Retail Foreign Exchange Transactions

Forms and Documents

Document Name	Status
Interim Final Rule for PRA.doc Supplementary Document	2011-09-01
1557-0250.doc Justification for No Material/Nonsubstantive Change	2011-08-22

IC Document Collections

IC ID	Document Title	Status
197291	Retail Forex Transactions	Modified

ICR Details

OMB Control No: 1557-0250	ICR Reference No: 201108-1557-004
Status: Historical Active	Previous ICR Reference No: 201107-1557-001
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Retail Foreign Exchange Transactions
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/06/2011
	Date Received in OIRA: 09/01/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2014	07/31/2014	07/31/2014
Responses	508,752	0	317,970
Time Burden (Hours)	107,606	0	67,254
Cost Burden (Dollars)	0	0	0

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Abstract: Section 742(c)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 amended the Commodity Exchange Act to require that U.S. financial institutions may not enter into agreements, contracts, or transactions in foreign currency that are contracts or sales of a commodity for future delivery or an option, other than those executed or traded on a national security exchange under section 6(a) of the Securities Exchange Act of 1934 with a retail customer except pursuant to a regulation of a Federal regulatory agency. OCC's final rule prescribed disclosure, recordkeeping, capital and margin, reporting, business conduct, and documentation requirements necessary to regulate these transactions for national banks, Federal branches and agencies of foreign banks, and their operating subsidiaries. The OCC is adopting an interim final rule authorizing Federal savings associations and their operating subsidiaries to engage in off-exchange transactions in foreign currency with retail customers, subject to the requirements in the final rule. The interim final rule is substantively the same as the final rule and implements the provision in section 742 of Dodd-Frank that requires that these transactions be conducted by national banks and Federal savings associations and their respective subsidiaries only pursuant to a regulation issued by the OCC.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 742 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 742 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1557-AD42	Final or interim final rulemaking	76 FR 41375	07/14/2011

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Retail Forex Transactions

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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	508,752	317,970	190,782	0	0	0
Annual Time Burden (Hours)	107,606	67,254	40,352	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement: The increase in burden is due to the addition of savings associations and their subsidiaries.

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Annual Cost to Federal Government:

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]? No

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

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

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: 09/01/2011

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