Submission for OMB Review; Comment Request-Thrift Financial Report: Schedule DI, 47866-47867 [E6-13668]
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jlentini on PROD1PC65 with NOTICES
47866
Federal Register / Vol. 71, No. 160 / Friday, August 18, 2006 / Notices
Improvement Act (Title V of the Fair
and Accurate Credit Transactions Act of
2003).
DATES: The ninth meeting of the
Financial Literacy and Education
Commission will be held on Tuesday,
September 19, 2006, beginning at 2 p.m.
ADDRESSES: The Financial Literacy and
Education Commission meeting will be
held in the Cash Room at the
Department of the Treasury, located at
1500 Pennsylvania Avenue, NW.,
Washington, DC. To be admitted to the
Treasury building, attendees must RSVP
by providing his or her name,
organization, phone number, date of
birth, Social Security number, and
country of citizenship to the Department
of the Treasury by e-mail at:
FLECrsvp@do.treas.gov, or by telephone
at: (202) 622–1783 (not a toll-free
number) not later than 5 p.m. on
Wednesday, September 13, 2006.
FOR FURTHER INFORMATION CONTACT: For
additional information, contact Tom
Kurek by e-mail at:
thomas.kurek@do.treas.gov or by
telephone at (202) 622–5770 (not a toll
free number). Additional information
regarding the Financial Literacy and
Education Commission and the
Department of the Treasury’s Office of
Financial Education may be obtained
through the Office of Financial
Education’s Web site at: https://
www.treas.gov/financialeducation.
SUPPLEMENTARY INFORMATION: The
Financial Literacy and Education
Improvement Act, which is Title V of
the Fair and Accurate Credit
Transactions Act of 2003 (the ‘‘FACT
Act’’) (Pub. L. 108–159), established the
Financial Literacy and Education
Commission (the ‘‘Commission’’) to
improve financial literacy and
education of persons in the United
States. The Commission is composed of
the Secretary of the Treasury and the
head of the Office of the Comptroller of
the Currency; the Office of Thrift
Supervision; the Federal Reserve; the
Federal Deposit Insurance Corporation;
the National Credit Union
Administration; the Securities and
Exchange Commission; the Departments
of Education, Agriculture, Defense,
Health and Human Services, Housing
and Urban Development, Labor, and
Veterans Affairs; the Federal Trade
Commission; the General Services
Administration; the Small Business
Administration; the Social Security
Administration; the Commodity Futures
Trading Commission; and the Office of
Personnel Management. The
Commission is required to hold
meetings that are open to the public
every four months, with its first meeting
VerDate Aug<31>2005
18:35 Aug 17, 2006
Jkt 208001
occurring within 60 days of the
enactment of the FACT Act. The FACT
Act was enacted on December 4, 2003.
The ninth meeting of the Commission,
which will be open to the public, will
be held in the Cash Room at the
Department of the Treasury, located at
1500 Pennsylvania Avenue, NW.,
Washington, DC. The room will
accommodate 80 members of the public.
Seating is available on a first-come
basis. Participation in the discussion at
the meeting will be limited to
Commission members, their staffs, and
special guest presenters.
Dated: August 9, 2006.
Dan Iannicola, Jr.,
Deputy Assistant Secretary for Financial
Education.
[FR Doc. E6–13638 Filed 8–17–06; 8:45 am]
BILLING CODE 4810–37–P
DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
Submission for OMB Review;
Comment Request—Thrift Financial
Report: Schedule DI
Office of Thrift Supervision
(OTS), Treasury.
ACTION: Notice and request for comment.
AGENCY:
SUMMARY: In accordance with the
requirements of the Paperwork
Reduction Act of 1995 (44 U.S.C. 3507),
OTS may not conduct or sponsor, and
the respondent is not required to
respond to, an information collection
unless it displays a currently valid OMB
control number. On April 28, 2006, OTS
requested public comment for 60 days
(71 FR 25282) on proposed revisions to
the Thrift Financial Report (TFR), which
is currently an approved collection of
information. The notice described
regulatory reporting revisions proposed
for the TFR: Schedule DI—Consolidated
Deposit Information to become effective
September 30, 2006, primarily in
response to the increased levels of
deposit insurance from $100,000 to
$250,000 for retirement accounts
provided by the Federal Deposit
Insurance Corporation (‘‘FDIC’’) Board
of Directors on March 14, 2006, in
interim rules effective April 1, 2006 (71
FR 14629), implementing certain
provisions of the Federal Deposit
Insurance Reform Act of 2005, (‘‘Reform
Act’’) (Pub. L. 109–171).
