Assessment of Fees, 69641-69644 [05-22815]

Download as PDF Federal Register / Vol. 70, No. 221 / Thursday, November 17, 2005 / Rules and Regulations 78u–2; 28 U.S.C. 2461 note; 31 U.S.C. 5321; 42 U.S.C. 4012a. (2) Control. Control has the same meaning given in part 574 of this chapter. The post-employment restriction in § 507.3 of this part will not apply to a senior examiner if the Director certifies in writing and on a case-by-case basis that a waiver of the restriction will not affect the integrity of OTS’s supervisory program. § 507.5 What are the penalties for violating the post-employment restrictions? (a) Penalties. A senior examiner who violates § 507.3 shall, in accordance with 12 U.S.C. 1820(k)(6), be subject to one or both of the following penalties: (1) An order— (i) Removing the person from office or prohibiting the person from further participating in the conduct of the affairs of the relevant depository institution, savings and loan holding company, bank holding company or other company for up to five years, and (ii) Prohibiting the person from participating in the affairs of any insured depository institution for up to five years. (2) A civil money penalty not to exceed $250,000. (b) Scope of prohibition orders. Any senior examiner who is subject to an order issued under paragraph (a)(1) of this section shall be subject to 12 U.S. C. 1818(e)(6) and (7) in the same manner and to the same extent as a person subject to an order issued under 12 U.S.C. 1818(e). (c) Procedures. 12 U.S.C. 1820(k) describes the procedures that are applicable to actions under paragraph (a) of this section and the appropriate Federal banking agency authorized to take the action, which may be an agency other than OTS. Where OTS is the appropriate Federal banking agency, it will conduct administrative proceedings under 12 CFR part 509. (d) Other penalties. The penalties under this section are not exclusive. A senior examiner who violates the restriction in § 507.3 may also be subject to other administrative, civil, or criminal remedy or penalty as provided by law. PART 509—RULES OF PRACTICE AND PROCEDURES IN ADJUDICATORY PROCEEDINGS 2. The authority citation for part 509 is revised to read as follows: I Authority: 5 U.S.C. 504, 554–557; 12 U.S.C. 1464, 1467, 1467a, 1468, 1817(j), 1818, 1820(k), 3349. 4717; 15 U.S.C. 78(l); 78o–5, VerDate Aug<31>2005 16:07 Nov 16, 2005 Jkt 208001 3. In § 509.1, redesignate paragraph (g) as paragraph (h); remove the word ‘‘and’’ at the end of paragraph (f); and add a new paragraph (g) to read as follows: I § 507.4 When will OTS waive the postemployment restrictions? § 509.1 Scope. * * * * * (g) Proceedings under section 10(k) of the FDIA (12 U.S.C. 1820(k)) to impose penalties on senior examiners for violation of post-employment prohibitions; and * * * * * Dated: November 7, 2005. Office of Thrift Supervision. John M. Reich, Director. [FR Doc. 05–22814 Filed 11–16–05; 8:45 am] BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P; 6720–01–P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency 12 CFR Part 8 [Docket No. 05–20] RIN 1557–AC96 Assessment of Fees Office of the Comptroller of the Currency, Treasury. ACTION: Interim final rule. AGENCY: SUMMARY: The Office of the Comptroller of the Currency (OCC) is issuing this interim final rule, with a request for comment, to amend its regulation at 12 CFR Part 8 concerning the timing of payments of OCC assessments. The interim final rule replaces the current process of assessment collection, which requires national banks to make the initial calculation of the amount due to the OCC. Under the revised assessment of fees process established by this interim rule, the OCC, rather than each national bank, will calculate the semiannual assessment fee based on the most recent Consolidated Reports of Condition and Income (Call Report). The fee will be due by March 31 and September 30 of each year, two months later than under the current process. Thus, payments that would have been due on January 31, 2006, will instead be due on March 31, 2006. The OCC will notify each national bank of the amount of its semiannual assessment and will automatically deduct that amount from each bank’s designated bank account on the payment due date. The interim rule PO 00000 Frm 00011 Fmt 4700 Sfmt 4700 69641 changes the assessment collection process only; it does not make any changes to the method for calculating assessments due from national banks. DATES: Effective Date: This rule is effective December 19, 2005. Comment Date: Comments must be received by December 19, 2005. ADDRESSES: Comments should be directed to: You should include OCC and Docket Number—in your comment. You may submit comments by any of the following methods: • Federal eRulemaking Portal: https:// www.regulations.gov. Follow the instructions for submitting comments. • OCC Web site: https:// www.occ.treas.gov. Click on ‘‘Contact the OCC,’’ scroll down and click on ‘‘Comments on Proposed Regulations.’’ • E-mail address: regs.comments@occ.treas.gov. • Fax: (202) 874–4448. • Mail: Office of the Comptroller of the Currency, 250 E Street, SW., Mail Stop 1–5, Washington, DC 20219. • Hand Delivery/Courier: 250 E Street, SW., Attn: Public Information Room, Mail Stop 1–5, Washington, DC 20219. Instructions: All submissions received must include the agency name (OCC) and docket number or Regulatory Information Number (RIN) for this interim final rule. In general, OCC will enter all comments received into the docket without change, including any business or personal information that you provide. You may review comments and other related materials by any of the following methods: • Viewing Comments Personally: You may personally inspect and photocopy comments at the OCC’s Public Information Room, 250 E Street, SW., Washington, DC. You can make an appointment to inspect comments by calling (202) 874–5043. • Viewing Comments Electronically: You may request e-mail or CD–ROM copies of comments that the OCC has received by contacting the OCC’s Public Information Room at regs.comments@occ.treas.gov. • Docket: You may also request available background documents and project summaries using the methods described above. FOR FURTHER INFORMATION CONTACT: Jean Campbell, Senior Attorney, or Mitchell Plave, Counsel, Legislative and Regulatory Activities Division, (202) 874–5090; or Bruce W. Halper, Team Leader—Revenue, Financial Management, (202) 874–2199, Office of the Comptroller of the Currency, 250 E Street, SW., Washington, DC 20219. E:\FR\FM\17NOR1.SGM 17NOR1 69642 Federal Register / Vol. 70, No. 221 / Thursday, November 17, 2005 / Rules and Regulations SUPPLEMENTARY INFORMATION: I. Background The National Bank Act authorizes the OCC to collect assessments, fees, or other charges as necessary or appropriate to carry out the responsibilities of the Office. 