Agency Information Collection Activities: Information Collection Renewal; Comment Request; Retail Foreign Exchange Transactions
Published Date: 2/10/2026
Notice
Summary
The Office of the Comptroller of the Currency (OCC) is asking for your thoughts on renewing a form they use to track retail foreign exchange transactions. This affects businesses involved in currency trading and aims to keep paperwork light and clear. You’ve got until April 13, 2026, to share your comments—no fees or big changes, just a smooth renewal process!
Analyzed Economic Effects
7 provisions identified: 0 benefits, 7 costs, 0 mixed.
OCC 'No-Objection' Before Starting Retail Forex
If you are a national bank or Federal savings association, you must give the OCC prior notice and obtain a written supervisory no-objection letter before initiating a retail foreign exchange business under 12 CFR 48.4. To get the no-objection letter, you must have written policies, procedures, and risk measurement and management systems and provide information such as customer due diligence, new product approvals, and haircuts applied to noncash margins.
Comprehensive Recordkeeping and Haircut Policies
Sections 12 CFR 48.7, 48.9, and 48.13 require national banks and Federal savings associations engaging in retail forex to keep full, complete, and systematic records (accounts, ledgers, transactions, daily records, memorandum orders, post-execution allocations, profitable-accounts ratio, possible violations, noncash margin records, monthly statements and confirmations), adopt policies and procedures for haircuts on noncash margin, and perform annual evaluations and modifications of haircuts.
Estimated Respondent Burden and Comment Deadline
The OCC estimates this information collection affects 22 respondents with a total annual burden of 32,880 hours and is soliciting public comments by April 13, 2026; OMB Control No. 1557-0250 identifies this collection titled 'Retail Foreign Exchange Transactions.'
Customer Disclosure and Statement Requirements
Under 12 CFR 48.5, 48.6, and 48.10, a national bank or Federal savings association must give retail forex customers a written disclosure before opening an account, secure the customer's acknowledgment, disclose its profitable accounts ratio and fees, promptly provide statements showing financial results and any introducing broker, and issue monthly statements and transaction confirmations.
Limits on Related-Person Accounts
12 CFR 48.13(c) and (d) prohibit a national bank or Federal savings association from knowingly handling the account of a related person of another retail forex counterparty (and related persons from having accounts with counterparties) unless proper written authorization is received, a written record of the order is prepared promptly, and copies of statements and written records are transmitted to the counterparty.
30-Day Notice and 60-Day Acknowledgment for Transfers
Under 12 CFR 48.15, a national bank or Federal savings association must give a retail forex customer 30 days prior notice of any assignment of a position or transfer of the customer's account. The institution receiving assigned or transferred accounts must provide affected customers with risk disclosure statements and obtain signed acknowledgments within 60 days.
Arbitration Notice Response Timing
12 CFR 48.16 requires a national bank or Federal savings association, within 10 days after receipt of notice that a retail forex customer intends to submit a claim to arbitration, to provide the customer with a list of persons qualified in the dispute resolution.
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