[Federal Register Volume 69, Number 70 (Monday, April 12, 2004)]
[Notices]
[Pages 19267-19268]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-8183]


-----------------------------------------------------------------------

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: 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. An agency may not conduct or sponsor, and a respondent is not 
required to respond to, an information collection unless the 
information collection displays a currently valid OMB control number. 
The OCC is soliciting comment concerning its renewal, without change, 
of an information collection titled ``Financial Subsidiaries and 
Operating Subsidiaries--12 CFR 5.'' The OCC also gives notice that it 
has sent the information collection to OMB for review and approval.

DATES: You should submit your comments to the OCC and the OMB Desk 
Officer by May 12, 2004.

ADDRESSES: You should direct your comments to:
    OCC: Communications Division, Office of the Comptroller of the 
Currency, Public Reference Room, Mailstop 1-5, Attention: 1557-0215, 
250 E Street, SW., Washington, DC 20219. You are encouraged to submit 
your comments by facsimile transmission or electronic mail. Comments 
may be sent by facsimile transmission to (202) 874-4448, or by 
electronic mail to [email protected]. You can inspect and 
photocopy the comments at the OCC's Public Reference Room, 250 E 
Street, SW., Washington, DC 20219. You can make an appointment to 
inspect the comments by calling (202) 874-5043. Additionally, you may 
request copies of comments via electronic mail or CD-ROM by contacting 
the OCC's Public Reference Room at http://[email protected].
    OMB: Mark Menchik, OMB Desk Officer, Control Number 1557-0215, 
Office of Information and Regulatory Affairs, Office of Management and 
Budget, New Executive Office Building, Room 10235, Washington, DC 
20503. Alternatively, you may send a comment by facsimile transmission 
to (202) 395-6974 or by electronic mail to [email protected].

FOR FURTHER INFORMATION CONTACT: You can request additional information 
or a copy of the information collection from John Ference, Acting OCC 
Clearance Officer, or Camille Dixon, (202) 874-5090, Legislative and 
Regulatory Activities Division, 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--12 CFR 5.
    OMB Number: 1557-0215.
    Form Number: None.
    Abstract: This submission covers an existing regulation and 
involves no 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 regulatory requirements regarding this information collection 
are located as follows:
    12 CFR 5.24(d)(2)(ii)(G)--Conversion: An institution must identify 
all subsidiaries that will be retained following a 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

[[Page 19268]]

establishing each subsidiary pursuant to 12 CFR 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 12 CFR 5.34 or 5.39.
    The OCC needs this information regarding a subsidiary 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 a national bank operating subsidiary 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 bank.
    12 CFR 5.35(f)(1) and (2)--Bank service companies: Under 12 CFR 
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 12 CFR 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 12 CFR 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 12 CFR 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 12 CFR 5.39(i)(1) and (2). The OCC 
will review this information to ensure that a proposed interest 
acquisition 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: 607.
    Estimated Total Annual Responses: 607.
    Frequency of Response: On occasion.
    Estimated Total Annual Burden: 607 burden hours.
    Comments: The OCC has a continuing interest in the public's opinion 
regarding collections of information. All comments will become a matter 
of public record. The OCC received no comments in response to its 
initial Federal Register notice (69 FR 4203; January 28, 2004) 
regarding renewal of this information collection. Nevertheless, members 
of the public still are invited to submit comments regarding any aspect 
of this collection of information. Comments are invited specifically 
on:
    (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information has practical utility;
    (b) The accuracy of the agency'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 startup costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Dated: April 5, 2004.
Stuart Feldstein,
Assistant Director, Legislative & Regulatory Activities Division.
[FR Doc. 04-8183 Filed 4-9-04; 8:45 am]
BILLING CODE 4810-33-P