Covered Savings Association Notice

ICR 202203-1557-001

OMB: 1557-0341

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2022-03-09
IC Document Collections
IC ID
Document
Title
Status
232909
Unchanged
232908
Modified
ICR Details
1557-0341 202203-1557-001
Received in OIRA 201905-1557-004
TREAS/OCC
Covered Savings Association Notice
Extension without change of a currently approved collection   No
Regular 03/17/2022
  Requested Previously Approved
36 Months From Approved 06/30/2022
292 320
317 345
0 0

The Home Owners’ Loan Act (HOLA), as amended by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), allows a Federal savings association (FSA) with total consolidated assets of $20 billion or less, as of December 31, 2017, to elect to operate as a covered savings association (CSA). This section of HOLA requires the OCC to issue rules that, among other things, establish streamlined standards and procedures for FSA elections to operate as CSAs and clarify the requirements for the treatment of CSAs. A CSA has the same rights and privileges as a national bank and is subject to the same duties and restrictions as a national bank. Twelve CFR part 101 allows FSAs to elect national bank powers and operate as CSAs. An FSA seeking to operate as a CSA is required under 12 CFR 101.3(a) to submit a notice making an election to the OCC that: (1) is signed by a duly authorized officer of the FSA; and (2) identifies and describes any nonconforming subsidiaries, assets, or activities that the FSA operates, holds, or conducts at the time its submits its notice. Under 12 CFR 101.5(a), the OCC may require a CSA to submit a plan to divest, conform, or discontinue a nonconforming subsidiary, asset, or activity. A CSA may submit a notice to terminate its election to operate as a CSA under 12 CFR 101.6 using similar procedures to those for an election. In addition, after a period of five years, an FSA that has terminated its election to operate as a CSA may submit a notice under 12 CFR 101.7 to reelect using the same procedures used for its original election.

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

Not associated with rulemaking

  87 FR 535 01/05/2022
87 FR 15304 03/17/2022
No

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

  Total Request 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 292 320 0 -28 0 0
Annual Time Burden (Hours) 317 345 0 -28 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
Yes
Miscellaneous Actions
The decrease in burden is due to the availability of more accurate burden estimates.

No
    No
    No
No
No
No
No
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.
03/17/2022


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