After considering the comments
received, OTS has adopted the proposed
revisions, with the exception of one
proposed line item deletion, and is
setting the effective date for the
revisions at December 31, 2006. OTS is
PO 00000
Frm 00095
Fmt 4703
Sfmt 4703
submitting the adopted revisions to
OMB for review and approval.
DATES: Submit written comments on or
before September 18, 2006. The
regulatory reporting revisions described
herein take effect December 31, 2006.
ADDRESSES: Send comments, referring to
the collection by ‘‘1550–0023 (TFR
Revisions—December 2006)’’, to OMB
and OTS at these addresses: Office of
Information and Regulatory Affairs,
Attention: Desk Officer for OTS, U.S.
Office of Management and Budget,
725—17th Street, NW., Room 10235,
Washington, DC 20503, or by fax to
(202) 395–6974; and Information
Collection Comments, Chief Counsel’s
Office, Office of Thrift Supervision,
1700 G Street, NW., Washington, DC
20552, by fax to (202) 906–6518, or by
e-mail to
infocollection.comments@ots.treas.gov.
OTS will post comments and the related
index on the OTS Internet Site at
www.ots.treas.gov. In addition,
interested persons may inspect
comments at the Public Reading Room,
1700 G Street, NW., by appointment. To
make an appointment, call (202) 906–
5922, send an e-mail to
public.info@ots.treas.gov, or send a
facsimile transmission to (202) 906–
7755.
For
further information or to obtain a copy
of the submission to OMB, please
contact Marilyn K. Burton, OTS
Clearance Officer, at
marilyn.burton@ots.treas.gov, (202)
906–6467, or facsimile number (202)
906–6518, Litigation Division, Chief
Counsel’s Office, Office of Thrift
Supervision, 1700 G Street, NW.,
Washington, DC 20552.
You can obtain a copy of the
December 2006 Thrift Financial Report
form from the OTS Web site at https://
www.ots.treas.gov or you may request it
by electronic mail from
tfr.instructions@ots.treas.gov. You can
request additional information about
this proposed information collection
from James Caton, Director, Financial
Monitoring and Analysis Division, (202)
906–5680, Office of Thrift Supervision,
1700 G Street, NW., Washington, DC
20552.
FOR FURTHER INFORMATION CONTACT:
The effect
of the proposed revisions to the
reporting requirements of these
information collections will vary from
institution to institution, depending on
the institution’s involvement with the
types of activities or transactions to
which the proposed changes apply. OTS
estimates that implementation of these
reporting changes will result in a small
SUPPLEMENTARY INFORMATION:
E:\FR\FM\18AUN1.SGM
18AUN1
Federal Register / Vol. 71, No. 160 / Friday, August 18, 2006 / Notices
jlentini on PROD1PC65 with NOTICES
increase in the current reporting burden
imposed by the TFR. The following
burden estimates include the effect of
the proposed revisions.
Title: Thrift Financial Report.
OMB Number: 1550–0023.
Form Number: OTS 1313.
Statutory Requirement: 12 U.S.C.
1464(v) imposes reporting requirements
for savings associations. Except for
selected items, these information
collections are not given confidential
treatment.
Type of Review: Revision of currently
approved collections.
Affected Public: Savings associations.
Estimated Number of Respondents
and Recordkeepers: 854.
Estimated Burden Hours per
Respondent: 36.5 burden hours.
Estimated Frequency of Response:
Quarterly.
Estimated Total Annual Burden:
124,684 burden hours.
Abstract: All OTS-regulated savings
associations must comply with the
information collections described in this
notice. OTS collects this information
each calendar quarter, or less frequently
if so stated. OTS uses this information
to monitor the condition, performance,
and risk profile of individual
institutions and systemic risk among
groups of institutions and the industry
as a whole. Except for selected items,
these information collections are not
given confidential treatment.
I. Background
On March 14, 2006, the FDIC Board
of Directors approved interim final rules
pursuant to the Reform Act that will
raise the deposit insurance coverage on
certain retirement accounts at a bank or
savings institution to $250,000 from
$100,000. The increase, which became
effective on April 1, 2006, is the result
of a new law increasing Federal deposit
insurance coverage for the first time in
more than 25 years. The basic insurance
coverage for other deposit accounts for
individuals, joint accountholders,
businesses, government entities, and
trusts—remains at $100,000.
