Notice2021-28591
Agency Information Collection Activities: Information Collection Renewal; Comment Request; Covered Savings Associations
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 5, 2022
Issuing agencies
Treasury DepartmentComptroller of the Currency
Abstract
The Office of the Comptroller of the Currency (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 an information collection renewal as required by the Paperwork Reduction Act of 1995. 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 "Covered Savings Associations."
Full Text
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<title>Federal Register, Volume 87 Issue 3 (Wednesday, January 5, 2022)</title>
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[Federal Register Volume 87, Number 3 (Wednesday, January 5, 2022)]
[Notices]
[Pages 538-539]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-28591]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Comment Request; Covered Savings Associations
AGENCY: Office of the Comptroller of the Currency, Treasury (OCC).
ACTION: Notice and request for comment.
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SUMMARY: The Office of the Comptroller of the Currency (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 an information collection renewal as required
by the Paperwork Reduction Act of 1995. 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 ``Covered Savings Associations.''
DATES: Comments must be received by March 7, 2022.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
<bullet> Email: <a href="/cdn-cgi/l/email-protection#49393b2820272f2609262a2a673d3b2c283a672e263f"><span class="__cf_email__" data-cfemail="79090b1810171f1639161a1a570d0b1c180a571e160f">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0341, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
<bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
<bullet> Fax: (571) 465-4326.
Instructions: You must include ``OCC'' as the agency name and
``1557-0341'' in your comment. In general, the OCC will publish
comments on <a href="http://www.reginfo.gov">www.reginfo.gov</a> 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.
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. Following the close of this notice's 60-day comment period, the
OCC will publish a second notice with a 30-day comment period.
<bullet> Viewing Comments Electronically: Go to <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
Hover over 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 ``1557-0341'' or ``Covered Savings Associations.'' 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.
<bullet> For assistance in navigating <a href="http://www.reginfo.gov">www.reginfo.gov</a>, 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, Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal
agencies must obtain approval from the Office of Management and Budget
(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
[[Page 539]]
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 proposed collection of information
set forth in this document.
Abstract: The Home Owners' Loan Act (HOLA), as amended by the
Economic Growth, Regulatory Relief, and Consumer Protection Act
(EGRRCPA), allows an FSA with total consolidated assets of $20 billion
or less, as of December 31, 2017, to elect to operate as a CSA. This
section of HOLA requires the OCC to issue rules that, among other
things, establish streamlined standards and procedures for FSA
elections to operate as CSAs and clarify the requirements for the
treatment of CSA. A CSA has the same rights and privileges as a
national bank and is subject to the same duties and restrictions as a
national bank.
Twelve CFR part 101 allows Federal savings associations (FSAs) to
elect national bank powers and operate as covered savings associations
(CSAs). An FSA seeking to operate as a CSA is required under 12 CFR
101.3(a) to submit a notice making an election to the OCC that: (1) Is
signed by a duly authorized officer of the FSA; and (2) identifies and
describes any nonconforming subsidiaries, assets, or activities that
the FSA operates, holds, or conducts at the time its submits its
notice.
Under 12 CFR 101.5(a), the OCC may require a CSA to submit a plan
to divest, conform, or discontinue a nonconforming subsidiary, asset,
or activity.
A CSA may submit a notice to terminate its election to operate as a
CSA under 12 CFR 101.6 using similar procedures to those for an
election. In addition, after a period of five years, an FSA that has
terminated its election to operate as a CSA may submit a notice under
12 CFR 101.7 to reelect using the same procedures used for its original
election.
Title of Collection: Covered Savings Associations.
OMB Control No.: 1557-0341.
Election, Termination, Reelection:
Estimated Number of Respondents: 267.
Estimated Burden per Respondent: 1 hour.
Estimated Annual Burden: 267 hours.
Plan to Divest:
Estimated Number of Respondents: 25.
Estimated Burden per Respondent: 2 hours.
Estimated Annual Burden: 50 hours.
Total Annual Burden: 317 hours.
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 estimates 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.
Dated: December 6, 2021.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2021-28591 Filed 1-4-22; 8:45 am]
BILLING CODE P
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