Notice of the FDIC's Response to Exception Requests Pursuant to Recordkeeping for Timely Deposit Insurance Determination, 70527-70528 [2019-27626]
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Federal Register / Vol. 84, No. 246 / Monday, December 23, 2019 / Notices
As part of its continuing effort
to reduce paperwork burdens, and as
required by the Paperwork Reduction
Act of 1995 (PRA), the Federal
Communications Commission (FCC or
Commission) invites the general public
and other Federal agencies to take this
opportunity to comment on the
following information collections.
Comments are requested concerning:
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
the accuracy of the Commission’s
burden estimate; ways to enhance the
quality, utility, and clarity of the
information collected; ways to minimize
the burden of the collection of
information on the respondents,
including the use of automated
collection techniques or other forms of
information technology; and ways to
further reduce the information
collection burden on small business
concerns with fewer than 25 employees.
The FCC may not conduct or sponsor a
collection of information unless it
displays a currently valid Office of
Management and Budget (OMB) control
number. No person shall be subject to
any penalty for failing to comply with
a collection of information subject to the
PRA that does not display a valid OMB
control number.
DATES: Written PRA comments should
be submitted on or before February 21,
2020. If you anticipate that you will be
submitting comments, but find it
difficult to do so within the period of
time allowed by this notice, you should
advise the contact listed below as soon
as possible.
ADDRESSES: Direct all PRA comments to
Cathy Williams, FCC, via email PRA@
fcc.gov and to Cathy.Williams@fcc.gov.
FOR FURTHER INFORMATION CONTACT: For
additional information about the
information collection, contact Cathy
Williams, (202) 418–2918.
SUPPLEMENTARY INFORMATION:
OMB Control Number: 3060–0506.
Title: FCC Form 2100, Schedule 302–
FM—FM Station License Application.
Form Number: FCC Form 2100,
Schedule 302–FM.
Type of Review: Extension of a
currently approved collection.
Respondents: Business or other forprofit entities; Not-for-profit
institutions.
Number of Respondents and
Responses: 925 respondents; 925
responses.
Estimated Time per Response: 1–2
hours.
lotter on DSKBCFDHB2PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
19:32 Dec 20, 2019
Jkt 250001
Frequency of Response: On occasion
reporting requirement.
Total Annual Burden: 3,135 hours.
Total Annual Costs: $640,000.
Obligation To Respond: Required to
obtain or retain benefits. The statutory
authority for this collection of
information is contained in Sections
154(i), 303 and 308 of the
Communications Act of 1934, as
amended.
Nature and Extent of Confidentiality:
There is no need for confidentiality with
this collection of information.
Privacy Impact Assessment(s): No
impact(s).
Needs and Uses: FCC Form 2100,
Schedule 302–FM is required to be filed
by licensees and permittees of FM
broadcast stations to request and obtain
a new or modified station license and/
or to notify the Commission of certain
changes in the licensed facilities of
these stations. Data is used by FCC staff
to confirm that the station is built to the
terms specified in the outstanding
construction permit and to ensure that
any changes made to the station will not
have any impact on other stations and
the public. Data is extracted from FCC
Form 2100, Schedule 302–FM for
inclusion in the license to operate the
station.
Federal Communications Commission.
Cecilia Sigmund,
Federal Register Liaison Officer, Office of the
Secretary.
[FR Doc. 2019–27619 Filed 12–20–19; 8:45 am]
BILLING CODE 6712–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
Notice of the FDIC’s Response to
Exception Requests Pursuant to
Recordkeeping for Timely Deposit
Insurance Determination
Federal Deposit Insurance
Corporation (FDIC).
ACTION: Notice of the FDIC’s response to
exception requests pursuant to the
Recordkeeping for Timely Deposit
Insurance Determination rule.
