Fiduciary Activities

Forms and Documents

Document Name	Status
1557-0140 clean.doc Supporting Statement A	2011-09-06

IC Document Collections

IC ID	Document Title	Status
20039	Fiduciary Activities	Modified

ICR Details

OMB Control No: 1557-0140	ICR Reference No: 201108-1557-017
Status: Historical Active	Previous ICR Reference No: 201107-1557-062
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Fiduciary Activities
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/01/2011
	Date Received in OIRA: 09/13/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2014	36 Months From Approved	02/29/2012
Responses	451,583	0	548,610
Time Burden (Hours)	83,529	0	155,435
Cost Burden (Dollars)	0	0	0

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Abstract: Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which integrated the OCC and OTS, OCC previously merged the OTS (1550-0037; 1557-0262) and OCC information collections regarding fiduciary activities. OCC is now seeking to renew the combined information collection. The information collection requirements are found in 12 CFR Parts 9 and 150. Parts 9 and 150 require institutions with fiduciary powers to retain fiduciary records and to note results of fiduciary activities annually in the minutes of the board of directors. They also require institutions 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 their annual financial report for collective investment funds available to fund participants. These requirements ensure safety and soundness in fiduciary activities.

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Authorizing Statute(s): US Code: 12 USC 92a Name of Law: The National Bank Act
   US Code: 12 USC 1464(n) Name of Law: The Homeowners Loan Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 21799	04/18/2011
30-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 56500	09/13/2011
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Fiduciary Activities

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ICR Summary of Burden

	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	451,583	548,610	0	0	-97,027	0
Annual Time Burden (Hours)	83,529	155,435	0	0	-71,906	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The decrease in burden is due to the decrease in the number of regulated institutions.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 09/13/2011

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