National banks and Federal savings
associations must comply with rules of the Federal Reserve Board
(Board) regarding extensions of credit to insiders (Regulation O)
and transactions with affiliates (Regulation W), which implement
section 22 and sections 23A and 23B, respectively, of the Federal
Reserve Act (FRA). Twelve CFR part 31 addresses these transactions
for national banks and Federal savings associations. Specifically,
12 CFR 31.2 requires national banks and Federal savings
associations to comply with Regulation O, and 12 CFR 31.3 requires
national banks and Federal savings associations to comply with
Regulation W. Appendix A to part 31 provides interpretive guidance
on the application of Regulation W to deposits between affiliated
banks. Appendix B to part 31 provides a comparison of selected
provisions of parts 32 and 215. Both national banks and Federal
savings associations must comply with Regulation O and Regulation
W. Section 31.3(c) implements the statutory standards for
authorizing an exemption from section 23A of the FRA or section 11
of the Home Owners’ Loan Act (HOLA) in accordance with section 608
of the Dodd Frank Wall Street Reform and Consumer Protection Act
(Dodd-Frank Act). Section 608, which became effective on July 21,
2012, amends section 23A of the FRA and section 11 of the HOLA to
authorize the OCC to exempt, by order, a transaction of a national
bank or Federal savings association, respectively, from the
affiliate transaction requirements of section 23A and section 11 of
the HOLA if: (1) the OCC and the Board jointly find the exemption
to be in the public interest and consistent with the purposes of
section 23A or section 11, and (2) within 60 days of receiving
notice of such finding, the Federal Deposit Insurance Corporation
does not object in writing to the finding based on a determination
that the exemption presents an unacceptable risk to the Deposit
Insurance Fund. The information collection requirement is found in
12 CFR 31.3(d), which sets forth procedures that a national bank
and Federal savings association must follow to request such
exemptions. These procedures are modeled after the Board’s
procedures in Regulation W.
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.
1557-0336 Supporting Statement 3-9-20.docx
Exemption Request