Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Retail Foreign Exchange Transactions, 9481-9482 [2017-02358]

Download as PDF sradovich on DSK3GMQ082PROD with NOTICES Federal Register / Vol. 82, No. 23 / Monday, February 6, 2017 / Notices (FCRA),2 generally prohibits a person from using certain information received from an affiliate to make a solicitation for marketing purposes to the consumer, unless the consumer is given notice and an opportunity and simple method to opt out of such solicitations. Twelve CFR 1022.20–1022.27 requires financial institutions to issue notices informing consumers about their rights under section 214 of the FACT Act. Consumers use the notices to decide if they want to receive solicitations for marketing purposes or opt out. Financial institutions use the consumers’ opt-out responses to determine the permissibility of making a solicitation for marketing purposes. If a person receives certain consumer eligibility information from an affiliate, the person may not use that information to make solicitations to the consumer about its products or services, unless the consumer is given notice and a simple method to opt out of such use of the information, and the consumer does not opt out. Exceptions include, a person using eligibility information: (1) To make solicitations to a consumer with whom the person has a pre-existing business relationship; (2) to perform services for another affiliate subject to certain conditions; (3) in response to a communication initiated by the consumer; or (4) to make a solicitation that has been authorized or requested by the consumer. A consumer’s affiliate marketing opt-out election must be effective for a period of at least five years. Upon expiration of the opt-out period, the consumer must be given a renewal notice and an opportunity to renew the opt-out before information received from an affiliate may be used to make solicitations to the consumer. Comments: On October 25, 2016, the OCC issued a 60-day notice soliciting comment on the information collection, 81 FR 73473. No comments were received. Comments continue to be invited 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 information collection burden; (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 2 15 U.S.C. 1681 et seq. VerDate Sep<11>2014 16:03 Feb 03, 2017 Jkt 241001 (e) Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Dated: January 26, 2017. Karen Solomon, Deputy Chief Counsel, Office of the Comptroller of the Currency. [FR Doc. 2017–02357 Filed 2–3–17; 8:45 am] BILLING CODE 4810–33–P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Retail Foreign Exchange Transactions 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 agencies to take this opportunity to comment on a continuing information collection as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment on the renewal of its information collection titled ‘‘Retail Foreign Exchange Transactions.’’ The OCC also is giving notice that is has sent the collection to OMB for review. DATES: Comments must be submitted on or before March 8, 2017. ADDRESSES: Because paper mail in the Washington, DC area and at the OCC is subject to delay, commenters are encouraged to submit comments by email, if possible. Comments may be sent to: Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, Attention: 1557–0250, 400 7th Street SW., suite 3E–218, mail stop 9W–11, Washington, DC 20219. In addition, comments may be sent by fax to (571) 465–4326 or by electronic mail to prainfo@occ.treas.gov. You may personally inspect and photocopy comments at the OCC, 400 7th 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) 649–6700 or, for persons SUMMARY: PO 00000 Frm 00112 Fmt 4703 Sfmt 4703 9481 who are deaf or hard of hearing, TTY, (202) 649–5597. Upon arrival, visitors will be required to present valid government-issued photo identification and submit to a security screening in order to inspect and photocopy comments. All comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure. Do not include any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure. Additionally, please send a copy of your comments by mail to: OCC Desk Officer, 1557–0250, U.S. Office of Management and Budget, 725 17th Street NW., #10235, Washington, DC 20503 or by email to: oira submission@ omb.eop.gov. FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance Officer, (202) 649–5490 or, for persons who are deaf or hard of hearing, TTY, (202) 649–5597, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street SW., Washington, DC 20219. SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501–3520), Federal agencies must obtain approval from OMB for each collection of information that they conduct or sponsor. ‘‘Collection of information’’ is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency requests or requirements that members of the public submit reports, keep records, or provide information to a third party. Title: Retail Foreign Exchange Transactions. OMB Control No.: 1557–0250. Type of Review: Regular. Frequency of Response: On occasion. Affected Public: Businesses or other for-profit. Estimated Number of Respondents: 15. Total Annual Burden: 22,418 hours. Description Background The OCC’s retail forex rule (12 CFR part 48) allows national banks and Federal savings associations to offer retail foreign exchange transactions to its customers. In order to engage in these transactions, institutions must comply with various reporting, disclosure, and recordkeeping requirements included in that rule. Reporting Requirements The reporting requirements in § 48.4 state that, prior to initiating a retail forex business, a national bank or E:\FR\FM\06FEN1.SGM 06FEN1 9482 Federal Register / Vol. 82, No. 23 / Monday, February 6, 2017 / Notices Federal savings association must provide the OCC with prior notice and