Agency Information Collection Activities: Information Collection Renewal; Comment Request; Retail Foreign Exchange Transactions, 64543-64545 [2022-23166]
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khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 205 / Tuesday, October 25, 2022 / Notices
effective or after it has become effective,
the financial institution is permitted
instead to provide notice of the change
within 30 days of obtaining the
consumer’s contact information.
If a financial institution has not
obtained a consumer’s consent to
provide disclosures in electronic form
pursuant to the E-Sign Act, or is not
otherwise already mailing or delivering
to the consumer written account-related
communications, the financial
institution may provide to the consumer
a notice of a change in terms and
conditions or required or voluntary
updated initial disclosures under Reg. E
taking effect in electronic form without
regard to the consumer notice and
consent requirements of the E-Sign Act.
Section 1005.18(h)(2)(ii) requires that
financial institutions notify any
consumer who acquires a prepaid
account after the effective date specified
in packaging produced prior to the
effective date of any changes as a result
of § 1005.18(h)(1) taking effect that
would have caused a change-in-terms
notice to be required under § 1005.8(a)
(or § 1005.18(f)(2) for existing
customers) within 30 days of acquiring
the customer’s contact information. In
addition, financial institutions must
mail or deliver updated initial
disclosures pursuant to §§ 1005.7 and
1005.18(f)(1) within 30 days of
obtaining the consumer’s contact
information. Financial institutions that
are affected should not incur significant
costs associated with notifying
consumers and providing updated
initial disclosures. Consumers who have
consented to electronic communication
may receive the notices and updated
disclosures electronically at a minimal
cost to financial institutions. A financial
institution that has not obtained the
consumer’s contact information is not
required to comply with the
requirements set forth in
§ 1005.18(h)(2)(ii) or (iii).
Section 1005.19(b) requires certain
issuers to submit to the CFPB, on a
rolling basis, prepaid account
agreements (including fee schedules)
that are offered, amended, or
withdrawn. Prepaid account issuers are
permitted to delay submitting a change
in the list of names of other relevant
parties to a particular prepaid account
agreement until the earlier of such time
as the issuer is otherwise submitting an
amended agreement or changes to other
identifying information about the issuer
and its submitted agreements to the
CFPB or May 1 of each year (for updates
between the last submission and April
1 of that year). Changes in agreement
provisions or fee information may be
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16:52 Oct 24, 2022
Jkt 259001
integrated into the text of the agreement
or provided through fee addenda.
Affected Public: Businesses or other
for-profit.
Burden Estimates:
Estimated Number of Respondents:
1,106.
Estimated Annual Burden: 6,605
hours.
Frequency of Response: On occasion.
Comments: On June 29, 2022, the
OCC published a 60-day notice for this
information collection, 87 FR 38827. No
comments were received. Comments
continue to be invited on:
(a) Whether the collections of
information are 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
estimates 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.
Patrick T. Tierney,
Assistant Director, Bank Advisory, Office of
the Comptroller of the Currency.
[FR Doc. 2022–23114 Filed 10–24–22; 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; Comment Request; Retail
Foreign Exchange Transactions
Office of the Comptroller of the
Currency (OCC), Treasury.
ACTION: Notice and request for
comment.
AGENCY:
The OCC, as part of its
continuing effort to reduce paperwork
and respondent burden, invites
comment on the renewal of an
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 Office of Management and Budget
(OMB) control number. The OCC is
SUMMARY:
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64543
soliciting comment concerning renewal
of an information collection titled
‘‘Retail Foreign Exchange Transactions.’’
DATES: Comments must be submitted on
or before December 27, 2022.
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,
Attention: Comment Processing, Office
of the Comptroller of the Currency,
Attention: 1557–0250, 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) 293–4835.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0250’’ 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
disclosure. Do not include any
information in your comment or
supporting materials that you consider
confidential or inappropriate for public
disclosure.
Following the close of this notice’s
60-day comment period, the OCC will
publish a second notice with a 30-day
comment period. You may review
comments and other related materials
that pertain to this information
collection beginning on the date of
publication of the second notice for this
collection by the method set forth in the
next bullet.
• Viewing Comments Electronically:
Go to www.reginfo.gov, and hover over
the ‘‘Information Collection Review’’
drop down menu. Click on ‘‘Information
Collection Review.’’ From the
‘‘Currently under Review’’ drop-down
menu, select ‘‘Department of Treasury’’
and then click ‘‘submit.’’ This
information collection can be located by
searching by OMB control number
‘‘1557–0250’’ or ‘‘Retail Foreign
Exchange Transactions.’’ 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
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64544
Federal Register / Vol. 87, No. 205 / Tuesday, October 25, 2022 / Notices
Regulatory Information Service Center
at (202) 482–7340.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, OCC Clearance
Officer, (202) 649–5490, Chief Counsel’s
Office, Office of the Comptroller of the
Currency, 400 7th Street SW,
Washington, DC 20219. If you are deaf,
hard of hearing, or have a speech
disability, please dial 7–1–1 to access
telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the
PRA (44 U.S.C. 3501 et seq.), Federal
agencies must obtain approval from
OMB for each collection of information
that they conduct or sponsor.
