Agency Information Collection Activities: Proposed Information Collection; Submission for OMB Review, 31438-31439 [2012-12749]
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Federal Register / Vol. 77, No. 102 / Friday, May 25, 2012 / Notices
mstockstill on DSK4VPTVN1PROD with NOTICES
financial, industrial, and commercial
participation, as well as real estate
operation.47 Separately, a global
business registry indicates that Vicpart
is registered as a joint stock company
whose primary line of business is
investment management.48 However,
Credex is listed as its only holding.49
Adding to these concerns are
allegations of criminal involvement by
Vicpart’s management. According to
information made available to the USG,
two former Vicpart board members were
charged with criminal activity,
including document forgery. These
individuals may have used companies
registered to Vicpart’s current address as
part of their alleged criminal activity.
Meanwhile, aside from the listing of a
single individual as both a Vicpart
director and the sole authorized
signatory for the company, there is no
other publicly available information on
the current composition of Vicpart’s
board of directors.50
Although the Credex Web site
currently states that the single
individual listed as a Vicpart director is
also the ‘‘beneficial owner’’ of the
company,51 the USG has concerns about
the accuracy of this information.
According to publicly available
information, the individual named as
Vicpart’s beneficial owner has also been
identified by global business registries
as being involved with at least 30
different companies, many of which are
in liquidation and list the individual’s
personal residence as their address.52
This involvement with a large number
of companies, many of which are in
liquidation and/or share the same
address, raises concerns that the
individual may function purely as a
formation agent or nominal owner
whose identification as a company’s
owner in public sources may be
intended to shield the true beneficial
owners from scrutiny.
47 See Vicpart Web site (https://vicpart.ch/en/
about) (accessed 1/19/12, but no longer accessible
as of 5/21/12).
48 Dun & Bradstreet, Global Reference Solution
(2011) (www.dnb.com).
49 See Vicpart Web site (https://vicpart.ch/en/
about) (accessed 1/19/12, but no longer accessible
as of 5/21/12).
50 Dun & Bradstreet, Global Reference Solution
(2012) (https://www.dnb.com).
51 ‘‘Business Card,’’ CredexBank Web site (https://
www.en.credexbank.by/bank/general/
businesscard). See also Dun & Bradstreet, European
Report (2012) (https://www.dnb.com), which does
not provide any indication that the single
individual is the company’s beneficial owner but
indicates that he has been the sole authorized
signatory since June 2009.
52 Dun & Bradstreet, Global Reference Solution
(2012) (https://www.dnb.com). See also
‘‘Moneyhouse’’ (https://www.moneyhouse.ch/en).
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17:55 May 24, 2012
Jkt 226001
The ambiguity surrounding Vicpart’s
ownership is particularly concerning
because the company also exhibits
several indicators of typical shell
corporation activity, and owns a bank
that has been engaged in highly
questionable patterns of transactions
that are indicative of money laundering.
For example, while Vicpart’s Web site
states that the company was
incorporated in 1999,53 it does not
appear to have been active until June
2009—four months prior to acquiring
Credex from another shell corporation,
Ximex in October 2009.54 This long
period of dormancy followed by
involvement in a major transaction
bears the hallmark of Vicpart being a
‘‘shelf company.’’ 55 Additionally,
Vicpart’s financial statements at the
time of acquisition showed no balance
sheet assets except for 100,000 Swiss
Francs (estimated $108,000) in share
capital.56
III. Finding
Based on the foregoing factors, the
Director of FinCEN hereby finds that
Credex is a financial institution of
primary money laundering concern.
Dated: May 22, 2012.
Peter S. Alvarado,
Deputy Director, Financial Crimes
Enforcement Network.
[FR Doc. 2012–12742 Filed 5–24–12; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
Agency Information Collection
Activities: Proposed Information
Collection; Submission for OMB
Review
Office of the Comptroller of the
Currency (OCC), Treasury.
ACTION: Notice and request for comment.
AGENCY:
The OCC, as part of its
continuing effort to reduce paperwork
and respondent burden, invites the
general public and other Federal
SUMMARY:
53 See Vicpart Web site (https://vicpart.ch/en/
about) (accessed 1/19/12, but no longer accessible
as of 5/21/12).
54 Id.
55 The term ‘‘shelf company’’ is typically applied
to a company which, among other things, has
inactive shareholders, directors, and secretary; and
is left dormant—that is, sitting ‘‘on a shelf’’—for the
purpose of being sold. See ‘‘Puppet Masters: How
the Corrupt Use Legal Structures to Hide Stolen
Assets and What to Do About It,’’ The World Bank
and UNODC, 2011, p. 37. (www.worldbank.org).
