Multiemployer Pension Plan Application To Reduce Benefits, 1374-1375 [2020-00190]
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1374
Federal Register / Vol. 85, No. 7 / Friday, January 10, 2020 / Notices
requirement, the OCC is publishing
notice of the renewal of the collection
of information set forth in this
document.
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 or
enter into retail foreign exchange
transactions. 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 12 CFR
48.4 state that, prior to initiating a retail
forex business, a national bank or
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.
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Disclosure Requirements
Under 12 CFR 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 any
introducing broker to the account. The
institution must follow the customer’s
specific instructions on how the
offsetting transaction should be applied.
Twelve CFR 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
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acknowledgment from the customer that
the disclosure was received and
understood. Finally, the section requires
the disclosure by a national bank or
Federal savings association of its
profitable accounts ratio and its fees and
other charges.
Twelve CFR 48.10 requires a national
bank or Federal savings association to
issue monthly statements to each retail
forex customer and send confirmation
statements following transactions.
Twelve CFR 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 of all statements
and written records. Twelve CFR
48.13(d) prohibits a related person of a
national bank or Federal savings
association engaging in retail 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.
Twelve CFR 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 12 CFR 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
Twelve CFR 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
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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.
Twelve CFR 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.
Comments submitted in response to
this notice will be summarized and
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
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 6, 2020.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
[FR Doc. 2020–00232 Filed 1–9–20; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Multiemployer Pension Plan
Application To Reduce Benefits
Department of the Treasury.
Notice of availability; request
for comments.
AGENCY:
ACTION:
The Board of Trustees of the
Bricklayers & Allied Craftsmen Local 7
Pension Fund (Fund), a multiemployer
pension plan, has submitted an
application to reduce benefits under the
plan in accordance with the
Multiemployer Pension Reform Act of
2014 (MPRA). The purpose of this
notice is to announce that the
application submitted by the Board of
Trustees of the Fund has been published
SUMMARY:
E:\FR\FM\10JAN1.SGM
10JAN1
Federal Register / Vol. 85, No. 7 / Friday, January 10, 2020 / Notices
on the website of the Department of the
Treasury (Treasury), and to request
public comments on the application
from interested parties, including
participants and beneficiaries, employee
organizations, and contributing
employers of the Fund.
DATES: Comments must be received by
February 24, 2020.
ADDRESSES: You may submit comments
electronically through the Federal
eRulemaking Portal at https://
www.regulations.gov, in accordance
with the instructions on that site.
Electronic submissions through
www.regulations.gov are encouraged.
Comments may also be mailed to the
Department of the Treasury, MPRA
Office, 1500 Pennsylvania Avenue NW,
Room 1224, Washington, DC 20220,
Attn: Danielle Norris. Comments sent
via facsimile or email will not be
accepted.
Additional Instructions. All
comments received, including
attachments and other supporting
materials, will be made available to the
public. Do not include any personally
identifiable information (such as your
Social Security number, name, address,
or other contact information) or any
other information in your comment or
supporting materials that you do not
want publicly disclosed. Treasury will
make comments available for public
inspection and copying on
www.regulations.gov or upon request.
Comments posted on the internet can be
retrieved by most internet search
engines.
For
information regarding the application
from the Fund, please contact Treasury
at (202) 622–1534 (not a toll-free
number).
FOR FURTHER INFORMATION CONTACT:
MPRA
amended the Internal Revenue Code to
permit a multiemployer plan that is
projected to have insufficient funds to
reduce pension benefits payable to
participants and beneficiaries if certain
conditions are satisfied. In order to
reduce benefits, the plan sponsor is
required to submit an application to the
Secretary of the Treasury, which must
be approved or denied in consultation
with the Pension Benefit Guaranty
Corporation (PBGC) and the Department
of Labor.
