Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review Fiduciary Activities, 12033-12036 [2019-06020]

Download as PDF 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]


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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 Fiduciary Activities

AGENCY: Office of the Comptroller of the Currency, Treasury (OCC).

ACTION: Notice and request for comment.

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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:
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    \1\ On November 13, 2018, the OCC published a 60-day notice for 
this information collection.
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     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.
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    \2\ 76 FR 48950 (August 9, 2011).
    \3\ See 12 CFR 150.260(b)(3).
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    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\
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    \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.
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    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