Agency Information Collection Activities: Proposed Collection Renewal; Comment Request (OMB No. 3064-0022; -0027; -0103; -0114; -0115; -0163; -0208), 22431-22437 [2021-08803]
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Federal Register / Vol. 86, No. 80 / Wednesday, April 28, 2021 / Notices
the FCC Live web page at www.fcc.gov/
live.
Marlene Dortch,
Secretary.
[FR Doc. 2021–08799 Filed 4–27–21; 8:45 am]
BILLING CODE 6712–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
Agency Information Collection
Activities: Proposed Collection
Renewal; Comment Request (OMB No.
3064–0022; –0027; –0103; –0114;
–0115; –0163; –0208)
Federal Deposit Insurance
Corporation (FDIC).
ACTION: Agency information collection
activities: submission for OMB review;
comment request.
AGENCY:
The FDIC, as part of its
obligations under the Paperwork
Reduction Act of 1995, invites the
general public and other Federal
agencies to take this opportunity to
SUMMARY:
comment on the request to renew the
existing information collections
described below (OMB Control No.
3064–0022; –0027; –0103; –0114; –0115;
–0163).
DATES: Comments must be submitted on
or before May 28, 2021.
ADDRESSES: Interested parties are
invited to submit written comments to
the FDIC by any of the following
methods:
• Agency Website: 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 NW building
(located on F Street), on business days
between 7:00 a.m. and 5:00 p.m.
Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to www.reginfo.gov/public/do/
PRAMain . Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function.
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: Uniform Application/
Uniform Termination for Municipal
Securities Principal or Representative.
OMB Number: 3064–0022.
Form Number: 6200/54; 6200/55.
Affected Public: Individuals and
Insured state nonmember banks and
state savings associations.
Burden Estimate:
SUMMARY OF ANNUAL BURDEN AND INTERNAL COST
[OMB No. 3064–0022]
Estimated
number of
responses per
respondent
Estimated
number of
respondents
Source and burden
Estimated
number of
responses
Estimated time
per response
(hours)
Estimated
annual burden
(hours)
Uniform Termination Notice for Securities Principal or
Representative (Form MSD–5) ........................................
Uniform Application for Municipal Securities Principal or
Representative (Form MSD–4) ........................................
2
0.5
1
1.0
1.0
2
0.5
1
1.0
1.0
Total Reporting .............................................................
........................
........................
........................
........................
2.0
Total Burden Hours ......................................................
........................
........................
........................
........................
2.0
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Source: FDIC.
General Description of Collection: The
1975 Amendments to the Securities
Exchange Act of 1934 established a
comprehensive framework for the
regulation of the activities of municipal
securities dealers. Under Section 15B(a)
of the Securities Exchange Act,
municipal securities dealers which are
banks, or separately identifiable
departments or divisions of banks
engaging in municipal securities
activities, are required to be registered
with the Securities and Exchange
Commission in accordance with such
rules as the Municipal Securities
Rulemaking Board (MSRB), a
rulemaking authority established by the
1975 Amendments, may prescribe as
necessary or appropriate in the public
interest or for the protection of
investors. One of the areas in which the
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Act directed the MSRB to promulgate
rules is the qualifications of persons
associated with municipal securities
dealers as municipal securities
principals and municipal securities
representatives. The MSRB Rules
require persons who are or seek to be
associated with municipal securities
dealers as municipal securities
principals or municipal securities
representatives to provide certain
background information and conversely,
require the municipal securities dealers
to obtain the information from such
persons. Generally, the information
required to be furnished relates to
employment history and professional
background including any disciplinary
sanctions and any claimed bases for
exemption from MSRB examination
requirements. The FDIC and the other
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two Federal bank regulatory agencies,
the Comptroller of the Currency, and the
Federal Reserve Board, have prescribed
Forms MSD–4 to satisfy these
requirements and have prescribed Form
MSD–5 for notification by a bank
municipal securities dealer that a
municipal securities principal’s or a
municipal securities representative’s
association with the dealer has
terminated and the reason for such
termination. State nonmember banks
and state savings associations that are
municipal security dealers submit these
forms, as applicable, to the FDIC as their
appropriate regulatory agency for each
person associated with the dealer as a
municipal securities principal or
municipal securities representative.
