Covered Savings Association Notice

ICR 201905-1557-004

OMB: 1557-0341

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2019-05-20
IC Document Collections
IC ID
Document
Title
Status
232909
Unchanged
232908
Modified
ICR Details
1557-0341 201905-1557-004
Active 201808-1557-001
TREAS/OCC
Covered Savings Association Notice
New collection (Request for a new OMB Control Number)   No
Regular
Approved without change 06/27/2019
Retrieve Notice of Action (NOA) 05/24/2019
  Inventory as of this Action Requested Previously Approved
06/30/2022 36 Months From Approved
320 0 0
345 0 0
0 0 0

The OCC submits this ICR in connection with a final rule to implement a new section of the Home Owners’ Loan Act (HOLA). The Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) amended HOLA to add a new section that allows a Federal savings association with total consolidated assets equal to or less than $20 billion, as reported by the association to the Comptroller as of December 31, 2017, to elect to operate as a covered savings association. A covered savings association has the same rights and privileges as a national bank and is subject to the same duties, restrictions, penalties, liabilities, conditions, and limitations as a national bank. A covered savings association retains its Federal savings association charter and existing governance framework. The new section of HOLA requires the OCC to issue rules that, among other things, establish streamlined standards and procedures for elections to operate as covered savings associations and clarify requirements for the treatment of covered savings associations.

PL: Pub.L. 115 - 174 206 Name of Law: Economic Growth, Regulatory Relief, and Consumer Protection Act
  
PL: Pub.L. 115 - 174 206 Name of Law: Economic Growth, Regulatory Relief, and Consumer Protection Act

1557-AE45 Final or interim final rulemaking 84 FR 23991 05/24/2019

No

2
IC Title Form No. Form Name
Election, Termination Reelection
Plan to Divest

  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 320 0 0 320 0 0
Annual Time Burden (Hours) 345 0 0 345 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Changing Regulations
No
The increase in burden is due to the fact that this is a new collection.

No
    No
    No
No
No
No
Uncollected
Priscilla Benner 202 649-6973 priscilla.benner@occ.treas.gov

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
05/24/2019


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