Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review Fiduciary Activities, 12033-12036 [2019-06020]
Download as PDF
<![CDATA[
Federal Register / Vol. 84, No. 61 / Friday, March 29, 2019 / Notices
jbell on DSK30RV082PROD with NOTICES
for approval. To comply with this
requirement, the OCC is publishing
notice of the extension of the collection
of information set forth in this
document.
Title: Disclosure and Reporting of
CRA-Related Agreements.
OMB Control No.: 1557–0219.
Description: National banks, federal
savings associations, and their affiliates
occasionally enter into agreements with
nongovernmental entities or persons
(NGEPs) that are related to their
Community Reinvestment Act (CRA)
responsibilities. Section 48 of the
Federal Deposit Insurance Act (FDI
Act) 2 requires disclosure of certain of
these agreements and imposes related
reporting requirements on insured
depository institutions (IDIs), their
affiliates, and NGEPs. As mandated by
the FDI Act, the OCC, the Federal
Deposit Insurance Corporation, and the
Board of Governors of the Federal
Reserve System issued regulations to
implement these disclosure and
reporting requirements. The disclosure
and reporting provisions of these
regulations constitute collections of
information under the PRA. The
regulation issued by the OCC is codified
at 12 CFR 35 and is known as the ‘‘CRA
Sunshine’’ regulation.
Section 48 of the FDI Act applies to
written agreements that: (1) Are made in
fulfillment of the CRA; (2) involve funds
or other resources of an IDI or affiliate
with an aggregate value of more than
$10,000 in a year or loans with an
aggregate principal value of more than
$50,000 in a year; 3 and (3) are entered
into by an IDI or affiliate and an NGEP.4
Under section 48, the parties to a
covered agreement must make the
agreement available to the public and
the appropriate agency.5 This section
also requires the parties to file a report
annually with the appropriate agency
concerning the disbursement, receipt,
and use of funds or other resources
under the agreement.6 The collections of
information in CRA Sunshine regulation
implement these statutorily mandated
disclosure and reporting requirements.
The parties to the agreement may
request confidential treatment of
proprietary and confidential
information in an agreement or annual
report and may withhold from public
2 12
U.S.C. 1831y.
definition includes groups of substantially
related agreements that satisfy these amounts in the
aggregate.
4 12 U.S.C. 1831y(e).
5 12 U.S.C. 1831y(a).
6 12 U.S.C. 1831y(b)–(c).
3 The
VerDate Sep<11>2014
17:48 Mar 28, 2019
Jkt 247001
disclosure confidential or proprietary
information in an agreement.7
The information collections are found
in 12 CFR 35.4(b); 35.6; and 35.7 and
they require:
• IDIs or affiliates to notify NGEPs
that are parties to certain agreements
that these are agreements with a CRA
affiliate;
• NGEPs and IDIs or their affiliates to
make a copy of a covered agreement
available to any individual or entity
upon request;
• NGEPs to provide a copy of the
covered agreement within 30 days of
receiving a request from the relevant
supervisory agency;
• Each IDI and affiliate to provide
each relevant supervisory agency with a
copy of each covered agreement or a list
of all covered agreements entered into
during the calendar quarter, within 60
days of the end of each calendar
quarter; 8 and
• Annual reporting.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals;
Businesses or other for-profit.
Estimated Number of Respondents: 13
(7 IDIs; 6 NGEPs).
Number of Agreements: 237.
Number of Annual Reports: 9.
Estimated Total Annual Burden: 527.
Comments submitted in response to
this notice will be summarized,
included in the request for OMB
approval, and will become a matter of
public record. Comments are 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
(e) Estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
7 12 CFR 35.6(b)(2), 35.8; see 12 U.S.C.
1831y(h)(2)(A).
8 If providing a list of covered agreements, the IDI
or affiliate must provide a copy and public version
of any agreement referenced in the list to any
relevant supervisory agency within seven calendar
days of receiving a request from the agency.
PO 00000
Frm 00108
Fmt 4703
Sfmt 4703
12033
Dated: March 22, 2019.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
[FR Doc. 2019–06019 Filed 3–28–19; 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
Fiduciary Activities
Office of the Comptroller of the
Currency, Treasury (OCC).
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).
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 the renewal of its
information collection titled ‘‘Fiduciary
Activities.’’ The OCC also is giving
notice that it has sent the collection to
OMB for review. April 29, 2019.
DATES: You should submit written
comments by April 29, 2019.
ADDRESSES: Commenters are encouraged
to submit comments by email, if
possible. You may submit comments by
any of the following methods:
• Email: prainfo@occ.treas.gov.
