Agency Information Collection Activities: Proposed Collection Renewal; Comment Request (OMB No. 3064-0162), 18560-18562 [2018-08932]

Agencies

• FEDERAL DEPOSIT INSURANCE CORPORATION

[Federal Register Volume 83, Number 82 (Friday, April 27, 2018)]
[Notices]
[Pages 18560-18562]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-08932]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Proposed Collection 
Renewal; Comment Request (OMB No. 3064-0162)

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice and request for comment.

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SUMMARY: The FDIC, as part of its continuing effort to reduce paperwork 
and respondent burden, invites the general public and other Federal 
agencies to take this opportunity to comment on the renewal of an 
existing information collection, as required by the Paperwork Reduction 
Act of 1995 (PRA). Currently, the FDIC is soliciting comment on renewal 
of the information collection described below.

DATES: Comments must be submitted on or before June 26, 2018.

ADDRESSES: Interested parties are invited to submit written comments to 
the FDIC by any of the following methods:
     https://www.FDIC.gov/regulations/laws/federal.
     Email: [email protected]. Include the name and number of 
the collection in the subject line of the message.
     Mail: Manny Cabeza (202-898-3767), Counsel, MB-3007, 
Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, 
DC 20429.
     Hand Delivery: Comments may be hand-delivered to the guard 
station at the rear of the 17th Street Building (located on F Street), 
on business days between 7:00 a.m. and 5:00 p.m.
    All comments should refer to OMB control number 3064-0162. A copy 
of the comments may also be submitted to the OMB desk officer for the 
FDIC: Office of Information and Regulatory Affairs, Office of 
Management and Budget, New Executive Office Building, Washington, DC 
20503.

[[Page 18561]]


FOR FURTHER INFORMATION CONTACT: Manny Cabeza, Counsel, 202-898-3767, 
[email protected], MB-3007, Federal Deposit Insurance Corporation, 550 
17th Street NW, Washington, DC 20429.

SUPPLEMENTARY INFORMATION: 
    Proposal to renew the following currently approved collection of 
information
    Title: Large Bank Deposit Insurance Program.
    OMB Number: 3064-0162.
    Form Number: None.
    Affected Public: Insured depository institutions having at least $2 
billion in deposits and at least either: (a) 250,000 deposit accounts; 
or (b) $20 billion in total assets, regardless of the number of deposit 
accounts (a ``covered institution'').
    Burden Estimate:

                                                                Summary of Annual Burden
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                                                                                       Average                                             Average total
                                                                 Obligation to        estimated    Estimated time                             annual
                                         Type of burden             respond           number of     per response   Frequency of response     estimated
                                                                                     respondents       (hours)                            burden (hours)
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                                                                     Implementation
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Posting and removing provisional   Recordkeeping............  Mandatory..........               8             150  One time.............           1,200
 holds--360.9(c)(1) and (2).
Providing standard data format     Recordkeeping............  Mandatory..........               8             110  One time.............             880
 for deposit account and customer
 information--360.9(d)(1).
Notification of identity of        Reporting................  Mandatory..........               8               8  One time.............              64
 person responsible for producing
 standard data downloads--
 360.9(c)(3).
Request for exemption from         Reporting................  Voluntary..........               1              20  On occasion..........              20
 provisional hold requirements--
 360.9(c)(9).
Provide deposit account and        Reporting................  Mandatory..........               8              40  On occasion..........             320
 customer information in required
 standard format--360.9(d)(3).
Request for extension of           Reporting................  Voluntary..........               1              20  On occasion..........              20
 compliance deadline--360.9(e)(7).
Request for exemption--360.9(f)..  Reporting................  Voluntary..........               1              20  On occasion..........              20
                                  ----------------------------------------------------------------------------------------------------------------------
    Total Implementation Burden..  .........................  ...................  ..............  ..............  .....................           2,524
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                                                                         Ongoing
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Notification of identity of        Reporting................  Mandatory..........             153               8  On occasion..........           1,224
 person responsible for producing
 standard data downloads--
 360.9(c)(3).
Request for exemption from         Reporting................  Voluntary..........               1              20  On occasion..........              20
 provisional hold requirements--
 360.9(c)(9).
Request for exemption--360.9(f)..  Reporting................  Voluntary..........               1              20  On occasion..........              20
Test compliance with 360.9(c)-(d)  Reporting................  Mandatory..........              81              80  On occasion..........           6,480
 pursuant to 360.9(h).
                                  ----------------------------------------------------------------------------------------------------------------------
    Total Ongoing Burden.........  .........................  ...................  ..............  ..............  .....................           7,744
                                  ----------------------------------------------------------------------------------------------------------------------
    Total Estimated Annual Burden  .........................  ...................  ..............  ..............  .....................          10,268
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    General Description of Collection: Upon the failure of an FDIC-
insured depository institution, the FDIC must determine the total 
insured amount for each depositor. 12 U.S.C. 1821(f). To make this 
determination, the FDIC must ascertain the balances of all deposit 
accounts owned by the same depositor in the same ownership capacity at 
a failed institution as of the day of failure. The FDIC issued a 
regulation (12 CFR 360.9) to modernize the process of determining the 
insurance status of each depositor in the event of failure of a covered 
institution. The regulation requires covered institutions to adopt 
mechanisms that would, in the event of the institution's failure (1) 
provide the FDIC with standard deposit account and other customer 
information, and (2) allow the placement and release of holds on 
liability accounts, including deposits. The regulation applies only to 
covered institutions and imposes the following recordkeeping and 
reporting requirements:

