[Federal Register Volume 91, Number 75 (Monday, April 20, 2026)]
[Notices]
[Pages 21080-21081]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2026-07664]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Submission for OMB Review; Retail Foreign Exchange
Transactions
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 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,
``Retail Foreign Exchange Transactions.'' The OCC also is giving notice
that it has sent the collection to OMB for review.
DATES: Comments must be received by May 20, 2026.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
Email: [email protected].
Mail: Chief Counsel's Office, Attention: Comment
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0250, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Fax: (571) 293-4835.
Instructions: You must include ``OCC'' as the agency name and
``1557-0250'' in your comment. In general, the OCC will publish
comments on www.reginfo.gov without change, including any business or
personal information provided, such as name and address information,
email addresses, or phone numbers. 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.
Written comments and recommendations for the proposed information
collection should also be sent within 30 days of publication of this
notice to www.reginfo.gov/public/do/PRAMain. You can find this
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
You may review comments and other related materials that pertain to
this information collection following the close of the 30-day comment
period for this notice by the method set forth in the next bullet.
Viewing Comments Electronically: Go to www.reginfo.gov.
Hover over the ``Information Collection Review'' tab and click on
``Information Collection Review'' from the drop-down menu. From the
``Currently under Review'' drop-down menu, select ``Department of the
Treasury'' and then click ``submit.'' This information collection can
be located by searching OMB control number ``1557-0250'' or ``Retail
Foreign Exchange Transactions.'' Upon finding the appropriate
information collection, click on the related ``ICR Reference Number.''
On the next screen, select ``View Supporting Statement and Other
Documents'' and then click on the link to any comment listed at the
bottom of the screen.
For assistance in navigating www.reginfo.gov, please
contact the Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer,
(202) 649-5490, Chief Counsel's Office, Office of the Comptroller of
the Currency, 400 7th Street SW, Washington, DC 20219. If you are deaf,
hard of hearing, or have a speech disability, please dial 7-1-1 to
access telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.),
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.
The OCC asks the OMB to extend its approval of the collection in this
notice.
Title: Retail Foreign Exchange Transactions.
OMB Control No.: 1557-0250.
Type of Review: Regular.
Affected Public: Businesses or other for-profit.
Description: The OCC's rule pertaining to retail foreign exchange
transactions (``retail forex'') (12 CFR part 48) allows national banks
and Federal savings associations to offer or enter into retail foreign
exchange transactions. In order to engage in these transactions,
institutions must comply with various reporting, disclosure, and
recordkeeping requirements included in that rule.
Reporting Requirements
The reporting requirements in 12 CFR 48.4 state that, prior to
initiating a retail forex business, a national bank or Federal savings
association must provide the OCC with prior notice and obtain a written
supervisory no-objection letter. In order to obtain a supervisory no-
objection letter, a national bank or Federal savings association must
have written policies, procedures, and risk measurement and management
systems and controls in place to ensure that retail forex transactions
are conducted in a safe and sound manner. The national bank or Federal
savings association also must provide other information required by the
OCC, such as documentation of customer due diligence, new product
approvals, and haircuts applied to noncash margins.
Disclosure Requirements
Under 12 CFR 48.5, a national bank or Federal savings association
must promptly provide the customer with a statement reflecting the
financial result of the transactions and the name of any introducing
broker to the account. The institution must follow the customer's
specific instructions on how the offsetting transaction should be
applied.
Twelve CFR 48.6 requires that a national bank or Federal savings
association furnish a retail forex customer with a written disclosure
before opening an account through which the customer will engage in
retail forex transactions. It further requires a national bank or
Federal savings association to secure an acknowledgment from the
customer that the disclosure was received and understood. Finally, the
section requires a national bank or Federal savings association to
disclose its profitable accounts ratio and its fees and other charges.
Twelve CFR 48.10 requires a national bank or Federal savings
association to issue monthly statements to each retail forex customer
and send confirmation statements following transactions.
Twelve CFR 48.13(c) prohibits a national bank or Federal savings
association engaging in retail forex transactions from knowingly
handling the account of any related person of another retail forex
counterparty unless it receives proper written authorization,
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promptly prepares a written record of the order, and transmits to the
counterparty copies of all statements and written records. Twelve CFR
48.13(d) prohibits a related person of a national bank or Federal
savings association engaging in retail forex transactions from having
an account with another retail forex counterparty unless it receives
proper written authorization and copies of all statements and written
records for such accounts are transmitted to the counterparty.
Twelve CFR 48.15 requires a national bank or Federal savings
association to provide a retail forex customer with 30 days prior
notice of any assignment of any position or transfer of any account of
the retail forex customer. It also requires a national bank or Federal
savings association to which retail forex accounts or positions are
assigned or transferred to provide the affected customers with risk
disclosure statements and forms of acknowledgment and obtain the signed
acknowledgments within 60 days.
The customer dispute resolution provisions in 12 CFR 48.16 require
certain endorsements, acknowledgments, and signatures. The section also
requires that a national bank or Federal savings association, within 10
days after receipt of notice from the retail forex customer that the
customer intends to submit a claim to arbitration, provide the customer
with a list of persons qualified in the dispute resolution.
Policies and Procedures; Recordkeeping
Twelve CFR 48.7 and 48.13 require that a national bank or Federal
savings association engaging in retail forex transactions keep full,
complete, and systematic records and to establish and implement
internal rules, procedures, and controls. Section 48.7 also requires
that a national bank or Federal savings association keep account,
financial ledger, transaction, and daily records, as well as memorandum
orders, post-execution allocation of bunched orders, records regarding
its ratio of profitable accounts, possible violations of law, records
for noncash margin, and monthly statements and confirmations. Twelve
CFR 48.9 requires policies and procedures for haircuts for noncash
margin collected under the rule's margin requirements and annual
evaluations and modifications of the haircuts.
Estimated Burden
Estimated Frequency of Response: On occasion.
Estimated Number of Respondents: 22.
Estimated Total Annual Burden: 32,880 hours.
Comments: On February 10, 2026, the OCC published a 60-day notice
for this information collection, (91 FR 5989). No comments were
received.
Comments continue to be 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.
Carl Kaminski,
Assistant Director, Office of the Comptroller of the Currency.
[FR Doc. 2026-07664 Filed 4-17-26; 8:45 am]
BILLING CODE 4810-33-P