Agency Information Collection Activities: Proposed Collection Renewal; Comment Request, 33667-33669 [2020-11855]
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Federal Register / Vol. 85, No. 106 / Tuesday, June 2, 2020 / Notices
Radio Service (CMRS) providers to be
‘‘capable of transmitting 911 calls from
individuals with speech or hearing
disabilities through means other than
mobile radio handsets, e.g., through the
use of [TTY devices].’’ Additionally,
‘‘CMRS providers that provide voice
communications over IP facilities are
not required to support 911 access via
TTYs if they provide 911 access via
[RTT] communications, in accordance
with 47 CFR part 67, except that RTT
support is not required to the extent that
it is not achievable for a particular
manufacturer to support RTT on the
provider’s network.’’ Section 9.10(c).
The Commission’s Report and Order
provides that once a PSAP is so capable,
the requested service provider must
begin delivering RTT communications
in an RTT format within six months
after a valid request is made—to the
extent the provider has selected RTT as
its accessible text communication
method.
Dispatchable Location. Section 506 of
RAY BAUM’S Act requires the
Commission to ‘‘consider adopting rules
to ensure that the dispatchable location
is conveyed with a 9–1–1 call,
regardless of the technological platform
used [. . .].’’ In a Report and Order
released on August 2019, in PS Docket
Nos. 18–261 and 17–239 and GN Docket
No. 11–117, the Commission amended
its rules to implement Kari’s Law and
Section 506 of RAY BAUM’S Act.
Specifically, for mobile text, the
Commission adopted Section
9.10(q)(10)(v) to provide that no later
than January 6, 2022, covered text
providers must provide the following
location information with all 911 text
messages routed to a PSAP:
Automated dispatchable location, if
technically feasible; otherwise, either enduser manual provision of location
information, or enhanced location
information, which may be coordinate-based,
consisting of the best available location that
can be obtained from any available
technology or combination of technologies at
reasonable cost.
47 CFR 20.18 renumbered as 47 CFR
9.10. Additionally, the Commission
renumbered Section 20.18 as new
Section 9.10. Accordingly, we update
the references to Section 20.18 with
Section 9.10 in this supporting
statement.
Federal Communications Commission.
Marlene Dortch,
Secretary, Office of the Secretary.
[FR Doc. 2020–11854 Filed 6–1–20; 8:45 am]
BILLING CODE 6712–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
[OMB No. 3064–0087; –0143]
Agency Information Collection
Activities: Proposed Collection
Renewal; Comment Request
Federal Deposit Insurance
Corporation (FDIC).
ACTION: Notice and request for comment.
AGENCY:
The FDIC, as part of its
obligations under the Paperwork
Reduction Act of 1995 (PRA), invites the
general public and other Federal
agencies to take this opportunity to
comment on the renewal of the existing
information collections described below
(OMB Control No. 3064–0087; –0143).
DATES: Comments must be submitted on
or before August 3, 2020.
SUMMARY:
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: comments@fdic.gov. Include
the name and number of the collection
in the subject line of the message.
• Mail: Manny Cabeza (202–898–
3767), Regulatory Counsel, MB–3128,
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 the
relevant OMB control number. 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.
FOR FURTHER INFORMATION CONTACT:
Manny Cabeza, Regulatory Counsel,
202–898–3767, mcabeza@fdic.gov, MB–
3128, Federal Deposit Insurance
Corporation, 550 17th Street NW,
Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
Proposal to renew the following
currently approved collections of
information:
1. Title: Procedures for Monitoring
Bank Secrecy Act Compliance.
OMB Number: 3064–0087.
Affected Public: Insured State
Nonmember Banks and Savings
Associations.
Burden Estimate:
ADDRESSES:
SUMMARY OF ANNUAL BURDEN
Estimated
frequency of
responses
Estimated
time per
response
(hours)
Estimated
annual burden
(hours)
Type of
burden
Obligation
to respond
Procedures for Monitoring BSA Compliance—Small Institutions (Less than $500 million).
