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Federal Register / Vol. 86, No. 21 / Wednesday, February 3, 2021 / Proposed Rules
jointly held with one or more other businesses.
2 Shared employees. When sharing space with other businesses as described in paragraph e1 of this section, a national bank or Federal savings association may provide, under one or more written agreements between the national bank or Federal savings association, the other business, and their employees, that:
i A national bank or Federal savings association employee may act as agent for the other business; or ii An employee of the other business may act as agent for the national bank or Federal savings association.
3 Supervisory conditions. When a national bank or Federal savings association engages in arrangements of the types listed in paragraphs e1 and 2 of this section, the national bank or Federal savings association must ensure:
i The other business is conspicuously, accurately, and separately identified;
ii Shared employees clearly and fully disclose the nature of their agency relationship to customers of the national bank or Federal savings association and of the other businesses so that customers will know the identity of the national bank, Federal savings association, or other business that is providing the product or service;
iii The arrangement does not constitute a joint venture or partnership with the other business under applicable state law;
iv All aspects of the relationship between the national bank or Federal savings association and the other business are conducted at arms length, unless a special arrangement is warranted because the other business is a subsidiary of the national bank or Federal savings association;
v Security issues arising from the activities of the other business on the premises are addressed;
vi The activities of the other business do not adversely affect the safety and soundness of the national bank or Federal savings association;
vii The shared employees or the entity for which they perform services are duly licensed or meet qualification requirements of applicable statutes and regulations pertaining to agents or employees of such other business; and viii The assets and records of the parties are segregated.
4 Other legal requirements. When entering into arrangements of the types described in paragraphs e1 and 2 of this section, and in conducting operations pursuant to those arrangements, a national bank or Federal savings association must ensure
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that each arrangement complies with all applicable laws and regulations. If the arrangement involves an affiliate or a shareholder, director, officer, or employee of the national bank or Federal savings association:
i The national bank or Federal savings association must ensure compliance with all applicable statutory and regulatory provisions governing national bank or Federal savings association transactions with these persons or entities;
ii The parties must comply with all applicable fiduciary duties; and iii The parties, if they are in competition with each other, must consider limitations, if any, imposed by applicable antitrust laws.
f Permissible means of holding real estate and fixed assets.
1 Permissible means of holding. A
national bank or Federal savings association may acquire and hold real estate under paragraph b of this section by any reasonable and prudent means, including ownership in fee, a leasehold estate, or in an interest in a cooperative. A national bank or Federal savings association may hold this real estate directly or through one or more subsidiaries. A national bank or Federal savings association may organize a bank occupied premises subsidiary as a corporation, partnership, limited liability company, or any other similar entity.
2 Fixed assets. A national bank or Federal savings association may own fixed assets necessary for the transaction of its business, such as fixtures, furniture, and data processing equipment.
3 Investment in banking premises.
i Premises investment and approval.
A national bank or Federal savings association must comply with the investment and approval requirements for investment in banking premises in 12 CFR 5.37d.
ii Option to purchase. An unexercised option to purchase banking premises or stock in a corporation holding banking premises is not an investment in banking premises.
However, a national bank or Federal savings association seeking to exercise such an option must comply with the requirements in 12 CFR 5.37d.
g Transition. If, on XX, 20XX, a national bank or Federal savings association holds an investment in real estate, fixed assets, banking premises, or other real property that complies with the legal requirements in effect prior to XX, 20XX, but would violate any provision of this section, the national bank or Federal savings association may continue to hold such investment in
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accordance with the prior legal requirements. However, a national bank or Federal savings association that holds such an investment may not modify, expand, or improve this investment, except for routine maintenance, without the prior approval of the appropriate OCC supervisory office.
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Brian P. Brooks, Acting Comptroller of the Currency.
Editorial Note: This document was received at the Office of the Federal Register on December 31, 2020.
FR Doc. 202029277 Filed 2221; 8:45 am BILLING CODE 481033P

DEPARTMENT OF THE TREASURY
Internal Revenue Service 26 CFR Part 1
REG11989018
RIN 1545BP92

Section 42, Low-Income Housing Credit Average Income Test Regulations; Hearing Internal Revenue Service IRS, Treasury.
ACTION: Proposed rule; notice of hearing.
AGENCY:

This document provides a notice of public hearing on proposed regulations setting forth guidance on the average income test for purposes of the low-income housing credit.
DATES: The public hearing is being held on Wednesday, March 24, 2021 at 12
p.m. The IRS must receive speakers outlines of the topics to be discussed at the public hearing by Friday, March 5, 2021. If no outlines are received by March 5, 2021, the public hearing will be cancelled.
ADDRESSES: The public hearing is being held by teleconference. Individuals who want to testify by telephone at the public hearing must send an email to publichearings@irs.gov to receive the telephone number and access code for the hearing. The subject line of the email must contain the regulation number REG11989018 and the word TESTIFY. For example, the subject line may say: Request to TESTIFY at Hearing for REG11989018. The email must include the names of the speakers and titles. Send outline submissions electronically via the Federal eRulemaking Portal at www.regulations.gov IRS REG119890
18. The email must be received by March 5, 2021.
SUMMARY:

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