64478 Federal Register / Vol. 69, No. 214 / Friday, November 5, 2004 / Rules and Regulations 

1A subsidiary is a ‘‘functionally regulated’’

subsidiary if under section 5(c)(5) of the Bank 

Holding Company Act of 1956, as amended, it is a 

broker or dealer that is registered under the 

Securities Exchange Act of 1934; a registered 

investment adviser, properly registered by or on 

behalf of either the Securities and Exchange 

Commission or any State, with respect to the 

investment advisory activities of such investment 

adviser and activities incidental to such investment 

advisory activities; an investment company that is 

registered under the Investment Company Act of 

1940; an insurance company, with respect to 

insurance activities of the insurance company and 

activities incidental to such insurance activities, 

that is subject to supervision by a State insurance 

regulator; or an entity that is subject to regulation 

by the Commodity Futures Trading Commission, 

with respect to the commodities activities of such 

entity and activities incidental to such commodities 

activities. See 12 U.S.C. 1844(c)(5)(B)(i)–(v).

2Three commenters asserted objections to the 

OCC’s previous rules relating to visitorial powers 

and preemption. See 69 FR 1895 (visitorial powers) 

and 69 FR 1904 (preemption) (Jan. 13, 2004). These 

comments are beyond the scope of the current 

rulemaking, and, accordingly we do not address 

them here. One commenter noted that many states 

have laws that require operating subsidiaries to 

provide consumers with information about where to 

direct questions and complaints, including the 

appropriate state supervisory authority. This 

commenter asserted that the proposal would 

preempt these types of state disclosure 

requirements. We note that this final rule is an 

administrative reporting requirement and has no 

independent preemptive effect on state or local 

disclosure requirements. Questions about the 

applicability of such requirements are governed by 

the OCC’s final preemption rule and Federal 

judicial preemption precedents.

Policy Advisor, US–VISIT, Border and 

Transportation Security; Department of 

Homeland Security; 1616 North Fort 

Myer Drive, 18th Floor, Arlington, VA 

22209. 

(3) Federal eRulemaking Portal:

http://www.regulations.gov. Follow the 

instructions for submitting comments. 

(4) E-mail: Send comments to 

USVISITREGS@DHS.GOV.

Submitted comments may be 

inspected at 1616 North Ft. Myer Drive, 

Arlington, VA 22209, between 9 a.m. 

and 5 p.m., Monday through Friday 

except Federal holidays. Arrangements 

to inspect submitted comments should 

be made in advance by calling (202) 

298–5200. You may also find this 

docket on the Internet at http://

www.epa.gov/edocket. You may also 

access the Federal eRulemaking Portal 

at http://www.regulations.gov.

FOR FURTHER INFORMATION CONTACT:

Michael Hardin, US–VISIT, Border and 

Transportation Security, Department of 

Homeland Security, 1616 North Fort 

Myer Drive, 18th Floor, Arlington, VA 

22209, telephone (202) 298–5200.

Elizabeth L. Branch, 

Associate General Counsel for Rules and 

Legislation, Office of the General Counsel, 

Department of Homeland Security.

[FR Doc. 04–24811 Filed 11–4–04; 8:45 am] 

BILLING CODE 4410–10–P

DEPARTMENT OF THE TREASURY

Office of the Comptroller of the 

Currency 

12 CFR Part 5

[Docket No. 04–23] 

RIN 1557–AC81

Rules, Policies, and Procedures for 

Corporate Activities; Annual Report on 

Operating Subsidiaries

AGENCY: Office of the Comptroller of the 

Currency, Treasury.

ACTION: Final rule.

SUMMARY: The Office of the Comptroller 

of the Currency (OCC) is amending 12 

CFR part 5 to require a national bank to 

file an Annual Report on Operating 

Subsidiaries (Annual Report) with the 

OCC. The Annual Report will identify 

the national bank’s operating 

subsidiaries that do business directly 

with consumers and that are not 

functionally regulated. The Annual 

Report will include certain information 

about each operating subsidiary, such as 

the name of the operating subsidiary, its 

location and contact information, and 

the operating subsidiary’s lines of 

business. The OCC will make this 

information available to the public on 

its Web site at http://www.occ.gov in 

order to assist consumers in identifying 

entities that are national bank operating 

subsidiaries.