Procedures for Monitoring BSA Compliance—Medium
Institutions ($500 million–$10 billion).
Procedures for Monitoring BSA Compliance—Large Institutions (0ver $10 billion).
Recordkeeping ..
Mandatory .........
2,523
On Occasion .....
35
88,305
Recordkeeping ..
Mandatory .........
774
On Occasion .....
250
193,500
Recordkeeping ..
Mandatory .........
47
On Occasion .....
450
21,150
...........................
...........................
........................
...........................
........................
302,955 hours
Total Estimated Annual Burden ..............................
khammond on DSKJM1Z7X2PROD with NOTICES
Estimated
number of
respondents
Information collection description
General Description of Collection:
Respondents must establish and
maintain procedures designed to
monitor and ensure their compliance
with the requirements of the Bank
Secrecy Act and the implementing
regulations promulgated by the
Department of Treasury at 31 CFR
Chapter X. Respondents must also
VerDate Sep<11>2014
20:46 Jun 01, 2020
Jkt 250001
provide training for appropriate
personnel. There is no change in the
method or substance of the collection.
The overall reduction in burden hours
is a result of economic fluctuation. In
particular, the number of respondents
has decreased while the hours per
response remain the same.
PO 00000
Frm 00048
Fmt 4703
Sfmt 4703
2. Title: Forms Relating to Processing
Deposit Insurance Claims.
OMB Number: 3064–0143.
Affected Public: Private sector
individuals and entities maintaining
deposits at insured depository
institutions.
Burden Estimate:
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33668
Federal Register / Vol. 85, No. 106 / Tuesday, June 2, 2020 / Notices
SUMMARY OF ESTIMATED ANNUAL BURDEN
Type of
burden
Combined Deposit Brokers and Individuals:
7200/04—Declaration for Government Deposit .....................................
7200/05—Declaration for Revocable Trust ............................................
7200/06—Declaration of Independent Activity .......................................
7200/07—Declaration of Independent Activity for Unincorporated Association.
7200/08—Declaration for Joint Ownership Deposit ...............................
7200/09—Declaration for Testamentary Deposit ...................................
7200/10—Declaration for Defined Contribution Plan .............................
7200/11—Declaration for IRA/KEOGH Deposit .....................................
7200/12—Declaration for Defined Benefit Plan .....................................
7200/13—Declaration of Custodian Deposit ..........................................
7200/14—Declaration or Health and Welfare Plan ................................
7200/15—Declaration for Plan and Trust ...............................................
7200/18—Declaration for Irrevocable Trust ...........................................
7200/24—Claimant Verification ..............................................................
7200/26—Depositor Interview Form ......................................................
Estimated
time per
response
Frequency
of response
Total
estimated
annual burden
Reporting
Reporting
Reporting
Reporting
...........
...........
...........
...........
14
165
1
1
0.5
0.5
0.5
0.5
On
On
On
On
Occasion
Occasion
Occasion
Occasion
.....
.....
.....
.....
7
83
0.5
0.5
Reporting
Reporting
Reporting
Reporting
Reporting
Reporting
Reporting
Reporting
Reporting
Reporting
Reporting
...........
...........
...........
...........
...........
...........
...........
...........
...........
...........
...........
1
21
1
1
1
1
12
1
1
218
198
0.5
0.5
1.0
0.5
1.0
0.5
1.0
0.5
0.5
0.5
0.5
On
On
On
On
On
On
On
On
On
On
On
Occasion
Occasion
Occasion
Occasion
Occasion
Occasion
Occasion
Occasion
Occasion
Occasion
Occasion
.....
.....
.....
.....
.....
.....
.....
.....
.....
.....
.....
0.5
11
1
0.5
1
0.5
12
0.5
0.5
109
99
...........................
637
........................
...........................
326.5
Reporting
Reporting
Reporting
Reporting
...........
...........
...........
...........
136
102
34
136
0.0833
0.750
5.0
0.0167
On
On
On
On
.....