On December 13, 2019, the Board of
Trustees of the Fund submitted an
application for approval to reduce
benefits under the plan. As required by
MPRA, that application has been
published on Treasury’s website at
https://www.treasury.gov/services/
Pages/Plan-Applications.aspx. Treasury
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SUPPLEMENTARY INFORMATION:
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16:39 Jan 09, 2020
Jkt 250001
is publishing this notice in the Federal
Register, in consultation with PBGC and
the Department of Labor, to solicit
public comments on all aspects of the
Fund’s application.
Comments are requested from
interested parties, including
participants and beneficiaries, employee
organizations, and contributing
employers of the Fund. Consideration
will be given to any comments that are
timely received by Treasury.
Dated: January 3, 2020.
David Kautter,
Assistant Secretary for Tax Policy.
[FR Doc. 2020–00190 Filed 1–9–20; 8:45 am]
BILLING CODE 4810–25–P
DEPARTMENT OF THE TREASURY
Interest Rate Paid on Cash Deposited
To Secure U.S. Immigration and
Customs Enforcement Immigration
Bonds
Departmental Offices, Treasury.
ACTION: Notice.
1375
U.S.C. 1363(a). Related Federal
regulations state that ‘‘Interest on cash
deposited to secure immigration bonds
will be at the rate as determined by the
Secretary of the Treasury, but in no case
will exceed 3 per centum per annum or
be less than zero.’’ 8 CFR 293.2.
Treasury has determined that interest on
the bonds will vary quarterly and will
accrue during each calendar quarter at
a rate equal to the lesser of the average
of the bond equivalent rates on 91-day
Treasury bills auctioned during the
preceding calendar quarter, or 3 per
centum per annum, but in no case less
than zero. [FR Doc. 2015–18545] In
addition to this Notice, Treasury posts
the current quarterly rate in Table 2b—
Interest Rates for Specific Legislation on
the TreasuryDirect website.
Gary Grippo,
Deputy Assistant Secretary for Public
Finance.
[FR Doc. 2020–00189 Filed 1–9–20; 8:45 am]
BILLING CODE 4810–25–P
AGENCY:
For the period beginning
January 1, 2020, and ending on March
31, 2020, the U.S. Immigration and
Customs Enforcement Immigration
Bond interest rate is 1.61 per centum
per annum.
DATES: Rates are applicable January 1,
2020 to March 31, 2020.
ADDRESSES: Comments or inquiries may
be mailed to Will Walcutt, Supervisor,
Funds Management Branch, Funds
Management Division, Fiscal
Accounting, Bureau of the Fiscal
Services, Parkersburg, West Virginia
26106–1328.
You can download this notice at the
following internet addresses: https://
www.treasury.gov or https://
www.federalregister.gov.
FOR FURTHER INFORMATION CONTACT:
Ryan Hanna, Manager, Funds
Management Branch, Funds
Management Division, Fiscal
Accounting, Bureau of the Fiscal
Service, Parkersburg, West Virginia
261006–1328, (304) 480–5120; Will
Walcutt, Supervisor, Funds
Management Branch, Funds
Management Division, Fiscal
Accounting, Bureau of the Fiscal
Services, Parkersburg, West Virginia
26106–1328, (304) 480–5117.
SUPPLEMENTARY INFORMATION: Federal
law requires that interest payments on
cash deposited to secure immigration
bonds shall be ‘‘at a rate determined by
the Secretary of the Treasury, except
that in no case shall the interest rate
exceed 3 per centum per annum.’’ 8
SUMMARY:
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U.S.-CHINA ECONOMIC AND
SECURITY REVIEW COMMISSION
Notice of Open Public Hearing
U.S.-China Economic and
Security Review Commission.
ACTION: Notice of open public hearing.
AGENCY:
Notice is hereby given of the
following hearing of the U.S.-China
Economic and Security Review
Commission.
The Commission is mandated by
Congress to investigate, assess, and
report to Congress annually on ‘‘the
national security implications of the
economic relationship between the
United States and the People’s Republic
of China.’’ Pursuant to this mandate, the
Commission will hold a public hearing
in Washington, DC on January 23, 2020
on ‘‘China’s Quest for Capital:
Motivations, Methods, and
Implications.’’