DATES: Effective Date: December 6, 2004.

FOR FURTHER INFORMATION CONTACT:

Stuart E. Feldstein, Assistant Director, 

Legislative and Regulatory Activities, 

(202) 874–5090; Patrick T. Tierney, 

Attorney, Legislative and Regulatory 

Activities, (202) 874–5090; or Stephen 

A. Lybarger, Director of Licensing 

Activities, (202) 874–5060, Office of the 

Comptroller of the Currency, 250 E 

Street, SW., Washington, DC 20219.

SUPPLEMENTARY INFORMATION: 

Background 

On March 25, 2004, the OCC 

published a notice of proposed 

rulemaking (NPRM) (69 FR 15260) in 

the Federal Register to require each 

national bank to file an Annual Report 

on Operating Subsidiaries (Annual 

Report) with the OCC. The Annual 

Report identifies the bank’s operating 

subsidiaries that do business directly 

with consumers and are not functionally 

regulated 1 as defined in section 5(c)(5) 

of the Bank Holding Company Act of 

1956, as amended (12 U.S.C. 1844(c)(5)). 

The NPRM required a national bank to 

provide information including the name 

of each operating subsidiary, its location 

and contact information, and the 

operating subsidiary’s lines of business. 

The NPRM also discussed how the OCC 

would make the information available to 

the public on its Web site.

Overview of Comments Received 

The NPRM comment period closed on 

April 26, 2004, and we received 15 

comments. Commenters included 

national banks, state agencies, banking 

trade associations, a realtor trade 

association, and community groups. The 

majority of the commenters expressing a 

view generally supported the NPRM.2

Several commenters offered specific 

suggestions for refining the information 

contained in the Annual Report. A 

summary of the comments and a 

description of the final rule follow.

Summary of Comments and OCC 

Response 

Filing Requirement (§ 5.34(e)(6)(i)) 

The NPRM required each national 

bank to prepare and file with the OCC 

an Annual Report for each of its 

operating subsidiaries that are not 

functionally regulated within the 

meaning of section 5(c)(5) of the Bank 

Holding Company Act of 1956, as 

amended (12 U.S.C. 1844(c)(5)) and that 

do business directly with consumers in 

the United States. The NPRM stated that 

an operating subsidiary ‘‘does business 

directly with consumers’’ if it provides 

products or services to individuals to be 

used primarily for personal, family, or 

household purposes. 

Several commenters suggested 

revisions to, or sought clarification of, 

the proposed filing requirement. For 

example, one commenter suggested that 

the final rule should not apply to an 

operating subsidiary that provides 

products or services to commercial 

entities and only incidentally to 

consumers. We agree with the 

commenter that a business transaction 

with a consumer that is not otherwise 

part of the bank’s ordinary course of 

business should not trigger this 

reporting requirement. Therefore, the 

final rule provides that a national bank 

operating subsidiary does business with 

consumers in the United States if, in the 

ordinary course of its business, it 

provides products or services to 

individuals to be used primarily for 

personal, family, or household 

purposes. Thus, for example, an 

operating subsidiary is not covered by 

this reporting requirement when it is 

engaged in the business of leasing 

Federal Register / Vol. 69, No. 214 / Friday, November 5, 2004 / Rules and Regulations 64479

3The amendments to section 5(c) of the Bank 

Holding Company Act set out, among other things, 

the limited circumstances when reports may be 

required from, and examinations can be made of, 

a functionally regulated subsidiary. Section 45 

imposes certain limits on the OCC’s authority to 

examine, or require reports from, subsidiaries that 

are ‘‘functionally regulated.’’

4NAICS is a system for classifying establishments 

by type of economic activity. Its purposes are to 

facilitate the collection, tabulation, presentation, 

Continued

equipment or other property to 

businesses, and, as an accommodation, 

leases a piece of equipment to an officer 

or director of a company. 

Another commenter questioned 

whether the reporting requirement 

would apply to a second-tier subsidiary 

that does business directly with 

consumers where the first-tier operating 

subsidiary does not. The OCC confirms 

that the reporting requirement applies to 

the second-tier operating subsidiary in 

this example. The final rule covers any 

operating subsidiary of a national bank 

that is not functionally regulated and 

does business directly with consumers. 