.....
.....
.....
11.33
76.5
170
2.27
Subtotal: Deposit Brokers Only .......................................................
...........................
136
........................
...........................
260.13
Total Estimated Annual Burden ...............................................
...........................
........................
........................
...........................
581.10
Subtotal: Combined Brokers and Individuals ..................................
Deposit Brokers Only:
Deposit Broker Submission Checklist ....................................................
Diskette, following ‘‘Broker Input File Requirements’’—burden will vary
depending on the broker’s number of brokered accounts.
Exhibit B, the standard agency agreement, or the non-standard agency agreement.
khammond on DSKJM1Z7X2PROD with NOTICES
Estimated
number of
respondents
General Description of Collection:
When an insured depository institution
(‘‘IDI’’) is closed by its primary
regulatory authority, the FDIC has the
responsibility to pay the insured
deposits pursuant to Section 11(a) and
(f) of the Federal Deposit Insurance Act
(FDI Act), 12 U.S.C. 1821(a) and (f), and
the FDIC’s regulations, ‘‘Deposit
Insurance Coverage’’, 12 CFR part 330,
and ‘‘Recordkeeping for Timely Deposit
Insurance Determination’’, 12 CFR part
370. In the event that the requisite
information is not available in a failed
IDI’s records, the FDIC will utilize these
forms, declarations and affidavits to
request the necessary information from
a depositor.
Generally, deposits are insured to a
maximum of $250,000. This maximum
coverage is based on ‘‘ownership rights
and capacities.’’ All deposits that are
maintained in the same right and
capacity are added together and insured
up to $250,000 in accordance with the
regulations relating to deposit insurance
of that particular deposit insurance
ownership category. Deposits held in
different ownership categories are
eligible for $250,000 coverage per
category. For example, as a general rule,
single ownership accounts are
separately insured from trust accounts
held for qualified beneficiaries.
At the time of an IDI’s closing, the
FDIC obtains information about
customer accounts from the IDI’s
deposit account records. Based on the
VerDate Sep<11>2014
20:46 Jun 01, 2020
Jkt 250001
IDI’s records, the FDIC makes
determinations about insurance
coverage for each depositor. Depositors
deemed to be uninsured because their
deposits are over $250,000 may qualify
for additional insurance coverage if they
can provide documentation
substantiating eligibility.
a. General Deposit Accounts. The
forms, declarations, and affidavits in
this collection facilitate customers
providing the FDIC with the information
that may permit a more comprehensive
deposit insurance determination.
b. Deposit Brokers. A failed IDI’s
deposit account records may not reveal
the actual owner(s) of a particular
deposit account. Rather, the deposit
account records may indicate that the
deposit was placed at the insured
institution by a deposit broker on behalf
of one or more third parties. In some
cases, the broker’s customer may not be
an actual owner of the deposit but
merely a ‘‘second-tier’’ deposit broker
with its own customers. In turn, these
customers could be ‘‘third-tier’’ deposit
brokers with their own customers.
Deposits held in the name of a deposit
broker on behalf of clients are covered
by federal deposit insurance (up to the
$250,000 limit) the same as if the
broker’s clients had deposited the funds
directly into the insured institution
(assuming that the clients are the actual
owners of the deposits). This is called
‘‘pass-through’’ deposit insurance
coverage.
PO 00000
Frm 00049
Fmt 4703
Sfmt 4703
Occasion
Occasion
Occasion
Occasion
In order to analyze ownership interest
and provide pass-through insurance
coverage, the FDIC must obtain certain
information from both first- and lowertier deposit brokers: (1) Evidence that
each deposit broker is not an owner but
an agent or custodian with respect to
some or all of the funds at issue; (2) a
list of all parties for whom each deposit
broker acted as agent or custodian; and
(3) the dollar amount of funds held by
each deposit broker for each such party
as of the date of the IDI’s failure.