12 U.S.C. 482. Under this authority, the OCC collects semiannual assessments from national banks, as described in 12 CFR part 8 and in the Notice of Comptroller of the Currency Fees, which is published no later than the first business day of December each year.1 Part 8 currently requires each national bank to compute the amount of its semiannual assessment fee and pay that amount to the OCC by January 31 and July 31 of each year. Banks base their assessments on the data each bank submits in the most recent Call Report. The OCC currently reviews each assessment computation after receiving Call Report data from the Federal Deposit Insurance Corporation (FDIC) in March and September of each year. The OCC finds on average approximately 150 errors per assessment cycle through those reviews. When the OCC finds an overpayment or underpayment of a semiannual assessment, the OCC contacts the national bank, explains the error, and refunds (or collects, as the case may be) the funds electronically. This assessment collection process is cumbersome and has become outdated, and the procedure for reviewing and correcting miscalculations is inefficient. For these reasons the interim rule will revise the assessment process as described below. II. Description of the Interim Rule Calculation of the Semiannual Assessment Fee The interim rule provides that the OCC will calculate the semiannual assessment fee due from each bank based on the most recent Call Report data. Under the new assessment process, the OCC will send each national bank an assessment collection notification no later than 7 business days prior to March 31 and September 30 of each year. The assessment will cover the six month period beginning on January 1 and July 1 before each payment date. The OCC will automatically deduct the assessed amount from the bank’s designated bank account on March 31 and September 30. By delaying the assessment calculation 1 Under part 8, the OCC also collects assessments from Federal branches and Federal agencies. The changes provided for in this interim rule will also apply to payment of assessments by Federal branches and Federal agencies. VerDate Aug<31>2005 16:07 Nov 16, 2005 Jkt 208001 date by two months, the OCC can collect assessments based on final Call Report data, and thus eliminate the cumbersome correction process currently required. This streamlining of our assessment collection process has the effect of reducing regulatory burden for national banks and is thus consistent with the objectives of section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996,2 which calls for the periodic review of the OCC’s regulation and the elimination of unnecessary burden. Under the interim rule, a national bank will be able to notify the OCC of any errors in the calculation of semiannual assessments or errors in the electronic transfer process. The Comptroller will be obligated to respond to such notices within 30 days of receipt. Technical and Conforming Amendments The interim rule eliminates an erroneous sentence in section 8.7(a) regarding delinquent semiannual assessment payments. The sentence duplicates in part the two sentences that follow it, and our research indicates that it is likely the result of a clerical or typographical error. The rule also makes conforming changes to section 8.7(b) to describe the new streamlined procedure to correct errors in the assessment process. The interim rule makes non-substantive changes to conform part 8 to the new assessment collection process and other minor technical changes. Finally, in § 8.6(a)(1), (2), and (4), and § 8.7(a), the interim rule eliminates references to ‘‘District of Columbia,’’ ‘‘District of Columbia banks’’ and ‘‘each district bank’’ to reflect the provisions of the 2004 District of Columbia Omnibus Authorization Act, section 8, Public Law 108–386, 118 Stat. 2228 (2004), which shifted regulatory responsibility of District of Columbia banks from the OCC to the FDIC and Board of Governors of the Federal Reserve System. Statement of Good Cause for Issuing an Interim Rule; Solicitation of Comments Under 5 U.S.C. 553(b)(B), notice and comment rulemaking is not required if an agency, for good cause, finds that ‘‘notice and public procedure thereon are impracticable, unnecessary, or contrary to the public interest.’’ 3 This interim final rule makes only minor changes to the assessment collection 2 Pub. L. 104–208, section 2222, 110 Stat. 3009– 414 to 3009–415 (Sept. 30, 1996). 3 5 U.S.C. 553(b)(B). PO 00000 Frm 00012 Fmt 4700 Sfmt 4700 process. It does not change the method for calculating assessments due from national banks or affect the amount of assessment due from each national bank. Completion of notice and comment rulemaking procedures prior to the effective date of this rule are unnecessary because the changes made by the rule are non-substantive and do not affect the amount of a national bank’s assessment or accelerate the assessment date. Making this interim final rule effective prior to the completion of notice and comment procedures is consistent with the public interest because the rule reduces regulatory burden for all national banks. Although notice and comment are not required prior to the effective date of the rule, we invite comments on all aspects of the rule. We will revise the rule if necessary or appropriate in light of the comments. Solicitation of Comments on Use of Plain Language The OCC also requests comment on whether the interim rule is written clearly and is easy to understand. On June 1, 1998, the President issued a memorandum directing each agency in the Executive branch to write its rules in plain language. This directive applies to all new proposed and interim rulemaking documents issued on or after January 1, 1999. In addition, Public Law 106–102 requires each Federal agency to use plain language in all proposed and interim rules published after January 1, 2000. The OCC invites comments on how to make this rule clearer. For example, you may wish to discuss: (1) Whether we have organized the material to suit your needs; (2) Whether the requirements of the rule are clear; or (3) Whether there is something else we could do to make the rule easier to understand. Effective Date This interim final rule takes effect 30 days after publication in the Federal Register. 