Notice2022-27596
Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; 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
December 20, 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." The OCC also is giving notice that it has sent the collection to OMB for review.
Full Text
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<title>Federal Register, Volume 87 Issue 243 (Tuesday, December 20, 2022)</title>
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[Federal Register Volume 87, Number 243 (Tuesday, December 20, 2022)]
[Notices]
[Pages 77953-77954]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-27596]
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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; 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.'' The OCC also is
giving notice that it has sent the collection to OMB for review.
DATES: You should submit comments by January 19, 2023.
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#bfcfcdded6d1d9d0ffd0dcdc91cbcddadecc91d8d0c9"><span class="__cf_email__" data-cfemail="a9d9dbc8c0c7cfc6e9c6caca87dddbccc8da87cec6df">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, 1557-0336, Office of the Comptroller of the Currency, 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) 293-4835.
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.
Written comments and recommendations for the proposed information
collection should also be sent within 30 days of publication of this
notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. You can find this
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
You may review comments and other related materials that pertain to
this information collection following the close of the 30-day comment
period for this notice 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'' 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 ``1557-0336'' 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 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. The OCC asks the
OMB to extend its approval of the collection in this notice.
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 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\ Twelve 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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Twelve 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
[[Page 77954]]
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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Twelve 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.
On August 22, 2022, the OCC published a 60-day notice for this
information collection, (87 FR 51487). No comments were received.
Comments continue to be solicited 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.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2022-27596 Filed 12-19-22; 8:45 am]
BILLING CODE 4810-33-P
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</html>Indexed from Federal Register on December 20, 2022.
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