One commenter asked for clarification 

as to whether a national bank must 

include on its Annual Report an 

operating subsidiary that only engages 

in the business of servicing consumer 

mortgage loans, where the operating 

subsidiary is not involved with the 

initial credit decisions or funding of any 

loans. The final rule’s definition of 

‘‘doing business directly with 

consumers’’ includes providing 

products or services to consumers. Since 

an operating subsidiary that engages 

solely in mortgage servicing provides 

services for consumers (e.g., pay off 

information, payment processing and 

accounting, customer service, escrow 

administration), a national bank must 

include this type of operating subsidiary 

on its Annual Report. 

A few commenters suggested that 

national banks should also report 

information on operating subsidiaries 

that are functionally regulated by 

another state or federal regulatory 

agency. The Gramm-Leach-Bliley Act of 

1999 put in place a framework for the 

functional regulation of bank 

subsidiaries and affiliates by amending 

section 5(c) of the Bank Holding 

Company Act of 1956 (12 U.S.C. 

1844(c)) and adding section 45 to the 

Federal Deposit Insurance Act (12 

U.S.C. 1831v).3 Under that framework, 

another regulatory agency has primary 

supervisory authority over a national 

bank’s functionally regulated 

subsidiary. For example, a state 

insurance regulator would have 

supervisory authority in the case of a 

subsidiary that sells insurance products. 

In this example, the state insurance 

regulator is the appropriate agency to 

receive consumer complaints.

The OCC continues to believe that the 

agency with primary supervisory 

authority should be the consumer’s first 

point of contact for any complaints. 

Thus, a national bank need not include 

on the Annual Report information about 

any functionally regulated operating 

subsidiary that engages only in 

functionally regulated activities that are 

regulated by a primary supervisor other 

than the OCC. However, in order to 

assist consumers in locating information 

concerning functionally regulated 

subsidiaries and other entities that may 

be regulated by other State or Federal 

supervisory authorities, the OCC plans 

to provide contact information for these 

other regulators on its public Web site.

Another commenter recommended 

that the final rule permit a national bank 

to file an Annual Report on any number 

of operating subsidiaries even if the rule 

does not require the filing of 

information about operating subsidiaries 

that are functionally regulated by 

another agency or that do not do 

business directly with consumers. We 

believe that, at this time, a national bank 

should only file the required 

information for its operating 

subsidiaries that are expressly covered 

by the rule. Focusing only on those 

operating subsidiaries that do business 

directly with consumers will minimize 

confusion and better assist customers in 

identifying whether the entity they are 

doing business with is related to a 

national bank. 

Information Required (§ 5.34(e)(6)(ii)) 

The NPRM required the Annual 

Report to contain: 

• The name and charter number of 

the parent national bank; 

• The name, mailing address 

(including the street address or post 

office box, city, state, and zip code), and 

telephone number of the operating 

subsidiary; 

• The principal place of business of 

the operating subsidiary, if different 

from its reported mailing address; and 

• The lines of business in which the 

operating subsidiary is engaged by 

designating the appropriate code 

contained in appendix B (Federal 

Reserve Board Activity Codes) to the 

General Instructions for filing the Report 

of Changes in Organizational Structure, 

Form FR Y–10. If the operating 

subsidiary is engaged in an activity not 

set forth in this list, the national bank 

would use the code 0000 and provide a 

brief description of the activity. 

One commenter suggested that the 

OCC include, in addition to the name of 

the operating subsidiary, any ‘‘doing 

business as’’ (dba), abbreviated, or trade 

names. We agree that this change would 

remove confusion and help direct 

consumers to the appropriate entity. 

Therefore, the final rule requires that 

national banks report an operating 

subsidiary’s name, including any dba, 

abbreviated, or trade names that are 

used to identify the operating subsidiary 

when it does business directly with 

consumers. 