• Mail: Chief Counsel’s Office, Office
of the Comptroller of the Currency,
Attention: 1557–0140, 400 7th Street
SW, Suite 3E–218, Washington, DC
20219.
• Hand Delivery/Courier: 400 7th
Street SW, Suite 3E–218, Washington,
DC 20219.
• Fax: (571) 465–4326.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0140’’ in your comment. In general, the
OCC will publish comments on
www.reginfo.gov without change,
including any business or personal
information provided, such as name and
address information, email addresses, or
phone numbers. Comments received,
including attachments and other
supporting materials, are part of the
public record and subject to public
SUMMARY:
E:\FR\FM\29MRN1.SGM
29MRN1
jbell on DSK30RV082PROD with NOTICES
12034
Federal Register / Vol. 84, No. 61 / Friday, March 29, 2019 / Notices
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, 1557–0140, U.S. Office of
Management and Budget, 725 17th
Street NW, #10235, Washington, DC
20503 or by email to oira_submission@
omb.eop.gov.
You may review comments and other
related materials that pertain to this
information collection 1 following the
close of the 30-Day comment period for
this notice by any of the following
methods:
• Viewing Comments Electronically:
Go to www.reginfo.gov. Click on the
‘‘Information Collection Review’’ tab.
Underneath the ‘‘Currently under
Review’’ section heading, from the dropdown menu, select ‘‘Department of
Treasury’’ and then click ‘‘submit.’’ This
information collection can be located by
searching by OMB control number
‘‘1557–0140’’ or ‘‘Fiduciary Activities.’’
Upon finding the appropriate
information collection, click on the
related ‘‘ICR Reference Number.’’ On the
next screen, select ‘‘View Supporting
Statement and Other Documents’’ and
then click on the link to any comment
listed at the bottom of the screen.
• For assistance in navigating
www.reginfo.gov, please contact the
Regulatory Information Service Center
at (202) 482–7340.
• Viewing Comments Personally: You
may personally inspect comments at the
OCC, 400 7th Street SW, Washington,
DC. 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 hearing
impaired, TTY, (202) 649–5597. Upon
arrival, visitors will be required to
present valid government-issued photo
identification and submit to security
screening in order to inspect comments.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, Clearance Officer,
(202) 649–5490 or, for persons who are
deaf or hearing impaired, TTY, (202)
649–5597, Chief Counsel’s Office, Office
of the Comptroller of the Currency, 400
7th Street SW, Suite 3E–218,
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
they conduct or sponsor. ‘‘Collection of
information’’ is defined in 44 U.S.C.
1 On November 13, 2018, the OCC published a 60day notice for this information collection.
VerDate Sep<11>2014
17:48 Mar 28, 2019
Jkt 247001
3502(3) and 5 CFR 1320.3(c) to include
agency requests and requirements that
members of the public submit reports,
keep records, or provide information to
a third party. The OCC asks OMB to
extend its approval of this collection.
Title: Fiduciary Activities.
OMB Control No.: 1557–0140.
Description: The OCC regulates the
fiduciary activities of national banks
and federal savings associations (FSAs),
including the administration of
collective investment funds (CIFs),
pursuant to 12 U.S.C. 92a and 12 U.S.C.
1464(n), respectively. Twelve CFR part
9 contains the regulations that national
banks must follow when conducting
fiduciary activities, and 12 CFR part 150
contains the regulations that FSAs must
follow when conducting fiduciary
activities. Regulations adopted by the
former Office of Thrift Supervision, now
recodified as OCC rules pursuant to title
III of the Dodd-Frank Wall Street Reform
and Consumer Protection Act,2 have
long required FSAs to comply with the
requirements of the OCC’s CIF
regulation.3 Thus, 12 CFR 9.18 governs
CIFs managed by both national banks
and FSAs.
Twelve CFR part 9 and 150.410–
150.430 require that national banks and
FSAs document the establishment and
termination of each fiduciary account
and maintain adequate records. Records
must be retained for a period of three
years from the later of the termination
of the account or the termination of any
litigation. The records must be separate
and distinct from other records of the
institution.
Twelve CFR 9.9 and 12 CFR 150.480
require national banks and FSAs to note
the results of any audit conducted
(including significant actions taken as a
result of the audit) in the minutes of the
board of directors. National banks and
FSAs that adopt a continuous audit
system must note the results of all
discrete audits performed since the last
audit report (including significant
actions taken as a result of the audits)
in the minutes of the board of directors
at least once during each calendar year.
Twelve CFR 9.17(a) and 150.530
require that a national bank or FSA
seeking to surrender its fiduciary
powers file with the OCC a certified
copy of the resolution of its board of
directors evidencing that intent.
