Proposed Renewal of Information Collections; Comment Request

The OCC is proposing to extend OMB approval of the following three information collections:

1. 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 information collections embodied in the regulation. The OCC requests only that OMB renew its approval of the information collections in the current regulation. OCC regulations at 12 CFR part 9 require national banks with fiduciary powers to retain fiduciary records related to an account for three years after termination of the account or of related litigation. Part 9 also requires that national banks note annually in their board minutes the results of fiduciary audits. Part 9 also requires that national banks operate their collective investment funds in accordance with a written plan. The plan is analogous to a prospectus required for registered investment companies by Securities and Exchange Corporation requirements. In order to avail itself of certain regulatory exemptions, a national bank must submit its collective investment fund plan to OCC for approval. Finally, each national bank must prepare an annual financial report on each fund and notify participants of its availability. The requirements in 12 CFR part 9 are located as follows: Record retention: 12 CFR 9.8(b). Noting audit in board minutes: 12 CFR 9.9(a) and (b). Surrender of fiduciary powers: 12 CFR 9.17(a). Disclosing plan: 12 CFR 9.18(b)(1). Preparing/Amending plan: 12 CFR 9.18(b)(1). Preparing financial report: 12 CFR 9.18(b)(6)(ii). Disclosing financial report: 12 CFR 9.18(b)(6)(iv). Requesting special exemptions: 12 CFR 9.18(c)(5). National banks use these records to establish operational parameters for their collective investment funds and to disclose information to fund participants. Participants and other members of the public use the fund plan and report to obtain information about the fund, including its financial performance. The plan and the annual financial report inform and protect the public. The OCC uses the information in the examination process, to ensure bank compliance with provisions of 12 CFR 9.18, and to ensure bank safety and soundness. Below are the OCC's current estimates of the paperwork attributable to 12 CFR part 9. These estimates were prepared pursuant to the notice- and comment rulemaking process undertaken in 1995 and were approved by OMB in February 1996.

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/annually. Total Annual Burden: 17,300 Hours.

2. Title: Recordkeeping Requirements for Securities Transactions-- 12 CFR 12

OMB Number: 1557-0142. Form Number: None. Abstract: This submission covers an existing regulation and involves no change to the regulation or to the 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 is granted supervisory responsibility for national bank trust activities and, under 12 U.S.C. 24 (Seventh), has general authority relating to securities activities. Further, under 12 U.S.C. 93a, the OCC has authority to prescribe rules and regulations to carry out its responsibilities. The requirements in part 12 are necessary for the OCC to effectively carry out its statutory responsibilities. The requirements in 12 CFR part 12 are located as follows: Recordkeeping requirements: 12 CFR 12.3(a). Notification of transaction to customer: 12 CFR 12.4. Notification by agreement: 12 CFR 12.5(a), (b), (c), and (e). Securities trading policies: 12 CFR 12.7(a). Report by bank officers and employees: 12 CFR 12.7(a) and (b). Waiver request. 12 CFR 12.8. The transaction confirmation information provides customers with a record regarding the transaction and provides banks and the OCC with records to ensure bank compliance with banking and securities law and regulations. The OCC uses the required information in its examinations to, among other things, evaluate the bank's compliance with the antifraud provisions of the Federal securities laws. Below are the OCC's current estimates of the paperwork attributable to 12 CFR part 12. These estimates were prepared pursuant to the notice and comment rulemaking process undertaken in 1995 and were approved by OMB in February 1996. Type of Review: Extension, without change, of a currently approved collection. Affected Public: Businesses or other for-profit. Number of Respondents: 1,047. Total Annual Responses: 1,047. Frequency of Response: On occasion. Total Annual Burden: 56,019 Hours.

3. Title: Community Development Corporation and Project Investments and Other Public Welfare Investments--12 CFR 24

OMB Number: 1557-0194. Form Number: None. Abstract: This submission covers an existing regulation and involves no change to the regulation or to the information collections embodied in the regulation. The OCC requests only that OMB renew its approval of the information collections in the current regulation. Twelve U.S.C. 24 (Eleventh) authorizes national banks to make investments that are designated primarily to promote the public welfare, including the welfare of low- and moderate-income families and communities (such as through the provision of housing, services, or jobs) consistent with safe and sound banking practices. The statute requires the OCC to limit a national bank's investment in any one project as well as its aggregate investment in such projects. This regulation requires national banks to make occasional filings to the OCC regarding investment proposals, certain self-certifications, and requests from 3-rated banks to self-certify. The requirements in 12 CFR part 24 are located as follows: Investment proposals: 12 CFR 24.4(a) and 24.5(b). Self-certification letters: 12 CFR 24.5(a). Letters from 3-rated banks requesting to self-certify: 12 CFR 24.5(a)(4). The OCC uses the information to determine whether the investment meets the statutory requirements, is likely to impact bank profitability or safety and soundness, or poses a risk to the deposit insurance system. Further, the OCC uses the information in planning bank examinations. Below are the OCC's current estimates of the paperwork attributable to 12 CFR part 24. These estimates were prepared pursuant to the notice and comment rulemaking process undertaken in 1995 and were approved by OMB in February 1996. Type of Review: Extension, without change, of a currently approved collection. Affected Public: Businesses or other for-profit. Number of Respondents: 400. Total Annual Responses: 400. Frequency of Response: On occasion. Total Annual Burden: 418 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 collection of information is necessary for the proper performance of the functions of the agency, including whether the information has practical utility; (b) The accuracy of the agency'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 startup costs and costs of operation, maintenance, and purchase of services to provide information.

Dated: February 10, 1999. Mark Tenhundfeld, Assistant Director, Legislative & Regulatory Activities Division. [FR Doc. 99-3891 Filed 2-17-99; 8:45 am] BILLING CODE 4810-33-P