Another commenter suggested that 

the OCC require national banks to list in 

the Annual Report all the locations 

where an operating subsidiary’s 

transactions occur or where it conducts 

business. Given consumers’ increasing 

use of electronic channels for obtaining 

and using financial services, such as by 

telephone and the Internet, the physical 

location of an operating subsidiary’s 

offices is not necessarily related to the 

number or location of the consumers 

with whom it does business. 

Accordingly, we believe this 

information is not likely to be helpful to 

consumers who want to know where to 

file a complaint. 

Two commenters addressed the use of 

the Federal Reserve Board Activity 

Codes to identify operating subsidiary 

activities. One commenter suggested 

that the NPRM would limit paperwork 

burden if the OCC obtained operating 

subsidiary information from the Board 

of Governors of the Federal Reserve 

System (Federal Reserve Board) as that 

information is reported on the Form FR 

Y–10. Another commenter wrote that 

the FR Y–10 code list is insufficient to 

describe the range of activities 

authorized by the OCC for national bank 

operating subsidiaries. The commenter 

suggested that it would be more 

appropriate for the OCC to use a coding 

system derived from the list of activities 

that are eligible for notice procedures 

under 12 CFR 5.34(e)(5)(v). As we next 

describe, we have revised the regulation 

so that the reporting codes will align 

better with the range of activities 

permissible for national bank operating 

subsidiaries. We continue to believe, 

however, that the use of standardized 

reporting codes, rather than codes 

tailored only to the national banking 

system, is preferable because it avoids 

the burden on banks of reporting the 

same information in different ways for 

different reports. 

The Federal Reserve Board recently 

replaced its FR Y–10 activity code list 

with the North American Industry 

Classification System codes (NAICS) 

relevant to the banking industry to 

describe organizational activities.4

64480 Federal Register / Vol. 69, No. 214 / Friday, November 5, 2004 / Rules and Regulations 

and analysis of data relating to establishments, and 

to promote uniformity and comparability in the 

presentation and analysis of statistical data 

describing the economy. Federal statistical agencies 

use NAICS to collect or publish data by industry. 

NAICS also is used widely by State agencies, trade 

associations, private businesses, and other 

organizations. NAICS activity codes that are 

relevant to the banking industry for describing 

organizational activities are available on the OCC 

Web site at http://www.occ.gov.

5The OCC Customer Assistance Group (CAG) 

answers questions, offers guidance, and assists 

consumers in resolving complaints about national 

banks and their subsidiaries. You can reach one of 

the OCC Customer Assistance Specialists by calling 

our toll free number, 1–800–613–6743, or sending 

an e-mail to Customer.Assistance@occ.treas.gov. 

Since e-mail is not necessarily secure against 

interception, the OCC asks that consumers not 

include sensitive information of a personal or 

confidential nature—such as your bank account, 

credit card, or social security number— in their emails to the CAG.

National banks are likely to be familiar 

with the NAICS codes since they are 

required for reporting changes in 

organizational structure to the Federal 

Reserve Board, reported by national 

banks that file the OCC’s Shared Credit 

Review Report, and used by many 

national banks to identify collateral or 

for internal business analysis and 

planning. In addition, these NAICS 

codes are usually more specific and thus 

more accurately describe permissible 

activities of national bank operating 

subsidiaries. This should make activity 

information more meaningful to 

consumers. In addition, national banks 

that are part of a holding company that 

is required to file Form FR Y–10 to 

report changes in operating subsidiary 

activities will be able to use much of the 

same information in filing their 

operating subsidiary report with the 

OCC. Accordingly, the final rule 

requires national banks to report the 

lines of business in which an operating 

subsidiary is doing business directly 

with consumers by designating the 

appropriate NAICS code listed in 

appendix B to the Federal Reserve 

Board’s form FR Y–10, Report of 

Changes in Organizational Structure.

In a few circumstances, the NAICS 

may not contain a code that describes a 

particular operating subsidiary activity. 

The proposal permitted a national bank 

to code as 0000 and include a brief 

description for other activities not 

included in the FR Y–10 activity code 

list. The final rule retains this provision, 

but now allows use of the 0000 code 

where the activity is not appropriately 

covered by a NAICS code. The OCC also 

will provide a link on its public Web 

site to the FR Y–10 data reported to the 

Federal Reserve Board so that 

consumers can check information on 

national bank operating subsidiaries 

that are part of a bank holding company 

structure for a change in status after the 

information is reported to the OCC. 