Twelve CFR 9.18(b)(1) (and 12 CFR
150.260 by cross-reference) require
national banks and FSAs to establish
and maintain each CIF in accordance
with a written plan approved by the
board of directors or a committee
2 76
FR 48950 (August 9, 2011).
12 CFR 150.260(b)(3).
3 See
PO 00000
Frm 00109
Fmt 4703
Sfmt 4703
authorized by the board. The plan must
include provisions relating to:
• Investment powers and policies
with respect to the fund;
• Allocation of income, profits, and
losses;
• Fees and expenses that will be
charged to the fund and to participating
accounts;
• Terms and conditions regarding
admission and withdrawal of
participating accounts;
• Audits of participating accounts;
• Basis and method of valuing assets
in the fund;
• Expected frequency for income
distribution to participating accounts;
• Minimum frequency for valuation
of fund assets;
• Amount of time following a
valuation date during which the
valuation must be made;
• Bases upon which the institution
may terminate the fund; and
• Any other matters necessary to
define clearly the rights of participating
accounts.
Twelve CFR 9.18(b)(1) (and 150.260
by cross-reference) require that national
banks and FSAs make a copy of any CIF
plan available for public inspection at
their main offices and provide a copy of
the plan to any person who requests it.
Twelve CFR 9.18(b)(4)(iii)(E) (and
150.260 by cross-reference) require that
national banks and FSAs adopt portfolio
and issuer qualitative standards and
concentration restrictions for short-term
investment funds (STIFs), a type of CIF.
Twelve CFR 9.18(b)(4)(iii)(F) (and
150.260 by cross-reference) require that
national banks and FSAs adopt liquidity
standards and include provisions that
address contingency funding needs for
STIFs.
Twelve CFR 9.18(b)(4)(iii)(G) (and
150.260 by cross-reference) require that
national banks and FSAs adopt shadow
pricing procedures for STIFs that
calculate the extent of difference, if any,
of the mark-to-market net asset value
per participating interest from the
STIF’s amortized cost per participating
interest, and to take certain actions if
that difference exceeds $0.005 per
participating interest.
Twelve CFR 9.18(b)(4)(iii)(H) (and
150.260 by cross-reference) require that
national banks and FSAs adopt, for
STIFs, procedures for stress testing the
STIF’s ability to maintain a stable net
asset value per participating interest and
provide for reporting the results.
Twelve CFR 9.18(b)(4)(iii)(I) (and
150.260 by cross-reference) require that
national banks and FSAs adopt, for
STIFs, procedures that require a
national bank or FSA to disclose to the
OCC and to STIF participants within
E:\FR\FM\29MRN1.SGM
29MRN1
jbell on DSK30RV082PROD with NOTICES
Federal Register / Vol. 84, No. 61 / Friday, March 29, 2019 / Notices
five business days after each calendar
month-end the following information
about the fund: Total assets under
management; mark-to-market and
amortized cost net asset values; dollarweighted average portfolio maturity;
dollar-weighted average portfolio life
maturity as of the last business day of
the prior calendar month; and certain
other security-level information for each
security held.
Twelve CFR 9.18(b)(4)(iii)(J) (and
150.260 by cross-reference) require that
national banks and FSAs adopt, for
STIFs, procedures that require a
national bank or FSA that manages a
STIF to notify the OCC prior to or
within one business day thereafter of
certain events.
Twelve CFR 9.18(b)(4)(iii)(K) (and
150.260 by cross-reference) require that
national banks and FSAs adopt, for
STIFs, certain procedures in the event
that the STIF has repriced its net asset
value below $0.995 per participating
interest.
Twelve CFR 9.18(b)(4)(iii)(L) (and
150.260 by cross-reference) require that
national banks and FSAs adopt, for
STIFs, procedures for initiating
liquidation of a STIF upon the
suspension or limitation of withdrawals
as a result of redemptions.
Twelve CFR 9.18(b)(6)(ii) (and
150.260 by cross-reference) require, for
CIFs, that national banks and FSAs, at
least once during each 12-month period,
prepare a financial report of the fund
based on the audit required by 12 CFR
9.18(b)(6)(i). The report must disclose
the fund’s fees and expenses in a
manner consistent with applicable state
law in the state in which the national
bank or FSA maintains the fund and
must contain:
• A list of investments in the fund
showing the cost and current market
value of each investment;
• A statement covering the period
after the previous report showing the
following (organized by type of
investment):
Æ A summary of purchases (with
costs);
Æ A summary of sales (with profit or
loss and any investment change);
Æ Income and disbursements; and
Æ An appropriate notation of any
investments in default.