There is no change in the substance
or methodology of this information
collection. The change in burden is due
to the FDIC estimating one respondent
for certain forms where FDIC previously
estimated zero respondents. In the table
above, one respondent is being used as
a placeholder to preserve the burden
estimate for forms in case they come
into use in the future.
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
E:\FR\FM\02JNN1.SGM
02JNN1
Federal Register / Vol. 85, No. 106 / Tuesday, June 2, 2020 / Notices
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.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on May 28, 2020.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2020–11855 Filed 6–1–20; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL RESERVE SYSTEM
[Docket No. OP–1719]
khammond on DSKJM1Z7X2PROD with NOTICES
Announcement of Financial Sector
Liabilities
Section 622 of the Dodd-Frank Wall
Street Reform and Consumer Protection
Act, implemented by the Board’s
Regulation XX, prohibits a merger or
acquisition that would result in a
financial company that controls more
than 10 percent of the aggregate
consolidated liabilities of all financial
companies (aggregate financial sector
liabilities). Specifically, an insured
depository institution, a bank holding
company, a savings and loan holding
company, a foreign banking
organization, any other company that
controls an insured depository
institution, and a nonbank financial
company designated by the Financial
Stability Oversight Council (each, a
‘‘financial company’’) is prohibited from
merging or consolidating with,
acquiring all or substantially all of the
assets of, or acquiring control of,
another company if the resulting
company’s consolidated liabilities
would exceed 10 percent of the
aggregate financial sector liabilities.1
Pursuant to Regulation XX, the
Federal Reserve will publish the
aggregate financial sector liabilities by
July 1 of each year. Aggregate financial
sector liabilities equals the average of
the year-end financial sector liabilities
figure (as of December 31) of each of the
preceding two calendar years.
FOR FURTHER INFORMATION CONTACT:
Lesley Chao, Lead Financial Institution
Policy Analyst, (202) 974–7063; Sean
Healey, Lead Financial Institution
Policy Analyst, (202) 912–4611; Laura
Bain, Counsel, (202) 736–5546; for the
hearing impaired, TTY (202) 263–4869.
Aggregate Financial Sector Liabilities
Aggregate financial sector liabilities is
equal to $21,229,884,414,000.2 This
1 12
U.S.C. 1852(a)(2), (b).
number reflects the average of the financial
sector liabilities figure for the year ending
2 This
VerDate Sep<11>2014
20:46 Jun 01, 2020
Jkt 250001
measure is in effect from July 1, 2020
through June 30, 2021.
Calculation Methodology
Aggregate financial sector liabilities
equals the average of the year-end
financial sector liabilities figure (as of
December 31) of each of the preceding
two calendar years. The year-end
financial sector liabilities figure equals
the sum of the total consolidated
liabilities of all top-tier U.S. financial
companies and the U.S. liabilities of all
top-tier foreign financial companies,
calculated using the applicable
methodology for each financial
company, as set forth in Regulation XX
and summarized below.
Consolidated liabilities of a U.S.
financial company that was subject to
consolidated risk-based capital rules as
of December 31 of the year being
measured, equal the difference between
its risk-weighted assets (as adjusted
upward to reflect amounts that are
deducted from regulatory capital
elements pursuant to the Federal
banking agencies’ risk-based capital
rules) and total regulatory capital, as
calculated under the applicable riskbased capital rules. Companies in this
category include (with certain
exceptions listed below) bank holding
companies, savings and loan holding
companies, and insured depository
institutions. The Federal Reserve used
information collected on the
Consolidated Financial Statements for
Holding Companies (FR Y–9C) and the
Bank Consolidated Reports of Condition
and Income (Call Report) to calculate
liabilities of these institutions.
