Overview
Title
Agency Information Collection Activities: Information Collection Renewal; Fiduciary Activities
Agencies
ELI5 AI
The Office of the Comptroller of the Currency (OCC) is asking people to share their thoughts about renewing a process where banks tell the government how they take care of other people's money, like a treasure keeper. They're doing this to make sure it’s not too much work for the banks and to keep everything clear and organized.
Summary AI
The Office of the Comptroller of the Currency (OCC) is inviting comments from the public and other federal agencies on its plan to renew the information collection titled "Fiduciary Activities" as part of the Paperwork Reduction Act requirements. The OCC aims to reduce paperwork and ensure compliance by using a valid OMB control number and has already submitted the renewal request to the Office of Management and Budget (OMB) for review. Interested parties can submit comments by March 29, 2021, with specific instructions provided to guide the submission process. The OCC's initiative is focused on improving the utility and effectiveness of information collection while minimizing the burden on respondents.
Abstract
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the renewal of an information collection, as required by the Paperwork Reduction Act of 1995 (PRA). An agency may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning renewal of its information collection titled "Fiduciary Activities." The OCC also is giving notice that it has submitted the collection to OMB for review.
Keywords AI
Sources
AnalysisAI
The document under review is a notice from the Office of the Comptroller of the Currency (OCC) inviting comments from the public and federal agencies about the renewal of an information collection related to fiduciary activities. This initiative is part of fulfilling the requirements under the Paperwork Reduction Act of 1995, a law designed to reduce the amount of paperwork handled by federal agencies and to ensure information collection procedures serve their intended purpose efficiently. The OCC's notification is focused on obtaining permission to continue these activities from the Office of Management and Budget (OMB) while minimizing the burden on businesses and individuals that provide necessary information.
General Summary
The OCC is seeking to renew the authorization it received earlier for collecting information, specifically under the regulatory scope of fiduciary activities. This includes processes by which banks handle collective investment funds. The OCC is inviting comments on the importance, accuracy, clarity, and burden of its information collection practices, as well as ways to optimize these processes using technology. Stakeholders have until March 29, 2021, to submit their views.
Significant Issues and Concerns
Some notable issues arise from the complexity of the language and references within the document. The frequent use of legal and regulatory terminology might present accessibility challenges to the general public, requiring prior knowledge or further research into specific codes and regulations cited, such as the Paperwork Reduction Act and related U.S. Codes. Furthermore, the document mentions resources available online to assist in the process but does not include direct hyperlinks. This oversight may complicate access for less familiar users.
Broad Public Impact
For the general public, this document emphasizes the ongoing efforts of federal agencies to streamline their information collection processes, ultimately aiming to reduce administrative burdens. There is an underlying assurance that these agencies seek public input to evaluate and improve their protocols, impacting how efficiently they operate and interact with the public and businesses.
Impact on Specific Stakeholders
For businesses, particularly those involved with banking and fiduciary operations, the renewal of this information collection means they must continue adhering to established reporting and recordkeeping requirements. Ensuring compliance can involve resource allocation for documentation and communication with the OCC, impacting both operational planning and cost management. However, engaging in this commentary process offers stakeholders a chance to voice concerns and suggestions, potentially influencing future regulatory practices.
In conclusion, while the document is firmly rooted in legal frameworks, its implications extend to everyday regulatory and operational procedures impacting businesses handling fiduciary responsibilities. By engaging in the commentary process, these stakeholders have the opportunity to play an active role in shaping the regulatory landscape to better align with practicality and efficiency.
Issues
• The document does not specifically identify any potential wasteful spending or favoritism towards particular organizations or individuals. It focuses primarily on the renewal of information collection for fiduciary activities.
• The language used within the document is technical and may be complex for individuals not familiar with legal and regulatory terminology, potentially limiting understanding for the general public.
• The document refers to specific regulations and laws such as the Paperwork Reduction Act of 1995 and codes like 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) which may require additional research for a full understanding if the reader is not already familiar with these.
• The document references information that may be found online but does not provide direct hyperlinks, which could make navigation cumbersome for users unfamiliar with the process.
• The document includes legal references and footnotes (e.g., '85 FR 71138') that may not be easily accessible or clear without further context or explanation.