[Federal Register Volume 67, Number 80 (Thursday, April 25, 2002)]
[Proposed Rules]
[Pages 20466-20467]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-10277]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

12 CFR Part 8

[Docket No. 02-05]
RIN 1557-AC07


Assessment of Fees

AGENCY: Office of the Comptroller of the Currency, Treasury.

ACTION: Notice of proposed rulemaking.

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SUMMARY: The Office of the Comptroller of the Currency (OCC) is 
proposing to amend its regulation which addresses assessments for 
independent trust banks. The proposal would update the regulation to 
reference the appropriate portion of new forms issued by the Federal 
Financial Institutions Examination Council (FFIEC) which replace the 
FFIEC form currently referenced in the regulation.

DATES: Comments must be received by May 17, 2002.

ADDRESSES: Please direct your comments to: Office of the Comptroller of 
the Currency, 250 E Street, S.W., Public Information Room, Mailstop 1-
5, Washington, DC 20219, Attention: Docket No. 02-05; fax number (202) 
874-4448; or Internet address: [email protected]. Due to 
recent temporary disruptions in the OCC's mail service, we encourage 
the submission of comments by fax or e-mail whenever possible. Comments 
may be inspected and photocopied at the OCC's Public Reference Room, 
250 E Street, SW., Washington, DC. You can make an appointment to 
inspect comments by calling (202) 874-5043.

FOR FURTHER INFORMATION CONTACT: Andra Shuster, Counsel, Legislative 
and Regulatory Activities Division, (202) 874-5090.

SUPPLEMENTARY INFORMATION:

Description of the Proposal

    Section 8.6(c) of the OCC's regulations provides that assessments 
for independent trust banks will include a ``managed asset component'' 
in addition to the assessments calculated under Sec. 8.2. Under 
Sec. 8.6(c)(1)(i), all independent trust banks must pay a minimum fee. 
In addition, under Sec. 8.6(c)(1)(ii), independent trust banks with 
``managed assets'' in excess of $1 billion must pay an additional 
amount. Currently, 12 CFR 8.6(c)(1)(ii) defines the asset base upon 
which the additional assessment is applied by reference to Schedule A, 
Line 18 of the Annual Report of Trust Assets (FFIEC Form 001). FFIEC 
Form 001 was replaced effective December 31, 2001 by FFIEC forms 031 
and 041, Schedule RC-T--Fiduciary and Related Assets.
    The proposal amends the definition of ``Trust assets'' in 
Sec. 8.6(c)(3)(iv). The defined term is changed to ``Fiduciary and 
related assets'' to reflect the terminology used in Schedule RC-T of 
FFIEC forms 031 and 041. The proposal replaces the reference to FFIEC 
Form 001 that now appears with a reference to assets reported on 
Schedule RC-T of FFIEC forms 031 and 041, any successor form issued by 
the FFIEC, and any other fiduciary and related assets defined in the 
Notice of Comptroller of the Currency Fees. ``Fiduciary and related 
assets'' reported on Schedule RC-T reflect the types of assets, managed 
in a trust or fiduciary related-capacity, covered by the now-outdated 
cross-reference in the current rule, plus

[[Page 20467]]

certain other similarly managed assets (corporate trust and agency 
accounts), not reported on the previous FFIEC form due to imprecisions 
in the instructions to the form.
    The proposal also removes references in Secs. 8.6(c)(1) and 
(c)(1)(ii) to ``managed assets'' and ``trust assets under management,'' 
and replaces them with the new term ``fiduciary and related assets,'' 
which is used in Schedule RC-T of FFIEC forms 031 and 041.
    The proposal would also make a technical correction to Sec. 8.1, 
correcting the reference to ``12 U.S.C. 93A'' to ``12 U.S.C. 93a.''
    Finally, we note that the changes made in this proposal affect a 
small number of banks that are already aware of the change in FFIEC 
forms. In addition, this amendment is intended to eliminate any 
confusion caused by the outdated cross-reference in the current rule 
for trust banks calculating their assessments for the upcoming period 
due on July 31, 2002. For these reasons, we have concluded that an 
abbreviated comment period is adequate under the circumstances.

Request for Comments

    The OCC invites comment on all aspects of the proposed regulation.