Twelve CFR 9.18(b)(6)(iv) (and
150.260 by cross-reference) require that
a national bank or FSA managing a CIF
provide a copy of the financial report,
or provide notice that a copy of the
report is available upon request without
charge, to each person who ordinarily
would receive a regular periodic
accounting with respect to each
participating account. The national bank
VerDate Sep<11>2014
17:48 Mar 28, 2019
Jkt 247001
or FSA may provide a copy to
prospective customers. In addition, the
national bank or FSA must provide a
copy of the report upon request to any
person for a reasonable charge.
Twelve CFR 9.18(c)(5) (and 150.260
by cross-reference) require that, for
special exemption CIFs, national banks
and FSAs must submit to the OCC a
written plan that sets forth:
• The reason the proposed fund
requires a special exemption;
• The provisions of the fund that are
inconsistent with 12 CFR 9.18(a) and
(b);
• The provisions of 12 CFR 9.18(b) for
which the national bank or FSA seeks
an exemption; and
• The manner in which the proposed
fund addresses the rights and interests
of participating accounts.
Type of Review: Extension without
change of an approved information
collection.
Affected Public: Businesses or other
for-profit.
Estimated Number of Respondents:
320.
Frequency of Response: On occasion.
Estimated Total Annual Burden:
115,125 hours.
On November 13, 2018, the OCC
issued a notice for 60 days of comment
regarding the collection, 83 FR 56400.
Two comments were received. One
comment was from an advocacy group
and one was from a trade association.
One commenter requested that the
OCC allow flexibility in the timing of a
final audit required by § 9.18(b)(6),
which requires a national bank
administering a CIF to prepare a
financial audit of the fund once every 12
months. The commenter specifically
recommended that the OCC should
allow a bank that is terminating a fund
within 15 months after the last audit to
wait until the fund has terminated to
complete the final audit.
The second commenter proposed the
elimination of § 9.9(a) and (b), which
require national banks to include in the
minutes of the board of directors the
results of any audits conducted of a
national bank’s fiduciary activities
(including significant actions taken as a
result of the audit). The commenter
stated that these § 9.9 requirements are
unnecessarily burdensome and
overreaching in that they
inappropriately prescribe the content
and level of detail of information to be
included in board minutes and
presuppose that the board of directors
should discuss the results of every audit
conducted pursuant to part 9, regardless
of the materiality of the audit to the
bank.
PO 00000
Frm 00110
Fmt 4703
Sfmt 4703
12035
In response to both comments, the
OCC notes that the OCC cannot revise
or rescind regulations through the PRA
renewal process. The OCC also notes
that in 2015, as part of the OCC’s tenyear regulatory review required under
section 222 of the Economic Growth and
Regulatory Paperwork Reduction Act
(‘‘EGRPRA’’), the OCC issued notices
soliciting comments on all OCC
regulations, including 12 CFR part 9.4 In
response to the relevant OCC notice
regarding 12 CFR part 9, the OCC
received the same comment regarding
§ 9.18(b)(6), a recommendation that the
OCC allow a national bank that is
terminating a fund within 15 months
after the most recent audit to wait until
the fund has terminated to complete the
final audit. The OCC did not agree with
the proposed recommendation and did
not adopt it in the part 9 rules.5 The
OCC stated that in many instances,
banks should be able to schedule fund
terminations to occur at or just prior to
the end of a plan year.6
The OCC did not receive any
comments regarding § 9.9(a) or (b) in
response to the OCC EGRPRA notice
regarding 12 CFR part 9. The OCC
therefore did not rescind or propose any
revisions to § 9.9 in connection with the
review required under EGRPRA. Given
the lack of comments on § 9.9 during the
most recent EGRPRA review and the
OCC’s inability to rescind or revise § 9.9
through this PRA renewal, the OCC has
not adopted the proposed
recommendation to rescind the board
minutes-related requirements in § 9.9(a)
and (b).
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 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.
4 See Regulatory Publication and Review Under
the Economic Growth and Regulatory Paperwork
Reduction Act of 1996, 79 FR 32171, 32178 (June
4, 2014).
5 82 FR 8082, 8088 (Jan. 23, 2017).
6 See id.
E:\FR\FM\29MRN1.SGM
29MRN1
12036
Federal Register / Vol. 84, No. 61 / Friday, March 29, 2019 / Notices
Dated: March 22, 2019.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
regulations.gov or upon request, without
change and including any personal
information provided.
