Banks Must Keep Logging Tricky Money Deals Forever
Published Date: 3/13/2025
Notice
Summary
The Office of the Comptroller of the Currency (OCC) is renewing its paperwork rules about complex finance deals and wants your thoughts by May 12, 2025. This affects banks and financial firms involved in big, tricky money transactions, aiming to keep paperwork clear and manageable without extra costs. Your feedback helps make sure the rules stay smart and fair!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Paperwork Renewal for 9 Firms (225 hours)
If you are a business or bank covered by this collection, the OCC is renewing the information collection titled "Interagency Statement on Complex Structured Finance Transactions." The notice estimates 9 respondents and a total annual burden of 225 hours, and it requests comments by May 12, 2025 (OMB Control No. 1557-0229).
Must Report Internal Controls for Complex Deals
If you are a financial institution involved in complex structured finance transactions, the collection is based on the Interagency Statement that describes the types of internal controls and risk management procedures agencies consider effective. The OCC is seeking comment on renewing this collection and the statement forms the basis for what institutions may be asked to report (referenced OMB Control No. 1557-0229).
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