Part 9 requires national banks with
fiduciary powers to retain fiduciary records and to note results of
fiduciary activities annually in the minutes of the board of
directors. Part 9 also requires national banks to file certified
copies of board resolutions in order to surrender fiduciary
activities, to operate a collective investment fund pursuant to a
written plan, to submit the written plan to the OCC for approval,
and to make its annual financial report for collective investment
funds available to fund participants. These requirements ensure
safety and soundness in national bank fiduciary activities. On July
21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection
Act, P.L. 111-203, 124 Stat. 1376 (2010) (Dodd-Frank Act) was
enacted. As part of the comprehensive package of financial
regulatory reform measures enacted, Title III of the Dodd-Frank Act
transfers the powers, authorities, rights and duties of the Office
of Thrift Supervision to other banking agencies, including the OCC,
on the "transfer date." The transfer date is July 21, 2011. The
Dodd-Frank Act also abolishes the OTS ninety days after the
transfer date. As a result of the Dodd-Frank Act, OCC is making a
non-substantive change to this collection of information to include
the thrift institutions it now regulates.
US Code:
12
USC 92a Name of Law: The National Bank Act
PL: Pub.L. 111 - 203 312 Name of Law:
Dodd-Frank Wall Street Reform and Consumer Protection Act
The adjustment is due to the
availability of more accurate estimates. The new estimates are
based on the number of fiduciary accounts of each institution. The
prior estimates were based on just the number of institutions
conducting fiduciary activities. The new estimates outline the
burden more accurately and set out a more detailed explanation of
the burden.
$0
No
No
No
Yes
No
Uncollected
Asa Chamberlayne 202
874-5210
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.
1557-0140.doc
Fiduciary Activities of National Banks - 12 CFR Part 9