Federal Register / Vol. 81, No. 24 / Friday, February 5, 2016 / Notices 6339 

1 76 FR 48950 (August 9, 2011). 

2See 12 CFR 150.260(b)(3). 

DEPARTMENT OF THE TREASURY 

Office of the Comptroller of the 

Currency 

Agency Information Collection 

Activities: Information Collection 

Renewal; Submission for OMB Review; 

Fiduciary Activities 

AGENCY: Office of the Comptroller of the 

Currency, Treasury (OCC). 

ACTION: Notice and request for comment. 

SUMMARY: The OCC, as part of its 

continuing effort to reduce paperwork 

and respondent burden, invites the 

general public and other Federal 

agencies to take this opportunity to 

comment on a continuing information 

collection, as required by the Paperwork 

Reduction Act of 1995 (PRA). 

An agency may not conduct or 

sponsor, and a respondent is not 

required to respond to, an information 

collection unless it displays a currently 

valid OMB control number. 

The OCC is soliciting comment 

concerning the renewal of its 

information collection titled, ‘‘Fiduciary 

Activities.’’ The OCC also is giving 

notice that it has sent the collection to 

OMB for review. 

DATES: You should submit written 

comments by March 7, 2016. 

ADDRESSES: Because paper mail in the 

Washington, DC area and at the OCC is 

subject to delay, commenters are 

encouraged to submit comments by 

email, if possible. Comments may be 

sent to: Legislative and Regulatory 

Activities Division, Office of the 

Comptroller of the Currency, Attention: 

1557–0140, 400 7th Street SW., Suite 

3E–218, mail stop 9W–11, Washington, 

DC 20219. In addition, comments may 

be sent by fax to (571) 465–4326 or by 

electronic mail to prainfo@occ.treas.gov. 

You may personally inspect and 

photocopy comments at the OCC, 400 

7th Street SW., Washington, DC 20219. 

For security reasons, the OCC requires 

that visitors make an appointment to 

inspect comments. You may do so by 

calling (202) 649–6700 or, for persons 

who are deaf or hard of hearing, TTY, 

(202) 649–5597. Upon arrival, visitors 

will be required to present valid 

government-issued photo identification 

and submit to security screening in 

order to inspect and photocopy 

comments. 

All comments received, including 

attachments and other supporting 

materials, are part of the public record 

and subject to public disclosure. Do not 

include any information in your 

comment or supporting materials that 

you consider confidential or 

inappropriate for public disclosure. 

Additionally, please send a copy of 

your comments by mail to: OCC Desk 

Officer, 1557–0140, U.S. Office of 

Management and Budget, 725 17th 

Street NW., #10235, Washington, DC 

20503, or by email to: oira_submission@

omb.eop.gov. 

FOR FURTHER INFORMATION CONTACT: 

Shaquita Merritt, Clearance Officer, 

(202) 649–5490 or, for persons who are 

deaf or hard of hearing, TTY, (202) 649– 

5597, Legislative and Regulatory 

Activities Division, Office of the 

Comptroller of the Currency, 400 7th 

Street SW., Washington, DC 20219. 

SUPPLEMENTARY INFORMATION: Pursuant 

to the PRA (44 U.S.C. 3501–3520), the 

OCC is requesting that OMB extend its 

approval of the following information 

collection: 

Title: Fiduciary Activities. 

OMB Control No.: 1557–0140. 

Description: 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 

former Office of Thrift Supervision, now 

recodified as OCC rules pursuant to 

Title III of the Dodd-Frank Wall Street 

Reform and Consumer Protection Act,1

have long required FSAs to comply with 

the requirements of the OCC’s CIF 

regulation.2 Thus, 12 CFR 9.18 governs 

CIFs managed by both national banks 

and FSAs. 

Twelve CFR 9.8 and 150.410–150.430 

require that national banks and FSAs 

document the establishment and 

termination of each fiduciary account 

and maintain adequate records. Records 

must be retained for a period of three 

years from the later of the termination 

of the account or the termination of any 

litigation. The records must be separate 

and distinct from other records of the 

institution. 

Twelve CFR 9.9 and 12 CFR 150.480 

require national banks and FSAs to note 

the results of an audit (including 

significant actions taken as a result of 

the audit) in the minutes of the board of 

directors. National banks and FSAs that 

adopt a continuous audit system must 

note the results of all discrete audits 

performed since the last audit report 

(including significant actions taken as a 

result of the audits) in the minutes of 

the board of directors at least once 

during each calendar year. 