FOR FURTHER INFORMATION CONTACT:
[FR Doc. 2019–06020 Filed 3–28–19; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
Agency Information Collection
Activities; Proposed Collection;
Comment Request; Electronic License
Application Form
Office of Foreign Assets
Control, 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 comment on
proposed or continuing information
collections, as required by the
Paperwork Reduction Act of 1995.
Currently, the Office of Foreign Assets
Control (OFAC) within the Department
of the Treasury is soliciting comments
concerning OFAC’s Electronic License
Application Form TD–F 90–22.54,
which is referred to throughout this
Notice as the ‘‘OFAC Application for the
Release of Blocked Funds.’’
DATES: Written comments must be
submitted on or before May 28, 2019 to
be assured of consideration.
ADDRESSES: You may submit comments
by any of the following methods:
Federal eRulemaking Portal:
www.regulations.gov. Follow the
instructions on the website for
submitting comments. Refer to Docket
Number OFAC–2019–0001 and the
Office of Management and Budget
(OMB) control number 1505–0170.
Fax: Attn: Request for Comments
(OFAC Application for the Release of
Blocked Funds) 202–622–1759. Refer to
Docket Number OFAC–2019–0001 and
the OMB control number 1505–0170.
Mail: Attn: Request for Comments
(OFAC Application for the Release of
Blocked Funds), Office of Foreign
Assets Control, Department of the
Treasury, 1500 Pennsylvania Avenue
NW, Washington, DC 20220. Refer to
Docket Number OFAC–2019–0001 and
the OMB control number 1505–0170.
Instructions: All submissions received
must include the agency name and the
Federal Register Doc. number that
appears at the end of this document.
Comments received will be made
available to the public via
jbell on DSK30RV082PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
17:48 Mar 28, 2019
Jkt 247001
OFAC: Assistant Director for Licensing,
tel.: 202–622–2480; Assistant Director
for Regulatory Affairs, tel.: 202–622–
4855; Assistant Director for Sanctions
Compliance & Evaluation, tel.: 202–622–
2490; or the Department of the
Treasury’s Office of the Chief Counsel
(Foreign Assets Control), Office of the
General Counsel, tel.: 202–622–2410.
SUPPLEMENTARY INFORMATION:
Title: OFAC Application for the
Release of Blocked Funds.
OMB Number: 1505–0170.
Abstract: Transactions prohibited
pursuant to the Trading With the Enemy
Act, 50 U.S.C. 4301 et seq., the
International Emergency Economic
Powers Act, 50 U.S.C. 1701 et seq., and
other authorities may be authorized by
means of specific licenses issued by
OFAC. Such licenses are issued in
response to applications submitted by
persons whose property and interests in
property have been blocked or who
wish to engage in transactions that
would otherwise be prohibited. The
OFAC Application for the Release of
Blocked Funds, which provides a
standardized method of application for
all applicants seeking the unblocking of
funds, is available in electronic format
on OFAC’s website. By obviating the
need for applicants to write lengthy
letters to OFAC, this form reduces the
overall burden of the application
process. Since February 2000, use of the
OFAC Application for the Release of
Blocked Funds to apply for the
unblocking of funds has been
mandatory pursuant to a revision in
OFAC’s regulations at 31 CFR 501.801.
See 65 FR 10707 (February 29, 2000).
Applications to OFAC for the release of
blocked funds can also be made via the
electronic licensing portal here: https://
www.treasury.gov/resource-center/
sanctions/Pages/licensing.aspx
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals/
businesses, other for-profit institutions,
and non-governmental organizations.
The likely respondents and recordkeepers affected by this collection of
information are U.S. financial
institutions.
Estimated Number of Respondents:
3,000.
Estimated Time per Respondent: 30
minutes.
Estimated Total Annual Burden
Hours: 1,500.
PO 00000
Frm 00111
Fmt 4703
Sfmt 4703
Request for Comments
Comments submitted in response to
this notice will be summarized or
included in the request for OMB
approval. All comments will become a
matter of public record. Comments are
invited on: (a) Whether the collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information has practical utility; (b) the
accuracy of the agency’s estimate of the
burden of the collection of information,
including the validity of the
methodology and assumptions used; (c)
ways to enhance the quality, utility, and
clarity of the information to be
collected; (d) ways to minimize the
burden of the collection of information
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.
Authority: 44 U.S.C. 3501 et seq.
Approved: March 25, 2019.
Andrea Gacki,
Director, Office of Foreign Assets Control.
[FR Doc. 2019–06084 Filed 3–28–19; 8:45 am]
BILLING CODE 4810–AL–P
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
[Case IDs DPRK3–13946, DPRK4–13621]
Notice of OFAC Sanctions Actions
Office of Foreign Assets
Control, Treasury.
