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