obtain a written supervisory noobjection letter. In order to obtain a supervisory no-objection letter, a national bank or Federal savings association must have written policies, procedures, and risk measurement and management systems and controls in place to ensure that retail forex transactions are conducted in a safe and sound manner. The national bank or Federal savings association also must provide other information required by the OCC, such as documentation of customer due diligence, new product approvals, and haircuts applied to noncash margins. sradovich on DSK3GMQ082PROD with NOTICES Disclosure Requirements Under § 48.5, a national bank or Federal savings association must promptly provide the customer with a statement reflecting the financial result of the transactions and the name of the introducing broker to the account. The customer must provide specific written instructions on how the offsetting transaction should be applied. Section 48.6 requires that a national bank or Federal savings association furnish a retail forex customer with a written disclosure before opening an account through which the customer will engage in retail forex transactions. It further requires a national bank or Federal savings association to secure an acknowledgment from the customer that the disclosure was received and understood. Finally, § 48.6 requires the disclosure by a national bank or Federal savings association of its fees and other charges and its profitable accounts ratio. Section 48.10 requires a national bank or Federal savings association to issue monthly statements to each retail forex customer and to send confirmation statements following transactions. Section 48.13(c) prohibits a national bank or Federal savings association engaging in retail forex transactions from knowingly handling the account of any related person of another retail forex counterparty unless it receives proper written authorization, promptly prepares a written record of the order, and transmits to the counterparty copies all statements and written records. Section 48.13(d) prohibits a related person of a national bank or Federal savings association engaging in forex transactions from having an account with another retail forex counterparty unless it receives proper written authorization and copies of all statements and written records for such accounts are transmitted to the counterparty. VerDate Sep<11>2014 16:03 Feb 03, 2017 Jkt 241001 Section 48.15 requires a national bank or Federal savings association to provide a retail forex customer with 30 days prior notice of any assignment of any position or transfer of any account of the retail forex customer. It also requires a national bank or Federal savings association to which retail forex accounts or positions are assigned or transferred to provide the affected customers with risk disclosure statements and forms of acknowledgment and obtain the signed acknowledgments within 60 days. The customer dispute resolution provisions in § 48.16 require certain endorsements, acknowledgments, and signatures. The section also requires that a national bank or Federal savings association, within 10 days after receipt of notice from the retail forex customer that the customer intends to submit a claim to arbitration, provide the customer with a list of persons qualified in the dispute resolution. Policies and Procedures; Recordkeeping Sections 48.7 and 48.13 require that a national bank or Federal savings association engaging in retail forex transactions keep full, complete, and systematic records and to establish and implement internal rules, procedures, and controls. Section 48.7 also requires that a national bank or Federal savings association keep account, financial ledger, transaction, and daily records, as well as memorandum orders, postexecution allocation of bunched orders, records regarding its ratio of profitable accounts, possible violations of law, records for noncash margin, and monthly statements and confirmations. Section 48.9 requires policies and procedures for haircuts for noncash margin collected under the rule’s margin requirements and annual evaluations and modifications of the haircuts. The OCC issued a notice for 60 days of comment regarding this collection on October 20, 2016, 81 FR 72672. No comments were received. Comments continue to be invited 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 information collection; (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 PO 00000 Frm 00113 Fmt 4703 Sfmt 4703 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: January 26, 2017. Karen Solomon, Deputy Chief Counsel, Office of the Comptroller of the Currency. [FR Doc. 2017–02358 Filed 2–3–17; 8:45 am] BILLING CODE 4810–33–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form W–11 Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: The Department of the Treasury, 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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104–13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form W–11, Hiring Incentives to Restore Employment (HIRE) Act Employee Affidavit. SUMMARY: Written comments should be received on or before April 7, 2017 to be assured of consideration. ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of notice should be directed to Sara Covington, at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224, or through the internet, at Sara.L.Covington@irs.gov. SUPPLEMENTARY INFORMATION: Title: Hiring Incentives to Restore Employment (HIRE) Act Employee Affidavit. OMB Number: 1545–2173. Notice Number: Form W–11. Abstract: This form was created in response to the Hiring Incentives to Restore Employment (HIRE) Act, which was signed on March 18, 2010. The form was developed as a template for the convenience of employers who must DATES: E:\FR\FM\06FEN1.SGM 06FEN1