5 U.S.C. 553(d). Under 12 U.S.C. 4802(b)(1), Federal banking agency regulations or amendments to regulations ‘‘which impose additional reporting, disclosure, or other requirements on insured depository institutions’’ must be effective on the first day of a calendar quarter which begins on or after the date on which the regulations are published in final form. As described above, this interim rule operates to reduce burden on national banks. Accordingly, the requirement to be effective on the first day of a calendar E:\FR\FM\17NOR1.SGM 17NOR1 Federal Register / Vol. 70, No. 221 / Thursday, November 17, 2005 / Rules and Regulations Authority and Issuance quarter does not apply to this interim rule. The Regulatory Flexibility Act (Pub. L. 96–354, Sept. 19, 1980) (RFA) applies only to rules for which an agency publishes a general notice of proposed rulemaking pursuant to 5 U.S.C. 553(b).4 Because the OCC has determined for good cause that the Administrative Procedure Act does not require public notice and comment on this final rule, we are not publishing a general notice of proposed rulemaking. Thus, the RFA does not apply to this interim final rule. Executive Order 12866 The OCC has determined that this interim final rule is not a significant regulatory action under Executive Order 12866. Unfunded Mandates Reform Act of 1995 Determinations Section 202 of the Unfunded Mandates Reform Act of 1995 5 (Unfunded Mandates Act) requires that an agency prepare a budgetary impact statement before promulgating any rule likely to result in a Federal mandate that may result in the expenditure by state, local, and tribal governments, in the aggregate, or by the private sector, of $100 million or more in any one year. If a budgetary impact statement is required, section 205 of the Unfunded Mandates Act also requires the agency to identify and consider a reasonable number of regulatory alternatives before promulgating the rule. The OCC has determined that this interim rule will not result in expenditures by state, local, and tribal governments, in the aggregate, or by the private sector, of $100 million or more in any one year. Accordingly, the OCC has not prepared a budgetary impact statement or specifically addressed the regulatory alternatives considered. Paperwork Reduction Act In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. Ch. 3506; 5 CFR part 1320 Appendix A.1), we have reviewed the interim rule to assess any information collections. There are no collections of information as defined by the Paperwork Reduction Act in the interim rule. List of Subjects in 12 CFR Part 8 Assessment of fees. 45 52 U.S.C. 601(2). U.S.C. 1532. VerDate Aug<31>2005 16:07 Nov 16, 2005 Jkt 208001 For the reasons set forth in the preamble, part 8 of chapter I of title 12 of the Code of Federal Regulations is amended as follows: I Regulatory Flexibility Act Analysis PART 8—ASSESSMENT OF FEES 1. The authority citation for part 8 is revised to read as follows: I Authority: 12 U.S.C. 93a, 481, 482, 1867, 3102, and 3108; and 15 U.S.C. 78c and 78l. 2. Section 8.1 is revised to read as follows: I § 8.1 Scope and application. The assessments contained in this part are made pursuant to the authority contained in 12 U.S.C. 93a, 481, 482, 1867, 3102, and 3108; and 15 U.S.C. 78c and 78l. I 3. Section 8.2 is revised by: I a. Revising paragraph (a) introductory text and paragraphs (a)(2) and (a)(5); and I b. Revising paragraphs (b)(1) and (b)(3). The revisions read as follows: § 8.2 (a) Each national bank shall pay to the Comptroller of the Currency a semiannual assessment fee, due by March 31 and September 30 of each year, for the six month period beginning on January 1 and July 1 before each payment date. The Comptroller of the Currency will calculate the amount due under this section and provide a notice of assessments to each national bank no later than 7 business days prior to March 31 and September 30 of each year. The semiannual assessment will be calculated as follows: * * * * * (2) The second part is the calculation of assessments due on the remaining assets of the bank in excess of Column E. The excess is assessed at the marginal rate shown in Column D. * * * * * (5) The specific marginal rates and complete assessment schedule will be published in the ‘‘Notice of Comptroller of the Currency Fees,’’ provided for at § 8.8 of this part. Each semiannual assessment is based upon the total assets shown in the national bank’s most recent ‘‘Consolidated Reports of Condition and Income’’ (Call Report) preceding the payment date. Each bank subject to the jurisdiction of the Comptroller of the Currency on the date of the second or fourth quarterly Call Report required by the Office under 12 U.S.C. 161 is subject to the full assessment for the next six month period. * * * * * PO 00000 Frm 00013 Fmt 4700 Sfmt 4700 (b)(1) Each Federal branch and each Federal agency shall pay to the Comptroller of the Currency a semiannual assessment fee, due by March 31 and September 30 of each year, for the six month period beginning on January 1 and July 1 before each payment date. The Comptroller of the Currency will calculate the amount due under this section and provide a notice of assessments to each national bank no later than 7 business days prior to March 31 and September 30 of each year. * * * * * (3) Each semiannual assessment of each Federal branch or Federal agency is based upon the total assets shown in the Federal branch’s Call Report most recently preceding the payment date. Each Federal branch or Federal agency subject to the jurisdiction of the OCC on the date of the second and fourth Call Reports is subject to the full assessment for the next six-month period. * * * * * § 8.6 Semiannual assessment. 