AGENCY:
In accordance with its rule
regarding recordkeeping for timely
deposit insurance determination, the
FDIC is providing notice to covered
institutions that it has granted a timelimited exception concerning the
requirement to maintain official
custodian information in deposit
account records for government deposit
accounts, a time-limited exception
concerning the requirement to maintain
accurate beneficiary information in
deposit account records for informal
SUMMARY:
PO 00000
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Fmt 4703
Sfmt 4703
70527
revocable trust accounts, and an
indefinite exception concerning the
requirement to maintain certain
identifying information for beneficial
owners of deposits in low balance,
short-term prepaid card accounts.
DATES: The FDIC’s grants of exception
relief were effective as of November 26,
2019.
FOR FUTHER INFORMATION CONTACT: Peter
Miller, Assistant Director, Division of
Complex Institution Supervision and
Resolution; telephone 917–320–2589.
SUPPLEMENTARY INFORMATION: The FDIC
has granted three exception requests
pursuant to the FDIC’s rule entitled
‘‘Recordkeeping for Timely Deposit
Insurance Determination,’’ codified at
12 CFR part 370 (part 370).1 Part 370
generally requires covered institutions
to implement the information
technology system and recordkeeping
capabilities needed to quickly calculate
the amount of deposit insurance
coverage available for each deposit
account in the event of failure. Pursuant
to section 370.8(b)(1), one or more
covered institutions may submit a
request in the form of a letter to the
FDIC for an exception from one or more
of the requirements of part 370 if
circumstances exist that would make it
impracticable or overly burdensome to
meet those requirements. Pursuant to
section 370.8(b)(3), a covered institution
may rely upon another covered
institution’s exception request which
the FDIC has previously granted by
notifying the FDIC that it will invoke
relief from certain part 370 requirements
and demonstrating that the covered
institution has substantially similar
facts and circumstances to those of the
covered institution that has already
received the FDIC’s approval. The
notification letter must also include the
information required under section
370.8(b)(1) and cite the applicable
notice published pursuant to section
370.8(b)(2). Unless informed otherwise
by the FDIC within 120 days after
receipt of a complete notification for
exception, the exception will be deemed
granted subject to the same conditions
set forth in the FDIC’s published notice.
These grants of relief may be
rescinded or modified upon material
change of circumstances or conditions
related to the subject accounts, or upon
failure to satisfy conditions applicable
to each. These grants of relief will be
subject to ongoing FDIC review,
analysis, and verification during the
FDIC’s routine part 370 compliance
tests. The following exceptions were
1 12
E:\FR\FM\23DEN1.SGM
CFR part 370.
23DEN1
70528
Federal Register / Vol. 84, No. 246 / Monday, December 23, 2019 / Notices
granted by the FDIC as of November 26,
2019.
lotter on DSKBCFDHB2PROD with NOTICES
I. Government Deposit Accounts for
Which the Covered Institution Does Not
have the Requisite Information
Regarding the Official Custodian
A covered institution was granted a
time-limited exception from the general
recordkeeping requirements set forth in
section 370.4(a) to obtain official
custodian information needed to
calculate deposit insurance available for
government deposit accounts and
maintain that information in its deposit
account records. The covered institution
did not collect, or have a mechanism to
collect such information prior to the
FDIC’s adoption of part 370 and
anticipates that it may not be able to
collect such information for all
government accounts before its April 1,
2020 compliance date.
In connection with the FDIC’s grant of
relief, the covered institution will
implement an outreach plan to obtain
the requisite information directly from
the government account holders; update
its electronic deposit account records
and make other IT system
enhancements as needed; ensure that,
from and after the April 1, 2020
compliance date, holds can be placed on
government deposit accounts in the
event of its failure until sufficient
information is provided by the account
holder to enable calculation of deposit
insurance coverage; submit a status
report to the FDIC at the midpoint of the
exception relief period; and
immediately notify the FDIC of any
change in relevant circumstances or
conditions.
II. Informal Revocable Trust Accounts
for Which the Covered Institution
Needs Additional Time To Integrate
Beneficiary Information
A covered institution was granted a
time-limited exception from the general
recordkeeping requirements set forth in
section 370.4(a) to identify accurate
beneficiary information needed to
calculate deposit insurance coverage for
informal revocable trust accounts (also
known as ‘‘payable-on-death’’ or ‘‘intrust-for’’ accounts) and maintain that
information in a systematic manner that
can be used by its IT system to calculate
deposit insurance coverage.