Filing Time Frames and Availability of 

Information (§ 5.34(e)(6)(iii)) 

The NPRM required national banks to 

file their Annual Reports with 

information current as of March 31st of 

the year in which the report is filed and 

to submit this information before July 

1st of each corresponding calendar year. 

One commenter suggested that the 

timing of the filing requirement should 

be based on a national bank’s fiscal year, 

which would correspond to certain 

Federal Reserve Board and Securities 

and Exchange Commission filings. 

The OCC believes that aligning the 

timeframe of this filing requirement 

closely with the Call Report filing 

requirements reduces compliance 

burden. Therefore, the final rule 

requires national banks to file their 

Annual Reports by January 31st and to 

include information as of December 31st 

of the immediate prior year. Thus, the 

first report will be due January 31, 2005, 

for information as of December 31, 2004. 

A national bank may submit the Annual 

Report electronically or in another 

format prescribed by the OCC. The OCC 

plans to issue guidance to national 

banks and Federal branches and 

agencies that will provide more specific 

information for filing the Annual 

Report. The OCC will make available to 

the public the information contained in 

the Annual Report on its Web site at 

http://www.occ.gov. 

We also note that a national bank may 

not submit partial information in the 

Annual Report to update information 

contained in prior reports. The Annual 

Report represents a complete list of the 

required information for each operating 

subsidiary that is not functionally 

regulated and that does business 

directly with consumers. A national 

bank must include in its Annual Report 

all of the required information for each 

covered operating subsidiary. The OCC 

will replace the information every year 

in its entirety. 

A few commenters expressed concern 

that consumers may have difficulty 

locating the information contained in 

the Annual Report on the OCC public 

Web site at http://www.occ.treas.gov, 

particularly if they are not aware that 

the OCC is a bureau of the United States 

Department of the Treasury. In response 

to this comment, the OCC has acquired 

the http://www.occ.gov Web address 

and has taken steps to acquire other 

similar Web addresses. This should 

provide easier access to the OCC’s 

public Web site. In addition, as 

discussed previously, we intend to 

enhance the OCC’s Web site to assist 

consumers in finding information about 

entities that are regulated by other State 

and Federal agencies. Further, the OCC 

is considering several options to 

enhance consumer awareness of the 

OCC’s Customer Assistance Group 5

such as by use of notices, advertising 

vehicles, and technological solutions. 

The OCC expects to begin implementing 

this consumer information program in 

2005.

Description of Final Rule 

This final rule specifies the Annual 

Report filing requirement, information 

reported, filing time frames, and public 

availability of the information. This 

final rule requires each national bank to 

prepare and file with the OCC an 

Annual Report for each of its operating 

subsidiaries that (1) is not functionally 

regulated and (2) does business directly 

with consumers in the United States. An 

operating subsidiary, or any subsidiary 

thereof, ‘‘does business directly with 

consumers’’ if, in the ordinary course of 

its business, it provides products or 

services to individuals to be used 

primarily for personal, family, or 

household purposes. 

The final rule requires an Annual 

Report to contain the following 

information: 

• The name and charter number of 

the parent national bank; 

• The name (including any ‘‘dba,’’

abbreviated names, or trade names that 

are used to identify the operating 

subsidiary when it does business 

directly with consumers), mailing 

address (which includes the street 

address or post office box, city, state, 

and zip code), e-mail address (if any), 

and telephone number of the operating 

subsidiary; 

• The principal place of business of 

the operating subsidiary, if different 

from the mailing address; and

• The lines of business in which the 

operating subsidiary is doing business 

directly with consumers by designating 

the appropriate code contained in 

appendix B (NAICS Activity Codes for 

Commonly Reported Activities) to the 

Federal Reserve Board’s Instructions for 

Preparation of Report of Changes in 

Organizational Structure, Form FR Y–

10, which appears on the OCC’s Web 

site at http://www.occ.gov. If the 

operating subsidiary is engaged in an 

activity not set forth in this list, the 

national bank should use the code 0000 

and provide a brief description of the 

activity. 