69643 [Amended] 4. Revise § 8.6 by: a. Removing in paragraph (a)(1), the phrase ‘‘and District of Columbia’’; I b. Removing in paragraph (a)(2), the phrase ‘‘, District of Columbia banks,’’; I c. Removing in paragraph (a)(4), the phrase ‘‘, District of Columbia banks,’’; and I d. Removing in paragraph (c)(1)(i), the word ‘‘currency’’ and adding in lieu thereof the word ‘‘Currency’’. I 5. Revise § 8.7 by: I a. Removing in the first sentence of paragraph (a) the phrase ‘‘each district bank,’’; I b. Removing in the first sentence of paragraph (a) the word ‘‘currency’’ and by adding in lieu thereof the word ‘‘Currency’’; I c. Removing the third sentence of paragraph (a); I d. Revising the first two sentences of paragraph (b) introductory text; and I e. Revising the first sentence of paragraph (b)(2). The revisions read as follows: I I § 8.7 Payment of interest on delinquent assessments and examination and investigation fees. * * * * * (b) In the event that an entity that is required to make semiannual assessment payments or trust examination fee payments believes that the notice of assessments prepared by the Comptroller of the Currency contains an error of miscalculation, the entity may provide the Comptroller of the Currency with a written request for a revised assessment notice and a E:\FR\FM\17NOR1.SGM 17NOR1 69644 Federal Register / Vol. 70, No. 221 / Thursday, November 17, 2005 / Rules and Regulations refund of any overpayments. Any such request for a revised notice and refund must be made after timely payment of the semiannual assessment under the dates specified in § 8.2. * * * * * * * * (2) Provide notice of its unwillingness to accept the request for a revised notice of assessments. * * * * * * * * § 8.8 [Amended] 6. Revise § 8.8 by: a. Removing in the heading of paragraph (b) the word ‘‘comptroller’’ and by adding in lieu thereof the word ‘‘Comptroller’’; and I b. Removing in the first sentence of paragraph (b) the word ‘‘Office’’ and by adding in lieu thereof the word ‘‘OCC’’. I I Dated: November 10, 2005. John C. Dugan, Comptroller of the Currency. [FR Doc. 05–22815 Filed 11–16–05; 8:45 am] BILLING CODE 4810–33–U FARM CREDIT ADMINISTRATION 12 CFR Parts 600, 602, 603, 604, and 606 RIN 3052–AB82 Organization and Functions; Releasing Information; Privacy Act Regulations; Farm Credit Administration Board Meetings; and Enforcement of Nondiscrimination on the Basis of Handicap in Programs or Activities Conducted by the Farm Credit Administration This regulation will become effective 30 days after publication in the Federal Register during which either one or both houses of Congress are in session. We will publish a notice of the effective date in the Federal Register. FOR FURTHER INFORMATION CONTACT: Mark L. Johansen, Senior Policy Analyst, Office of Regulatory Policy, Farm Credit Administration, McLean, 16:07 Nov 16, 2005 Jkt 208001 12 CFR Part 600 Organization and functions (Government agencies). Courts, Freedom of information, Government employees. SUMMARY: The Farm Credit Administration (FCA or Agency) issues a final rule amending its regulations on the FCA’s organization and functions to reflect the Agency’s organization, update the statutory citation for the Farm Credit Act, and identify those FCA employees responsible for various functions named in parts 602, 603, 604, and 606 to conform to organizational changes. VerDate Aug<31>2005 List of Subjects 12 CFR Part 602 Farm Credit Administration. ACTION: Final rule. AGENCY: EFFECTIVE DATE: VA 22102–5090, (703) 883–4479, TTY (703) 883–4434; or Jane Virga, Senior Counsel, Legal Counsel Division, Office of General Counsel, Farm Credit Administration, McLean, Virginia 22102–5090, (703) 883–4020, TTY (703) 883–4020. SUPPLEMENTARY INFORMATION: We are amending our regulations to reflect changes to the FCA’s organization and identification of those FCA employees responsible for various functions. We revise the regulations by: (1) Deleting a Chief Operating Officer from the description of the organization; (2) Changing the name of the Office of Policy Development and Risk Control to the Office of Regulatory Policy; (3) Changing the name of the Office of Resources Management to the Office of Management Services; (4) Including the Secretary to the Board in FCA’s organizational structure; and (5) Providing the addresses of FCA field offices. We also updated the statutory citation for the Farm Credit Act. These amendments involve matters of Agency organization and other minor technical changes. Therefore, pursuant to the Administrative Procedures Act, 5 U.S.C. 553(b), notice and public comment are not required and/or are unnecessary and contrary to the public interest. 12 CFR Part 603 Privacy. Sunshine Act. 12 CFR Part 606 Administrative practice and procedure, Civil rights, Equal employment opportunity, Federal buildings and facilities, Individuals with disabilities. As stated in the preamble, parts 600, 602, 603, 604, and 606 of chapter VI, title 12 of the Code of Federal Regulations are amended as follows: I PART 600—ORGANIZATION AND FUNCTIONS 1. The authority citation for part 600 continues to read as follows: I Frm 00014 Fmt 4700 2. Revise subpart A, consisting of §§ 600.1 to 600.4 to read as follows: I Subpart A—Farm Credit Administration Sec. 600.1 The Farm Credit Act. 600.2 Farm Credit Administration. 600.3 Farm Credit Administration Board. 600.4 Organization of the Farm Credit Administration. § 600.1 Sfmt 4700 The Farm Credit Act. The Farm Credit Act of 1971, Public Law 92–181 recodified and replaced the prior laws under which the Farm Credit Administration (FCA) and the institutions of the Farm Credit System (System or FCS) were organized and operated. The prior laws, which were repealed and superseded by the Act, are identified in section 5.40(a) of the Act. Subsequent amendments to the Act and enactment dates are as follows: Public Law 94–184, December 31, 1975; Public Law 95–443, October 10, 1978; Public Law 96–592, December 24, 1980; Public Law 99–190, December 19, 1985; Public Law 99–198, December 23, 1985; Public Law 99–205, December 23, 1985; Public Law 99–509, October 21, 1986; Public Law 100–233, January 6, 1988; Public Law 100–399, August 17, 1988; Public Law 100–460, October 1, 1988; Public Law 101–73, August 9, 1989; Public Law 101–220, December 12, 1989; Public Law 101–624, November 28, 1990; Public Law 102–237, December 13, 1991; Public Law 102–552, October 28, 1992; Public Law 103–376, October 19, 1994; Public Law 104–105, February 10, 1996; Public Law 104–316, October 19, 1996; Public Law 107–171, May 13, 2002. The law is codified at 12 U.S.C. 2000, et seq. § 600.2 12 CFR Part 604 PO 00000 Authority: Secs. 5.7, 5.8, 5.9, 5.10, 5.11, 5.17, 8.11 of the Farm Credit Act (12 U.S.C. 2241, 2242, 2243, 2244, 2245, 2252, 2279aa– 11). Farm Credit Administration. (a) Background. The Farm Credit Administration is an independent, nonappropriated fund agency in the executive branch of the Federal Government. The FCA Board and employees carry out the FCA’s functions, powers, and duties. (b) Locations. FCA’s headquarters address is 1501 Farm Credit Drive, McLean, Virginia 22102–5090. The FCA has the following field offices: 1501 Farm Credit Drive, McLean, VA 22102–5090. 2051 Killebrew Drive, Suite 610, Bloomington, Minnesota 55425–1899. 511 East Carpenter Freeway, Suite 650, Irving, TX 75062–3930. 3131 South Vaughn Way, Suite 250, Aurora, CO 80014–3507. E:\FR\FM\17NOR1.SGM 17NOR1