There is no change in the methodology
or substance of this information
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collection. The decrease in burden
hours is a result of the decrease in the
number of respondents.
2. Title: Request for Deregistration for
Registered Transfer Agents.
OMB Number: 3064–0027.
Form Number: 6342/12.
Affected Public: Insured state
nonmember banks and state savings
associations.
Burden Estimate:
SUMMARY OF ANNUAL BURDEN
Request for Deregistration for Registered Transfer Agents.
Total Estimated Annual Burden .......
Estimated
number of
respondents
Estimated
frequency of
responses
Estimated time
per response
(hours)
Estimated
annual
burden
Type of
burden
Obligation to
respond
Reporting .......
Mandatory ......
1
On Occasion ..
0.42
0.42
........................
........................
........................
........................
........................
0.42.
Information collection description
General Description of Collection:
Under the Securities Exchange Act of
1934 (15 U.S.C. 78q–1), an insured
nonmember bank (or a subsidiary of
such a bank) that functions as a transfer
agent may withdraw from registration as
a transfer agent by filing a written notice
of withdrawal with the FDIC. The FDIC
OMB Number: 3064–0103.
Form Number: None.
Affected Public: Insured State
Nonmember Banks and State Savings
Associations.
Burden Estimate:
requires such banks to file FDIC Form
6342/12 as the written notice of
withdrawal. There is no change in the
methodology or substance of this
information collection.
3. Title: Recordkeeping Requirements
Associated with Real Estate Appraisals
and Evaluations.
TABLE 1—SUMMARY OF ESTIMATED ANNUAL BURDENS
[OMB No. 3064–0103]
Type of
burden
(obligation
to respond)
IC description
Recordkeeping Requirements Associated with Real Estate Appraisals and
Evaluations.
Total Annual Burden Hours .............
Frequency
of response
Number of
responses/
respondent
Number of
respondents
Hours per
response
Annual burden
(hours)
Recordkeeping
(Mandatory).
On occasion ...
3,227
227 .................
0.083
60,800
........................
........................
........................
........................
........................
60,800
Source: FDIC.
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Methodology and Assumptions:
Estimated Number of Respondents—
Potential respondents to this
information collection (IC) include all
FDIC-supervised institutions. As of
December 31, 2020 there were 3,227
FDIC-supervised institutions, of which
2,380 are considered ‘‘small’’ for the
purposes of the Regulatory Flexibility
Act (RFA).1 FDIC therefore uses 3,227 as
the estimate of the annual number of
respondents to this IC.
Estimated Number of Responses per
Respondent—The estimated number of
1 FDIC Call Report data, December 2020. The
Small Business Administration (SBA) defines a
small banking organization as having $600 million
or less in assets, where an organization’s ‘‘assets are
determined by averaging the assets reported on its
four quarterly financial statements for the preceding
year.’’ See 13 CFR 121.201 (as amended by 84 FR
34261, effective August 19, 2019). In its
determination, the ‘‘SBA counts the receipts,
employees, or other measure of size of the concern
whose size is at issue and all of its domestic and
foreign affiliates.’’ See 13 CFR 121.103. Following
these regulations, the FDIC uses a covered entity’s
affiliated and acquired assets, averaged over the
preceding four quarters, to determine whether the
covered entity is ‘‘small’’ for the purposes of the
RFA.
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responses per respondent for this ICR is
estimated using the dollar volume, and
where available, loan counts of real
estate loans held by FDIC-supervised
institutions. For each institution,
information is gathered from the Call
Report on the reported dollar value of
1–4 family residential construction
loans, other construction and
development loans, loans secured by
farmland, open-end loans secured by 1–
4 family residential properties, closedend loans secured by 1–4 family
residential properties, loans secured by
multifamily (5 or more) residential
properties, loans secured by owneroccupied nonfarm nonresidential
properties, and loans secured by other
nonfarm nonresidential properties. This
data is gathered from Call Report
Schedule RC–C as of December 31 of
each year, or in the case of the most
recent 12-month period, the most recent
period available.
