This ICR relates to a final rule that implements changes recommended in the March 2017 Economic Growth and Regulatory Paperwork Reduction Act report, including the repeal of the OCCâs employment contract rule for Federal savings associations, and amend the OCCâs fiduciary rules. The final rule also amends the OCCâs rule for conversions from mutual to stock form of a savings association to reduce burden, increase flexibility, and update cross-references.
The final rule adds a new § 192.660(e)(3) to require that the voluntary supervisory conversion application include a statement indicating the role in the successor savings association each director, officer, and affiliate of the savings association or associate of the director or officer will have after the conversion.
US Code:
12 USC 3311(b)
Name of Law: Economic Growth and Regulatory Paperwork Reduction Act of 1996
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.
1557-0347.docx
Successor Savings Association Roles