Consolidated liabilities of a U.S.
financial company not subject to
consolidated risk-based capital rules as
of December 31 of the year being
measured, equal liabilities calculated in
accordance with applicable accounting
standards. Companies in this category
include nonbank financial companies
supervised by the Board, bank holding
companies and savings and loan
holding companies subject to the
Federal Reserve’s Small Bank Holding
Company Policy Statement, savings and
loan holding companies substantially
engaged in insurance underwriting or
commercial activities, and U.S.
companies that control insured
depository institutions but are not bank
holding companies or savings and loan
holding companies. ‘‘Applicable
accounting standards’’ is defined as
Generally Accepted Accounting
Principles (GAAP), or such other
December 31, 2018 ($20,841,478,070,000) and the
year ending December 31, 2019
($21,618,290,757,000).
PO 00000
Frm 00050
Fmt 4703
Sfmt 4703
33669
accounting standard or method of
estimation that the Board determines is
appropriate.3 The Federal Reserve used
information collected on the FR Y–9C,
the Parent Company Only Financial
Statements for Small Holding
Companies (FR Y–9SP), and the
Financial Company Report of
Consolidated Liabilities (FR XX–1) to
calculate liabilities of these institutions.
Section 622 provides that the U.S.
liabilities of a ‘‘foreign financial
company’’ equal the risk-weighted
assets and regulatory capital attributable
to the company’s ‘‘U.S. operations.’’
Under Regulation XX, liabilities of a
foreign banking organization’s U.S.
operations are calculated using the riskweighted asset methodology for
subsidiaries subject to the risk-based
capital rule, plus the assets of all
branches, agencies, and nonbank
subsidiaries, calculated in accordance
with applicable accounting standards.
Liabilities attributable to the U.S.
operations of a foreign financial
company that is not a foreign banking
organization are calculated in a similar
manner to the method described for
foreign banking organizations, but
liabilities of a U.S. subsidiary not
subject to the risk-based capital rule are
calculated based on the U.S.
subsidiary’s liabilities under applicable
accounting standards. The Federal
Reserve used information collected on
the Capital and Asset Report for Foreign
Banking Organizations (FR Y–7Q), the
FR Y–9C, and the FR XX–1 to calculate
liabilities of these institutions.
By order of the Board of Governors of
the Federal Reserve System, acting
through the Director of Supervision and
3 A financial company may request to use an
accounting standard or method of estimation other
than GAAP if it does not calculate its total
consolidated assets or liabilities under GAAP for
any regulatory purpose (including compliance with
applicable securities laws). 12 CFR 251.3(e). In
previous years, the Board received and approved
requests from eleven financial companies to use an
accounting standard or method of estimation other
than GAAP to calculate liabilities. Ten of the
companies are insurance companies that report
financial information under Statutory Accounting
Principles (SAP), and one is a foreign company that
controls a U.S. industrial loan company that reports
financial information under International Financial
Reporting Standards (IFRS). For the insurance
companies, the Board approved a method of
estimation that was based on line items from SAPbased reports, with adjustments to reflect certain
differences in accounting treatment between GAAP
and SAP. For the foreign company, the Board
approved the use of IFRS. Such companies that
continue to be subject to Regulation XX continue
to use the previously approved methods. The Board
did not receive any new requests this year.
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]]>Agencies
[Federal Register Volume 85, Number 106 (Tuesday, June 2, 2020)]
[Notices]
[Pages 33667-33669]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-11855]
=======================================================================
-----------------------------------------------------------------------
FEDERAL DEPOSIT INSURANCE CORPORATION
[OMB No. 3064-0087; -0143]
Agency Information Collection Activities: Proposed Collection
Renewal; Comment Request
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The FDIC, as part of its obligations under the Paperwork
Reduction Act of 1995 (PRA), invites the general public and other
Federal agencies to take this opportunity to comment on the renewal of
the existing information collections described below (OMB Control No.
3064-0087; -0143).
DATES: Comments must be submitted on or before August 3, 2020.
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), Regulatory Counsel, MB-
3128, 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 the relevant OMB control number. 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.
FOR FURTHER INFORMATION CONTACT: Manny Cabeza, Regulatory Counsel, 202-
898-3767, [email protected], MB-3128, Federal Deposit Insurance
Corporation, 550 17th Street NW, Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
Proposal to renew the following currently approved collections of
information:
1. Title: Procedures for Monitoring Bank Secrecy Act Compliance.
OMB Number: 3064-0087.