‘‘Collection of information’’ is defined
in 44 U.S.C. 3502(3) and 5 CFR
1320.3(c) to include agency requests or
requirements that members of the public
submit reports, keep records, or provide
information to a third party. Section
3506(c)(2)(A) of title 44 requires Federal
agencies to provide a 60-day notice in
the Federal Register concerning each
proposed collection of information,
including each proposed extension of an
existing collection of information,
before submitting the collection to OMB
for approval. To comply with this
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.
Abstract:
Background
The OCC’s rule pertaining to retail
foreign exchange transactions (‘‘retail
forex’’) (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.
khammond on DSKJM1Z7X2PROD with NOTICES
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
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16:52 Oct 24, 2022
Jkt 259001
association must have written policies,
procedures, and risk measurement and
management systems and controls in
place to ensure that retail forex
transactions are conducted in a safe and
sound manner. The national bank or
Federal savings association also must
provide other information required by
the OCC, such as documentation of
customer due diligence, new product
approvals, and haircuts applied to
noncash margins.
Disclosure Requirements
Under 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
acknowledgment from the customer that
the disclosure was received and
understood. Finally, the section requires
a national bank or Federal savings
association to disclose 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
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Sfmt 4703
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
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
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Federal Register / Vol. 87, No. 205 / Tuesday, October 25, 2022 / Notices
(e) Estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
Patrick T. Tierney,
Assistant Director, Bank Advisory, Office of
the Comptroller of the Currency.
[FR Doc. 2022–23166 Filed 10–24–22; 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;
Generic Clearance for the Collection of
Qualitative Feedback on Agency
Service Delivery
Office of the Comptroller of the
Currency (OCC), Treasury.
ACTION: Notice and request for
comments.
AGENCY:
The OCC, as part of its
continuing effort to reduce paperwork
and respondent burden, invites
comment on a continuing information
collection as required by the Paperwork
Reduction Act of 1995 (PRA). In
accordance with the requirements of the
PRA, the OCC may not conduct or
sponsor, and the respondent is not
required to respond to, an information
collection unless it displays a currently
valid Office of Management and Budget
(OMB) control number. The OCC is
soliciting comment concerning the
renewal of its information collection
titled, ‘‘Generic Clearance for the
Collection of Qualitative Feedback on
Agency Service Delivery.’’ The OCC also
is giving notice that it has sent the
collection to OMB for review.
DATES: Comments must be submitted on
or before November 25, 2022.
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,
Attention: Comment Processing, 1557–
0248, Office of the Comptroller of the
Currency, 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) 293–4835.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0248’’ in your comment. In general, the
OCC will publish comments on
www.reginfo.gov without change,
khammond on DSKJM1Z7X2PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
16:52 Oct 24, 2022
Jkt 259001
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
disclosure. Do not include any
information in your comment or
supporting materials that you consider
confidential or inappropriate for public
disclosure.
Written comments and
recommendations for the proposed
information collection should also be
sent within 30 days of publication of
this notice to www.reginfo.gov/public/
do/PRAMain. You can find this
particular information collection by
selecting ‘‘Currently under 30-day
Review—Open for Public Comments’’ or
by using the search function.
On July 12, 2022, the OCC published
a 60-day notice for this information
collection. 87 FR 41384. No comments
were received. You may review
comments and other related materials
that pertain to this information
collection following the close of the 30day comment period for this notice by
the method set forth in the next bullet.
• Viewing Comments Electronically:
Go to www.reginfo.gov. Hover over the
‘‘Information Collection Review’’ tab
and click on ‘‘Information Collection
Review’’ from the drop-down menu.
From the ‘‘Currently under Review’’
drop-down menu, select ‘‘Department of
Treasury’’ and then click ‘‘submit.’’ This
information collection can be located by
searching by OMB control number
‘‘1557–0248’’ or ‘‘Generic Clearance for
the Collection of Qualitative Feedback
on Agency Service Delivery.’’ 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.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, OCC Clearance
Officer, (202) 649–5490, Chief Counsel’s
Office, Office of the Comptroller of the
Currency, 400 7th Street SW, Suite 3E–
218, Washington, DC 20219. If you are
deaf, hard of hearing, or have a speech
disability, please dial 7–1–1 to access
telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the
PRA (44 U.S.C. 3501 et seq.), Federal
agencies must obtain approval from
OMB for each collection of information
PO 00000
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Fmt 4703
Sfmt 4703
64545
that they conduct or sponsor. The term
‘‘collection of information’’ is defined in
44 U.S.C. 3502(3) and 5 CFR 1320.3(c)
and includes agency requests or
requirements that members of the public
submit reports, keep records, or provide
information to a third party. The OCC
asks that OMB extend its approval of the
collection in this notice.