In connection with the FDIC’s grant of
relief, the covered institution will
implement and complete review of
paper-based documents or contact
account holders to obtain the necessary
beneficiary information; update its
electronic deposit account records and
make other IT system enhancements as
needed; submit a status report to the
VerDate Sep<11>2014
19:32 Dec 20, 2019
Jkt 250001
FDIC at the midpoint of the period for
which relief is granted; and immediately
notify the FDIC of any change in
relevant circumstances or conditions.
III. Deposits Held in Connection With
Low Balance, Short-Term Prepaid
Cards
A covered institution was granted an
indefinite exception from section
370.4(a)(1)(ii) for deposit accounts held
in connection with low balance, shortterm prepaid cards issued for rebates,
refunds, incentives, and per diem
payments. These cards are issued by the
covered institution on behalf of a
commercial customer and have been
registered by the cardholders. Although
the prepaid cards are registered, the
cardholders do not provide social
security numbers, which are necessary
for the covered institution’s IT system to
aggregate deposits by owner for deposit
insurance calculation purposes. The
covered institution asserts that a certain
small population of prepaid cardholders
will not provide personally identifiable
information for a low dollar prepaid
card that will be used within months of
issuance. This exception does not
include deposit accounts held in
connection with payroll or government
prepaid cards, certain types of loyalty or
rebate cards where the cardholder is not
the actual owner of the funds, or per
diem cards for which the covered
institution has a social security number.
The covered institution stated that it
has not collected social security
numbers prior to issuance of these
prepaid cards, nor does it have a
business purpose or mechanism to do
so. It also stated that doing so would
jeopardize the commercial viability of
the product or service and that the
deposit accounts subject to the
exception were a small subset of the
covered institution’s prepaid card
portfolio and have low balances and
high turnover.
In connection with the FDIC’s grant of
relief, the covered institution will:
maintain the capability to restrict access
to the deposit accounts subject to the
exception to ensure no uninsured funds
leave the covered institution in the
event of its failure; maintain at least one
method for the cardholder to register his
or her name, address, and social
security number through, for example, a
website or call center; receive daily
reports from the prepaid card
processor(s) with customer name,
address, transaction data, and end-ofday customer balances; document the
resources, methods, and estimated time
needed at failure to collect social
security numbers related to the subject
accounts; include in the institution’s
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Frm 00036
Fmt 4703
Sfmt 4703
current prepaid cardholder disclosure
notices that access to funds will be
withheld in the event of failure pending
receipt of sufficient information,
including, at a minimum, government
identification, to complete a deposit
insurance calculation; demonstrate the
IT system’s ability to timely generate the
customer file and process the deposit
insurance calculation; and immediately
bring to the FDIC’s attention any change
of circumstances or conditions.
Federal Deposit Insurance Corporation.
Dated at Washington, DC on December 18,
2019.
Annmarie H. Boyd,
Assistant Executive Secretary.
[FR Doc. 2019–27626 Filed 12–20–19; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL RESERVE SYSTEM
Agency Information Collection
Activities: Announcement of Board
Approval under Delegated Authority
and Submission to OMB
Board of Governors of the
Federal Reserve System.
SUMMARY: The Board of Governors of the
Federal Reserve System (Board) is
adopting a proposal to extend for three
years, without revision, the Savings
Association Holding Company Report
(FR LL–(b)11; OMB No. 7100–0334).
FOR FURTHER INFORMATION
CONTACT:
Federal Reserve Board Clearance
Officer—Nuha Elmaghrabi—Office of
the Chief Data Officer, Board of
Governors of the Federal Reserve
System, Washington, DC 20551, (202)
452–3829.
Office of Management and Budget
(OMB) Desk Officer—Shagufta Ahmed—
Office of Information and Regulatory
Affairs, Office of Management and
Budget, New Executive Office Building,
Room 10235, 725 17th Street NW,
Washington, DC 20503, or by fax to
(202) 395–6974.
