[Federal Register: April 12, 2004 (Volume 69, Number 70)]
[Notices]
[Page 19267-19268]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr12ap04-125]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Submission for OMB
Review; Comment Request
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 the general public and other Federal
agencies to take this opportunity to comment on a continuing
information collection, 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 the
information collection displays a currently valid OMB control number.
The OCC is soliciting comment concerning its renewal, without change,
of an information collection titled ``Financial Subsidiaries and
Operating Subsidiaries--12 CFR 5.'' The OCC also gives notice that it
has sent the information collection to OMB for review and approval.
DATES: You should submit your comments to the OCC and the OMB Desk
Officer by May 12, 2004.
ADDRESSES: You should direct your comments to:
OCC: Communications Division, Office of the Comptroller of the
Currency, Public Reference Room, Mailstop 1-5, Attention: 1557-0215,
250 E Street, SW., Washington, DC 20219. You are encouraged to submit
your comments by facsimile transmission or electronic mail. Comments
may be sent by facsimile transmission to (202) 874-4448, or by
electronic mail to regs.comments@occ.treas.gov. You can inspect and
photocopy the comments at the OCC's Public Reference Room, 250 E
Street, SW., Washington, DC 20219. You can make an appointment to
inspect the comments by calling (202) 874-5043. Additionally, you may
request copies of comments via electronic mail or CD-ROM by contacting
the OCC's Public Reference Room at http://www.foia.pa@occ.treas.gov">http://www.foia.pa@occ.treas.gov.
OMB: Mark Menchik, OMB Desk Officer, Control Number 1557-0215,
Office of Information and Regulatory Affairs, Office of Management and
Budget, New Executive Office Building, Room 10235, Washington, DC
20503. Alternatively, you may send a comment by facsimile transmission
to (202) 395-6974 or by electronic mail to mmenchik@omb.eop.gov.
FOR FURTHER INFORMATION CONTACT: You can request additional information
or a copy of the information collection from John Ference, Acting OCC
Clearance Officer, or Camille Dixon, (202) 874-5090, Legislative and
Regulatory Activities Division, Office of the Comptroller of the
Currency, 250 E Street, SW., Washington, DC 20219.
SUPPLEMENTARY INFORMATION: The OCC is proposing to extend OMB approval
of the following information collection:
Title: Financial Subsidiaries and Operating Subsidiaries--12 CFR 5.
OMB Number: 1557-0215.
Form Number: None.
Abstract: This submission covers an existing regulation and
involves no change to the regulation or to the information collections
embodied in the regulation. The OCC requests only that OMB renew its
approval of the information collections in the current regulation.
The regulatory requirements regarding this information collection
are located as follows:
12 CFR 5.24(d)(2)(ii)(G)--Conversion: An institution must identify
all subsidiaries that will be retained following a conversion and
provide information and analysis of the subsidiaries' activities that
would be required if the converting bank or savings association were a
national bank
[[Page 19268]]
establishing each subsidiary pursuant to 12 CFR 5.34 or 5.39. The OCC
will use the information to determine whether to grant the financial
institution's request to convert to a national charter.
12 CFR 5.33(e)(3)(i) and (ii)--Business combinations: A national
bank must identify any subsidiary to be acquired in a business
combination and state the activities of each subsidiary. A national
bank proposing to acquire, through a business combination, a subsidiary
of a depository institution other than a national bank must provide the
same information and analysis of the subsidiary's activities that would
be required if the applicant were establishing the subsidiary pursuant
to 12 CFR 5.34 or 5.39.
The OCC needs this information regarding a subsidiary to be
acquired to determine whether to approve the business combination. The
OCC will use this information to confirm that the proposed activity is
permissible for a national bank operating subsidiary and to ensure that
a bank proposing to conduct activities through a financial subsidiary
satisfies relevant statutory criteria.
12 CFR 5.34--Operating subsidiaries: A national bank must file a
notice or application to acquire or establish an operating subsidiary,
or to commence a new activity in an existing operating subsidiary. The
application or notice provides the OCC with needed information
regarding the activities and location(s) of the operating subsidiaries.
The OCC will review the information to determine whether proposed
activities are legally permissible, to ensure that the proposal is
consistent with safe and sound banking practices and OCC policy, and
that it does not endanger the safety and soundness of the parent
national bank.
12 CFR 5.35(f)(1) and (2)--Bank service companies: Under 12 CFR
5.35(f)(1), a national bank that intends to make an investment in a
bank service company, or to perform new activities in an existing bank
service company, must submit a notice to and receive prior approval
from the OCC.
Under 12 CFR 5.35(f)(2), a national bank that is well capitalized
and well managed may invest in a bank service company, or perform a new
activity in an existing bank service company, by providing the
appropriate OCC district office written notice within 10 days after the
investment, if the bank service company engages only in the activities
listed in 12 CFR 5.34(e)(5)(v). The OCC will review after-the-fact
notices to confirm the permissibility of the national bank's investment
in the bank service company.
12 CFR 5.36(e)--Other equity investments--Non-controlling
investments: A national bank may make a non-controlling investment,
directly or through its operating subsidiary, in an enterprise that
engages in the activities described in 12 CFR 5.36(e)(2) by filing a
written notice. The OCC will use the information provided in the notice
to confirm that the national bank is well capitalized and well managed,
and that the bank meets the requirements applicable to non-controlling
investments.
12 CFR 5.39--Financial subsidiaries: A national must file a notice
prior to acquiring a financial subsidiary or engaging in activities
authorized pursuant to section 5136A(a)(2)(A)(i) of the Revised
Statutes (12 U.S.C. 24a) through a financial subsidiary. A national
bank that intends, directly or indirectly, to acquire control of, or
hold an interest in, a financial subsidiary, or to commence a new
activity in an existing financial subsidiary, must obtain OCC approval
through the procedures set forth in 12 CFR 5.39(i)(1) and (2). The OCC
will review this information to ensure that a proposed interest
acquisition satisfies applicable statutory criteria.
Type of Review: Extension, without change, of a currently approved
collection.
Affected Public: Businesses or other for-profit.
Estimated Number of Respondents: 607.
Estimated Total Annual Responses: 607.
Frequency of Response: On occasion.
Estimated Total Annual Burden: 607 burden hours.
Comments: The OCC has a continuing interest in the public's opinion
regarding collections of information. All comments will become a matter
of public record. The OCC received no comments in response to its
initial Federal Register notice (69 FR 4203; January 28, 2004)
regarding renewal of this information collection. Nevertheless, members
of the public still are invited to submit comments regarding any aspect
of this collection of information. Comments are invited specifically
on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the agency, including whether
the information has practical utility;
(b) The accuracy of the agency'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 startup costs and costs of operation,
maintenance, and purchase of services to provide information.
Dated: April 5, 2004.
Stuart Feldstein,
Assistant Director, Legislative & Regulatory Activities Division.
[FR Doc. 04-8183 Filed 4-9-04; 8:45 am]
BILLING CODE 4810-33-P