<div> 1374Federal Register / Vol. 85, No. 7 / Friday, January 10, 2020 / Notices   requirement, the OCC is publishing notice of the renewal of the collection of information set forth in this document. Title: Retail Foreign Exchange Transactions.OMB Control No.: 1557–0250.Type of Review: Regular.Frequency of Response: On occasion.Affected Public: Businesses or other for-profit.Estimated Number of Respondents:15.Total Annual Burden: 22,418 hours.Description: Background The OCC’s retail forex rule (12 CFR part 48) allows national banks and Federal savings associations to offer or enter into retail foreign exchange transactions. In order to engage in these transactions, institutions must comply with various reporting, disclosure, and recordkeeping requirements included in that rule. Reporting Requirements The reporting requirements in 12 CFR 48.4 state that, prior to initiating a retail forex business, a national bank or Federal savings association must provide the OCC with prior notice and obtain a written supervisory no-objection letter. In order to obtain a supervisory no-objection letter, a national bank or Federal savings association must have written policies, procedures, and risk measurement and management systems and controls in place to ensure that retail forex transactions are conducted in a safe and sound manner. The national bank or Federal savings association also must provide other information required by the OCC, such as documentation of customer due diligence, new product approvals, and haircuts applied to noncash margins.  Disclosure Requirements Under 12 CFR 48.5, a national bank or Federal savings association must promptly provide the customer with a statement reflecting the financial result of the transactions and the name of any introducing broker to the account. The institution must follow the customer’s specific instructions on how the offsetting transaction should be applied. Twelve CFR 48.6 requires that a national bank or Federal savings association furnish a retail forex customer with a written disclosure before opening an account through which the customer will engage in retail forex transactions. It further requires a national bank or Federal savings association to secure an  acknowledgment from the customer that the disclosure was received and understood. Finally, the section requires the disclosure by a national bank or Federal savings association of its profitable accounts ratio and its fees and other charges. Twelve CFR 48.10 requires a national bank or Federal savings association to issue monthly statements to each retail forex customer and send confirmation statements following transactions. Twelve CFR 48.13(c) prohibits a national bank or Federal savings association engaging in retail forex transactions from knowingly handling the account of any related person of another retail forex counterparty unless it receives proper written authorization, promptly prepares a written record of the order, and transmits to the counterparty copies of all statements and written records. Twelve CFR 48.13(d) prohibits a related person of a national bank or Federal savings association engaging in retail forex transactions from having an account with another retail forex counterparty unless it receives proper written authorization and copies of all statements and written records for such accounts are transmitted to the counterparty. Twelve CFR 48.15 requires a national bank or Federal savings association to provide a retail forex customer with 30 days prior notice of any assignment of any position or transfer of any account of the retail forex customer. It also requires a national bank or Federal savings association to which retail forex accounts or positions are assigned or transferred to provide the affected customers with risk disclosure statements and forms of acknowledgment and obtain the signed acknowledgments within 60 days. The customer dispute resolution provisions in 12 CFR 48.16 require certain endorsements, acknowledgments, and signatures. The section also requires that a national bank or Federal savings association, within 10 days after receipt of notice from the retail forex customer that the customer intends to submit a claim to arbitration, provide the customer with a list of persons qualified in the dispute resolution. Policies and Procedures; Recordkeeping Twelve CFR 48.7 and 48.13 require that a national bank or Federal savings association engaging in retail forex transactions keep full, complete, and systematic