Twelve CFR 9.17(a) and 150.530 

require that a national bank or FSA 

seeking to surrender its fiduciary 

powers file with the OCC a certified 

copy of the resolution of its board of 

directors evidencing that intent. 

Twelve CFR 9.18(b)(1) (and 12 CFR 

150.260 by cross-reference) require 

national banks and FSAs to establish 

and maintain each CIF in accordance 

with a written plan approved by the 

board of directors or a committee 

authorized by the board. The plan must 

include provisions relating to: 

• Investment powers and policies 

with respect to the fund; 

• Allocation of income, profits, and 

losses; 

• Fees and expenses that will be 

charged to the fund and to participating 

accounts; 

• Terms and conditions regarding 

admission and withdrawal of 

participating accounts; 

• Audits of participating accounts; 

• Basis and method of valuing assets 

in the fund; 

• Expected frequency for income 

distribution to participating accounts; 

• Minimum frequency for valuation 

of fund assets; 

• Amount of time following a 

valuation date during which the 

valuation must be made; 

• Bases upon which the institution 

may terminate the fund; and 

• Any other matters necessary to 

define clearly the rights of participating 

accounts. 

Twelve CFR 9.18(b)(1) (and 150.260 

by cross-reference) require that a 

national bank or FSA make a copy of 

any CIF plan available for public 

inspection at its main office and provide 

a copy of the plan to any person who 

requests it. 

Twelve CFR 9.18(b)(4)(iii)(E) (and 

150.260 by cross-reference) require that 

national banks and FSAs adopt portfolio 

and issuer qualitative standards and 

concentration restrictions for short-term 

investment funds (STIFs), a type of CIF. 

Twelve CFR 9.18(b)(4)(iii)(F) (and 

150.260 by cross-reference) require that 

national banks and FSAs adopt liquidity 

standards and include provisions that 

address contingency funding needs for 

STIFs. 

Twelve CFR 9.18(b)(4)(iii)(G) (and 

150.260 by cross-reference) require that 

national banks and FSAs adopt shadow 

pricing procedures for STIFs that 

calculate the extent of difference, if any, 

of the mark-to-market net asset value 

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6340 Federal Register / Vol. 81, No. 24 / Friday, February 5, 2016 / Notices 

per participating interest from the 

STIF’s amortized cost per participating 

interest, and to take certain actions if 

that difference exceeds $0.005 per 

participating interest. 

Twelve CFR 9.18(b)(4)(iii)(H) (and 

150.260 by cross-reference) require that 

national banks and FSAs adopt, for 

STIFs, procedures for stress testing the 

STIF’s ability to maintain a stable net 

asset value per participating interest and 

provide for reporting the results. 

Twelve CFR 9.18(b)(4)(iii)(I) (and 

150.260 by cross-reference) require that 

national banks and FSAs adopt, for 

STIFs, procedures that require a 

national bank or FSA to disclose to the 

OCC and to STIF participants within 

five business days after each calendar 

month-end the following information 

about the fund: total assets under 

management; mark-to-market and 

amortized cost net asset values; dollarweighted average portfolio maturity; 

dollar-weighted average portfolio life 

maturity as of the last business day of 

the prior calendar month; and certain 

other security-level information for each 

security held. 

Twelve CFR 9.18(b)(4)(iii)(J) (and 

150.260 by cross-reference) require that 

national banks and FSAs adopt, for 

STIFs, procedures that require a 

national bank or FSA that manages a 

STIF to notify the OCC prior to or 

within one business day thereafter of 

certain events. 

Twelve CFR 9.18(b)(4)(iii)(K) (and 

150.260 by cross-reference) require that 

national banks and FSAs adopt, for 

STIFs, certain procedures in the event 

that the STIF has repriced its net asset 

value below $0.995 per participating 

interest. 

Twelve CFR 9.18(b)(4)(iii)(L) (and 

150.260 by cross-reference) require that 

national banks and FSAs adopt, for 

STIFs, procedures for initiating 

liquidation of a STIF upon the 

suspension or limitation of withdrawals 

as a result of redemptions. 

Twelve CFR 9.18(b)(6)(ii) (and 

150.260 by cross-reference) require, for 

CIFs, that national banks and FSAs, at 

least once during each 12-month period, 

prepare a financial report of the fund 

based on the audit required by 12 CFR 

9.18(b)(6)(i). The report must disclose 

the fund’s fees and expenses in a 

manner consistent with applicable state 

law in the state in which the national 

bank or FSA maintains the fund and 

must contain: 

• A list of investments in the fund 

showing the cost and current market 

value of each investment; 

• A statement covering the period 

after the previous report showing the 

following (organized by type of 

investment): 

Æ A summary of purchases (with 

costs); 

Æ A summary of sales (with profit or 

loss and any investment change); 

Æ Income and disbursements; and 

Æ An appropriate notation of any 

investments in default. 