To convert the reported dollar volume
of real estate related loans held by FDICsupervised institutions into loan counts,
a more appropriate denomination for
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estimating appraisal and evaluation
activity, the methodology applies
estimated or derived information on
average loan size for each category of
real estate loans. The methodology
divides the reported dollar value of 1–
4 family residential construction loans,
and closed-end loans secured by 1–4
family residential properties, by the U.S.
Census Bureau’s estimate of the average
sales price of new homes in order to
derive an estimate of the number of
loans for these loan categories.2 The
methodology assumes that the average
loan size of open-end loans secured by
1–4 family residential properties is 20
percent of the U.S. Census Bureau’s
estimate of the average sales price of
new homes. The methodology uses this
assumption for the average loan size of
open-end loans secured by 1–4 family
residential properties based on
supervisory experience because the
FDIC does not currently have access to
2 See U.S. Census Bureau, ‘‘Median and Average
Sale Price of Houses Sold.’’ Available at https://
www.census.gov/construction/nrs/historical_data/
index.html.
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information that would enable a more
empirical estimate. The methodology
divides the reported dollar value of
open-end loans secured by 1–4 family
residential properties by 20 percent of
the U.S. Census Bureau’s estimate of the
average sales price of new homes in
order to derive an estimate of the
number of loans for this loan category.
The methodology divides the reported
dollar value of other construction and
land development loans, and loans
secured by multifamily (5 or more)
residential properties, by the assumed
average loan size of $1 million in order
to derive an estimate of the number of
loans for these loan categories. The
methodology uses an assumption of $1
million for the average loan size based
on supervisory experience because the
FDIC does not currently have access to
information that would enable a more
empirical estimate. Finally, a statistical
method is used to derive an estimate of
the average loan size for loans secured
by farmland and loans secured by
owner-occupied and non-owneroccupied nonfarm nonresidential
properties. Call Report Schedule RC–C
Part II contains information on the
dollar volume and number of loans of
these loan types for loans above and
below specific dollar-value thresholds
($100,000 and less, $100,000 to
$250,000, and $250,000 to $1 million for
loans secured by nonfarm
nonresidential properties, and $100,000
and less, $100,000 to $250,000, and
$250,000 to $500,000 for loans secured
by farmland). Assuming that the dollar
value of loans secured by farmland and
nonfarm nonresidential properties held
by FDIC-supervised institutions are
normally distributed, the methodology
derives an estimate of the average loan
amount for each of these loan types as
of December 31 of each year, or the most
recent reporting period in the case of the
most recent 12-month period. For
example, as of December 31, 2020 this
methodology produces an estimate of
$585,459 as the average loan size for
loans secured by farmland, and
$975,836 as the average loan size for
loans secured by nonfarm
nonresidential properties. The
methodology divides the reported dollar
value of loans secured by farmland and
loans secured by owner-occupied and
non-owner-occupied nonfarm
nonresidential properties by the derived
estimate of average loan size for loans
secured by farmland and nonfarm
nonresidential properties in order to
derive an estimate of the number of
loans for these loan categories.
The methodology estimates the
number of new loans for each FDIC-
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supervised institution by assuming that
any positive change in the preceding 12month period in the reported dollar
value of a real estate related loan type
represents new lending activity. The
change in the 12-month dollar value of
loans held of each real estate loan type
for each FDIC-supervised institution, if
positive, is divided by the estimated
average loan size for that loan type in
order to produce an estimate of the
number of new loans issued by each
FDIC-supervised institution. However, if
the 12-month change in the reported
dollar value of a loan type is zero or
negative, the methodology assumes that
the number of new loans is zero.
The methodology estimates
refinancing activity by assuming that a
fixed percentage of the estimated count
of existing real estate loans of each loan
type is representative of those loans in
the portfolio that were refinanced in the
preceding 12-month period. For each
institution, and each real estate-related
loan type, the methodology subtracts the
dollar volume of new loans from the
reported dollar volume of loans as of
each 12-month period end-date, divides
that figure by the applicable estimate of
average loan size, and multiplies that
figure by 15 percent to derive an
estimate of the number of existing loans
that were refinanced in the preceding
12-month period. The 15 percent
estimate is based on supervisory
experience since the FDIC does not
currently have access to information
that would enable a more empirical
estimate.