Affected Public: Insured State Nonmember Banks and Savings
Associations.
Burden Estimate:
Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
Estimated Estimated time Estimated
Information collection Type of burden Obligation to respond number of Estimated frequency of per response annual burden
description respondents responses (hours) (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Procedures for Monitoring BSA Recordkeeping......... Mandatory............. 2,523 On Occasion........... 35 88,305
Compliance--Small Institutions
(Less than $500 million).
Procedures for Monitoring BSA Recordkeeping......... Mandatory............. 774 On Occasion........... 250 193,500
Compliance--Medium Institutions
($500 million-$10 billion).
Procedures for Monitoring BSA Recordkeeping......... Mandatory............. 47 On Occasion........... 450 21,150
Compliance--Large Institutions
(0ver $10 billion).
-----------------------------------------------------------------------
Total Estimated Annual ...................... ...................... .............. ...................... .............. 302,955 hours
Burden.
--------------------------------------------------------------------------------------------------------------------------------------------------------
General Description of Collection: Respondents must establish and
maintain procedures designed to monitor and ensure their compliance
with the requirements of the Bank Secrecy Act and the implementing
regulations promulgated by the Department of Treasury at 31 CFR Chapter
X. Respondents must also provide training for appropriate personnel.
There is no change in the method or substance of the collection. The
overall reduction in burden hours is a result of economic fluctuation.
In particular, the number of respondents has decreased while the hours
per response remain the same.
2. Title: Forms Relating to Processing Deposit Insurance Claims.
OMB Number: 3064-0143.
Affected Public: Private sector individuals and entities
maintaining deposits at insured depository institutions.
Burden Estimate:
[[Page 33668]]
Summary of Estimated Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
Estimated Total
Type of burden number of Estimated time Frequency of response estimated
respondents per response annual burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
Combined Deposit Brokers and
Individuals:
7200/04--Declaration for Government Reporting..................... 14 0.5 On Occasion................... 7
Deposit.
7200/05--Declaration for Revocable Reporting..................... 165 0.5 On Occasion................... 83
Trust.
7200/06--Declaration of Independent Reporting..................... 1 0.5 On Occasion................... 0.5
Activity.
7200/07--Declaration of Independent Reporting..................... 1 0.5 On Occasion................... 0.5
Activity for Unincorporated
Association.
7200/08--Declaration for Joint Reporting..................... 1 0.5 On Occasion................... 0.5
Ownership Deposit.
7200/09--Declaration for Reporting..................... 21 0.5 On Occasion................... 11
Testamentary Deposit.
7200/10--Declaration for Defined Reporting..................... 1 1.0 On Occasion................... 1
Contribution Plan.
7200/11--Declaration for IRA/KEOGH Reporting..................... 1 0.5 On Occasion................... 0.5
Deposit.
7200/12--Declaration for Defined Reporting..................... 1 1.0 On Occasion................... 1
Benefit Plan.
7200/13--Declaration of Custodian Reporting..................... 1 0.5 On Occasion................... 0.5
Deposit.
7200/14--Declaration or Health and Reporting..................... 12 1.0 On Occasion................... 12
Welfare Plan.
7200/15--Declaration for Plan and Reporting..................... 1 0.5 On Occasion................... 0.5
Trust.
7200/18--Declaration for Irrevocable Reporting..................... 1 0.5 On Occasion................... 0.5
Trust.
7200/24--Claimant Verification...... Reporting..................... 218 0.5 On Occasion................... 109
7200/26--Depositor Interview Form... Reporting..................... 198 0.5 On Occasion................... 99
-------------------------------------------------------------------------------
Subtotal: Combined Brokers and .............................. 637 .............. .............................. 326.5
Individuals.