This final rule contains specific filing 

time frames. Each national bank’s 

Federal Register / Vol. 69, No. 214 / Friday, November 5, 2004 / Rules and Regulations 64481

Annual Report will contain information 

current as of December 31st for each 

year the report is filed. A national bank 

must submit its first report to the OCC 

on or before January 31, 2005, and on 

or before January 31st each year 

thereafter. A national bank may submit 

its Annual Report electronically or in 

another format prescribed by the OCC. 

The OCC plans to issue guidance to 

national banks and Federal branches 

and agencies that will provide more 

specific information for filing the 

Annual Report. The OCC will make 

available to the public the information 

contained in the Annual Report on its 

Web site at http://www.occ.gov. 

Regulatory Flexibility Act Analysis 

Pursuant to section 605(b) of the 

Regulatory Flexibility Act, 5 U.S.C. 

605(b) (RFA), the regulatory flexibility 

analysis otherwise required under 

section 604 of the RFA is not required 

if the agency certifies that the rule will 

not have a significant economic impact 

on a substantial number of small entities 

and publishes its certification and a 

short, explanatory statement in the 

Federal Register along with its rule. 

Pursuant to section 605(b) of the RFA, 

the OCC hereby certifies that this 

rulemaking will not have a significant 

economic impact on a substantial 

number of small entities. The OCC has 

reviewed the impact this final rule will 

have on small national banks. ‘‘Small 

national banks’’ are those banks with 

less than $150 million in total assets. 

Based on that review, the OCC certifies 

that the final rule will not have a 

significant economic impact on a 

substantial number of small entities. 

This final rule imposes a minimal 

annual reporting requirement only on 

national banks with operating 

subsidiaries that do business directly 

with consumers. The OCC is providing 

an option for institutions to report this 

information to the OCC electronically. 

The economic impact of this final rule 

on national banks, regardless of size, is 

not expected to be significant. 

Accordingly, a regulatory flexibility 

analysis is not needed. 

Executive Order 12866

The OCC has determined that this 

final rule is not a significant regulatory 

action under Executive Order 12866. 

Unfunded Mandates Reform Act of 

1995

Section 202 of the Unfunded 

Mandates Reform Act of 1995, Pub. L. 

104–4 (2 U.S.C. 1532) (Unfunded 

Mandates Act), requires that an agency 

prepare a budgetary impact statement 

before promulgating any rule likely to 

result in a Federal mandate that may 

result in the expenditure by State, local, 

and tribal governments, in the aggregate, 

or by the private sector of $100 million 

or more in any one year. If a budgetary 

impact statement is required, section 

205 of the Unfunded Mandates Act also 

requires an agency to identify and 

consider a reasonable number of 

regulatory alternatives before 

promulgating a rule. The OCC has 

determined that this final rule will not 

result in expenditures by State, local, 

and tribal governments, or by the 

private sector, of $100 million or more 

in any one year. Accordingly, this final 

rule is not subject to section 202 of the 

Unfunded Mandates Act. 

Paperwork Reduction Act 

The Office of Management and Budget 

(OMB), pursuant to the requirements of 

the Paperwork Reduction Act, approved 

the paperwork burden associated with 

the final rule under OMB control 

number 1557–0014. 

Executive Order 13132

The OCC has determined that this 

final rule does not have any Federalism 

implications, as required by Executive 

Order 13132.

List of Subjects in 12 CFR Part 5

Administrative practice and 

procedure, National banks, Reporting 

and recordkeeping requirements, 

Securities.

Authority and Issuance

■ For the reasons set forth in the 

preamble, part 5 of chapter I of title 12 

of the Code of Federal Regulations is 

amended as follows:

PART 5—RULES, POLICIES, AND 

PROCEDURES FOR CORPORATE 

ACTIVITIES

■ 1. Revise the authority citation for part 

5 to read as follows:

Authority: 12 U.S.C. 1 et seq., 93a, 215a–

2, 215a–3, 481, and section 5136A of the 

Revised Statutes (12 U.S.C. 24a).

■ 2. In § 5.34, a new paragraph (e)(6) is 

added to read as follows:

§ 5.34 Operating subsidiaries.

