[Federal Register: June 12, 2009 (Volume 74, Number 112)]
[Notices]
[Page 28103-28104]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr12jn09-123]
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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, 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 it displays a
currently valid OMB control number. The OCC is soliciting comment
concerning its information collection titled, ``International
Regulation--Part 28.'' The OCC also gives notice that it has sent the
information collection to the Office of Management and Budget (OMB) for
review.
DATES: Comments must be received by July 13, 2009.
ADDRESSES: Communications Division, Office of the Comptroller of the
Currency, Public Information Room, Mailstop 2-3, Attention: 1557-0102,
250 E Street, SW., Washington, DC 20219. In addition, comments may be
sent by fax to (202) 874-5274, or by electronic mail to
regs.comments@occ.treas.gov. You may personally inspect and photocopy
comments at the OCC, 250 E Street, SW., Washington, DC 20219. For
security reasons, the OCC requires that visitors make an appointment to
inspect comments. You may do so by calling (202) 874-4700. Upon
arrival, visitors will be required to present valid government-issued
photo identification and submit to security screening in order to
inspect and photocopy comments.
Additionally, you should send a copy of your comments to OCC Desk
Officer, 1557-0102, by mail to U.S. Office of Management and Budget,
725 17th Street, NW., 10235, Washington, DC 20503, or by fax
to (202) 395-6974.
FOR FURTHER INFORMATION CONTACT: You can request additional information
or a copy of the collection from Mary H. Gottlieb, OCC Clearance
Officer, (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: International Regulation--Part 28.
OMB Control No.: 1557-0102.
Description: This submission covers an existing regulation and
involves no change to the regulation or to the information collection
requirements. The OCC requests only that OMB extend its approval of the
information collection.
12 CFR Part 28 contains the following collections of information:
12 CFR 28.3 Filing Requirements for Foreign Operations of a National
Bank--Notice Requirement
A national bank shall notify the OCC when it:
Files an application, notice, or report with the FRB to
establish or open a foreign branch, or acquire or divest of an interest
in, or close, an Edge corporation, Agreement corporation, foreign bank,
or other foreign organization.
Opens a foreign branch, and no application or notice is
required by the FRB for such transaction.
In practice, the OCC has also required an application pursuant to
Sec. 28.3(c) from a national bank to join a foreign exchange,
clearinghouse, or similar type of organization. In lieu of a notice,
the OCC may accept a copy of an application, notice, or report
submitted to another Federal agency that covers the proposed action and
contains substantially the same information required by the OCC. A
national bank shall furnish the OCC with any additional information the
OCC may require in connection with the national bank's foreign
operations.
12 CFR 28.12(a) Covered Under OMB Control No. 1557-0014 (Comptroller's
Licensing Manual) Approval of a Federal Branch or Agency--Approval and
Licensing Requirements
A foreign bank shall submit an application to, and obtain prior
approval from the OCC before it establishes a Federal branch or agency,
or exercises fiduciary powers at a Federal branch.
12 CFR 28.12(e)(2) Covered Under OMB Control No. 1557-0014
(Comptroller's Licensing Manual) Approval of a Federal Branch or
Agency--Written Notice for Additional Intrastate Branches or Agencies
A foreign bank shall provide written notice to the OCC 30 days in
advance of the establishment of an intrastate branch or agency.
12 CFR 28.12(h) Covered Under OMB Control No. 1557-0014 (Comptroller's
Licensing Manual) Approval of a Federal Branch or Agency--After-the-
Fact Notice for Eligible Foreign Banks
A foreign bank proposing to establish a Federal branch or agency
through the acquisition of, or merger or consolidation with, a foreign
bank that has an existing bank subsidiary, branch, or agency, may
proceed with the transaction and provide after-the-fact notice within
14 days of the transaction to the OCC if (1) the resulting bank is an
``eligible foreign bank'' within the meaning of Sec. 28.12(f) and (2)
no Federal branch established by the transaction accepts deposits
insured by the FDIC.
12 CFR 28.12(i) Covered Under OMB Control No. 1557-0014 (Comptroller's
Licensing Manual) Approval of a Federal Branch or Agency--Contraction
of Operations
A foreign bank shall provide written notice to the OCC within 10
days after converting a Federal branch into a limited Federal branch or
Federal agency.
12 CFR 28.14(c) Limitations Based Upon Capital of a Foreign Bank--
Aggregation
A foreign bank shall aggregate business transacted by all Federal
branches and agencies with the business transacted by all State
branches and agencies controlled by the foreign bank in determining its
compliance with limitations based upon the capital of the foreign bank.
A foreign bank shall designate one Federal branch or agency office in
the United States to maintain consolidated information so that the OCC
can monitor compliance.
12 CFR 28.15(d), (d)(1), (d)(2), and (f) Capital Equivalency Deposits
Deposit arrangements:
A foreign bank should require its depository bank to
segregate its capital equivalency deposits on the depository bank's
books and records.