Recordkeeping

    360.9(c)(1) and (2)--Posting and Removing Provisional Holds. 
Covered institutions must have an automatic process for placing a 
provisional hold on deposit accounts within timeframes specified in 
FDIC regulations.
    360.9(d)(1) and (2)--Providing Standard Data Format for Deposit 
Account and Customer Information. Covered institutions must produce 
information in the specified standard data format.

Reporting

    360.9(c)(3)--Covered institutions must notify the FDIC of the 
person(s) responsible for producing required standard data downloads 
and for administering provisional holds.
    360.9(c)(9)--A covered institution may request an exemption from 
the provisional hold requirements for certain account systems servicing 
a relatively small number of accounts where manual application of 
provisional holds is feasible.
    360.9(d)(3)--Upon request by the FDIC, a covered institution must 
submit the data required by 360.9(d)(1) .

[[Page 18562]]

    360.9(e)(7)--A covered institution may request an extension of the 
deadline to comply with provisional hold and standard data format 
requirements.
    360.9(f)--A covered institution may request an exemption from the 
provisional hold and standard data format requirements due to high 
concentration of deposits incidental to credit card operations.
    360.9(h)--A covered institution's compliance with the recordkeeping 
and reporting requirements set forth in the rule will be tested by the 
FDIC.

Burden Estimate Methodology and Assumptions

    The FDIC is revising its burden estimate because the number of 
covered institutions has decreased due to economic fluctuations and 
most covered institutions have already implemented the requirements of 
the regulation and will only face reduced ongoing compliance burdens. 
Based on FDIC Call Report data,\1\ the regulation currently applies to 
145 institutions. The FDIC has determined that in the past, between 1 
and 3 new institutions per quarter have become covered under the 
regulation. FDIC estimates that on average, 2 new institutions per 
quarter (8 new institutions per year) will become covered and be 
subject to initial implementation burden. The following table reflects 
the FDCI's estimate of the breakdown of covered institutions facing 
implementation and ongoing burden during the next three years:
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    \1\ FDIC Call Report, September 30, 2017.

                                             Number of Institutions
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                                                      Year 1          Year 2          Year 3          Average
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Implementation..................................               8               8               8               8
Ongoing.........................................             145             153             161             153
                                                 ---------------------------------------------------------------
    Total.......................................             153             161             169             161
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    All covered institutions will be required to comply with the 
requirements of 360.9(h). FDIC estimates that half of the covered 
institutions will be tested for compliance each year. As a result, it 
is estimated that an average of 81 covered institutions will be 
affected by this reporting burden annually. No institutions have 
requested an extension under section 360.9(e)(7), or exemptions under 
sections 360.9(c)(9) or 360.9(f). The ``Summary of Annual Burden'' 
table above lists a respondent count of 1 for these requests as 
placeholders to preserve the burden estimates for these activities.

Request for Comment

    Comments are invited on: (a) Whether the collection of information 
is necessary for the proper performance of the FDIC's functions, 
including whether the information has practical utility; (b) the 
accuracy of the estimates of the burden of the information collection, 
including the validity of the methodology and assumptions used; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; and (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology. All 
comments will become a matter of public record.

    Dated at Washington, DC, on April 24, 2018.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2018-08932 Filed 4-26-18; 8:45 am]
 BILLING CODE 6714-01-P