* * * * *

(e)(6) Annual Report on Operating 

Subsidiaries—(i) Filing requirement.

Each national bank shall prepare and 

file with the OCC an Annual Report on 

Operating Subsidiaries containing the 

information set forth in paragraph 

(e)(6)(ii) of this section for each of its 

operating subsidiaries that: 

(A) Is not functionally regulated 

within the meaning of section 5(c)(5) of 

the Bank Holding Company Act of 1956, 

as amended (12 U.S.C. 1844(c)(5)); and 

(B) Does business directly with 

consumers in the United States. For 

purposes of paragraph (e)(6) of this 

section, an operating subsidiary, or any 

subsidiary thereof, does business 

directly with consumers if, in the 

ordinary course of its business, it 

provides products or services to 

individuals to be used primarily for 

personal, family, or household 

purposes. 

(ii) Information required. The Annual 

Report on Operating Subsidiaries must 

contain the following information for 

each covered operating subsidiary 

listed: 

(A) The name and charter number of 

the parent national bank; 

(B) The name (include any ‘‘dba’’

(doing business as), abbreviated names, 

or trade names used to identify the 

operating subsidiary when it does 

business directly with consumers), 

mailing address (include the street 

address or post office box, city, state, 

and zip code), e-mail address (if any), 

and telephone number of the operating 

subsidiary; 

(C) The principal place of business of 

the operating subsidiary, if different 

from the address provided pursuant to 

paragraph (e)(6)(ii)(B) of this section; 

and 

(D) The lines of business in which the 

operating subsidiary is doing business 

directly with consumers by designating 

the appropriate code contained in 

appendix B (NAICS Activity Codes for 

Commonly Reported Activities) to the 

Instructions for Preparation of Report of 

Changes in Organizational Structure, 

Form FR Y–10, a copy of which is set 

forth on the OCC’s Web site at http://

www.occ.gov. If the operating subsidiary 

is engaged in an activity not set forth in 

this list, a national bank shall report the 

code 0000 and provide a brief 

description of the activity. 

(iii) Filing time frames and 

availability of information. Each 

national bank’s Annual Report on 

Operating Subsidiaries shall contain 

information current as of December 31st 

for the year prior to the year the report 

is filed. The national bank shall submit 

its first Annual Report on Operating 

Subsidiaries (for information as of 

December 31, 2004) to the OCC on or 

before January 31, 2005, and on or 

before January 31st each year thereafter. 

The national bank may submit the 

Annual Report on Operating 

Subsidiaries electronically or in another 

format prescribed by the OCC. The OCC 

will make available to the public the 

information contained in the Annual 

64482 Federal Register / Vol. 69, No. 214 / Friday, November 5, 2004 / Rules and Regulations 

Report on Operating Subsidiaries on its 

Web site at http://www.occ.gov.

Dated: October 29, 2004. 

Julie L. Williams, 

Acting Comptroller of the Currency.

[FR Doc. 04–24735 Filed 11–4–04; 8:45 am] 

BILLING CODE 4810–33–P

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration 

14 CFR Part 39

[Docket No. FAA–2004–19001; Directorate 

Identifier 2004–NM–98–AD; Amendment 39–

13842; AD 2004–22–14] 

RIN 2120–AA64

Airworthiness Directives; Saab Model 

SAAB SF340A and SAAB 340B Series 

Airplanes

AGENCY: Federal Aviation 

Administration (FAA), DOT.

ACTION: Final rule.

SUMMARY: The FAA is adopting a new 

airworthiness directive (AD) for certain 

Saab Model SAAB SF340A and SAAB 

340B series airplanes. This AD requires 

an inspection of the elevator and aileron 

trim-tab fittings, and related 

investigative/corrective actions if 

necessary. This AD is prompted by 

reports of improperly installed rivets in 

the retainers that hold the elevator trimtab bearings. We are issuing this AD to 

prevent the elevator and aileron trim-tab 

bearings from coming loose, which 

could result in excessive play in the 

elevator and aileron trim systems, and 

reduced controllability of the airplane.

DATES: This AD becomes effective 

December 10, 2004. 

The incorporation by reference of a 

certain publication listed in the AD is 

approved by the Director of the Federal 

Register as of December 10, 2004.

