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.
Simple Explanation
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.