Fiduciary Powers of Savings Associations

ICR 200906-1550-004

OMB: 1550-0037

Federal Form Document

Forms and Documents
Document
Name
Status
Form and Instruction
Modified
Supporting Statement A
2009-10-26
ICR Details
1550-0037 200906-1550-004
Historical Active 200609-1550-001
TREAS/OTS
Fiduciary Powers of Savings Associations
Revision of a currently approved collection   No
Regular
Approved with change 02/24/2010
Retrieve Notice of Action (NOA) 10/26/2009
  Inventory as of this Action Requested Previously Approved
02/28/2013 36 Months From Approved 02/28/2010
113 0 22
3,051 0 354
0 0 0

OTS must know when a Federal savings association is acting in a fiduciary capacity in order to establish effective oversight of those activities. This comment request addresses revisions to OTS Form 1240 – Application for Fiduciary Powers. The form is being revised to update the information OTS requires in order to make a determination whether to approve or deny an application for fiduciary powers. 12 C.F.R. § 550.70(a) requires that a Federal savings association that wants to conduct fiduciary activities for the first time, and for which OTS has not previously approved an application submitted under this part, must obtain prior approval from OTS before it may conduct the activities. 12 C.F.R. § 550.70(b) requires that a Federal savings association that wants to conduct fiduciary activities that are materially different from the activities that OTS has previously approved for it, including fiduciary activities that OTS has previously approved that have not been exercised for at least five years, must obtain prior approval from OTS before it may conduct the activities. Section 550.70(c) of OTS's regulations requires that a federal savings association that wants to commence in a new state fiduciary activities that are not materially different from those that OTS has already approved must file a notice with OTS. Instructions for filing the notice are found at 12 CFR 550.125. OTS must know when a federal savings association is acting in a fiduciary capacity in a new state, in order to effectively monitor and examine the fiduciary activities of the association.

US Code: 12 USC 1464(n) Name of Law: null
  
None

Not associated with rulemaking

  74 FR 40285 08/11/2009
74 FR 55087 10/26/2009
No

1
IC Title Form No. Form Name
Fiduciary Powers of Federal Savings Associations OTS Form 1240 Application for Fiduciary Powers
Fiduciary Powers of Federal Savings Associations

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 113 22 0 -10 101 0
Annual Time Burden (Hours) 3,051 354 0 -30 2,727 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
Yes
Miscellaneous Actions
The inventory burden has changed due to an increase in the number of respondents.

$0
No
No
Uncollected
Uncollected
No
Uncollected
Judi McCormick 202 906-5636

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
10/26/2009


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