Under the FDIC’s new rules, up to
$250,000 in deposit insurance will be
provided to a depositor with money in
a variety of retirement accounts,
primarily traditional and Roth IRAs
(Individual Retirement Accounts), at
one insured institution. Other types of
accounts included under the new
deposit insurance limit are self-directed
Keogh accounts, ‘‘457 Plan’’ accounts
for state government employees, and
employer-sponsored ‘‘defined
contribution plan’’ accounts that are
self-directed, which are primarily 401(k)
accounts. In general, self-directed means
VerDate Aug<31>2005
18:35 Aug 17, 2006
Jkt 208001
the consumer chooses how and where
the money is deposited.
In addition, the IRAs and other
retirement accounts that will be
protected under the new rules to
$250,000 are insured separately from
other accounts at the same institution
that will continue to be insured up to at
least $100,000. Additional information
about deposit insurance is available at
the FDIC’s Web site, https://
www.fdic.gov.
The new law also established a
method by which the FDIC would
consider an increase in the insurance
limits on all deposit accounts (including
retirement accounts) in the future, but
only every five years starting in 2011.
Any such increase would be based, in
part, on inflation. Otherwise, accounts
will continue to be insured as described
above.
The new law also merged the Bank
Insurance Fund and the Savings
Association Insurance Fund into a new
Deposit Insurance Fund.
As a result of these changes in deposit
insurance for retirement accounts held
at FDIC-insured depository institutions,
OTS considered a range of potential
information needs and identified those
additions to the TFR that are believed to
be most critical and relevant to OTS as
it seeks to fulfill its supervisory
responsibilities. At the same time, OTS
identified certain existing TFR data that
are no longer relevant or useful to
warrant their continued collection. OTS
believes that the reporting burden that
would result from the new TFR items
discussed in this proposal would
increase only slightly due to the
proposed elimination of a limited
number of other TFR items. After
savings associations make any necessary
changes to their systems and records,
OTS estimated that these deposit-related
reporting changes would produce an
average net increase of 0.4 hours per
institution per year in the ongoing
reporting burden of the TFR.
Nevertheless, when viewing these
proposed revisions to the TFR within a
larger context, they are intended to
maintain the effectiveness of the on- and
off-site supervision activities of the
OTS, which should help to control the
overall regulatory burden on
institutions.
II. Current Actions
OTS received comments on the April
2006 proposal from the American
Bankers Association (ABA), a trade
group whose members include savings
associations. OTS also received a
request from the Board of Governors of
the Federal Reserve System to maintain
PO 00000
Frm 00096
Fmt 4703
Sfmt 4703
47867
line DI200, IRA/Keogh Accounts, for
their use in monetary analysis.
OTS has considered these comments
and has decided to proceed with the
proposed changes to Schedule DI, but
will not eliminate line DI200, IRA/
Keogh Accounts. These changes will
become effective on December 31, 2006.
This decision is discussed below.
ABA expressed concern about the
short amount of time for savings
associations to implement the revisions.
ABA urged OTS to delay the reporting
revisions until the FDIC finalizes its
interim rule on retirement deposit
account insurance and savings
associations have had time to make
necessary systems changes. The ABA
noted that the amount of time that
institutions have to prepare for these
reporting revisions is shorter than usual
and indicated that thrift deposit records
and systems do not clearly distinguish
the types of retirement deposit accounts
eligible for the higher insurance
coverage from other accounts. It also
asserted that there is uncertainty in the
thrift industry as to which retirement
deposit accounts are eligible for the
higher insurance coverage. To address
these concerns, OTS will set the
effective date of these changes at
December 31, 2006.
For the December 31, 2006, TFR,
thrifts would be expected to have made
appropriate systems changes to enable
them to report reasonably accurate data
on all types of retirement deposit
accounts eligible for the $250,000
insurance coverage. Thrifts’ deposit
records and systems should enable them
to report information on all retirement
deposit accounts in these TFR items in
accordance with the applicable
instructions.
Dated: August 14, 2006.
Deborah Dakin,
Senior Deputy Chief Counsel, Regulations and
Legislation Division.
[FR Doc. E6–13668 Filed 8–17–06; 8:45 am]
BILLING CODE 6720–01–P
DEPARTMENT OF VETERANS
AFFAIRS
Veterans’ Disability Benefits
Commission; Notice of Meeting
The Department of Veterans Affairs
(VA) gives notice under Public Law 92–
463 (Federal Advisory Committee Act)
that the Veterans’ Disability Benefits
Commission has scheduled a southern
regional town hall meeting on Tuesday,
September 5, 2006, from 7 p.m. until 9
p.m., at the Marriott Atlanta Century
Center, 2000 Century Boulevard, NE.,
E:\FR\FM\18AUN1.SGM
18AUN1
]]>Agencies
[Federal Register Volume 71, Number 160 (Friday, August 18, 2006)]
[Notices]
[Pages 47866-47867]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-13668]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
Submission for OMB Review; Comment Request--Thrift Financial
Report: Schedule DI
AGENCY: Office of Thrift Supervision (OTS), Treasury.
