The Comptroller's Licensing Manual
(Manual) explains the OCC's policies and procedures for the
formation of a new national bank or Federal savings association,
entry into the banking system by other institutions, and corporate
expansion and structural changes by existing national banks and
Federal savings associations. This ICR contains updates to a number
of forms included in the Manual. This ICR is being submitted in
connection with a notice of proposed rulemaking (NPR) titled
“Licensing Amendments.” The NPR would: • Add new definitions to add
clarity and consistency across Part 5. This includes proposing a
single definition of well managed applicable throughout Part 5. 12
CFR 5.3. • Require each proposed organizer, director, executive
officer, or principal shareholder to submit information prescribed
in the Interagency Biographical and Financial Report and legible
fingerprints. This amendment merely codifies current application
requirements and will not result in a change in burden. 12 CFR
5.20. • Eliminate the bylaw amendment notice requirement for
Federal savings associations that adopt without change the OCC’s
model or optional bylaws set forth in the rule. 12 CFR 5.21, 5.22.
• Require that applications to convert to a Federal savings
association or national bank include: a list of directors and
senior executive officers of the converting institution; and a list
of individuals, directors, and shareholders who directly or
indirectly, or acting in concert with one or more persons or
companies, or together with members of their immediate family, do
or will own, control, or hold 10 percent or more of the converting
institution’s stock. This amendment merely codifies current
application requirements and will not result in a change in burden.
12 CFR 5.23(d)(2)(ii), 5.24(e)(2). • Permit the OCC to require
directors and senior executive officers of a converting institution
to submit the Interagency Biographical and Financial Report and
legible fingerprints. This amendment merely codifies current
application requirements and will not result in a change in burden.
12 CFR 5.23, 5.24. • Require that applications for national banks
or Federal savings associations that wish to engage in the exercise
of fiduciary powers include, if requested by the OCC, the
Interagency Biographical and Financial Report and legible
fingerprints. 12 CFR 5.26. • Require a filer of a business
combination application under CRA to disclose whether it has
entered into and disclosed a covered agreement, as defined in 12
CFR 35.2. 12 CFR 5.33(e)(1)(iii)(B). • Remove the requirement that
a disappearing national bank or Federal savings association
consolidating or merging with another OCC-supervised institution
provide a notice to the OCC. 12 CFR 5.33(g), (k). • For national
bank operating subsidiaries, expand the after the fact notice for
national banks to activities that are substantially the same as
previously approved activities that will be conducted in accordance
with the same terms and conditions applicable to the previously
approved activity. Expand the list of eligible entities to include
trusts provided that the bank or operating subsidiary has the
ability to replace the trustee at will and be the sole beneficial
owner of the trust. 12 CFR 5.34. • Remove the requirement for a
national bank to file an annual report identifying its operating
subsidiaries that do business directly with consumers and are not
functionally regulated. 12 CFR 5.34. • For national bank
non-controlling investments and Federal savings association
pass-through investments, expand the activities eligible for notice
to activities that are substantially the same as previously
approved activities. 12 CFR 5.36, 5.58. • Allow national banks and
Federal savings associations to file an application to make a
non-controlling investment or a pass-through investment,
respectively, in an enterprise that has
The decrease in burden is due
to the removal of the annual report requirement.
$0
No
No
No
No
No
No
No
Yoo Jin Na 2028744604
yoojin.na@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.
Reduction in Permanent Capital
1557-0014 Supporting Statement Part 5 1-29-20.docx
Reduction in Permanent Capital