56 See Vicpart Web site (https://vicpart.ch/en/
about) (accessed 1/19/12, but no longer accessible
as of 5/21/12).
PO 00000
Frm 00149
Fmt 4703
Sfmt 4703
agencies to take this opportunity to
comment on a continuing information
collection, as required by the Paperwork
Reduction Act of 1995. An agency may
not conduct or sponsor, and a
respondent is not required to respond
to, an information collection unless it
displays a currently valid OMB control
number. The OCC is soliciting comment
concerning its information collection
titled, ‘‘Registration of Mortgage Loan
Originators.’’ The OCC is also giving
notice that it has sent this collection to
OMB for review.
DATES: Comments must be received by
June 25, 2012.
ADDRESSES: Communications Division,
Office of the Comptroller of the
Currency, Mailstop 2–3, Attention:
1557–0243, 250 E Street SW.,
Washington, DC 20219. In addition,
comments may be sent by fax to (202)
874–5274 or by electronic mail to
regs.comments@occ.treas.gov. You may
personally inspect and photocopy
comments at the OCC, 250 E 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) 874–4700. Upon arrival, visitors
will be required to present valid
government-issued photo identification
and to submit to security screening in
order to inspect and photocopy
comments.
Additionally, please send a copy of
your comments by mail to: OCC Desk
Officer, 1557–0243, U.S. Office of
Management and Budget, 725 17th
Street NW., #10235, Washington, DC
20503, or by fax to (202) 395–6974.
FOR FURTHER INFORMATION CONTACT: You
can request additional information or a
copy of the collection from Mary H.
Gottlieb, OCC Clearance Officer, (202)
874–5090, Legislative and Regulatory
Activities Division, Office of the
Comptroller of the Currency, 250 E
Street SW., Washington, DC 20219.
SUPPLEMENTARY INFORMATION: The OCC
is requesting extension of OMB
approval for this collection. There have
been no changes to the requirements of
the regulations, however, they have
been transferred to the Bureau of
Consumer Financial Protection (CFPB)
pursuant to title X of the Dodd-Frank
Wall Street Reform and Consumer
Protection Act, Public Law 111–203,
124 Stat. 1990, July 21, 2010 (DoddFrank Act), and republished as CFPB
regulations (76 FR 78483 (December 19,
2011)). The burden estimates have been
revised to remove the burden for OCCregulated institutions with over $10
billion in assets, now carried by CFPB
pursuant to section 1025 of the Dodd-
E:\FR\FM\25MYN1.SGM
25MYN1
Federal Register / Vol. 77, No. 102 / Friday, May 25, 2012 / Notices
mstockstill on DSK4VPTVN1PROD with NOTICES
Frank Act, and to remove the initial
start-up burden. The OCC retains
enforcement authority for its
institutions with $10 billion in assets or
less.
Title: Registration of Mortgage Loan
Originators.
OMB Number: 1557–0243.
Description: The S.A.F.E. Act requires
an employee of a bank, savings
association, or credit union and their
subsidiaries regulated by a Federal
banking agency or an employee of an
institution regulated by the FCA
(Agency-regulated institutions) who
engages in the business of a residential
mortgage loan originator (MLO) to
register with the Nationwide Mortgage
Licensing System and Registry
(Registry) and obtain a unique identifier.
Agency-regulated institutions must
require their employees who act as
residential MLOs to comply with the
Act’s requirements to register and obtain
a unique identifier and also adopt and
follow written policies and procedures
to assure compliance with these
requirements.
The Registry is intended to aggregate
and improve the flow of information to
and between regulators; provide
increased accountability and tracking of
mortgage loan originators; enhance
consumer protections; reduce fraud in
the residential mortgage loan origination
process; and provide consumers with
easily accessible information at no
charge regarding the employment
history of, and the publicly adjudicated
disciplinary and enforcement actions
against, mortgage loan originators.
The Agencies jointly developed and
maintain a system for registering MLOs
employed by Agency-regulated
institutions with the Registry. The
Agencies, at a minimum, must furnish
or cause to be furnished to the Registry
information concerning the MLOs
identity, including: (1) Fingerprints for
submission to the Federal Bureau of
Investigations and any other relevant
governmental agency for a State and
national criminal background check;
and (2) personal history and experience,
including authorization for the Registry
to obtain information related to any
administrative, civil, or criminal
findings by any governmental
jurisdiction.