Agencies

[Federal Register Volume 70, Number 221 (Thursday, November 17, 2005)]
[Rules and Regulations]
[Pages 69641-69644]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-22815]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

12 CFR Part 8

[Docket No. 05-20]
RIN 1557-AC96


Assessment of Fees

AGENCY: Office of the Comptroller of the Currency, Treasury.

ACTION: Interim final rule.

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SUMMARY: The Office of the Comptroller of the Currency (OCC) is issuing 
this interim final rule, with a request for comment, to amend its 
regulation at 12 CFR Part 8 concerning the timing of payments of OCC 
assessments. The interim final rule replaces the current process of 
assessment collection, which requires national banks to make the 
initial calculation of the amount due to the OCC. Under the revised 
assessment of fees process established by this interim rule, the OCC, 
rather than each national bank, will calculate the semiannual 
assessment fee based on the most recent Consolidated Reports of 
Condition and Income (Call Report). The fee will be due by March 31 and 
September 30 of each year, two months later than under the current 
process. Thus, payments that would have been due on January 31, 2006, 
will instead be due on March 31, 2006. The OCC will notify each 
national bank of the amount of its semiannual assessment and will 
automatically deduct that amount from each bank's designated bank 
account on the payment due date. The interim rule changes the 
assessment collection process only; it does not make any changes to the 
method for calculating assessments due from national banks.

