[Federal Register Volume 83, Number 23 (Friday, February 2, 2018)]
[Notices]
[Pages 4956-4957]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-02056]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Comment Request; International Regulation
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
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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).
In accordance with the requirements of the PRA, the OCC may not
conduct or sponsor, and the respondent is not required to respond to,
an information collection unless it displays a currently valid Office
of Management and Budget (OMB) control number.
The OCC is soliciting comment concerning the renewal of its
information collection titled ``International Regulation.''
DATES: Comments must be received by April 3, 2018.
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: 1557-0102, 400 7th Street SW, suite 3E-218, Washington, DC
20219. In addition, comments may be sent by fax to (571) 465-4326 or by
electronic mail to [email protected]. 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 hearing impaired, 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.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance
Officer, (202) 649-5490 or, for persons who are deaf or hearing
impaired, TTY, (202) 649-5597, Legislative and Regulatory Activities
Division, Office of the Comptroller of the Currency, 400 7th Street SW,
suite 3E-218, Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal
agencies must obtain approval from the OMB for each collection of
information that they conduct or sponsor. ``Collection of information''
is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency
requests or requirements that members of the public submit reports,
keep records, or provide information to a third party. Section
3506(c)(2)(A) of title 44 requires federal agencies to provide a 60-day
notice in the Federal Register concerning each proposed collection of
information, including each renewal of an existing collection of
information, before submitting the collection to OMB for approval. To
comply with this requirement, the OCC is publishing notice of the
renewal of the collection of information set forth in this document.
Title: International Regulation--Part 28.
OMB Control No.: 1557-0102.
Description: This submission covers an existing regulation and
involves no change to the regulation or to the information collection
requirements. The OCC requests only that OMB extend its approval of the
information collection.
12 CFR 28.3 Filing Requirements for Foreign Operations of a National
Bank--Notice Requirement
A national bank shall notify the OCC when it files an application,
notice, or report with the FRB \1\ to establish or open a foreign
branch, or acquire or divest of an interest in, or close, an Edge
corporation, Agreement corporation, foreign bank, or other foreign
organization; or opens a foreign branch, and no application or notice
is required by the FRB for such transaction.
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\1\ Board of Governors of the Federal Reserve System.
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In practice, the OCC also has required an application pursuant to
Sec. 28.3(c) from a national bank seeking to join a foreign exchange,
clearinghouse, or similar type of organization. In lieu of a notice,
the OCC may accept a copy of an application, notice, or report
submitted to another federal agency that covers the proposed action and
contains substantially the same information required by the OCC. A
national bank shall furnish the OCC with any additional information the
OCC may require in connection with the national bank's foreign
operations.
12 CFR 28.14(c) Limitations Based upon Capital of a Foreign Bank--
Aggregation
A foreign bank shall aggregate business transacted by all federal
branches and agencies with the business transacted by all state
branches and agencies controlled by the foreign bank in determining its
compliance with limitations based upon the capital of the foreign bank.
A foreign bank shall designate one federal branch or agency office in
the United States to maintain consolidated information so that the OCC
can monitor compliance.
12 CFR 28.15(d), (d)(1), (d)(2), and (f) Capital Equivalency Deposits
A foreign bank should require its depository bank to segregate its
capital equivalency deposits on the depository bank's books and
records. The instruments making up the capital equivalency deposit that
are placed in safekeeping at a depository bank to satisfy a foreign
bank's capital equivalency deposit requirement must be maintained
pursuant to an agreement prescribed by the OCC that shall be a
[[Page 4957]]
written agreement entered into with the OCC. Each federal branch or
agency shall maintain a capital equivalency account and keep records of
the amount of liabilities requiring capital equivalency coverage in a
manner and form prescribed by the OCC. A foreign bank's capital
equivalency deposits may not be reduced in value below the minimum
required for that branch or agency without the prior approval of the
OCC, but in no event may the value fall below the statutory minimum.
12 CFR 28.16(c) Deposit-Taking by an Uninsured Federal Branch--
Application for an Exemption
A foreign bank may apply to the OCC for an exemption to permit an
uninsured federal branch to accept or maintain deposit accounts that
are not listed in Sec. 28.16(b). The request should describe the
types, sources, and estimated amount of such deposits and explain why
the OCC should grant an exemption, and how the exemption maintains and
furthers the policies described in Sec. 28.16(a).
12 CFR 28.16(d) Deposit-Taking by an Uninsured Federal Branch--
Aggregation of Deposits
A foreign bank that has more than one federal branch in the same
state may aggregate deposits in all of its federal branches in that
state, but exclude deposits of other branches, agencies, or wholly
owned subsidiaries of the bank. The federal branch shall compute the
average amount by using the sum of deposits as of the close of business
of the last 30 calendar days ending with, and including, the last day
of the calendar quarter, divided by 30. The federal branch shall
maintain records of the calculation until its next examination by the
OCC.
12 CFR 28.18(c)(1) Recordkeeping and Reporting--Maintenance of
Accounts, Books, and Records
Each federal branch or agency shall maintain a set of accounts and
records reflecting its transactions that are separate from those of the
foreign bank and any other branch or agency. The federal branch or
agency shall keep a set of accounts and records in English sufficient
to permit the OCC to examine the condition of the federal branch or
agency and its compliance with applicable laws and regulations.
12 CFR 28.20(a)(1) Maintenance of Assets--General Rule
The OCC may require a foreign bank to hold certain assets in the
state in which its federal branch or agency is located.
12 CFR 28.22(e) Reports of Examination
The federal branch or agency shall send the OCC certification that
all of its Reports of Examination have been destroyed or return its
Reports of Examination to the OCC.
Type of Review: Regular.
Affected Public: Businesses or other for-profit.
Estimated Number of Respondents: 52.
Estimated Total Annual Burden: 2,286.
Frequency of Response: On occasion.
Comments submitted in response to this notice will be summarized,
included in the request for OMB approval, and become a matter of public
record. Comments are invited 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: January 29, 2018.
Karen Solomon,
Acting Senior Deputy Comptroller and Chief Counsel, Office of the
Comptroller of the Currency.
[FR Doc. 2018-02056 Filed 2-1-18; 8:45 am]
BILLING CODE 4810-33-P