records and to establish and implement internal rules, procedures, and controls. Section 48.7 also requires  that a national bank or Federal savings association keep account, financial ledger, transaction, and daily records, as well as memorandum orders, post-execution allocation of bunched orders, records regarding its ratio of profitable accounts, possible violations of law, records for noncash margin, and monthly statements and confirmations. Twelve CFR 48.9 requires policies and procedures for haircuts for noncash margin collected under the rule’s margin requirements and annual evaluations and modifications of the haircuts. Comments submitted in response to this notice will be summarized and included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the OCC, including whether the information has practical utility; (b) The accuracy of the OCC’s estimate of the burden of the information collection;(c) Ways to enhance the quality,utility, and clarity of the information to be collected; (d) Ways to minimize the burden of the collection on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Dated: January 6, 2020. Theodore J. Dowd, Deputy Chief Counsel, Office of the Comptroller of the Currency. [FR Doc. 2020–00232 Filed 1–9–20; 8:45 am] BILLING CODE 4810–33–P  DEPARTMENT OF THE TREASURY Multiemployer Pension Plan Application To Reduce Benefits AGENCY: Department of the Treasury. ACTION: Notice of availability; request for comments.  SUMMARY: The Board of Trustees of the Bricklayers &amp; Allied Craftsmen Local 7 Pension Fund (Fund), a multiemployer pension plan, has submitted an application to reduce benefits under the plan in accordance with the Multiemployer Pension Reform Act of 2014 (MPRA). The purpose of this notice is to announce that the application submitted by the Board of Trustees of the Fund has been published <table><tr><td><div class="indented"><div class="indented">Federal Register / Vol. 85, No. 7 / Friday, January 10, 2020 / Notices</div></div></td><td>1375</td></tr><tr><td> </td><td> </td></tr><tr><td> </td><td> </td></tr></table>   on the website of the Department of the Treasury (Treasury), and to request public comments on the application from interested parties, including participants and beneficiaries, employee organizations, and contributing employers of the Fund. DATES: Comments must be received by February 24, 2020. ADDRESSES: You may submit comments electronically through the Federal eRulemaking Portal at http:// www.regulations.gov, in accordance with the instructions on that site. Electronic submissions through www.regulations.gov are encouraged. Comments may also be mailed to the Department of the Treasury, MPRA Office, 1500 Pennsylvania Avenue NW, Room 1224, Washington, DC 20220, Attn: Danielle Norris. Comments sent via facsimile or email will not be accepted. Additional Instructions. All comments received, including attachments and other supporting materials, will be made available to the public. Do not include any personally identifiable information (such as your Social Security number, name, address, or other contact information) or any other information in your comment or supporting materials that you do not want publicly disclosed. Treasury will make comments available for public inspection and copying on www.regulations.gov or upon request. Comments posted on the internet can be retrieved by most internet search engines.  FOR FURTHER INFORMATION CONTACT: For information regarding the application from the Fund, please contact Treasury at (202) 622–1534 (not a toll-free number). SUPPLEMENTARY INFORMATION: MPRA amended the Internal Revenue Code to permit a multiemployer plan that is projected to have insufficient funds to reduce pension benefits payable to participants and beneficiaries if certain conditions are satisfied. In order to reduce benefits, the plan sponsor is required to submit an application to the Secretary of the Treasury, which must be approved or denied in consultation with the Pension Benefit Guaranty Corporation (PBGC) and the Department of Labor. On December 13, 2019, the Board of Trustees of the Fund submitted an application for approval to reduce benefits under the plan. As required by MPRA, that application has been published on Treasury’s website at https://www.treasury.gov/services/ Pages/Plan-Applications.aspx. Treasury is publishing this notice in the Federal Register, in consultation with PBGC and the Department of Labor, to solicit public comments on all aspects of the Fund’s application. Comments are requested from interested parties, including participants and beneficiaries, employee organizations, and contributing employers of the Fund. Consideration will be given to any comments that are timely received by Treasury. Dated: January 3, 2020. David Kautter, Assistant Secretary for Tax Policy. [FR Doc. 2020–00190 Filed 1–9–20; 8:45 am] BILLING CODE 4810–25–P  DEPARTMENT OF THE TREASURY Interest Rate Paid on Cash Deposited To Secure U.S. Immigration and Customs Enforcement Immigration Bonds AGENCY: Departmental Offices, Treasury. ACTION: Notice.  