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995 (44 U.S.C. 3507), OTS may not conduct or sponsor, and the
respondent is not required to respond to, an information collection
unless it displays a currently valid OMB control number. On April 28,
2006, OTS requested public comment for 60 days (71 FR 25282) on
proposed revisions to the Thrift Financial Report (TFR), which is
currently an approved collection of information. The notice described
regulatory reporting revisions proposed for the TFR: Schedule DI--
Consolidated Deposit Information to become effective September 30,
2006, primarily in response to the increased levels of deposit
insurance from $100,000 to $250,000 for retirement accounts provided by
the Federal Deposit Insurance Corporation (``FDIC'') Board of Directors
on March 14, 2006, in interim rules effective April 1, 2006 (71 FR
14629), implementing certain provisions of the Federal Deposit
Insurance Reform Act of 2005, (``Reform Act'') (Pub. L. 109-171).
After considering the comments received, OTS has adopted the
proposed revisions, with the exception of one proposed line item
deletion, and is setting the effective date for the revisions at
December 31, 2006. OTS is submitting the adopted revisions to OMB for
review and approval.
DATES: Submit written comments on or before September 18, 2006. The
regulatory reporting revisions described herein take effect December
31, 2006.
ADDRESSES: Send comments, referring to the collection by ``1550-0023
(TFR Revisions--December 2006)'', to OMB and OTS at these addresses:
Office of Information and Regulatory Affairs, Attention: Desk Officer
for OTS, U.S. Office of Management and Budget, 725--17th Street, NW.,
Room 10235, Washington, DC 20503, or by fax to (202) 395-6974; and
Information Collection Comments, Chief Counsel's Office, Office of
Thrift Supervision, 1700 G Street, NW., Washington, DC 20552, by fax to
(202) 906-6518, or by e-mail to infocollection.comments@ots.treas.gov.
OTS will post comments and the related index on the OTS Internet Site
at www.ots.treas.gov. In addition, interested persons may inspect
comments at the Public Reading Room, 1700 G Street, NW., by
appointment. To make an appointment, call (202) 906-5922, send an e-
mail to public.info@ots.treas.gov, or send a facsimile transmission to
(202) 906-7755.
FOR FURTHER INFORMATION CONTACT: For further information or to obtain a
copy of the submission to OMB, please contact Marilyn K. Burton, OTS
Clearance Officer, at marilyn.burton@ots.treas.gov, (202) 906-6467, or
facsimile number (202) 906-6518, Litigation Division, Chief Counsel's
Office, Office of Thrift Supervision, 1700 G Street, NW., Washington,
DC 20552.
You can obtain a copy of the December 2006 Thrift Financial Report
form from the OTS Web site at https://www.ots.treas.gov or you may
request it by electronic mail from tfr.instructions@ots.treas.gov. You
can request additional information about this proposed information
collection from James Caton, Director, Financial Monitoring and
Analysis Division, (202) 906-5680, Office of Thrift Supervision, 1700 G
Street, NW., Washington, DC 20552.
SUPPLEMENTARY INFORMATION: The effect of the proposed revisions to the
reporting requirements of these information collections will vary from
institution to institution, depending on the institution's involvement
with the types of activities or transactions to which the proposed
changes apply. OTS estimates that implementation of these reporting
changes will result in a small
[[Page 47867]]
increase in the current reporting burden imposed by the TFR. The
following burden estimates include the effect of the proposed
revisions.
Title: Thrift Financial Report.
OMB Number: 1550-0023.
Form Number: OTS 1313.
Statutory Requirement: 12 U.S.C. 1464(v) imposes reporting
requirements for savings associations. Except for selected items, these
information collections are not given confidential treatment.
Type of Review: Revision of currently approved collections.
Affected Public: Savings associations.
Estimated Number of Respondents and Recordkeepers: 854.
Estimated Burden Hours per Respondent: 36.5 burden hours.
Estimated Frequency of Response: Quarterly.
Estimated Total Annual Burden: 124,684 burden hours.