Solicitation of Comments on Use of Plain Language

    Section 722 of the Gramm-Leach-Bliley Act, Pub. L. 106-102, sec. 
722, 113 Stat. 1338, 1471 (Nov. 12. 1999), requires the Federal banking 
agencies to use plain language in all proposed and final rules 
published after January 1, 2000. We invite your comments on how to make 
this proposal easier to understand. For example:
     Have we organized the material to suit your needs? If not, 
how could this material be better organized?
     Are the requirements in the proposed regulation clearly 
stated? If not, how could the regulation be more clearly stated?
     Does the proposed regulation contain language or jargon 
that is not clear? If so, which language requires clarification?
     Would a different format (grouping and order of sections, 
use of headings, paragraphing) make the regulation easier to 
understand? If so, what changes to the format would make the regulation 
easier to understand?
     What else could we do to make the regulation easier to 
understand?

Regulatory Flexibility Act

    An agency must prepare a Regulatory Flexibility Analysis if a rule 
it proposes will have a ``significant economic impact'' on a 
``substantial number of small entities.'' 5 U.S.C. 603, 605. If, after 
an analysis of a rule, an agency determines that the rule is not 
expected to have a significant economic impact on a substantial number 
of small entities, section 605(b) provides that the head of the agency 
may so certify.
    The OCC has reviewed the impact this proposed rule will have on 
small national banks. For purposes of this Regulatory Flexibility 
Analysis and proposed regulation, the OCC defines ``small national 
banks'' to be those banks with less than $100 million in total assets. 
Based on that review, the OCC certifies that the proposed rule will not 
have a significant economic impact on a substantial number of small 
entities. The basis for this conclusion is that only 9 trust banks will 
be affected. The OCC believes, as a result, that the rulemaking will 
not have an impact on a substantial number of small institutions.

Executive Order 12866

    The OCC has determined that this proposal 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, Public Law 
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 the proposed 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 
rulemaking requires no further analysis under the Unfunded Mandates 
Act.

List of Subjects in 12 CFR Part 8

    National banks, Reporting and recordkeeping requirements.

Authority and Issuance

    For the reasons set forth in the preamble, part 8 of chapter I of 
title 12 of the Code of Federal Regulations is proposed to be amended 
as follows:

PART 8--ASSESSMENT OF FEES

    1. The authority citation for part 8 continues to read as follows:

    Authority: 12 U.S.C. 93a, 481, 482, 1867, 3102, and 3108; 15 
U.S.C. 78c and 78l; and 26 D.C. Code 102.

    2. Section 8.1 is revised to read as follows:


Sec. 8.1  Scope and application.

    The assessments contained in this part are made pursuant to the 
authority contained in 12 U.S.C. 93a, 481, 482, and 3102; 15 U.S.C. 78c 
and 78l; and 26 D.C. Code 102.
    3. In Sec. 8.6:
    A. Paragraph (c)(1) is amended by removing the term ``managed'' and 
adding in its place ``fiduciary and related''; and
    B. Paragraphs (c)(1)(ii) and (c)(3)(iv) are revised to read as 
follows:


Sec. 8.6  Fees for special examinations and investigations.

* * * * *
    (c) * * *
    (1) * * *
    (ii) Additional amount for independent trust banks with fiduciary 
and related assets in excess of $1 billion. Independent trust banks 
with fiduciary and related assets in excess of $1 billion will pay an 
amount that exceeds the minimum fee. The amount to be paid will be 
calculated by multiplying the amount of fiduciary and related assets by 
a rate or rates provided by the OCC in the Notice of Comptroller of the 
Currency Fees.
* * * * *
    (c) * * *
    (3) * * *
    (iv) Fiduciary and related assets are those assets reported on 
Schedule RC-T of FFIEC forms 031 and 041, Line 9 (columns A and B) and 
Line 10 (column B), any successor form issued by the FFIEC, and any 
other fiduciary and related assets defined in the Notice of the 
Comptroller of the Currency Fees.

    Dated: April 22, 2002.
John D. Hawke, Jr.,
Comptroller of the Currency.
[FR Doc. 02-10277 Filed 4-24-02; 8:45 am]
BILLING CODE 4810-33-P