ACTION: Notice.
AGENCY:
The Department of the
Treasury’s Office of Foreign Assets
Control (OFAC) is publishing the names
of one or more persons that have been
placed on OFAC’s Specially Designated
Nationals and Blocked Persons List
based on OFAC’s determination that one
or more applicable legal criteria were
satisfied. All property and interests in
property subject to U.S. jurisdiction of
these persons are blocked, and U.S.
persons are generally prohibited from
engaging in transactions with them.
DATES: See SUPPLEMENTARY INFORMATION
section.
FOR FURTHER INFORMATION CONTACT:
OFAC: Associate Director for Global
Targeting, tel.: 202–622–2420; Assistant
Director for Licensing, tel.: 202–622–
2480; Assistant Director for Regulatory
Affairs, tel.: 202–622–4855; Assistant
Director for Sanctions Compliance &
SUMMARY:
E:\FR\FM\29MRN1.SGM
29MRN1
]]>Agencies
[Federal Register Volume 84, Number 61 (Friday, March 29, 2019)]
[Notices]
[Pages 12033-12036]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-06020]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Submission for OMB Review Fiduciary Activities
AGENCY: Office of the Comptroller of the Currency, Treasury (OCC).
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).
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 the renewal of its
information collection titled ``Fiduciary Activities.'' The OCC also is
giving notice that it has sent the collection to OMB for review. April
29, 2019.
DATES: You should submit written comments by April 29, 2019.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
Email: [email protected].
Mail: Chief Counsel's Office, Office of the Comptroller of
the Currency, Attention: 1557-0140, 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Fax: (571) 465-4326.
Instructions: You must include ``OCC'' as the agency name and
``1557-0140'' in your comment. In general, the OCC will publish
comments on www.reginfo.gov without change, including any business or
personal information provided, such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public
[[Page 12034]]
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, 1557-0140, U.S. Office of Management and Budget, 725 17th
Street NW, #10235, Washington, DC 20503 or by email to
[email protected].
You may review comments and other related materials that pertain to
this information collection \1\ following the close of the 30-Day
comment period for this notice by any of the following methods:
---------------------------------------------------------------------------
\1\ On November 13, 2018, the OCC published a 60-day notice for
this information collection.
---------------------------------------------------------------------------
Viewing Comments Electronically: Go to www.reginfo.gov.
Click on the ``Information Collection Review'' tab. Underneath the
``Currently under Review'' section heading, from the drop-down menu,
select ``Department of Treasury'' and then click ``submit.'' This
information collection can be located by searching by OMB control
number ``1557-0140'' or ``Fiduciary Activities.'' Upon finding the
appropriate information collection, click on the related ``ICR
Reference Number.'' On the next screen, select ``View Supporting
Statement and Other Documents'' and then click on the link to any
comment listed at the bottom of the screen.
For assistance in navigating www.reginfo.gov, please
contact the Regulatory Information Service Center at (202) 482-7340.
Viewing Comments Personally: You may personally inspect
comments at the OCC, 400 7th Street SW, Washington, DC. 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 hearing impaired, TTY, (202) 649-5597. Upon arrival,
visitors will be required to present valid government-issued photo
identification and submit to security screening in order to inspect
comments.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer,
(202) 649-5490 or, for persons who are deaf or hearing impaired, TTY,
(202) 649-5597, Chief Counsel's Office, Office of the Comptroller of
the Currency, 400 7th Street SW, Suite 3E-218, 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 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 and requirements that members of the public submit reports,
keep records, or provide information to a third party. The OCC asks OMB
to extend its approval of this collection.
Title: Fiduciary Activities.
OMB Control No.: 1557-0140.
Description: The OCC regulates the fiduciary activities of national
banks and federal savings associations (FSAs), including the
administration of collective investment funds (CIFs), pursuant to 12
U.S.C. 92a and 12 U.S.C. 1464(n), respectively. Twelve CFR part 9
contains the regulations that national banks must follow when
conducting fiduciary activities, and 12 CFR part 150 contains the
regulations that FSAs must follow when conducting fiduciary activities.
Regulations adopted by the former Office of Thrift Supervision, now
recodified as OCC rules pursuant to title III of the Dodd-Frank Wall
Street Reform and Consumer Protection Act,\2\ have long required FSAs
to comply with the requirements of the OCC's CIF regulation.\3\ Thus,
12 CFR 9.18 governs CIFs managed by both national banks and FSAs.
---------------------------------------------------------------------------
\2\ 76 FR 48950 (August 9, 2011).
\3\ See 12 CFR 150.260(b)(3).
