Fiduciary Powers of Savings Associations

Forms and Documents

Document Name	Status
Form OTS Form 1240 Fiduciary Powers of Federal Savings Associations Form and Instruction	New
1550-0037 (2006 Supporting Statement).pdf Supporting Statement A	2006-09-28

IC Document Collections

IC ID	Document Title	Status
45366	Fiduciary Powers of Federal Savings Associations Form and Instruction	New
19870	Fiduciary Powers of Federal Savings Associations	Modified

ICR Details

OMB Control No: 1550-0037	ICR Reference No: 200609-1550-001
Status: Historical Active	Previous ICR Reference No: 200507-1550-001
Agency/Subagency: TREAS/OTS	Agency Tracking No:
Title: Fiduciary Powers of Savings Associations
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/20/2006
	Date Received in OIRA: 09/28/2006
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2009	36 Months From Approved	09/30/2008
Responses	22	0	10
Time Burden (Hours)	354	0	30
Cost Burden (Dollars)	0	0	0

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Abstract: OTS must know when a Federal savings association is acting in a fiduciary capacity in order to establish effective oversight of those activities. This comment request addresses revisions to OTS Form 1240 – Application for Fiduciary Powers. The form is being revised to update the information OTS requires in order to make a determination whether to approve or deny an application for fiduciary powers. 12 C.F.R. § 550.70(a) requires that a Federal savings association that wants to conduct fiduciary activities for the first time, and for which OTS has not previously approved an application submitted under this part, must obtain prior approval from OTS before it may conduct the activities. 12 C.F.R. § 550.70(b) requires that a Federal savings association that wants to conduct fiduciary activities that are materially different from the activities that OTS has previously approved for it, including fiduciary activities that OTS has previously approved that have not been exercised for at least five years, must obtain prior approval from OTS before it may conduct the activities. Section 550.70(c) of OTS's regulations requires that a federal savings association that wants to commence in a new state fiduciary activities that are not materially different from those that OTS has already approved must file a notice with OTS. Instructions for filing the notice are found at 12 CFR 550.125. OTS must know when a federal savings association is acting in a fiduciary fiduciary capacity in a new state, in order to effectively monitor and examine the fiduciary activities of the association.

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Authorizing Statute(s): US Code: 12 USC 1464(n) Name of Law: null
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 25281	04/28/2006
30-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 55547	09/22/2006
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Fiduciary Powers of Federal Savings Associations
Fiduciary Powers of Federal Savings Associations	OTS Form 1240	Application for Fiduciary Powers

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	22	10	0	12	0	0
Annual Time Burden (Hours)	354	30	0	324	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The increase in burden hours from 30 hours to 354 reflects inclusion of the time it takes to complete Form 1240.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 09/28/2006

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