Twelve CFR 9.18(b)(6)(iv) (and 

150.260 by cross-reference) require that 

a national bank or FSA managing a CIF 

provide a copy of the financial report, 

or provide notice that a copy of the 

report is available upon request without 

charge, to each person who ordinarily 

would receive a regular periodic 

accounting with respect to each 

participating account. The national bank 

or FSA may provide a copy to 

prospective customers. In addition, the 

national bank or FSA must provide a 

copy of the report upon request to any 

person for a reasonable charge. 

Twelve CFR 9.18(c)(5) (and 150.260 

by cross-reference) require that, for 

special exemption CIFs, national banks 

and FSAs must submit to the OCC a 

written plan that sets forth: 

• The reason the proposed fund 

requires a special exemption; 

• The provisions of the fund that are 

inconsistent with 12 CFR 9.18(a) and 

(b); 

• The provisions of 12 CFR 9.18(b) for 

which the national bank or FSA seeks 

an exemption; and 

• The manner in which the proposed 

fund addresses the rights and interests 

of participating accounts. 

Type of Review: Regular. 

Affected Public: Businesses or other 

for-profit. 

Estimated Number of Respondents: 

398. 

Frequency of Response: On occasion. 

Estimated Total Annual Burden: 

109,320 hours. 

The OCC published a notice for 60 

days of comment regarding the 

collection on November 20, 2015, 80 FR 

72784. No comments were received. 

Comments continue to be solicited on: 

(a) Whether the collection of 

information is necessary for the proper 

performance of the functions of the 

OCC, including whether the information 

has practical utility; 

(b) The accuracy of the OCC’s 

estimate of the burden of the collection 

of information; 

(c) Ways to enhance the quality, 

utility, and clarity of the information to 

be collected; 

(d) Ways to minimize the burden of 

the collection on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology; and 

(e) Estimates of capital or start-up 

costs and costs of operation, 

maintenance, and purchase of services 

to provide information. 

Dated: February 1, 2016. 

Mary H. Gottlieb, 

Regulatory Specialist, Legislative and 

Regulatory Activities Division. 

[FR Doc. 2016–02207 Filed 2–4–16; 8:45 am] 

BILLING CODE 4810–33–P 

DEPARTMENT OF THE TREASURY 

Office of the Comptroller of the 

Currency 

Agency Information Collection 

Activities: Information Collection 

Renewal; Submission for OMB Review; 

Identity Theft Red Flags and Address 

Discrepancies Under the Fair and 

Accurate Credit Transactions Act of 

2003 

AGENCY: Office of the Comptroller of the 

Currency, Treasury (OCC). 

ACTION: Notice and request for comment. 

SUMMARY: The OCC, as part of its 

continuing effort to reduce paperwork 

and respondent burden, invites the 

general public and other Federal 

agencies to take this opportunity to 

comment on a continuing information 

collection, as required by the Paperwork 

Reduction Act of 1995 (PRA). 

An agency may not conduct or 

sponsor, and a respondent is not 

required to respond to, an information 

collection unless it displays a currently 

valid OMB control number. 

The OCC is soliciting comment 

concerning the renewal of its 

information collection titled, ‘‘Identity 

Theft Red Flags and Address 

Discrepancies under the Fair and 

Accurate Credit Transactions Act of 

2003.’’ The OCC also is giving notice 

that it has sent the collection to OMB for 

review. 

DATES: Comments must be received by 

March 7, 2016. 

ADDRESSES: Because paper mail in the 

Washington, DC area and at the OCC is 

subject to delay, commenters are 

encouraged to submit comments by 

email, if possible. Comments may be 

sent to: Legislative and Regulatory 

Activities Division, Office of the 

Comptroller of the Currency, Attention: 

1557–0237, 400 7th Street SW., Suite 

3E–218, mail stop 9W–11, Washington, 

DC 20219. In addition, comments may 

be sent by fax to (571) 465–4326 or by 

electronic mail to prainfo@occ.treas.gov. 

You may personally inspect and 

photocopy comments at the OCC, 400 

7th Street SW., Washington, DC 20219. 

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