---------------------------------------------------------------------------
Twelve CFR part 9 and 150.410-150.430 require that national banks
and FSAs document the establishment and termination of each fiduciary
account and maintain adequate records. Records must be retained for a
period of three years from the later of the termination of the account
or the termination of any litigation. The records must be separate and
distinct from other records of the institution.
Twelve CFR 9.9 and 12 CFR 150.480 require national banks and FSAs
to note the results of any audit conducted (including significant
actions taken as a result of the audit) in the minutes of the board of
directors. National banks and FSAs that adopt a continuous audit system
must note the results of all discrete audits performed since the last
audit report (including significant actions taken as a result of the
audits) in the minutes of the board of directors at least once during
each calendar year.
Twelve CFR 9.17(a) and 150.530 require that a national bank or FSA
seeking to surrender its fiduciary powers file with the OCC a certified
copy of the resolution of its board of directors evidencing that
intent.
Twelve CFR 9.18(b)(1) (and 12 CFR 150.260 by cross-reference)
require national banks and FSAs to establish and maintain each CIF in
accordance with a written plan approved by the board of directors or a
committee authorized by the board. The plan must include provisions
relating to:
Investment powers and policies with respect to the fund;
Allocation of income, profits, and losses;
Fees and expenses that will be charged to the fund and to
participating accounts;
Terms and conditions regarding admission and withdrawal of
participating accounts;
Audits of participating accounts;
Basis and method of valuing assets in the fund;
Expected frequency for income distribution to
participating accounts;
Minimum frequency for valuation of fund assets;
Amount of time following a valuation date during which the
valuation must be made;
Bases upon which the institution may terminate the fund;
and
Any other matters necessary to define clearly the rights
of participating accounts.
Twelve CFR 9.18(b)(1) (and 150.260 by cross-reference) require that
national banks and FSAs make a copy of any CIF plan available for
public inspection at their main offices and provide a copy of the plan
to any person who requests it.
Twelve CFR 9.18(b)(4)(iii)(E) (and 150.260 by cross-reference)
require that national banks and FSAs adopt portfolio and issuer
qualitative standards and concentration restrictions for short-term
investment funds (STIFs), a type of CIF.
Twelve CFR 9.18(b)(4)(iii)(F) (and 150.260 by cross-reference)
require that national banks and FSAs adopt liquidity standards and
include provisions that address contingency funding needs for STIFs.
Twelve CFR 9.18(b)(4)(iii)(G) (and 150.260 by cross-reference)
require that national banks and FSAs adopt shadow pricing procedures
for STIFs that calculate the extent of difference, if any, of the mark-
to-market net asset value per participating interest from the STIF's
amortized cost per participating interest, and to take certain actions
if that difference exceeds $0.005 per participating interest.
Twelve CFR 9.18(b)(4)(iii)(H) (and 150.260 by cross-reference)
require that national banks and FSAs adopt, for STIFs, procedures for
stress testing the STIF's ability to maintain a stable net asset value
per participating interest and provide for reporting the results.
Twelve CFR 9.18(b)(4)(iii)(I) (and 150.260 by cross-reference)
require that national banks and FSAs adopt, for STIFs, procedures that
require a national bank or FSA to disclose to the OCC and to STIF
participants within
[[Page 12035]]
five business days after each calendar month-end the following
information about the fund: Total assets under management; mark-to-
market and amortized cost net asset values; dollar-weighted average
portfolio maturity; dollar-weighted average portfolio life maturity as
of the last business day of the prior calendar month; and certain other
security-level information for each security held.
Twelve CFR 9.18(b)(4)(iii)(J) (and 150.260 by cross-reference)
require that national banks and FSAs adopt, for STIFs, procedures that
require a national bank or FSA that manages a STIF to notify the OCC
prior to or within one business day thereafter of certain events.
Twelve CFR 9.18(b)(4)(iii)(K) (and 150.260 by cross-reference)
require that national banks and FSAs adopt, for STIFs, certain
procedures in the event that the STIF has repriced its net asset value
below $0.995 per participating interest.
Twelve CFR 9.18(b)(4)(iii)(L) (and 150.260 by cross-reference)
require that national banks and FSAs adopt, for STIFs, procedures for
initiating liquidation of a STIF upon the suspension or limitation of
withdrawals as a result of redemptions.