Agencies

[Federal Register Volume 82, Number 23 (Monday, February 6, 2017)]
[Notices]
[Pages 9481-9482]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-02358]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Submission for OMB Review; Retail Foreign Exchange 
Transactions

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 (PRA).
    In accordance with the requirements of the PRA, the OCC may not 
conduct or sponsor, and the respondent is not required to respond to, 
an information collection unless it displays a currently valid Office 
of Management and Budget (OMB) control number.
    The OCC is soliciting comment on the renewal of its information 
collection titled ``Retail Foreign Exchange Transactions.'' The OCC 
also is giving notice that is has sent the collection to OMB for 
review.

DATES: Comments must be submitted on or before March 8, 2017.

ADDRESSES: Because paper mail in the Washington, DC area and at the OCC 
is subject to delay, commenters are encouraged to submit comments by 
email, if possible. Comments may be sent to: Legislative and Regulatory 
Activities Division, Office of the Comptroller of the Currency, 
Attention: 1557-0250, 400 7th Street SW., suite 3E-218, mail stop 9W-
11, Washington, DC 20219. In addition, comments may be sent by fax to 
(571) 465-4326 or by electronic mail to prainfo@occ.treas.gov. You may 
personally inspect and photocopy comments at the OCC, 400 7th 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) 649-6700 or, for persons who are deaf or hard of hearing, 
TTY, (202) 649-5597. Upon arrival, visitors will be required to present 
valid government-issued photo identification and submit to a security 
screening in order to inspect and photocopy comments.
    All comments received, including attachments and other supporting 
materials, are part of the public record and subject to public 
disclosure. Do not include any information in your comment or 
supporting materials that you consider confidential or inappropriate 
for public disclosure.
    Additionally, please send a copy of your comments by mail to: OCC 
Desk Officer, 1557-0250, U.S. Office of Management and Budget, 725 17th 
Street NW., #10235, Washington, DC 20503 or by email to: oira 
submission@omb.eop.gov.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance 
Officer, (202) 649-5490 or, for persons who are deaf or hard of 
hearing, TTY, (202) 649-5597, Legislative and Regulatory Activities 
Division, Office of the Comptroller of the Currency, 400 7th Street 
SW., Washington, DC 20219.

SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal 
agencies must obtain approval from OMB for each collection of 
information that they conduct or sponsor. ``Collection of information'' 
is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency 
requests or requirements that members of the public submit reports, 
keep records, or provide information to a third party.
    Title: Retail Foreign Exchange Transactions.
    OMB Control No.: 1557-0250.
    Type of Review: Regular.
    Frequency of Response: On occasion.
    Affected Public: Businesses or other for-profit.
    Estimated Number of Respondents: 15.
    Total Annual Burden: 22,418 hours.