A copy of the Paperwork Reduction
Act (PRA) OMB submission, including
the reporting form and instructions,
supporting statement, and other
documentation will be placed into
OMB’s public docket files. These
documents also are available on the
Federal Reserve Board’s public website
at https://www.federalreserve.gov/apps/
reportforms/review.aspx or may be
requested from the agency clearance
officer, whose name appears above.
SUPPLEMENTARY INFORMATION: On June
15, 1984, OMB delegated to the Board
authority under the PRA to approve and
assign OMB control numbers to
AGENCY:
E:\FR\FM\23DEN1.SGM
23DEN1
]]>Agencies
[Federal Register Volume 84, Number 246 (Monday, December 23, 2019)]
[Notices]
[Pages 70527-70528]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-27626]
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FEDERAL DEPOSIT INSURANCE CORPORATION
Notice of the FDIC's Response to Exception Requests Pursuant to
Recordkeeping for Timely Deposit Insurance Determination
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice of the FDIC's response to exception requests pursuant to
the Recordkeeping for Timely Deposit Insurance Determination rule.
-----------------------------------------------------------------------
SUMMARY: In accordance with its rule regarding recordkeeping for timely
deposit insurance determination, the FDIC is providing notice to
covered institutions that it has granted a time-limited exception
concerning the requirement to maintain official custodian information
in deposit account records for government deposit accounts, a time-
limited exception concerning the requirement to maintain accurate
beneficiary information in deposit account records for informal
revocable trust accounts, and an indefinite exception concerning the
requirement to maintain certain identifying information for beneficial
owners of deposits in low balance, short-term prepaid card accounts.
DATES: The FDIC's grants of exception relief were effective as of
November 26, 2019.
FOR FUTHER INFORMATION CONTACT: Peter Miller, Assistant Director,
Division of Complex Institution Supervision and Resolution; telephone
917-320-2589.
SUPPLEMENTARY INFORMATION: The FDIC has granted three exception
requests pursuant to the FDIC's rule entitled ``Recordkeeping for
Timely Deposit Insurance Determination,'' codified at 12 CFR part 370
(part 370).\1\ Part 370 generally requires covered institutions to
implement the information technology system and recordkeeping
capabilities needed to quickly calculate the amount of deposit
insurance coverage available for each deposit account in the event of
failure. Pursuant to section 370.8(b)(1), one or more covered
institutions may submit a request in the form of a letter to the FDIC
for an exception from one or more of the requirements of part 370 if
circumstances exist that would make it impracticable or overly
burdensome to meet those requirements. Pursuant to section 370.8(b)(3),
a covered institution may rely upon another covered institution's
exception request which the FDIC has previously granted by notifying
the FDIC that it will invoke relief from certain part 370 requirements
and demonstrating that the covered institution has substantially
similar facts and circumstances to those of the covered institution
that has already received the FDIC's approval. The notification letter
must also include the information required under section 370.8(b)(1)
and cite the applicable notice published pursuant to section
370.8(b)(2). Unless informed otherwise by the FDIC within 120 days
after receipt of a complete notification for exception, the exception
will be deemed granted subject to the same conditions set forth in the
FDIC's published notice.
---------------------------------------------------------------------------
\1\ 12 CFR part 370.
---------------------------------------------------------------------------
These grants of relief may be rescinded or modified upon material
change of circumstances or conditions related to the subject accounts,
or upon failure to satisfy conditions applicable to each. These grants
of relief will be subject to ongoing FDIC review, analysis, and
verification during the FDIC's routine part 370 compliance tests. The
following exceptions were
[[Page 70528]]
granted by the FDIC as of November 26, 2019.
I. Government Deposit Accounts for Which the Covered Institution Does
Not have the Requisite Information Regarding the Official Custodian
A covered institution was granted a time-limited exception from the
general recordkeeping requirements set forth in section 370.4(a) to
obtain official custodian information needed to calculate deposit
insurance available for government deposit accounts and maintain that
information in its deposit account records. The covered institution did
not collect, or have a mechanism to collect such information prior to
the FDIC's adoption of part 370 and anticipates that it may not be able
to collect such information for all government accounts before its
April 1, 2020 compliance date.