DATES: Effective Date: This rule is effective December 19, 2005.
    Comment Date: Comments must be received by December 19, 2005.

ADDRESSES: Comments should be directed to:
    You should include OCC and Docket Number--in your comment. You may 
submit comments by any of the following methods:
     Federal eRulemaking Portal: https://www.regulations.gov. 
Follow the instructions for submitting comments.
     OCC Web site: https://www.occ.treas.gov. Click on ``Contact 
the OCC,'' scroll down and click on ``Comments on Proposed 
Regulations.''
     E-mail address: regs.comments@occ.treas.gov.
     Fax: (202) 874-4448.
     Mail: Office of the Comptroller of the Currency, 250 E 
Street, SW., Mail Stop 1-5, Washington, DC 20219.
     Hand Delivery/Courier: 250 E Street, SW., Attn: Public 
Information Room, Mail Stop 1-5, Washington, DC 20219.
    Instructions: All submissions received must include the agency name 
(OCC) and docket number or Regulatory Information Number (RIN) for this 
interim final rule. In general, OCC will enter all comments received 
into the docket without change, including any business or personal 
information that you provide. You may review comments and other related 
materials by any of the following methods:
     Viewing Comments Personally: You may personally inspect 
and photocopy comments at the OCC's Public Information Room, 250 E 
Street, SW., Washington, DC. You can make an appointment to inspect 
comments by calling (202) 874-5043.
     Viewing Comments Electronically: You may request e-mail or 
CD-ROM copies of comments that the OCC has received by contacting the 
OCC's Public Information Room at regs.comments@occ.treas.gov.
     Docket: You may also request available background 
documents and project summaries using the methods described above.

FOR FURTHER INFORMATION CONTACT: Jean Campbell, Senior Attorney, or 
Mitchell Plave, Counsel, Legislative and Regulatory Activities 
Division, (202) 874-5090; or Bruce W. Halper, Team Leader--Revenue, 
Financial Management, (202) 874-2199, Office of the Comptroller of the 
Currency, 250 E Street, SW., Washington, DC 20219.

[[Page 69642]]


SUPPLEMENTARY INFORMATION:

I. Background

    The National Bank Act authorizes the OCC to collect assessments, 
fees, or other charges as necessary or appropriate to carry out the 
responsibilities of the Office. 12 U.S.C. 482. Under this authority, 
the OCC collects semiannual assessments from national banks, as 
described in 12 CFR part 8 and in the Notice of Comptroller of the 
Currency Fees, which is published no later than the first business day 
of December each year.\1\ Part 8 currently requires each national bank 
to compute the amount of its semiannual assessment fee and pay that 
amount to the OCC by January 31 and July 31 of each year. Banks base 
their assessments on the data each bank submits in the most recent Call 
Report.
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    \1\ Under part 8, the OCC also collects assessments from Federal 
branches and Federal agencies. The changes provided for in this 
interim rule will also apply to payment of assessments by Federal 
branches and Federal agencies.
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    The OCC currently reviews each assessment computation after 
receiving Call Report data from the Federal Deposit Insurance 
Corporation (FDIC) in March and September of each year. The OCC finds 
on average approximately 150 errors per assessment cycle through those 
reviews. When the OCC finds an overpayment or underpayment of a 
semiannual assessment, the OCC contacts the national bank, explains the 
error, and refunds (or collects, as the case may be) the funds 
electronically.
    This assessment collection process is cumbersome and has become 
outdated, and the procedure for reviewing and correcting 
miscalculations is inefficient. For these reasons the interim rule will 
revise the assessment process as described below.

II. Description of the Interim Rule

Calculation of the Semiannual Assessment Fee

    The interim rule provides that the OCC will calculate the 
semiannual assessment fee due from each bank based on the most recent 
Call Report data. Under the new assessment process, the OCC will send 
each national bank an assessment collection notification no later than 
7 business days prior to March 31 and September 30 of each year. The 
assessment will cover the six month period beginning on January 1 and 
July 1 before each payment date. The OCC will automatically deduct the 
assessed amount from the bank's designated bank account on March 31 and 
September 30. By delaying the assessment calculation date by two 
months, the OCC can collect assessments based on final Call Report 
data, and thus eliminate the cumbersome correction process currently 
required. This streamlining of our assessment collection process has 
the effect of reducing regulatory burden for national banks and is thus 
consistent with the objectives of section 2222 of the Economic Growth 
and Regulatory Paperwork Reduction Act of 1996,\2\ which calls for the 
periodic review of the OCC's regulation and the elimination of 
unnecessary burden.
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    \2\ Pub. L. 104-208, section 2222, 110 Stat. 3009-414 to 3009-
415 (Sept. 30, 1996).
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    Under the interim rule, a national bank will be able to notify the 
OCC of any errors in the calculation of semiannual assessments or 
errors in the electronic transfer process. The Comptroller will be 
obligated to respond to such notices within 30 days of receipt.

