7986 Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Proposed Rules 

jointly held with one or more other 

businesses. 

(2) Shared employees. When sharing 

space with other businesses as 

described in paragraph (e)(1) of this 

section, a national bank or Federal 

savings association may provide, under 

one or more written agreements between 

the national bank or Federal savings 

association, the other business, and 

their employees, that: 

(i) A national bank or Federal savings 

association employee may act as agent 

for the other business; or 

(ii) An employee of the other business 

may act as agent for the national bank 

or Federal savings association. 

(3) Supervisory conditions. When a 

national bank or Federal savings 

association engages in arrangements of 

the types listed in paragraphs (e)(1) and 

(2) of this section, the national bank or 

Federal savings association must ensure: 

(i) The other business is 

conspicuously, accurately, and 

separately identified; 

(ii) Shared employees clearly and 

fully disclose the nature of their agency 

relationship to customers of the national 

bank or Federal savings association and 

of the other businesses so that 

customers will know the identity of the 

national bank, Federal savings 

association, or other business that is 

providing the product or service; 

(iii) The arrangement does not 

constitute a joint venture or partnership 

with the other business under 

applicable state law; 

(iv) All aspects of the relationship 

between the national bank or Federal 

savings association and the other 

business are conducted at arm’s length, 

unless a special arrangement is 

warranted because the other business is 

a subsidiary of the national bank or 

Federal savings association; 

(v) Security issues arising from the 

activities of the other business on the 

premises are addressed; 

(vi) The activities of the other 

business do not adversely affect the 

safety and soundness of the national 

bank or Federal savings association; 

(vii) The shared employees or the 

entity for which they perform services 

are duly licensed or meet qualification 

requirements of applicable statutes and 

regulations pertaining to agents or 

employees of such other business; and 

(viii) The assets and records of the 

parties are segregated. 

(4) Other legal requirements. When 

entering into arrangements of the types 

described in paragraphs (e)(1) and (2) of 

this section, and in conducting 

operations pursuant to those 

arrangements, a national bank or 

Federal savings association must ensure 

that each arrangement complies with all 

applicable laws and regulations. If the 

arrangement involves an affiliate or a 

shareholder, director, officer, or 

employee of the national bank or 

Federal savings association: 

(i) The national bank or Federal 

savings association must ensure 

compliance with all applicable statutory 

and regulatory provisions governing 

national bank or Federal savings 

association transactions with these 

persons or entities; 

(ii) The parties must comply with all 

applicable fiduciary duties; and 

(iii) The parties, if they are in 

competition with each other, must 

consider limitations, if any, imposed by 

applicable antitrust laws. 

(f) Permissible means of holding real 

estate and fixed assets. 

(1) Permissible means of holding. A 

national bank or Federal savings 

association may acquire and hold real 

estate under paragraph (b) of this 

section by any reasonable and prudent 

means, including ownership in fee, a 

leasehold estate, or in an interest in a 

cooperative. A national bank or Federal 

savings association may hold this real 

estate directly or through one or more 

subsidiaries. A national bank or Federal 

savings association may organize a bank 

occupied premises subsidiary as a 

corporation, partnership, limited 

liability company, or any other similar 

entity. 

(2) Fixed assets. A national bank or 

Federal savings association may own 

fixed assets necessary for the transaction 

of its business, such as fixtures, 

furniture, and data processing 

equipment. 

(3) Investment in banking premises. 

(i) Premises investment and approval. 

A national bank or Federal savings 

association must comply with the 

investment and approval requirements 

for investment in banking premises in 

12 CFR 5.37(d). 

(ii) Option to purchase. An 

unexercised option to purchase banking 

premises or stock in a corporation 

holding banking premises is not an 

investment in banking premises. 

However, a national bank or Federal 

savings association seeking to exercise 

such an option must comply with the 

requirements in 12 CFR 5.37(d). 

(g) Transition. If, on XX, 20XX, a 

national bank or Federal savings 

association holds an investment in real 

estate, fixed assets, banking premises, or 

other real property that complies with 

the legal requirements in effect prior to 

XX, 20XX, but would violate any 

provision of this section, the national 

bank or Federal savings association may 

continue to hold such investment in 

accordance with the prior legal 

requirements. However, a national bank 

or Federal savings association that holds 

such an investment may not modify, 

expand, or improve this investment, 

except for routine maintenance, without 

the prior approval of the appropriate 

OCC supervisory office. 