ADDRESSES: For service information 

identified in this AD, contact Saab 

Aircraft AB, SAAB Aircraft Product 

Support, S–581.88, Linko ̈ping, Sweden. 

You can examine this information at the 

National Archives and Records 

Administration (NARA). For 

information on the availability of this 

material at NARA, call (202) 741–6030, 

or go to: http://www.archives.gov/

federal_register/

code_of_federal_regulations/

ibr_locations.html.

Docket: The AD docket contains the 

proposed AD, comments, and any final 

disposition. You can examine the AD 

docket on the Internet at http://

dms.dot.gov, or in person at the Docket 

Management Facility office between 9 

a.m. and 5 p.m., Monday through 

Friday, except Federal holidays. The 

Docket Management Facility office 

(telephone (800) 647–5227) is located on 

the plaza level of the Nassif Building at 

the DOT street address stated in the 

ADDRESSES section.

FOR FURTHER INFORMATION CONTACT: 

Technical information: Dan Rodina, 

Aerospace Engineer, International 

Branch, ANM–116, FAA, Transport 

Airplane Directorate, 1601 Lind 

Avenue, SW., Renton, Washington 

98055–4056; telephone (425) 227–2125; 

fax (425) 227–1149. 

Plain language information: Marcia 

Walters, marcia.walters@faa.gov.

SUPPLEMENTARY INFORMATION: The FAA 

proposed to amend 14 CFR Part 39 with 

an AD for certain Saab Model SAAB 

SF340A and SAAB 340B series 

airplanes. That action, published in the 

Federal Register on September 3, 2004 

(69 FR 53846), proposed to require an 

inspection of the elevator and aileron 

trim-tab fittings, and related 

investigative/corrective actions if 

necessary. 

Comments 

We provided the public the 

opportunity to participate in the 

development of this AD. No comments 

have been submitted on the proposed 

AD or on the determination of the cost 

to the public. 

Conclusion 

We have carefully reviewed the 

available data and determined that air 

safety and the public interest require 

adopting the AD as proposed. 

Costs of Compliance 

The following table provides the 

estimated costs for U.S. operators to 

comply with this AD.

ESTIMATED COSTS

Action Work hours Average labor 

rate per hour Parts Cost perairplane 

Number of 

U.S.-registered 

airplanes 

Fleet cost 

Inspection ................................................. 16 $65 None $1,040 170 $176,800

Regulatory Findings 

We have determined that this AD will 

not have federalism implications under 

Executive Order 13132. This AD will 

not have a substantial direct effect on 

the States, on the relationship between 

the national government and the States, 

or on the distribution of power and 

responsibilities among the various 

levels of government. 

For the reasons discussed above, I 

certify that this AD: 

(1) Is not a ‘‘significant regulatory 

action’’ under Executive Order 12866; 

(2) Is not a ‘‘significant rule’’ under 

DOT Regulatory Policies and Procedures 

(44 FR 11034, February 26, 1979); and 

(3) Will not have a significant 

economic impact, positive or negative, 

on a substantial number of small entities 

under the criteria of the Regulatory 

Flexibility Act. 

We prepared a regulatory evaluation 

of the estimated costs to comply with 

this AD. See the ADDRESSES section for 

a location to examine the regulatory 

evaluation.

List of Subjects in 14 CFR Part 39

Air transportation, Aircraft, Aviation 

safety, Incorporation by reference, 

Safety.

Adoption of the Amendment

■ Accordingly, under the authority 

delegated to me by the Administrator, 

the FAA amends 14 CFR part 39 as 

follows:

PART 39—AIRWORTHINESS 

DIRECTIVES

■ 1. The authority citation for part 39 

continues to read as follows:

Authority: 49 U.S.C. 106(g), 40113, 44701.

§ 39.13 [Amended]

■ 2. The FAA amends § 39.13 by adding 

the following new airworthiness 

directive (AD):

2004–22–14 Saab Aircraft AB: Amendment 

39–13842. Docket No. FAA–2004–19001; 

Directorate Identifier 2004–NM–98–AD. 

Effective Date 

(a) This AD becomes effective December 

10, 2004. 

Affected ADs 

(b) None.