Technical and Conforming Amendments

    The interim rule eliminates an erroneous sentence in section 8.7(a) 
regarding delinquent semiannual assessment payments. The sentence 
duplicates in part the two sentences that follow it, and our research 
indicates that it is likely the result of a clerical or typographical 
error.
    The rule also makes conforming changes to section 8.7(b) to 
describe the new streamlined procedure to correct errors in the 
assessment process. The interim rule makes non-substantive changes to 
conform part 8 to the new assessment collection process and other minor 
technical changes. Finally, in Sec.  8.6(a)(1), (2), and (4), and Sec.  
8.7(a), the interim rule eliminates references to ``District of 
Columbia,'' ``District of Columbia banks'' and ``each district bank'' 
to reflect the provisions of the 2004 District of Columbia Omnibus 
Authorization Act, section 8, Public Law 108-386, 118 Stat. 2228 
(2004), which shifted regulatory responsibility of District of Columbia 
banks from the OCC to the FDIC and Board of Governors of the Federal 
Reserve System.
Statement of Good Cause for Issuing an Interim Rule; Solicitation of 
Comments
    Under 5 U.S.C. 553(b)(B), notice and comment rulemaking is not 
required if an agency, for good cause, finds that ``notice and public 
procedure thereon are impracticable, unnecessary, or contrary to the 
public interest.'' \3\ This interim final rule makes only minor changes 
to the assessment collection process. It does not change the method for 
calculating assessments due from national banks or affect the amount of 
assessment due from each national bank. Completion of notice and 
comment rulemaking procedures prior to the effective date of this rule 
are unnecessary because the changes made by the rule are non-
substantive and do not affect the amount of a national bank's 
assessment or accelerate the assessment date. Making this interim final 
rule effective prior to the completion of notice and comment procedures 
is consistent with the public interest because the rule reduces 
regulatory burden for all national banks. Although notice and comment 
are not required prior to the effective date of the rule, we invite 
comments on all aspects of the rule. We will revise the rule if 
necessary or appropriate in light of the comments.
---------------------------------------------------------------------------

    \3\ 5 U.S.C. 553(b)(B).
---------------------------------------------------------------------------

Solicitation of Comments on Use of Plain Language
    The OCC also requests comment on whether the interim rule is 
written clearly and is easy to understand. On June 1, 1998, the 
President issued a memorandum directing each agency in the Executive 
branch to write its rules in plain language. This directive applies to 
all new proposed and interim rulemaking documents issued on or after 
January 1, 1999. In addition, Public Law 106-102 requires each Federal 
agency to use plain language in all proposed and interim rules 
published after January 1, 2000. The OCC invites comments on how to 
make this rule clearer. For example, you may wish to discuss:
    (1) Whether we have organized the material to suit your needs;
    (2) Whether the requirements of the rule are clear; or
    (3) Whether there is something else we could do to make the rule 
easier to understand.

Effective Date

    This interim final rule takes effect 30 days after publication in 
the Federal Register. 5 U.S.C. 553(d). Under 12 U.S.C. 4802(b)(1), 
Federal banking agency regulations or amendments to regulations ``which 
impose additional reporting, disclosure, or other requirements on 
insured depository institutions'' must be effective on the first day of 
a calendar quarter which begins on or after the date on which the 
regulations are published in final form. As described above, this 
interim rule operates to reduce burden on national banks. Accordingly, 
the requirement to be effective on the first day of a calendar

[[Page 69643]]

quarter does not apply to this interim rule.
Regulatory Flexibility Act Analysis
    The Regulatory Flexibility Act (Pub. L. 96-354, Sept. 19, 1980) 
(RFA) applies only to rules for which an agency publishes a general 
notice of proposed rulemaking pursuant to 5 U.S.C. 553(b).\4\ Because 
the OCC has determined for good cause that the Administrative Procedure 
Act does not require public notice and comment on this final rule, we 
are not publishing a general notice of proposed rulemaking. Thus, the 
RFA does not apply to this interim final rule.
---------------------------------------------------------------------------

    \4\ 5 U.S.C. 601(2).
---------------------------------------------------------------------------

Executive Order 12866
    The OCC has determined that this interim final rule is not a 
significant regulatory action under Executive Order 12866.
Unfunded Mandates Reform Act of 1995 Determinations
    Section 202 of the Unfunded Mandates Reform Act of 1995 \5\ 
(Unfunded Mandates Act) requires that an agency prepare a budgetary 
impact statement before promulgating any rule likely to result in a 
Federal mandate that may result in the expenditure by state, local, and 
tribal governments, in the aggregate, or by the private sector, of $100 
million or more in any one year. If a budgetary impact statement is 
required, section 205 of the Unfunded Mandates Act also requires the 
agency to identify and consider a reasonable number of regulatory 
alternatives before promulgating the rule. The OCC has determined that 
this interim rule will not result in expenditures by state, local, and 
tribal governments, in the aggregate, or by the private sector, of $100 
million or more in any one year. Accordingly, the OCC has not prepared 
a budgetary impact statement or specifically addressed the regulatory 
alternatives considered.
---------------------------------------------------------------------------

    \5\ 2 U.S.C. 1532.
---------------------------------------------------------------------------

Paperwork Reduction Act
    In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 
Ch. 3506; 5 CFR part 1320 Appendix A.1), we have reviewed the interim 
rule to assess any information collections. There are no collections of 
information as defined by the Paperwork Reduction Act in the interim 
rule.

List of Subjects in 12 CFR Part 8

    Assessment of fees.