Deposit Brokers Only:
Deposit Broker Submission Checklist. Reporting..................... 136 0.0833 On Occasion................... 11.33
Diskette, following ``Broker Input Reporting..................... 102 0.750 On Occasion................... 76.5
File Requirements''--burden will Reporting..................... 34 5.0 On Occasion................... 170
vary depending on the broker's
number of brokered accounts.
Exhibit B, the standard agency Reporting..................... 136 0.0167 On Occasion................... 2.27
agreement, or the non-standard
agency agreement.
-------------------------------------------------------------------------------
Subtotal: Deposit Brokers Only.. .............................. 136 .............. .............................. 260.13
-------------------------------------------------------------------------------
Total Estimated Annual .............................. .............. .............. .............................. 581.10
Burden.
--------------------------------------------------------------------------------------------------------------------------------------------------------
General Description of Collection: When an insured depository
institution (``IDI'') is closed by its primary regulatory authority,
the FDIC has the responsibility to pay the insured deposits pursuant to
Section 11(a) and (f) of the Federal Deposit Insurance Act (FDI Act),
12 U.S.C. 1821(a) and (f), and the FDIC's regulations, ``Deposit
Insurance Coverage'', 12 CFR part 330, and ``Recordkeeping for Timely
Deposit Insurance Determination'', 12 CFR part 370. In the event that
the requisite information is not available in a failed IDI's records,
the FDIC will utilize these forms, declarations and affidavits to
request the necessary information from a depositor.
Generally, deposits are insured to a maximum of $250,000. This
maximum coverage is based on ``ownership rights and capacities.'' All
deposits that are maintained in the same right and capacity are added
together and insured up to $250,000 in accordance with the regulations
relating to deposit insurance of that particular deposit insurance
ownership category. Deposits held in different ownership categories are
eligible for $250,000 coverage per category. For example, as a general
rule, single ownership accounts are separately insured from trust
accounts held for qualified beneficiaries.
At the time of an IDI's closing, the FDIC obtains information about
customer accounts from the IDI's deposit account records. Based on the
IDI's records, the FDIC makes determinations about insurance coverage
for each depositor. Depositors deemed to be uninsured because their
deposits are over $250,000 may qualify for additional insurance
coverage if they can provide documentation substantiating eligibility.
a. General Deposit Accounts. The forms, declarations, and
affidavits in this collection facilitate customers providing the FDIC
with the information that may permit a more comprehensive deposit
insurance determination.
b. Deposit Brokers. A failed IDI's deposit account records may not
reveal the actual owner(s) of a particular deposit account. Rather, the
deposit account records may indicate that the deposit was placed at the
insured institution by a deposit broker on behalf of one or more third
parties. In some cases, the broker's customer may not be an actual
owner of the deposit but merely a ``second-tier'' deposit broker with
its own customers. In turn, these customers could be ``third-tier''
deposit brokers with their own customers. Deposits held in the name of
a deposit broker on behalf of clients are covered by federal deposit
insurance (up to the $250,000 limit) the same as if the broker's
clients had deposited the funds directly into the insured institution
(assuming that the clients are the actual owners of the deposits). This
is called ``pass-through'' deposit insurance coverage.
In order to analyze ownership interest and provide pass-through
insurance coverage, the FDIC must obtain certain information from both
first- and lower-tier deposit brokers: (1) Evidence that each deposit
broker is not an owner but an agent or custodian with respect to some
or all of the funds at issue; (2) a list of all parties for whom each
deposit broker acted as agent or custodian; and (3) the dollar amount
of funds held by each deposit broker for each such party as of the date
of the IDI's failure.
There is no change in the substance or methodology of this
information collection. The change in burden is due to the FDIC
estimating one respondent for certain forms where FDIC previously
estimated zero respondents. In the table above, one respondent is being
used as a placeholder to preserve the burden estimate for forms in case
they come into use in the future.
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
[[Page 33669]]
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.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on May 28, 2020.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2020-11855 Filed 6-1-20; 8:45 am]
BILLING CODE 6714-01-P