The instruments making up the capital equivalency deposit
that are placed in safekeeping at a depository bank to satisfy a
foreign bank's capital equivalency deposit requirement must
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be maintained pursuant to an agreement prescribed by the OCC that shall
be a written agreement entered into with the OCC.
Each Federal branch or agency shall maintain a capital
equivalency account and keep records of the amount of liabilities
requiring capital equivalency coverage in a manner and form prescribed
by the OCC.
A foreign bank's capital equivalency deposits may not be
reduced in value below the minimum required for that branch or agency
without the prior approval of the OCC, but in no event below the
statutory minimum.
12 CFR 28.16(c) Deposit-Taking by an Uninsured Federal Branch--
Application for an Exemption
A foreign bank may apply to the OCC for an exemption to permit an
uninsured Federal branch to accept or maintain deposit accounts that
are not listed in paragraph (b) of this section. The request should
describe:
The types, sources, and estimated amount of such deposits
and explain why the OCC should grant an exemption;
How the exemption maintains and furthers the policies
described in paragraph (a) of this section.
12 CFR 28.16(d) Deposit-Taking by an Uninsured Federal Branch--
Aggregation of Deposits
A foreign bank that has more than one Federal branch in the same
State may aggregate deposits in all of its Federal branches in that
State, but exclude deposits of other branches, agencies or wholly owned
subsidiaries of the bank. The Federal branch shall compute the average
amount by using the sum of deposits as of the close of business of the
last 30 calendar days ending with and including the last day of the
calendar quarter, divided by 30. The Federal branch shall maintain
records of the calculation until its next examination by the OCC.
12 CFR 28.17 Covered Under OMB Control No. 1557-0014 (Comptroller's
Licensing Manual) Notice of Change in Activity or Operations
A Federal branch or agency shall notify the OCC if it changes its
corporate title; changes its mailing address; converts to a State
branch, State agency, or representative office; or the parent foreign
bank changes the designation of its home State.
12 CFR 28.18(c)(1) Recordkeeping and Reporting--Maintenance of
Accounts, Books, and Records
Each Federal branch or agency shall maintain a set of accounts and
records reflecting its transactions that are separate from those of the
foreign bank and any other branch or agency. The Federal branch or
agency shall keep a set of accounts and records in English sufficient
to permit the OCC to examine the condition of the Federal branch or
agency and its compliance with applicable laws and regulations.
12 CFR 28.20(a)(1) Maintenance of Assets--General Rule
The OCC may require a foreign bank to hold certain assets in the
State in which its Federal branch or agency is located.
12 CFR 28.22(b) Covered Under OMB Control No. 1557-0014 (Comptroller's
Licensing Manual) Voluntary Liquidation Notice to Customers and
Creditors
A foreign bank shall publish notice of the impending closure of
each Federal branch or agency for a period of two months in every issue
of a local newspaper where the Federal branch or agency is located. If
only weekly publication is available, the notice must be published for
nine consecutive weeks.
12 CFR 28.22(e) Reports of Examination
The Federal branch or agency shall send the OCC certification that
all of its Reports of Examination have been destroyed or return its
Reports of Examination to the OCC.
12 CFR 28.25(a) Covered Under OMB Control No. 1557-0014 (Comptroller's
Licensing Manual) Change in Control--After-the-Fact Notice
In cases where no other filing is required, a foreign bank that
operates a Federal branch or agency shall inform the OCC in writing of
the direct or indirect acquisition of control of the foreign bank by
any person or entity, or group of persons or entities acting in
concert, within 14 calendar days after the foreign bank becomes aware
of a change in control.
12 CFR 28.52 Covered Under OMB Control No. 1557-0081 (MA)--Reports of
Condition and Income (Interagency Call Report), FFIEC 031, FFIEC 041
Allocated Transfer Risk Reserve
A banking institution shall establish an allocated transfer risk
reserve for specified international assets when required by the OCC in
accordance with the requirements of the section.
12 CFR 28.54 Covered Under OMB Control No. 1557-0100 Country Exposure
Report and Country Exposure Information Report (FFIEC 009, FFIEC 009a)
Reporting and Disclosure of International Assets
A banking institution shall submit to the OCC, at least quarterly,
information regarding the amounts and composition of its holdings of
international assets. A banking institution shall submit to the OCC
information regarding concentrations in its holdings of international
assets that are material in relation to total assets and to capital of
the institution.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals; businesses or other for-profit.
Estimated Number of Respondents: 79.
Estimated Total Annual Responses: 117.
Frequency of Response: On occasion.
Estimated Total Annual Burden: 3,661.5.
The OCC issued a 60-day notice for comment on April 3, 2009. 71 FR
15322. No comments were received. The OCC invites continued comments
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: June 8, 2009.
Michele Meyer,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. E9-13873 Filed 6-11-09; 8:45 am]
BILLING CODE 4810-33-P