[Federal Register Volume 65, Number 223 (Friday, November 17, 2000)]
[Notices]
[Pages 69606-69607]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-29464]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Submission for OMB 
Review; Comment Request

AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.

ACTION: Submission for OMB review; comment request.

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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. The OCC may not conduct or sponsor, and a respondent is not 
required to respond to, an information collection that has been 
extended, revised, or implemented unless it displays a currently valid 
Office of Management and Budget (OMB) control number. Currently, the 
OCC is soliciting comments concerning an extension, without change, of 
an information collection titled Financial Subsidiaries and Operating 
Subsidiaries. The OCC also gives notice that it has sent the 
information collection to OMB for review.

DATES: You should submit your comments to both OCC and the OMB Desk 
Officer by December 18, 2000.

ADDRESSES: You should send your comments to the Communications 
Division, Attention: 1557-0215, Third Floor, Office of the Comptroller 
of the Currency, 250 E Street, SW., Washington, DC 20219. In addition, 
you can send comments by facsimile transmission to (202) 874-5274, or 
by electronic mail to [email protected].

FOR FURTHER INFORMATION CONTACT: You may request additional 
information, a copy of the collection, or a copy of the supporting 
documentation submitted to OMB by contacting Jessie Dunaway or Camille 
Dixon, (202) 874-5090, Legislative and Regulatory Activities Division 
(1557-0215), Office of the Comptroller of the Currency, 250 E Street, 
SW., Washington, DC 20219.

SUPPLEMENTARY INFORMATION: The OCC is proposing to extend OMB approval 
of the following information collection:
    Title: Financial Subsidiaries and Operating Subsidiaries.
    OMB Number: 1557-0215.
    Form Number: None.
    Abstract: This submission covers an existing regulation and 
involves no

[[Page 69607]]

change to the regulation or to the information collections embodied in 
the regulation. The OCC requests only that OMB renew its approval of 
the information collections in the current regulation.
    The information requirements in 12 CFR part 5 are located as 
follows:
    12 CFR 5.24(d)(2)(ii)(G)--Conversion: An institution must identify 
all subsidiaries that will be retained following the conversion and 
provide information and analysis of the subsidiaries' activities that 
would be required if the converting bank or savings association were a 
national bank establishing each subsidiary pursuant to sections 5.34 or 
5.39. The OCC will use the information to determine whether to grant 
the financial institution's request to convert to a national charter.
    12 CFR 5.33(e)(3)(i) and (ii)--Business combinations: A national 
bank must identify any subsidiary to be acquired in a business 
combination and state the activities of each subsidiary. A national 
bank proposing to acquire, through a business combination, a subsidiary 
of a depository institution other than a national bank must provide the 
same information and analysis of the subsidiary's activities that would 
be required if the applicant were establishing the subsidiary pursuant 
to sections 5.34 or 5.39.
    The OCC needs this information regarding the subsidiaries to be 
acquired to determine whether to approve the business combination. The 
OCC will use this information to confirm that the proposed activity is 
permissible for operating subsidiaries and to ensure that a bank 
proposing to conduct activities through a financial subsidiary 
satisfies relevant statutory criteria.
    12 CFR 5.34--Operating subsidiaries: A national bank must file a 
notice or application to acquire or establish an operating subsidiary, 
or to commence a new activity in an existing operating subsidiary. The 
application or notice provides the OCC with needed information 
regarding the activities and location(s) of the operating subsidiaries. 
The OCC will review the information to determine whether proposed 
activities are legally permissible, to ensure that the proposal is 
consistent with safe and sound banking practices and OCC policy, and 
that it does not endanger the safety and soundness of the parent 
national banks.
    12 CFR 5.35(f)(1) and (2)--Bank service companies: Under section 
5.35(f)(1), a national bank that intends to make an investment in a 
bank service company, or to perform new activities in an existing bank 
service company, must submit a notice to and receive prior approval 
from the OCC.
    Under section 5.35(f)(2), a national bank that is ``well 
capitalized'' and ``well managed'' may invest in a bank service 
company, or perform a new activity in an existing bank service company, 
by providing the appropriate OCC district office written notice within 
10 days after the investment, if the bank service company engages only 
in the activities listed in section 5.34(e)(5)(v). The OCC will review 
after-the-fact notices to confirm the permissibility of the national 
bank's investment in the bank service company.
    12 CFR 5.36(e)--Other equity investments--Non-controlling 
investments: A national bank may make a non-controlling investment, 
directly or through its operating subsidiary, in an enterprise that 
engages in the activities described in section 5.36(e)(2) by filing a 
written notice. The OCC will use the information provided in the notice 
to confirm that the national bank is well capitalized and well managed, 
and that the bank meets the requirements applicable to non-controlling 
investments.
    12 CFR 5.39--Financial subsidiaries: A national must file a notice 
prior to acquiring a financial subsidiary or engaging in activities 
authorized pursuant to section 5136A(a)(2)(A)(i) of the Revised 
Statutes (12 U.S.C. 24a) through a financial subsidiary. A national 
bank that intends, directly or indirectly, to acquire control of, or 
hold an interest in, a financial subsidiary, or to commence a new 
activity in an existing financial subsidiary, must obtain OCC approval 
through the procedures set forth in sections 5.39(i)(1) and (2). The 
OCC will review this information to ensure that a proposal satisfies 
applicable statutory criteria.
    Type of Review: Extension, without change, of a currently approved 
collection.
    Affected Public: Businesses or other for-profit.
    Estimated Number of Respondents: 587.
    Estimated Total Annual Responses: 587.
    Frequency of Response: On occasion.
    Estimated Total Annual Burden: 587 burden hours.
    OCC Contact: Jessie Dunaway, Clearance Officer, (202) 874-5090, 
Legislative and Regulatory Activities Division, Attention: 1557-0215, 
Office of the Comptroller of the Currency, 250 E Street SW, Washington, 
DC 20219.
    OMB Desk Officer: Alexander Hunt, (202) 395-7340, Paperwork 
Reduction Project 1557-0215, Office of Management and Budget, Room 
10226, New Executive Office Building, Washington, DC 20503.
    Comments: The Agencies have a continuing interest in the public's 
opinion regarding collections of information. Members of the public may 
submit comments regarding any aspect of these collections of 
information.

    Dated: November 13, 2000.
Stuart Feldstein,
Assistant Director, Legislative & Regulatory Activities Division.
[FR Doc. 00-29464 Filed 11-16-00; 8:45 am]
BILLING CODE 4810-33-P