DATES: The hearing is scheduled for
Thursday, January 23, 2020 at 9:30 a.m.
ADDRESSES: TBD, Washington, DC. A
detailed agenda for the hearing will be
posted on the Commission’s website at
www.uscc.gov. Also, please check the
Commission’s website for possible
changes to the hearing schedule.
Reservations are not required to attend
the hearing.
FOR FURTHER INFORMATION CONTACT: Any
member of the public seeking further
information concerning the hearing
should contact Leslie Tisdale Reagan,
444 North Capitol Street NW, Suite 602,
Washington, DC 20001; telephone: 202–
SUMMARY:
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10JAN1
Agencies
[Federal Register Volume 85, Number 7 (Friday, January 10, 2020)]
[Notices]
[Pages 1374-1375]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-00190]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Multiemployer Pension Plan Application To Reduce Benefits
AGENCY: Department of the Treasury.
ACTION: Notice of availability; request for comments.
-----------------------------------------------------------------------
SUMMARY: The Board of Trustees of the Bricklayers & Allied Craftsmen
Local 7 Pension Fund (Fund), a multiemployer pension plan, has
submitted an application to reduce benefits under the plan in
accordance with the Multiemployer Pension Reform Act of 2014 (MPRA).
The purpose of this notice is to announce that the application
submitted by the Board of Trustees of the Fund has been published
[[Page 1375]]
on the website of the Department of the Treasury (Treasury), and to
request public comments on the application from interested parties,
including participants and beneficiaries, employee organizations, and
contributing employers of the Fund.
DATES: Comments must be received by February 24, 2020.
ADDRESSES: You may submit comments electronically through the Federal
eRulemaking Portal at https://www.regulations.gov, in accordance with
the instructions on that site. Electronic submissions through
www.regulations.gov are encouraged.
Comments may also be mailed to the Department of the Treasury, MPRA
Office, 1500 Pennsylvania Avenue NW, Room 1224, Washington, DC 20220,
Attn: Danielle Norris. Comments sent via facsimile or email will not be
accepted.
Additional Instructions. All comments received, including
attachments and other supporting materials, will be made available to
the public. Do not include any personally identifiable information
(such as your Social Security number, name, address, or other contact
information) or any other information in your comment or supporting
materials that you do not want publicly disclosed. Treasury will make
comments available for public inspection and copying on
www.regulations.gov or upon request. Comments posted on the internet
can be retrieved by most internet search engines.
FOR FURTHER INFORMATION CONTACT: For information regarding the
application from the Fund, please contact Treasury at (202) 622-1534
(not a toll-free number).
SUPPLEMENTARY INFORMATION: MPRA amended the Internal Revenue Code to
permit a multiemployer plan that is projected to have insufficient
funds to reduce pension benefits payable to participants and
beneficiaries if certain conditions are satisfied. In order to reduce
benefits, the plan sponsor is required to submit an application to the
Secretary of the Treasury, which must be approved or denied in
consultation with the Pension Benefit Guaranty Corporation (PBGC) and
the Department of Labor.
On December 13, 2019, the Board of Trustees of the Fund submitted
an application for approval to reduce benefits under the plan. As
required by MPRA, that application has been published on Treasury's
website at https://www.treasury.gov/services/Pages/Plan-Applications.aspx. Treasury is publishing this notice in the Federal
Register, in consultation with PBGC and the Department of Labor, to
solicit public comments on all aspects of the Fund's application.
Comments are requested from interested parties, including
participants and beneficiaries, employee organizations, and
contributing employers of the Fund. Consideration will be given to any
comments that are timely received by Treasury.
Dated: January 3, 2020.
David Kautter,
Assistant Secretary for Tax Policy.
[FR Doc. 2020-00190 Filed 1-9-20; 8:45 am]
BILLING CODE 4810-25-P