Submission for OMB Review; Comment Request-Fiduciary Powers of Federal Savings Associations, 55547 [06-7970]

Agencies

• DEPARTMENT OF THE TREASURY
• Office of Thrift Supervision
• Thrift Supervision Office

[Federal Register Volume 71, Number 184 (Friday, September 22, 2006)]
[Notices]
[Page 55547]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-7970]


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DEPARTMENT OF THE TREASURY

Office of Thrift Supervision


Submission for OMB Review; Comment Request--Fiduciary Powers of 
Federal Savings Associations

AGENCY: Office of Thrift Supervision (OTS), Treasury.

ACTION: Notice and request for comment.

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SUMMARY: In accordance with the requirements of the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3507), OTS may not conduct or sponsor, and the 
respondent is not required to respond to, an information collection 
unless it displays a currently valid OMB control number. Today, OTS is 
submitting proposed revisions to this collection of information to OMB 
for review and approval.

DATES: Submit written comments on or before October 23, 2006.

ADDRESSES: Send comments, referring to the collection by title of the 
collection or by OMB approval number, to OMB and OTS at these 
addresses: Office of Information and Regulatory Affairs, Attention: 
Desk Officer for OTS, U.S. Office of Management and Budget, 725-17th 
Street, NW., Room 10235, Washington, DC 20503, or by fax to (202) 395-
6974; and Information Collection Comments, Chief Counsel's Office, 
Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552, 
by fax to (202) 906-6518, or by e-mail to 
infocollection.comments@ots.treas.gov. OTS will post comments and the 
related index on the OTS Internet Site at https://www.ots.treas.gov. In 
addition, interested persons may inspect comments at the Public Reading 
Room, 1700 G Street, NW., by appointment. To make an appointment, call 
(202) 906-5922, send an e-mail to public.info@ots.treas.gov, or send a 
facsimile transmission to (202) 906-7755.

FOR FURTHER INFORMATION CONTACT: For further information or to obtain a 
copy of the submission to OMB, please contact Marilyn K. Burton, OTS 
Clearance Officer, at marilyn.burton@ots.treas.gov, (202) 906-6467, or 
facsimile number (202) 906-6518, Litigation Division, Chief Counsel's 
Office, Office of Thrift Supervision, 1700 G Street, NW., Washington, 
DC 20552.

SUPPLEMENTARY INFORMATION: OTS may not conduct or sponsor, and 
respondents are not required to respond to, an information collection, 
unless the information collection displays a currently valid OMB 
control number. As part of the approval process, we invite comments on 
the following information collection.
    Title of Proposal: Fiduciary Powers of Federal Savings 
Associations.
    OMB Number: 1550-0037.
    Form Number: OTS Form 1240.
    Regulation requirement: 12 CFR 550.70(a), (b), and (c); 12 CFR 
550.80 through 120; 12 CFR 550.125.
    Description: OTS must know when a Federal savings association is 
acting in a fiduciary capacity in order to establish effective 
oversight of those activities. This comment request addresses revisions 
to OTS Form 1240-- Application for Fiduciary Powers. The form is being 
revised to update the information OTS requires in order to make a 
determination whether to approve or deny an application for fiduciary 
powers.
    12 CFR 550.70(a) requires that a Federal savings association that 
wants to conduct fiduciary activities for the first time, and for which 
OTS has not previously approved an application submitted under this 
part, must obtain prior approval from OTS before it may conduct the 
activities. 12 CFR 550.70(b) requires that a Federal savings 
association that wants to conduct fiduciary activities that are 
materially different from the activities that OTS has previously 
approved for it, including fiduciary activities that OTS has previously 
approved that have not been exercised for at least five years, must 
obtain prior approval from OTS before it may conduct the activities. 12 
CFR 550.80 through 120 describe the process for obtaining OTS approval 
of the application for fiduciary powers. Instructions for filing the 
application are found at 12 CFR part 516, subpart A.
    In addition, Sec.  550.70(c) of OTS's regulations requires that a 
Federal savings association that wants to commence in new State 
fiduciary activities that are not materially different from those that 
OTS has already approved, must file a notice with OTS. Instructions for 
filing the notice are found at 12 CFR 550.125.
    On April 28, 2006, OTS published a notice of its intent to revise 
this information collection (71 FR 25281). No comments were received.
    Type of Review: Revision.
    Affected Public: Federal savings associations.
    Estimated Number of Respondents: Application--12 respondents; 
Notice--10 respondents.
    Estimated Number of Responses: Application--12 respondents; 
Notice--10 respondents.
    Estimated Burden Hours per Response: Application--27 hours; 
Notice--3 hours.
    Estimated Frequency of Response: Event-generated.
    Estimated Total Burden: 354 hours.
    Clearance Officer: Marilyn K. Burton, (202) 906-6467, Office of 
Thrift Supervision, 1700 G Street, NW., Washington, DC 20552.
    OMB Reviewer: Desk Officer for OTS, fax: (202) 395-6974, U.S. 
Office of Management and Budget, 725-17th Street, NW., Room 10235, 
Washington, DC 20503.

    Dated: September 18, 2006.
Deborah Dakin,
Senior Deputy Chief Counsel, Regulations and Legislation Division.
[FR Doc. 06-7970 Filed 9-21-06; 8:45 am]
BILLING CODE 6720-01-P