Authority and Issuance

0
For the reasons set forth in the preamble, part 8 of chapter I of title 
12 of the Code of Federal Regulations is amended as follows:

PART 8--ASSESSMENT OF FEES

0
1. The authority citation for part 8 is revised to read as follows:

    Authority: 12 U.S.C. 93a, 481, 482, 1867, 3102, and 3108; and 15 
U.S.C. 78c and 78l.


0
2. Section 8.1 is revised to read as follows:


Sec.  8.1  Scope and application.

    The assessments contained in this part are made pursuant to the 
authority contained in 12 U.S.C. 93a, 481, 482, 1867, 3102, and 3108; 
and 15 U.S.C. 78c and 78l.

0
3. Section 8.2 is revised by:
0
a. Revising paragraph (a) introductory text and paragraphs (a)(2) and 
(a)(5); and
0
b. Revising paragraphs (b)(1) and (b)(3).
    The revisions read as follows:


Sec.  8.2  Semiannual assessment.

    (a) Each national bank shall pay to the Comptroller of the Currency 
a semiannual assessment fee, due by March 31 and September 30 of each 
year, for the six month period beginning on January 1 and July 1 before 
each payment date. The Comptroller of the Currency will calculate the 
amount due under this section and provide a notice of assessments to 
each national bank no later than 7 business days prior to March 31 and 
September 30 of each year. The semiannual assessment will be calculated 
as follows:
* * * * *
    (2) The second part is the calculation of assessments due on the 
remaining assets of the bank in excess of Column E. The excess is 
assessed at the marginal rate shown in Column D.
* * * * *
    (5) The specific marginal rates and complete assessment schedule 
will be published in the ``Notice of Comptroller of the Currency 
Fees,'' provided for at Sec.  8.8 of this part. Each semiannual 
assessment is based upon the total assets shown in the national bank's 
most recent ``Consolidated Reports of Condition and Income'' (Call 
Report) preceding the payment date. Each bank subject to the 
jurisdiction of the Comptroller of the Currency on the date of the 
second or fourth quarterly Call Report required by the Office under 12 
U.S.C. 161 is subject to the full assessment for the next six month 
period.
* * * * *
    (b)(1) Each Federal branch and each Federal agency shall pay to the 
Comptroller of the Currency a semiannual assessment fee, due by March 
31 and September 30 of each year, for the six month period beginning on 
January 1 and July 1 before each payment date. The Comptroller of the 
Currency will calculate the amount due under this section and provide a 
notice of assessments to each national bank no later than 7 business 
days prior to March 31 and September 30 of each year.
* * * * *
    (3) Each semiannual assessment of each Federal branch or Federal 
agency is based upon the total assets shown in the Federal branch's 
Call Report most recently preceding the payment date. Each Federal 
branch or Federal agency subject to the jurisdiction of the OCC on the 
date of the second and fourth Call Reports is subject to the full 
assessment for the next six-month period.
* * * * *


Sec.  8.6  [Amended]

0
4. Revise Sec.  8.6 by:
0
a. Removing in paragraph (a)(1), the phrase ``and District of 
Columbia'';
0
b. Removing in paragraph (a)(2), the phrase ``, District of Columbia 
banks,'';
0
c. Removing in paragraph (a)(4), the phrase ``, District of Columbia 
banks,''; and
0
d. Removing in paragraph (c)(1)(i), the word ``currency'' and adding in 
lieu thereof the word ``Currency''.
0
5. Revise Sec.  8.7 by:
0
a. Removing in the first sentence of paragraph (a) the phrase ``each 
district bank,'';
0
b. Removing in the first sentence of paragraph (a) the word 
``currency'' and by adding in lieu thereof the word ``Currency'';
0
c. Removing the third sentence of paragraph (a);
0
d. Revising the first two sentences of paragraph (b) introductory text; 
and
0
e. Revising the first sentence of paragraph (b)(2).
    The revisions read as follows:


Sec.  8.7  Payment of interest on delinquent assessments and 
examination and investigation fees.

* * * * *
    (b) In the event that an entity that is required to make semiannual 
assessment payments or trust examination fee payments believes that the 
notice of assessments prepared by the Comptroller of the Currency 
contains an error of miscalculation, the entity may provide the 
Comptroller of the Currency with a written request for a revised 
assessment notice and a

[[Page 69644]]

refund of any overpayments. Any such request for a revised notice and 
refund must be made after timely payment of the semiannual assessment 
under the dates specified in Sec.  8.2. * * *
* * * * *
    (2) Provide notice of its unwillingness to accept the request for a 
revised notice of assessments. * * *
* * * * *


Sec.  8.8  [Amended]

0
6. Revise Sec.  8.8 by:
0
a. Removing in the heading of paragraph (b) the word ``comptroller'' 
and by adding in lieu thereof the word ``Comptroller''; and
0
b. Removing in the first sentence of paragraph (b) the word ``Office'' 
and by adding in lieu thereof the word ``OCC''.

    Dated: November 10, 2005.
John C. Dugan,
Comptroller of the Currency.
[FR Doc. 05-22815 Filed 11-16-05; 8:45 am]
BILLING CODE 4810-33-U

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