Twelve CFR 9.18(b)(6)(ii) (and 150.260 by cross-reference) require,
for CIFs, that national banks and FSAs, at least once during each 12-
month period, prepare a financial report of the fund based on the audit
required by 12 CFR 9.18(b)(6)(i). The report must disclose the fund's
fees and expenses in a manner consistent with applicable state law in
the state in which the national bank or FSA maintains the fund and must
contain:
A list of investments in the fund showing the cost and
current market value of each investment;
A statement covering the period after the previous report
showing the following (organized by type of investment):
[cir] A summary of purchases (with costs);
[cir] A summary of sales (with profit or loss and any investment
change);
[cir] Income and disbursements; and
[cir] An appropriate notation of any investments in default.
Twelve CFR 9.18(b)(6)(iv) (and 150.260 by cross-reference) require
that a national bank or FSA managing a CIF provide a copy of the
financial report, or provide notice that a copy of the report is
available upon request without charge, to each person who ordinarily
would receive a regular periodic accounting with respect to each
participating account. The national bank or FSA may provide a copy to
prospective customers. In addition, the national bank or FSA must
provide a copy of the report upon request to any person for a
reasonable charge.
Twelve CFR 9.18(c)(5) (and 150.260 by cross-reference) require
that, for special exemption CIFs, national banks and FSAs must submit
to the OCC a written plan that sets forth:
The reason the proposed fund requires a special exemption;
The provisions of the fund that are inconsistent with 12
CFR 9.18(a) and (b);
The provisions of 12 CFR 9.18(b) for which the national
bank or FSA seeks an exemption; and
The manner in which the proposed fund addresses the rights
and interests of participating accounts.
Type of Review: Extension without change of an approved information
collection.
Affected Public: Businesses or other for-profit.
Estimated Number of Respondents: 320.
Frequency of Response: On occasion.
Estimated Total Annual Burden: 115,125 hours.
On November 13, 2018, the OCC issued a notice for 60 days of
comment regarding the collection, 83 FR 56400. Two comments were
received. One comment was from an advocacy group and one was from a
trade association.
One commenter requested that the OCC allow flexibility in the
timing of a final audit required by Sec. 9.18(b)(6), which requires a
national bank administering a CIF to prepare a financial audit of the
fund once every 12 months. The commenter specifically recommended that
the OCC should allow a bank that is terminating a fund within 15 months
after the last audit to wait until the fund has terminated to complete
the final audit.
The second commenter proposed the elimination of Sec. 9.9(a) and
(b), which require national banks to include in the minutes of the
board of directors the results of any audits conducted of a national
bank's fiduciary activities (including significant actions taken as a
result of the audit). The commenter stated that these Sec. 9.9
requirements are unnecessarily burdensome and overreaching in that they
inappropriately prescribe the content and level of detail of
information to be included in board minutes and presuppose that the
board of directors should discuss the results of every audit conducted
pursuant to part 9, regardless of the materiality of the audit to the
bank.
In response to both comments, the OCC notes that the OCC cannot
revise or rescind regulations through the PRA renewal process. The OCC
also notes that in 2015, as part of the OCC's ten-year regulatory
review required under section 222 of the Economic Growth and Regulatory
Paperwork Reduction Act (``EGRPRA''), the OCC issued notices soliciting
comments on all OCC regulations, including 12 CFR part 9.\4\ In
response to the relevant OCC notice regarding 12 CFR part 9, the OCC
received the same comment regarding Sec. 9.18(b)(6), a recommendation
that the OCC allow a national bank that is terminating a fund within 15
months after the most recent audit to wait until the fund has
terminated to complete the final audit. The OCC did not agree with the
proposed recommendation and did not adopt it in the part 9 rules.\5\
The OCC stated that in many instances, banks should be able to schedule
fund terminations to occur at or just prior to the end of a plan
year.\6\
---------------------------------------------------------------------------
\4\ See Regulatory Publication and Review Under the Economic
Growth and Regulatory Paperwork Reduction Act of 1996, 79 FR 32171,
32178 (June 4, 2014).
\5\ 82 FR 8082, 8088 (Jan. 23, 2017).
\6\ See id.
---------------------------------------------------------------------------
The OCC did not receive any comments regarding Sec. 9.9(a) or (b)
in response to the OCC EGRPRA notice regarding 12 CFR part 9. The OCC
therefore did not rescind or propose any revisions to Sec. 9.9 in
connection with the review required under EGRPRA. Given the lack of
comments on Sec. 9.9 during the most recent EGRPRA review and the
OCC's inability to rescind or revise Sec. 9.9 through this PRA
renewal, the OCC has not adopted the proposed recommendation to rescind
the board minutes-related requirements in Sec. 9.9(a) and (b).
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
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.
[[Page 12036]]
Dated: March 22, 2019.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2019-06020 Filed 3-28-19; 8:45 am]
BILLING CODE 4810-33-P
