 
information collection titled Fiduciary Activities of National Banks 
(12 CFR 9). The OCC also gives notice that it has sent the information 
collection to OMB for review.

DATES: You should submit your written comments to both OCC and the OMB 
Reviewer by September 20, 1999.

ADDRESSES: You should send your written comments to the Communications 
Division, Attention: 1557-0140, Third Floor, Office of the Comptroller 
of the Currency, 250 E Street, SW, Washington, DC 20219. In addition, 
you can send comments by facsimile transmission to (202) 874-5274, or 
by electronic mail to regs.comments@occ.treas.gov.

FOR FURTHER INFORMATION CONTACT: You may request additional 
information, a copy of the collection, or a copy of the supporting 
documentation submitted to OMB by contacting Jessie Gates or Camille 
Dixon, (202) 874-5090, Legislative and Regulatory Activities Division 
(1557-0140), Office of the Comptroller of the Currency, 250 E Street, 
SW, Washington, DC 20219.

SUPPLEMENTARY INFORMATION: The OCC is proposing to extend OMB approval 
of the following information collection:
    Title: Fiduciary Activities of National Banks (12 CFR 9).
    OMB Number: 1557-0140.
    Form Number: None.
    Abstract: This submission covers an existing regulation and 
involves no change to the regulation or to the

[[Page 45588]]

information collections embodied in the regulation. The OCC requests 
only that OMB renew its approval of the information collections in the 
current regulation.
    Under 12 U.S.C. 92a, the OCC regulates the fiduciary activities of 
national banks, including the administration of collective investment 
funds. The requirements in 12 CFR part 9 enable the OCC to perform its 
responsibilities relating to the fiduciary activities of national banks 
and collective investment funds. Part 9 requires national banks to 
retain fiduciary records, note annually in the minutes of the board of 
directors the results of fiduciary audits, to operate a collective 
investment fund pursuant to a written plan, to submit written plans to 
the OCC for approval, and to prepare an annual financial report on each 
fund and notify participants of its availability.
    The collections of information in part 9 are found in: 12 CFR 
9.8(b), 9.9(a) and (b), 9.17(a), 9.18(b)(1), 9.18(b)(6)(ii), 
9.18(b)(6)(iv), and 9.18(c)(5).
    The following is a brief discussion of the elements of the 
information collection in each section of regulations:
    Section 9.8(b) requires a national bank to maintain fiduciary 
records;
    Section 9.9 (a) and (b) require a national bank to note the results 
of its fiduciary audit in the board of directors minutes;
    Section 9.17(a) requires a national bank that wants to surrender 
its fiduciary powers to file a certified board of directors resolution 
with the OCC;
    Section 9.18(b)(1) requires a national bank to file new and amended 
collective fund plans with the OCC;
    Section 9.18(b)(1) also requires a national bank to disclose their 
collective fund plans to investors and other interested persons;
    Section 9.18(b)(6)(ii) requires a national bank to prepare 
financial reports regarding each collective investment fund;
    Section 9.18(b)(6)(iv) requires a national bank to disclose their 
collective investment fund financial reports to investors and other 
interested persons; and
    Section 9.18(c)(5) requires a national bank to request OCC approval 
to establish a special exemption fund.
    These information collection requirements ensure bank compliance 
with applicable Federal law, further bank safety and soundness, provide 
protections for banks and the public, and further public policy 
interests.
    Type of Review: Extension, without change, of a currently approved 
collection.
    Affected Public: Businesses or other for-profit.
    Number of Respondents: 1,000.
    Total Annual Responses: 1,000.
    Frequency of Response: On occasion.
    Estimated Total Annual Burden: 15,010 hours.
    OCC Contact: Jessie Gates or Camille Dixon, (202) 874-5090, 
Legislative and Regulatory Activities Division, OMB No. 1557-0140, 
Office of the Comptroller of the Currency, 250 E Street SW, Washington, 
DC 20219.
    OMB Reviewer: Alexander Hunt, (202) 395-7340, Paperwork Reduction 
Project 1557-0140, Office of Management and Budget, Room 10226, New 
Executive Office Building, Washington, DC 20503.
    Comments: Your comment will become a matter of public record. You 
are invited to comment on:
    (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information has practical utility;
    (b) Whether the OCC's burden estimate is accurate;
    (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) Whether the OCC's estimates of the capital or startup costs and 
costs of operation, maintenance, and purchase of services to provide 
information are accurate.
    Additionally, the OCC requests comments on the impact of this 
information collection on community banks. The OCC recognizes that 
community banks operate with more limited resources than larger 
institutions and may present a different risk profile. Thus, the OCC 
specifically requests comments on the impact of this information 
collection on community banks' current resources and available 
personnel with the requisite expertise, and whether the goals of part 9 
could be achieved, for community banks, through an alternative 
approach.

    Dated: August 16, 1999.
Mark Tenhundfeld,
Assistant Director, Legislative & Regulatory Activities Division.
[FR Doc. 99-21718 Filed 8-19-99; 8:45 am]
BILLING CODE 4810-33-P