Abstract: All OTS-regulated savings associations must comply with
the information collections described in this notice. OTS collects this
information each calendar quarter, or less frequently if so stated. OTS
uses this information to monitor the condition, performance, and risk
profile of individual institutions and systemic risk among groups of
institutions and the industry as a whole. Except for selected items,
these information collections are not given confidential treatment.
I. Background
On March 14, 2006, the FDIC Board of Directors approved interim
final rules pursuant to the Reform Act that will raise the deposit
insurance coverage on certain retirement accounts at a bank or savings
institution to $250,000 from $100,000. The increase, which became
effective on April 1, 2006, is the result of a new law increasing
Federal deposit insurance coverage for the first time in more than 25
years. The basic insurance coverage for other deposit accounts for
individuals, joint accountholders, businesses, government entities, and
trusts--remains at $100,000.
Under the FDIC's new rules, up to $250,000 in deposit insurance
will be provided to a depositor with money in a variety of retirement
accounts, primarily traditional and Roth IRAs (Individual Retirement
Accounts), at one insured institution. Other types of accounts included
under the new deposit insurance limit are self-directed Keogh accounts,
``457 Plan'' accounts for state government employees, and employer-
sponsored ``defined contribution plan'' accounts that are self-
directed, which are primarily 401(k) accounts. In general, self-
directed means the consumer chooses how and where the money is
deposited.
In addition, the IRAs and other retirement accounts that will be
protected under the new rules to $250,000 are insured separately from
other accounts at the same institution that will continue to be insured
up to at least $100,000. Additional information about deposit insurance
is available at the FDIC's Web site, https://www.fdic.gov.
The new law also established a method by which the FDIC would
consider an increase in the insurance limits on all deposit accounts
(including retirement accounts) in the future, but only every five
years starting in 2011. Any such increase would be based, in part, on
inflation. Otherwise, accounts will continue to be insured as described
above.
The new law also merged the Bank Insurance Fund and the Savings
Association Insurance Fund into a new Deposit Insurance Fund.
As a result of these changes in deposit insurance for retirement
accounts held at FDIC-insured depository institutions, OTS considered a
range of potential information needs and identified those additions to
the TFR that are believed to be most critical and relevant to OTS as it
seeks to fulfill its supervisory responsibilities. At the same time,
OTS identified certain existing TFR data that are no longer relevant or
useful to warrant their continued collection. OTS believes that the
reporting burden that would result from the new TFR items discussed in
this proposal would increase only slightly due to the proposed
elimination of a limited number of other TFR items. After savings
associations make any necessary changes to their systems and records,
OTS estimated that these deposit-related reporting changes would
produce an average net increase of 0.4 hours per institution per year
in the ongoing reporting burden of the TFR. Nevertheless, when viewing
these proposed revisions to the TFR within a larger context, they are
intended to maintain the effectiveness of the on- and off-site
supervision activities of the OTS, which should help to control the
overall regulatory burden on institutions.
II. Current Actions
OTS received comments on the April 2006 proposal from the American
Bankers Association (ABA), a trade group whose members include savings
associations. OTS also received a request from the Board of Governors
of the Federal Reserve System to maintain line DI200, IRA/Keogh
Accounts, for their use in monetary analysis.
OTS has considered these comments and has decided to proceed with
the proposed changes to Schedule DI, but will not eliminate line DI200,
IRA/Keogh Accounts. These changes will become effective on December 31,
2006. This decision is discussed below.
ABA expressed concern about the short amount of time for savings
associations to implement the revisions. ABA urged OTS to delay the
reporting revisions until the FDIC finalizes its interim rule on
retirement deposit account insurance and savings associations have had
time to make necessary systems changes. The ABA noted that the amount
of time that institutions have to prepare for these reporting revisions
is shorter than usual and indicated that thrift deposit records and
systems do not clearly distinguish the types of retirement deposit
accounts eligible for the higher insurance coverage from other
accounts. It also asserted that there is uncertainty in the thrift
industry as to which retirement deposit accounts are eligible for the
higher insurance coverage. To address these concerns, OTS will set the
effective date of these changes at December 31, 2006.
For the December 31, 2006, TFR, thrifts would be expected to have
made appropriate systems changes to enable them to report reasonably
accurate data on all types of retirement deposit accounts eligible for
the $250,000 insurance coverage. Thrifts' deposit records and systems
should enable them to report information on all retirement deposit
accounts in these TFR items in accordance with the applicable
instructions.
Dated: August 14, 2006.
Deborah Dakin,
Senior Deputy Chief Counsel, Regulations and Legislation Division.
[FR Doc. E6-13668 Filed 8-17-06; 8:45 am]
BILLING CODE 6720-01-P