§ 7.3001 [Removed] 

■ 3. Remove § 7.3001. 

Brian P. Brooks, 

Acting Comptroller of the Currency. 

Editorial Note: This document was 

received at the Office of the Federal Register 

on December 31, 2020. 

[FR Doc. 2020–29277 Filed 2–2–21; 8:45 am] 

BILLING CODE 4810–33–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Part 1 

[REG–119890–18] 

RIN 1545–BP92 

Section 42, Low-Income Housing 

Credit Average Income Test 

Regulations; Hearing 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Proposed rule; notice of hearing. 

SUMMARY: This document provides a 

notice of public hearing on proposed 

regulations setting forth guidance on the 

average income test for purposes of the 

low-income housing credit. 

DATES: The public hearing is being held 

on Wednesday, March 24, 2021 at 12 

p.m. The IRS must receive speakers’ 

outlines of the topics to be discussed at 

the public hearing by Friday, March 5, 

2021. If no outlines are received by 

March 5, 2021, the public hearing will 

be cancelled. 

ADDRESSES: The public hearing is being 

held by teleconference. Individuals who 

want to testify (by telephone) at the 

public hearing must send an email to 

publichearings@irs.gov to receive the 

telephone number and access code for 

the hearing. The subject line of the 

email must contain the regulation 

number [REG–119890–18] and the word 

TESTIFY. For example, the subject line 

may say: Request to TESTIFY at Hearing 

for REG–119890–18. The email must 

include the name(s) of the speaker(s) 

and title(s). Send outline submissions 

electronically via the Federal 

eRulemaking Portal at 

www.regulations.gov (IRS REG–119890– 

18). The email must be received by 

March 5, 2021. 


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Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Proposed Rules 7987 

FOR FURTHER INFORMATION CONTACT: 

Concerning these proposed regulations, 

Dillon Taylor or Michael J. Torruella 

Costa at (202) 317–4137; concerning 

submissions of comments, the hearing, 

and the access code to attend the 

hearing by teleconferencing, Regina 

Johnson at (202) 317–5177 (not toll-free 

numbers) or publichearings@irs.gov. If 

emailing please put Attend, Testify, or 

Agenda Request and [REG–119890–18] 

in the email subject line. 

SUPPLEMENTARY INFORMATION: The 

subject of the public hearing is the 

notice of proposed rulemaking REG– 

119890–18 that was published in the 

Federal Register on Friday, October 30, 

2020, 85 FR 68816. 

The rules of 26 CFR 601.601(a)(3) 

apply to the hearing. Persons who wish 

to present oral comments telephonically 

at the hearing that previously submitted 

written comments by December 29, 

2020, must submit an outline on the 

topics to be addressed and the amount 

of time to be devoted to each topic by 

March 5, 2021. 

A period of 10 minutes is allotted to 

each person for presenting oral 

comments. After the deadline for 

receiving outlines has passed, the IRS 

will prepare an agenda containing the 

schedule of speakers. Copies of the 

agenda will be made available by 

emailing your request to 

publichearings@irs.gov. Please put 

‘‘REG–119890–18 Agenda Request’’ in 

the subject line of the email. 

Individuals who want to attend (by 

telephone) the public hearing must also 

send an email to publichearings@irs.gov 

to receive the telephone number and 

access code for the hearing. The subject 

line of the email must contain the 

regulation number [REG–119890–18] 

and the word ATTEND. For example, 

the subject line may say: Request to 

ATTEND Hearing for REG–119890–18. 

The email requesting to attend the 

public hearing must be received by 5:00 

p.m. two (2) business days before the 

date that the hearing is scheduled. 

The telephonic hearing will be made 

accessible to people with disabilities. To 

request special assistance during the 

telephonic hearing please contact the 

Publications and Regulations Branch of 

the Office of Associate Chief Counsel 

(Procedure and Administration) by 

sending an email to publichearings@

irs.gov (preferred) or by telephone at 

(202) 317–5177 (not a toll-free number) 

at least three (3) days prior to the date 

that the telephonic hearing is 

scheduled. 

