Fiduciary Activities

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
1557-0140 Supporting Statement CIF 7-29-20.docx	Supporting Statement A	Uploaded 2020-07-29	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
20039	12 CFR Part 9 Reporting, Recordkeeping and Disclosure Burden	Other-Monthly STIF Disclosure Template	Modified

ICR Details

OMB Control No: 1557-0140	ICR Reference No: 202007-1557-002
Status: Active	Previous ICR Reference No: 201901-1557-002
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Fiduciary Activities
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 08/21/2020
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/29/2020
	Date Received in OIRA: 08/13/2020
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2021	6 Months From Approved	05/31/2022
Responses	290,174	0	290,174
Time Burden (Hours)	115,345	0	115,125
Cost Burden (Dollars)	0	0	0

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Abstract: The OCC regulates the fiduciary activities of national banks and federal savings associations (FSAs), including the administration of collective investment funds (CIFs), pursuant to 12 U.S.C. 92a and 12 U.S.C. 1464(n), respectively. Twelve CFR part 9 contains the regulations that national banks must follow when conducting fiduciary activities and 12 CFR part 150 contains the regulations that FSAs must follow when conducting fiduciary activities. Regulations adopted by the Office of Thrift Supervision, now recodified as OCC rules pursuant to title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act, have long required FSAs to comply with the requirements of the OCC’s CIF regulation. Thus, the OCC’s CIF regulation in 12 CFR 9.18 governs CIFs managed by both national banks and FSAs. Twelve CFR parts 9 and §§ 150.410 - 150.430 require national banks and FSAs with fiduciary powers to retain all fiduciary records relating to an account for a period of three years after termination of the account or of related litigation. These regulations also require that national banks and FSAs note the results of fiduciary activities annually in the minutes of the board of directors. Both of these requirements are needed to ensure safety and soundness in fiduciary activities. Additionally, to ensure that the OCC has current information on which national banks and FSAs have fiduciary powers, parts 9 and 150 require a bank or FSA to file a certified copy of a board resolution in order to surrender fiduciary powers. This supporting statement is being submitted pursuant to an interim final rule titled “Collective Investment Funds: Prior Notice Period for Withdrawals.” The interim final rule states that, with the OCC’s approval, a bank may withdraw an account from a collective investment fund up to one year after the end of the prior notice period. In addition, a bank may request that the OCC approve an extension beyond the one-year extension period. The OCC must determine that the bank has made a good faith effort to satisfy withdrawal requests and has been unable to do so without causing harm to participants due to economic and market conditions. Extensions must be requested and approved annually, for a maximum of two years after the initial one-year extension period.

Emergency Justfication: Emergency approval will facilitate the OCC’s ability to ease the impact of current stressed market conditions caused by the COVID-19 virus on the U.S. economy. The rule would permit the OCC to approve extensions to withdrawal requests on certain investment funds. Absent prompt publication of this rule, OCC-regulated banks that administer these funds may be required, under current OCC regulations, to sell fund assets at “fire sale” prices, which may go against the interests of fund investors.

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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:
1557-AE99	Final or interim final rulemaking	85 FR 49229	08/13/2020

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
12 CFR Part 9 Reporting, Recordkeeping and Disclosure Burden	N/A	Monthly Schedule of Portfolio Holdings of Short-Term Investment Funds

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ICR Summary of Burden

table that charts list 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	290,174	290,174	0	0	0	0
Annual Time Burden (Hours)	115,345	115,125	0	220	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: The increase in burden is due to the change in regulations.

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Annual Cost to Federal Government: $0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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? No

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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: 08/13/2020

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