[Federal Register Volume 67, Number 104 (Thursday, May 30, 2002)]
[Rules and Regulations]
[Pages 37664-37665]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-13556]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

12 CFR Part 8

[Docket No. 02-08]
RIN 1557-AC07


Assessment of Fees

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

ACTION: Final rule.

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SUMMARY: The Office of the Comptroller of the Currency (OCC) is 
amending its regulation that addresses assessments for independent 
trust banks. The final rule updates 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.

EFFECTIVE DATE: June 1, 2002.

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

SUPPLEMENTARY INFORMATION: 

Background

    On April 25, 2002, the OCC published a notice of proposed 
rulemaking in the Federal Register (67 FR 20466) to amend the OCC's 
assessment regulation for independent trust banks. The comment period 
ended on May 17, 2002. We received no comments on the proposal, and are 
therefore adopting it without change except for the addition of a minor 
technical amendment.

Description of Rule

    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 [sect] 8.2. Under 
[sect] 8.6(c)(1)(i), all independent trust banks must pay a minimum 
fee. In addition, under [sect] 8.6(c)(1)(ii), independent trust banks 
with ``managed assets'' in excess of $1 billion must pay an additional 
amount. Currently, the regulation 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 amended the definition of ``Trust assets'' in [sect] 
8.6(c)(3)(iv). The defined term was changed to ``Fiduciary and related 
assets'' to reflect the terminology used in Schedule RC-T of FFIEC 
Forms 031 and 041. The proposal also replaced the reference to FFIEC 
Form 001 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 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 removed references in [sect][sect] 8.6(c)(1) and 
(c)(1)(ii) to ``managed assets'' and ``trust assets under management,'' 
and replaced them with the new term ``fiduciary and related assets,'' 
which is used in Schedule RC-T of FFIEC Forms 031 and 041.
    The final rule adopts all of these amendments to part 8 without 
change.
    The proposal also made a technical correction to [sect] 8.1, 
correcting the reference to ``12 U.S.C. 93A'' to ``12 U.S.C. 93a.'' The 
final rule adopts this amendment and also corrects [sect] 8.1 by adding 
12 U.S.C. 1867 and 3108 to the list of authorities.

Effective Date

    Any new regulation that imposes ``additional reporting, disclosure, 
or other requirements on insured depository institutions shall take 
effect on the first day of a calendar quarter which begins on or after 
the date on which the regulations are published in final form,'' unless 
certain exceptions apply. Riegle Community Development and Regulatory 
Improvement Act of 1994, Pub. L. 103-325, sec. 302(b) (September 23, 
1994). This rulemaking imposes no such additional reporting, 
disclosure, or other requirements. Accordingly, the requirement to 
delay the effective date until the first day of

[[Page 37665]]

the next calendar quarter does not apply. Further, pursuant to 5 U.S.C. 
553(d), the publication of a substantive rule generally shall not be 
made less than 30 days before its effective date unless certain 
exceptions apply. One such exception contained in 5 U.S.C. 553(d)(3) 
permits an agency to publish a rule that is immediately effective if 
the agency finds good cause to do so and publishes its reasoning with 
the issuance of the rule. It is necessary for this final rule to become 
effective on June 1, 2002 in order to avoid inconsistency between the 
current OCC regulation and the form independent trust banks are 
required to use to calculate the next semi-annual assessment. Notice of 
the assessment will be given on June 1, 2002 and the assessment will be 
due by July 31, 2002.

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 final rule will have on small 
national banks. For purposes of this Regulatory Flexibility Analysis 
and final 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 final rule will not have a 
significant economic impact on a substantial number of small entities. 
The basis for this conclusion is that only 10 trust banks with total 
assets of less than $100 million will likely 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 final rule 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, Pub. L. 
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 final 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 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:


[sect] 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, 1867, 3102, and 3108; 
15 U.S.C. 78c and 78l; and 26 D.C. Code 102.

    3. In [sect] 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:


[sect] 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.
* * * * *
    (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 Comptroller 
of the Currency Fees.

    Dated: May 24, 2002.
John D. Hawke, Jr.,
Comptroller of the Currency.
[FR Doc. 02-13556 Filed 5-29-02; 8:45 am]
BILLING CODE 4810-33-P