Any questions regarding speaking at 

or attending a public hearing may also 

be emailed to publichearings@irs.gov. 

Crystal Pemberton, 

Senior Federal Register Liaison, Publications 

and Regulations Branch, Legal Processing 

Division, Associate Chief Counsel, (Procedure 

and Administration). 

[FR Doc. 2021–02146 Filed 2–2–21; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Part 1 

[REG–115057–20] 

RIN 1545–BP98 

Mandatory 60-Day Postponement of 

Certain Tax-Related Deadlines by 

Reason of a Federally Declared 

Disaster; Hearing 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Proposed rule; notice of hearing. 

SUMMARY: This document provides a 

notice of public hearing on proposed 

regulations relating to the new 

mandatory 60-day postponement of 

certain time-sensitive tax-related 

deadlines by reason of a Federally 

declared disaster. 

DATES: The public hearing is being held 

on Tuesday, March 23, 2021 at 10:00 

a.m. The IRS must receive speakers’ 

outlines of the topics to be discussed at 

the public hearing by Monday, March 

15, 2021. If no outlines are received by 

March 15, 2021, the public hearing will 

be cancelled. 

ADDRESSES: The public hearing is being 

held by teleconference. Individuals who 

want to testify (by telephone) at the 

public hearing must send an email to 

publichearings@irs.gov to receive the 

telephone number and access code for 

the hearing. The subject line of the 

email must contain the regulation 

number [REG–115057–20] and the word 

TESTIFY. For example, the subject line 

may say: Request to TESTIFY at Hearing 

for REG–115057–20. The email must 

include the name(s) of the speaker(s) 

and title(s). Send outline submissions 

electronically via the Federal 

eRulemaking Portal at 

www.regulations.gov (IRS REG–115057– 

20). The email must be received by 

March 15, 2021. 

FOR FURTHER INFORMATION CONTACT: 

Concerning the proposed regulations, 

William V. Spatz at (202) 317–5461; 

concerning submissions of comments, 

the hearing, and the access code to 

attend the hearing by teleconferencing, 

Regina Johnson at (202) 317–5177 (not 

toll-free numbers) or publichearings@

irs.gov. If emailing please put Attend, 

Testify, or Agenda Request and [REG– 

115057–20] in the email subject line. 

SUPPLEMENTARY INFORMATION: The 

subject of the public hearing is the 

notice of proposed rulemaking REG– 

115057–20 that was published in the 

Federal Register on Wednesday, 

January 13, 2021, 86 FR 2607. 

The rules of 26 CFR 601.601(a)(3) 

apply to the hearing. Persons who wish 

to present oral comments telephonically 

at the hearing that previously submitted 

written comments by March 15, 2021, 

must submit an outline on the topics to 

be addressed and the amount of time to 

be devoted to each topic by March 15, 

2021. 

A period of 10 minutes is allotted to 

each person for presenting oral 

comments. After the deadline for 

receiving outlines has passed, the IRS 

will prepare an agenda containing the 

schedule of speakers. Copies of the 

agenda will be made available by 

emailing your request to 

publichearings@irs.gov. Please put 

‘‘REG–115057–20’’ Agenda Request’’ in 

the subject line of the email. 

Individuals who want to attend (by 

telephone) the public hearing must also 

send an email to publichearings@irs.gov 

to receive the telephone number and 

access code for the hearing. The subject 

line of the email must contain the 

regulation number [REG–115057–20] 

and the word ATTEND. For example, 

the subject line may say: Request to 

ATTEND Hearing for REG–115057–20. 

The email requesting to attend the 

public hearing must be received by 5:00 

p.m. two (2) business days before the 

date that the hearing is scheduled. 

The telephonic hearing will be made 

accessible to people with disabilities. To 

request special assistance during the 

telephonic hearing please contact the 

Publications and Regulations Branch of 

the Office of Associate Chief Counsel 

(Procedure and Administration) by 

sending an email to publichearings@

irs.gov (preferred) or by telephone at 

(202) 317–5177 (not a toll-free number) 

at least three (3) days prior to the date 

that the telephonic hearing is 

scheduled. 


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