Description

Background

    The OCC's retail forex rule (12 CFR part 48) allows national banks 
and Federal savings associations to offer retail foreign exchange 
transactions to its customers. In order to engage in these 
transactions, institutions must comply with various reporting, 
disclosure, and recordkeeping requirements included in that rule.

Reporting Requirements

    The reporting requirements in Sec.  48.4 state that, prior to 
initiating a retail forex business, a national bank or

[[Page 9482]]

Federal savings association must provide the OCC with prior notice and 
obtain a written supervisory no-objection letter. In order to obtain a 
supervisory no-objection letter, a national bank or Federal savings 
association must have written policies, procedures, and risk 
measurement and management systems and controls in place to ensure that 
retail forex transactions are conducted in a safe and sound manner. The 
national bank or Federal savings association also must provide other 
information required by the OCC, such as documentation of customer due 
diligence, new product approvals, and haircuts applied to noncash 
margins.

Disclosure Requirements

    Under Sec.  48.5, a national bank or Federal savings association 
must promptly provide the customer with a statement reflecting the 
financial result of the transactions and the name of the introducing 
broker to the account. The customer must provide specific written 
instructions on how the offsetting transaction should be applied.
    Section 48.6 requires that a national bank or Federal savings 
association furnish a retail forex customer with a written disclosure 
before opening an account through which the customer will engage in 
retail forex transactions. It further requires a national bank or 
Federal savings association to secure an acknowledgment from the 
customer that the disclosure was received and understood. Finally, 
Sec.  48.6 requires the disclosure by a national bank or Federal 
savings association of its fees and other charges and its profitable 
accounts ratio.
    Section 48.10 requires a national bank or Federal savings 
association to issue monthly statements to each retail forex customer 
and to send confirmation statements following transactions.
    Section 48.13(c) prohibits a national bank or Federal savings 
association engaging in retail forex transactions from knowingly 
handling the account of any related person of another retail forex 
counterparty unless it receives proper written authorization, promptly 
prepares a written record of the order, and transmits to the 
counterparty copies all statements and written records. Section 
48.13(d) prohibits a related person of a national bank or Federal 
savings association engaging in forex transactions from having an 
account with another retail forex counterparty unless it receives 
proper written authorization and copies of all statements and written 
records for such accounts are transmitted to the counterparty.
    Section 48.15 requires a national bank or Federal savings 
association to provide a retail forex customer with 30 days prior 
notice of any assignment of any position or transfer of any account of 
the retail forex customer. It also requires a national bank or Federal 
savings association to which retail forex accounts or positions are 
assigned or transferred to provide the affected customers with risk 
disclosure statements and forms of acknowledgment and obtain the signed 
acknowledgments within 60 days.
    The customer dispute resolution provisions in Sec.  48.16 require 
certain endorsements, acknowledgments, and signatures. The section also 
requires that a national bank or Federal savings association, within 10 
days after receipt of notice from the retail forex customer that the 
customer intends to submit a claim to arbitration, provide the customer 
with a list of persons qualified in the dispute resolution.

Policies and Procedures; Recordkeeping

    Sections 48.7 and 48.13 require that a national bank or Federal 
savings association engaging in retail forex transactions keep full, 
complete, and systematic records and to establish and implement 
internal rules, procedures, and controls. Section 48.7 also requires 
that a national bank or Federal savings association keep account, 
financial ledger, transaction, and daily records, as well as memorandum 
orders, post-execution allocation of bunched orders, records regarding 
its ratio of profitable accounts, possible violations of law, records 
for noncash margin, and monthly statements and confirmations. Section 
48.9 requires policies and procedures for haircuts for noncash margin 
collected under the rule's margin requirements and annual evaluations 
and modifications of the haircuts.
    The OCC issued a notice for 60 days of comment regarding this 
collection on October 20, 2016, 81 FR 72672. No comments were received. 
Comments continue to be invited 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 
information collection;
    (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: January 26, 2017.
Karen Solomon,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2017-02358 Filed 2-3-17; 8:45 am]
 BILLING CODE 4810-33-P