MLO Reporting Requirements
Unless the de minimis exception or a
different implementation period
applies, 12 CFR 1007.103(a) requires an
employee of a institution who is
engaged in the business of a MLO to
register with the Registry, maintain such
registration, and obtain a unique
identifier. Under § 1007.103(b), an
VerDate Mar<15>2010
17:55 May 24, 2012
Jkt 226001
institution must require each such
registration to be renewed annually and
updated within 30 days of the
occurrence of specified events. Section
1007.103(d) sets forth the categories of
information that an employee, or the
employing institution in the employee’s
behalf, must submit to the Registry,
along with the employee’s attestation as
to the correctness of the information
supplied, and an authorization to obtain
further information.
MLO Disclosure Requirement
Section 1007.105 (b) requires the
MLO to provide the unique identifier to
a consumer upon request.
Financial Institution Reporting
Requirements
Section 1007.103(e) specifies the
institution and employee information
that an institution must submit to the
Registry in connection with the initial
registration of one or more MLOs, and
thereafter update.
Financial Institution Disclosure
Requirements
Section 1007.105(a) requires the
institution to make the unique identifier
of MLO employees available to
consumers in a manner and method
practicable to the institution.
Financial Institution Recordkeeping
Requirements
• Section 1007.103(d)(1)(xii) requires
the collection of MLO employee
fingerprints.
• Section 1007.104 requires that a
institution employing MLOs to:
Æ Adopt and follow written policies
and procedures, at a minimum
addressing certain specified areas, but
otherwise appropriate to the nature, size
and complexity of their mortgage
lending activities.
Æ Establish reasonable procedures
and tracking systems for monitoring
registration compliance.
Æ Establish a process for, and
maintain records related to, employee
criminal history background reports and
actions taken with respect thereto.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals;
Businesses or other for-profit.
Estimated Number of Respondents:
36,003.
Estimated Total Annual Burden:
31,053 hours.
On March 15, 2012, the OCC issued
a 60-day Federal Register notice
regarding renewal of the collection. 77
FR 15456. No comments were received.
Comments continue to be requested on:
(a) Whether the collection of
information is necessary for the proper
PO 00000
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Fmt 4703
Sfmt 4703
31439
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: May 21, 2012.
Michele Meyer,
Assistant Director, Legislative and Regulatory
Activities Division.
[FR Doc. 2012–12749 Filed 5–24–12; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
Agency Information Collection
Activities: Proposed Information
Collection; Comment Request
Office of the Comptroller of the
Currency, Treasury.
ACTION: Notice and request for comment.
AGENCY:
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. An agency may
not conduct or sponsor, and a
respondent is not required to respond
to, an information collection unless it
displays a currently valid OMB control
number. The OCC is soliciting comment
concerning its information collection
titled, ‘‘Identity Theft Red Flags and
Address Discrepancies under the Fair
and Accurate Credit Transactions Act of
2003.’’
DATES: Comments must be received by
July 24, 2012.
ADDRESSES: Communications Division,
Office of the Comptroller of the
Currency, Mailstop 2–3, Attention:
1557–0237, 250 E Street SW.,
Washington, DC 20219. In addition,
comments may be sent by fax to (202)
874–5274 or by electronic mail to
regs.comments@occ.treas.gov. You may
personally inspect and photocopy
comments at the OCC, 250 E Street SW.,
SUMMARY:
E:\FR\FM\25MYN1.SGM
25MYN1
]]>Agencies
[Federal Register Volume 77, Number 102 (Friday, May 25, 2012)]
[Notices]
[Pages 31438-31439]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-12749]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Proposed Information
Collection; Submission for OMB Review
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
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. An agency may not conduct or sponsor, and a respondent is not
required to respond to, an information collection unless it displays a
currently valid OMB control number. The OCC is soliciting comment
concerning its information collection titled, ``Registration of
Mortgage Loan Originators.'' The OCC is also giving notice that it has
sent this collection to OMB for review.
DATES: Comments must be received by June 25, 2012.
ADDRESSES: Communications Division, Office of the Comptroller of the
Currency, Mailstop 2-3, Attention: 1557-0243, 250 E Street SW.,
Washington, DC 20219. In addition, comments may be sent by fax to (202)
874-5274 or by electronic mail to regs.comments@occ.treas.gov. You may
personally inspect and photocopy comments at the OCC, 250 E 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) 874-4700. Upon arrival, visitors will be required to
present valid government-issued photo identification and to submit to
security screening in order to inspect and photocopy comments.
Additionally, please send a copy of your comments by mail to: OCC
Desk Officer, 1557-0243, U.S. Office of Management and Budget, 725 17th
Street NW., 10235, Washington, DC 20503, or by fax to (202)
395-6974.
FOR FURTHER INFORMATION CONTACT: You can request additional information
or a copy of the collection from Mary H. Gottlieb, OCC Clearance
Officer, (202) 874-5090, Legislative and Regulatory Activities
Division, Office of the Comptroller of the Currency, 250 E Street SW.,
Washington, DC 20219.