SUMMARY: For the period beginning January 1, 2020, and ending on March 31, 2020, the U.S. Immigration and Customs Enforcement Immigration Bond interest rate is 1.61 per centum per annum. DATES: Rates are applicable January 1, 2020 to March 31, 2020. ADDRESSES: Comments or inquiries may be mailed to Will Walcutt, Supervisor, Funds Management Branch, Funds Management Division, Fiscal Accounting, Bureau of the Fiscal Services, Parkersburg, West Virginia 26106–1328. You can download this notice at the following internet addresses: http:// www.treasury.gov or http:// www.federalregister.gov. FOR FURTHER INFORMATION CONTACT: Ryan Hanna, Manager, Funds Management Branch, Funds Management Division, Fiscal Accounting, Bureau of the Fiscal Service, Parkersburg, West Virginia 261006–1328, (304) 480–5120; Will Walcutt, Supervisor, Funds Management Branch, Funds Management Division, Fiscal Accounting, Bureau of the Fiscal Services, Parkersburg, West Virginia 26106–1328, (304) 480–5117. SUPPLEMENTARY INFORMATION: Federal law requires that interest payments on cash deposited to secure immigration bonds shall be ‘‘at a rate determined by the Secretary of the Treasury, except that in no case shall the interest rate exceed 3 per centum per annum.’’ 8 U.S.C. 1363(a). Related Federal regulations state that ‘‘Interest on cash deposited to secure immigration bonds will be at the rate as determined by the Secretary of the Treasury, but in no case will exceed 3 per centum per annum or be less than zero.’’ 8 CFR 293.2. Treasury has determined that interest on the bonds will vary quarterly and will accrue during each calendar quarter at a rate equal to the lesser of the average of the bond equivalent rates on 91-day Treasury bills auctioned during the preceding calendar quarter, or 3 per centum per annum, but in no case less than zero. [FR Doc. 2015–18545] In addition to this Notice, Treasury posts the current quarterly rate in Table 2b— Interest Rates for Specific Legislation on the TreasuryDirect website. Gary Grippo, Deputy Assistant Secretary for Public Finance. [FR Doc. 2020–00189 Filed 1–9–20; 8:45 am] BILLING CODE 4810–25–P  U.S.-CHINA ECONOMIC AND SECURITY REVIEW COMMISSION Notice of Open Public Hearing AGENCY: U.S.-China Economic andSecurity Review Commission. ACTION: Notice of open public hearing.  SUMMARY: Notice is hereby given of the following hearing of the U.S.-China Economic and Security Review Commission. The Commission is mandated by Congress to investigate, assess, and report to Congress annually on ‘‘the national security implications of the economic relationship between the United States and the People’s Republic of China.’’ Pursuant to this mandate, the Commission will hold a public hearing in Washington, DC on January 23, 2020 on ‘‘China’s Quest for Capital: Motivations, Methods, and Implications.’’ DATES: The hearing is scheduled for Thursday, January 23, 2020 at 9:30 a.m. ADDRESSES: TBD, Washington, DC. A detailed agenda for the hearing will be posted on the Commission’s website at www.uscc.gov. Also, please check the Commission’s website for possible changes to the hearing schedule. Reservations are not required to attend the hearing. FOR FURTHER INFORMATION CONTACT: Any member of the public seeking further information concerning the hearing should contact Leslie Tisdale Reagan, 444 North Capitol Street NW, Suite 602, Washington, DC 20001; telephone: 202–</div>

Comments Sought on Application to Reduce Pension Plan Benefits

U.S. Department of Treasury

Treasury has requested comments on an application submitted by the board of trustees of the Bricklayers & Allied Craftsmen Local 7 Pension Fund to reduce multiemployer plan benefits. Comments are due by February 24.

Treasury has requested comments on an application submitted by the board of trustees of the Bricklayers &amp; Allied Craftsmen Local 7 Pension Fund to reduce multiemployer plan benefits. Comments are due by February 24.