Title: Generic Clearance for the
Collection of Qualitative Feedback on
Agency Service Delivery.
OMB Control No.: 1557–0248.
Type of Review: Regular.
Affected Public: Businesses or
individuals.
Frequency of Response: On occasion.
Burden Estimate:
Number of Respondents: 9,025.
Total Annual Burden: 3,850.
Abstract: This generic information
collection request (ICR) provides the
OCC with a means to solicit qualitative
user feedback in an efficient, timely
manner, in accordance with the Federal
government’s commitment to improving
service delivery. Qualitative feedback is
information that provides insights on
perceptions and opinions but does not
include statistical survey or quantitative
results that can be attributed to the
surveyed population. This qualitative
feedback provides insights into
stakeholder perceptions, experiences,
and expectations; provides an early
warning of issues with service; and/or
focuses attention on areas where
communication, training, or changes in
operations might improve delivery of
products or services. It also enables
ongoing, collaborative, and actionable
communications between the OCC and
its stakeholders, while also making it
possible for the OCC to use feedback to
improve program management.
The OCC’s solicitations for feedback
target areas such as timeliness,
appropriateness, accuracy of
information, courtesy, efficiency of
service delivery, and resolution of
issues related to service delivery. The
OCC uses the responses to inform efforts
to improve or maintain the quality of
service offered to the public. If the OCC
does not collect this information, it will
not have access to vital feedback from
stakeholders.
Under this generic ICR, the OCC will
submit a specific information collection
for approval only if the collection meets
the following conditions:
• It is voluntary;
• It imposes a low burden on
respondents (based on considerations of
total burden hours, total number of
respondents, or burden-hours per
respondent) and a low cost on both
respondents and the Federal
government;
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]]>Agencies
[Federal Register Volume 87, Number 205 (Tuesday, October 25, 2022)]
[Notices]
[Pages 64543-64545]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-23166]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Comment Request; Retail Foreign Exchange Transactions
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites comment on the renewal of an 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 Office of Management and Budget (OMB) control number. The OCC is
soliciting comment concerning renewal of an information collection
titled ``Retail Foreign Exchange Transactions.''
DATES: Comments must be submitted on or before December 27, 2022.
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, Attention: Comment
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0250, 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) 293-4835.
Instructions: You must include ``OCC'' as the agency name and
``1557-0250'' 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 disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
Following the close of this notice's 60-day comment period, the OCC
will publish a second notice with a 30-day comment period. You may
review comments and other related materials that pertain to this
information collection beginning on the date of publication of the
second notice for this collection by the method set forth in the next
bullet.
Viewing Comments Electronically: Go to www.reginfo.gov,
and hover over the ``Information Collection Review'' drop down menu.
Click on ``Information Collection Review.'' From the ``Currently under
Review'' drop-down menu, select ``Department of Treasury'' and then
click ``submit.'' This information collection can be located by
searching by OMB control number ``1557-0250'' or ``Retail Foreign
Exchange Transactions.'' 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
[[Page 64544]]
Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance
Officer, (202) 649-5490, Chief Counsel's Office, Office of the
Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219.
If you are deaf, hard of hearing, or have a speech disability, please
dial 7-1-1 to access telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.),
Federal agencies must obtain approval from OMB for each collection of
information that they conduct or sponsor. ``Collection of information''
is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency
requests or requirements that members of the public submit reports,
keep records, or provide information to a third party. Section
3506(c)(2)(A) of title 44 requires Federal agencies to provide a 60-day
notice in the Federal Register concerning each proposed collection of
information, including each proposed extension of an existing
collection of information, before submitting the collection to OMB for
approval. To comply with this 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.
Abstract:
Background
The OCC's rule pertaining to retail foreign exchange transactions
(``retail forex'') (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 no-objection letter. In order to obtain a supervisory no-
objection letter, a national bank or Federal savings association must
have written policies, procedures, and risk measurement and management
systems and controls in place to ensure that retail forex transactions
are conducted in a safe and sound manner. The national bank or Federal
savings association also must provide other information required by the
OCC, such as documentation of customer due diligence, new product
approvals, and haircuts applied to noncash margins.
Disclosure Requirements
Under 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 acknowledgment from the
customer that the disclosure was received and understood. Finally, the
section requires a national bank or Federal savings association to
disclose 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
that a national bank or Federal savings association keep account,
financial ledger, transaction, and daily records, as well as memorandum
orders, post-execution allocation of bunched orders, records regarding
its ratio of profitable accounts, possible violations of law, records
for noncash margin, and monthly statements and confirmations. 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
[[Page 64545]]
(e) Estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Patrick T. Tierney,
Assistant Director, Bank Advisory, Office of the Comptroller of the
Currency.
[FR Doc. 2022-23166 Filed 10-24-22; 8:45 am]
BILLING CODE 4810-33-P