In connection with the FDIC's grant of relief, the covered
institution will implement an outreach plan to obtain the requisite
information directly from the government account holders; update its
electronic deposit account records and make other IT system
enhancements as needed; ensure that, from and after the April 1, 2020
compliance date, holds can be placed on government deposit accounts in
the event of its failure until sufficient information is provided by
the account holder to enable calculation of deposit insurance coverage;
submit a status report to the FDIC at the midpoint of the exception
relief period; and immediately notify the FDIC of any change in
relevant circumstances or conditions.
II. Informal Revocable Trust Accounts for Which the Covered Institution
Needs Additional Time To Integrate Beneficiary Information
A covered institution was granted a time-limited exception from the
general recordkeeping requirements set forth in section 370.4(a) to
identify accurate beneficiary information needed to calculate deposit
insurance coverage for informal revocable trust accounts (also known as
``payable-on-death'' or ``in-trust-for'' accounts) and maintain that
information in a systematic manner that can be used by its IT system to
calculate deposit insurance coverage.
In connection with the FDIC's grant of relief, the covered
institution will implement and complete review of paper-based documents
or contact account holders to obtain the necessary beneficiary
information; update its electronic deposit account records and make
other IT system enhancements as needed; submit a status report to the
FDIC at the midpoint of the period for which relief is granted; and
immediately notify the FDIC of any change in relevant circumstances or
conditions.
III. Deposits Held in Connection With Low Balance, Short-Term Prepaid
Cards
A covered institution was granted an indefinite exception from
section 370.4(a)(1)(ii) for deposit accounts held in connection with
low balance, short-term prepaid cards issued for rebates, refunds,
incentives, and per diem payments. These cards are issued by the
covered institution on behalf of a commercial customer and have been
registered by the cardholders. Although the prepaid cards are
registered, the cardholders do not provide social security numbers,
which are necessary for the covered institution's IT system to
aggregate deposits by owner for deposit insurance calculation purposes.
The covered institution asserts that a certain small population of
prepaid cardholders will not provide personally identifiable
information for a low dollar prepaid card that will be used within
months of issuance. This exception does not include deposit accounts
held in connection with payroll or government prepaid cards, certain
types of loyalty or rebate cards where the cardholder is not the actual
owner of the funds, or per diem cards for which the covered institution
has a social security number.
The covered institution stated that it has not collected social
security numbers prior to issuance of these prepaid cards, nor does it
have a business purpose or mechanism to do so. It also stated that
doing so would jeopardize the commercial viability of the product or
service and that the deposit accounts subject to the exception were a
small subset of the covered institution's prepaid card portfolio and
have low balances and high turnover.
In connection with the FDIC's grant of relief, the covered
institution will: maintain the capability to restrict access to the
deposit accounts subject to the exception to ensure no uninsured funds
leave the covered institution in the event of its failure; maintain at
least one method for the cardholder to register his or her name,
address, and social security number through, for example, a website or
call center; receive daily reports from the prepaid card processor(s)
with customer name, address, transaction data, and end-of-day customer
balances; document the resources, methods, and estimated time needed at
failure to collect social security numbers related to the subject
accounts; include in the institution's current prepaid cardholder
disclosure notices that access to funds will be withheld in the event
of failure pending receipt of sufficient information, including, at a
minimum, government identification, to complete a deposit insurance
calculation; demonstrate the IT system's ability to timely generate the
customer file and process the deposit insurance calculation; and
immediately bring to the FDIC's attention any change of circumstances
or conditions.
Federal Deposit Insurance Corporation.
Dated at Washington, DC on December 18, 2019.
Annmarie H. Boyd,
Assistant Executive Secretary.
[FR Doc. 2019-27626 Filed 12-20-19; 8:45 am]
BILLING CODE 6714-01-P
