Notice2022-18004
Agency Information Collection Activities: Information Collection Renewal; Comment Request; Extensions of Credit to Insiders and Transactions With Affiliates
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
August 22, 2022
Issuing agencies
Treasury DepartmentComptroller of the Currency
Abstract
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 its information collection titled, "Extensions of Credit to Insiders and Transactions with Affiliates."
Full Text
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<title>Federal Register, Volume 87 Issue 161 (Monday, August 22, 2022)</title>
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[Federal Register Volume 87, Number 161 (Monday, August 22, 2022)]
[Notices]
[Pages 51487-51488]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-18004]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Comment Request; Extensions of Credit to Insiders and
Transactions With Affiliates
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
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 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 its information collection titled, ``Extensions of
Credit to Insiders and Transactions with Affiliates.''
DATES: You should submit comments by October 21, 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#ec9c9e8d85828a83ac838f8fc2989e898d9fc28b839a"><span class="__cf_email__" data-cfemail="dfafadbeb6b1b9b09fb0bcbcf1abadbabeacf1b8b0a9">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0336, 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
``1557-0336'' 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.
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.
<bullet> Viewing Comments Electronically: Go to <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
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 ``1557-0336'' or ``Extensions of Credit
to Insiders and Transactions with Affiliates.'' 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, 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 the 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 and/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 this collection of information.
Title: Extensions of Credit to Insiders and Transactions with
Affiliates.
OMB Number: 1557-0336.
Description: National banks and Federal savings associations must
comply with rules of the Board of
[[Page 51488]]
Governors of the Federal Reserve System (Board) regarding extensions of
credit to insiders (Regulation O) \1\ and transactions with affiliates
(Regulation W),\2\ which implement section 22 and sections 23A and 23B,
respectively, of the Federal Reserve Act (FRA).\3\ 12 CFR part 31
addresses these transactions for national banks and Federal savings
associations. Specifically, 12 CFR 31.2 requires national banks and
Federal savings associations to comply with Regulation O, and 12 CFR
31.3 requires national banks and Federal savings associations to comply
with Regulation W. Appendix A to part 31 provides interpretive guidance
on the application of Regulation W to deposits between affiliated
banks.
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\1\ 12 CFR part 215.
\2\ 12 CFR part 223.
\3\ 12 U.S.C. 371c, 371c-1, 375a, and 375b. In addition, section
11 of the Home Owners' Loan Act, 12 U.S.C. 1468, includes certain
restrictions on transactions with affiliates that are not included
in FRA section 23A.
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12 CFR 31.3(c) implements the statutory standards for authorizing
an exemption from section 23A of the FRA or section 11 of the Home
Owners' Loan Act (HOLA) \4\ in accordance with section 608 of the Dodd
Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
Section 608, which became effective on July 21, 2012, amended section
23A of the FRA and section 11 of the HOLA to authorize the OCC to
exempt, by order, a transaction of a national bank or Federal savings
association, respectively, from the affiliate transaction requirements
of section 23A and section 11 of the HOLA if: (1) the OCC and the Board
jointly find the exemption to be in the public interest and consistent
with the purposes of section 23A or section 11 and (2) within 60 days
of receiving notice of such finding, the Federal Deposit Insurance
Corporation does not object in writing to the finding. Such objection
would be based on a determination that the exemption presents an
unacceptable risk to the Deposit Insurance Fund.\5\
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\4\ 12 U.S.C. 1468.
\5\ See section 608(a)(4)(A)(iv) of the Dodd-Frank Act
(exemptive authority for national banks) and section 608(c) of the
Dodd-Frank Act (exemptive authority for Federal savings
associations).
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12 CFR 31.3(d) sets forth procedures that a national bank and
Federal savings association must follow to request such exemptions.
These procedures are modeled after the Board's procedures in Regulation
W. A national bank or Federal savings association may request an
exemption from the requirements of section 23A or section 11 of the
HOLA, as applicable, and 12 CFR part 223 by submitting a written
request to the Deputy Comptroller for Licensing with a copy to the
appropriate Federal Reserve Bank. The request must:
(1) Describe in detail the transaction or relationship for which
the national bank or Federal savings association seeks an exemption;
(2) Explain why the OCC should exempt the transaction or
relationship;
(3) Explain how the exemption would be in the public interest and
consistent with the purposes of section 23A or section 11 of the HOLA,
as applicable; and
(4) Explain why the exemption does not present an unacceptable risk
to the Deposit Insurance Fund.
Type of Review: Regular.
Affected Public: Businesses or other for-profit.
Estimated Number of Respondents: 1.
Estimated Frequency of Response: On occasion.
Estimated Total Annual Burden: 10 hours.
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
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.
Patrick T. Tierney,
Assistant Director, Bank Advisory, Office of the Comptroller of the
Currency.
[FR Doc. 2022-18004 Filed 8-19-22; 8:45 am]
BILLING CODE 4810-33-P
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</html>Indexed from Federal Register on August 22, 2022.
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