SUPPLEMENTARY INFORMATION: The OCC is requesting extension of OMB
approval for this collection. There have been no changes to the
requirements of the regulations, however, they have been transferred to
the Bureau of Consumer Financial Protection (CFPB) pursuant to title X
of the Dodd-Frank Wall Street Reform and Consumer Protection Act,
Public Law 111-203, 124 Stat. 1990, July 21, 2010 (Dodd-Frank Act), and
republished as CFPB regulations (76 FR 78483 (December 19, 2011)). The
burden estimates have been revised to remove the burden for OCC-
regulated institutions with over $10 billion in assets, now carried by
CFPB pursuant to section 1025 of the Dodd-
[[Page 31439]]
Frank Act, and to remove the initial start-up burden. The OCC retains
enforcement authority for its institutions with $10 billion in assets
or less.
Title: Registration of Mortgage Loan Originators.
OMB Number: 1557-0243.
Description: The S.A.F.E. Act requires an employee of a bank,
savings association, or credit union and their subsidiaries regulated
by a Federal banking agency or an employee of an institution regulated
by the FCA (Agency-regulated institutions) who engages in the business
of a residential mortgage loan originator (MLO) to register with the
Nationwide Mortgage Licensing System and Registry (Registry) and obtain
a unique identifier. Agency-regulated institutions must require their
employees who act as residential MLOs to comply with the Act's
requirements to register and obtain a unique identifier and also adopt
and follow written policies and procedures to assure compliance with
these requirements.
The Registry is intended to aggregate and improve the flow of
information to and between regulators; provide increased accountability
and tracking of mortgage loan originators; enhance consumer
protections; reduce fraud in the residential mortgage loan origination
process; and provide consumers with easily accessible information at no
charge regarding the employment history of, and the publicly
adjudicated disciplinary and enforcement actions against, mortgage loan
originators.
The Agencies jointly developed and maintain a system for
registering MLOs employed by Agency-regulated institutions with the
Registry. The Agencies, at a minimum, must furnish or cause to be
furnished to the Registry information concerning the MLOs identity,
including: (1) Fingerprints for submission to the Federal Bureau of
Investigations and any other relevant governmental agency for a State
and national criminal background check; and (2) personal history and
experience, including authorization for the Registry to obtain
information related to any administrative, civil, or criminal findings
by any governmental jurisdiction.
MLO Reporting Requirements
Unless the de minimis exception or a different implementation
period applies, 12 CFR 1007.103(a) requires an employee of a
institution who is engaged in the business of a MLO to register with
the Registry, maintain such registration, and obtain a unique
identifier. Under Sec. 1007.103(b), an institution must require each
such registration to be renewed annually and updated within 30 days of
the occurrence of specified events. Section 1007.103(d) sets forth the
categories of information that an employee, or the employing
institution in the employee's behalf, must submit to the Registry,
along with the employee's attestation as to the correctness of the
information supplied, and an authorization to obtain further
information.
MLO Disclosure Requirement
Section 1007.105 (b) requires the MLO to provide the unique
identifier to a consumer upon request.
Financial Institution Reporting Requirements
Section 1007.103(e) specifies the institution and employee
information that an institution must submit to the Registry in
connection with the initial registration of one or more MLOs, and
thereafter update.
Financial Institution Disclosure Requirements
Section 1007.105(a) requires the institution to make the unique
identifier of MLO employees available to consumers in a manner and
method practicable to the institution.
Financial Institution Recordkeeping Requirements
Section 1007.103(d)(1)(xii) requires the collection of MLO
employee fingerprints.
Section 1007.104 requires that a institution employing
MLOs to:
[cir] Adopt and follow written policies and procedures, at a
minimum addressing certain specified areas, but otherwise appropriate
to the nature, size and complexity of their mortgage lending
activities.
[cir] Establish reasonable procedures and tracking systems for
monitoring registration compliance.
[cir] Establish a process for, and maintain records related to,
employee criminal history background reports and actions taken with
respect thereto.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals; Businesses or other for-profit.
Estimated Number of Respondents: 36,003.
Estimated Total Annual Burden: 31,053 hours.
On March 15, 2012, the OCC issued a 60-day Federal Register notice
regarding renewal of the collection. 77 FR 15456. No comments were
received. Comments continue to be requested on:
(a) Whether the collection of information is necessary for the
proper 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: May 21, 2012.
Michele Meyer,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. 2012-12749 Filed 5-24-12; 8:45 am]
BILLING CODE 4810-33-P