The methodology also estimates the
number of appraisals and evaluations
commissioned by FDIC-supervised
institutions over the previous 12-month
period in order to monitor their real
estate loan portfolios for credit risk. The
methodology assumes that three percent
of the estimated loan count for existing
loans secured by farmland, five percent
of the estimated loan count for existing
1–4 family residential construction
loans, eight percent of the estimated
number of existing closed-end loans
secured by 1–4 family residential
properties, loans secured by multifamily
(5 or more) residential properties, and
loans secured by owner-occupied
nonfarm nonresidential properties, and
ten percent of the estimated number of
existing other construction and
development loans, open-end loans
secured by 1–4 family residential
properties, and loans secured by nonowner-occupied nonfarm nonresidential
properties is representative of the
number of loans for which the
institution commissioned an appraisal
or evaluation in the preceding 12-month
period. These estimates are based on
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supervisory experience since the FDIC
does not currently have access to
information that would enable a more
empirical estimate.
To calculate the total estimated
volume of appraisals and evaluations
associated with a real estate loan for
which an FDIC-supervised institution
would have to comply with the
applicable recordkeeping requirements
of Part 323, the methodology sums the
estimated count of new loans, existing
loans that were refinanced, and loans
for which the institution commissioned
an appraisal or an evaluation over the
preceding 12-month period and assumes
that all of these loans would require an
appraisal or evaluation. Using this
methodology, I estimate that there will
be 227 responses per respondent per
year for this IC. This represents an
increase of 84 (59 percent) from the
prior Information Collection submission
(143). This increase is driven primarily
by a change in the methodology used for
estimating the number of responses per
respondent.
The methodology used to estimate
responses per respondent described
above differs from the methodology
used to estimate the PRA burden of this
information collection when it was last
approved by the OMB in 2018. The
previous submission used dollar volume
information for real estate loan
categories aggregated for all FDICsupervised institutions, rather than for
each institution as described above.
Consequently, even if the total dollar
value of a particular loan type decreased
among FDIC-supervised institutions in
aggregate, the estimated number of new
loans of that type would be still be
positive if it increased for at least one
institution, whereas it would have been
assumed to be zero under the
methodology used for the previous
submission. Additionally, the
methodology used to estimate the
number of responses per respondent in
the last information collection
submission used average loan value
estimates for loans secured by farmland
and loans secured by owner- and nonowner-occupied nonfarm nonresidential
properties of $1 million, rather than the
statistical method just described, to
derive average loan size estimates for
these loan categories. Over the time
period from year-end 2014 to year-end
2020, the statistical method produced
estimates ranging from $563,385 to
$663,766 for the average loan size of
loans secured by farmland, and
$813,999 to $975,836 for loans secured
by nonfarm nonresidential properties.
Since the average loan size estimates for
both loan types were lower than $1
million for the whole time period, the
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estimated number of existing and new
loans for these loan types increased
relative to the estimates used for the
previous submission. These
methodological changes led to more
accurate, and generally larger, estimates
for responses per respondent than the
estimates used in the previous
submission.
Estimated Time per Response—The
FDIC is not revising its estimate of the
time required to complete the
recordkeeping requirements in this IC
and will retain an estimated hourly
performed in writing, in accordance
with uniform standards, by an appraiser
whose competency has been
demonstrated and whose professional
conduct will be subject to effective
supervision.
4. Title: Foreign Banks.
OMB Number: 3064–0114.
Form Number: None.
Affected Public: Insured branches of
foreign banks.
Burden Estimate:
burden per response of 5 minutes, or
0.083 hours.
General Description of the Collection:
FIRREA directs the FDIC to prescribe
appropriate performance standards for
real estate appraisals connected with
federally related transactions under its
jurisdiction. This information collection
is a direct consequence of the statutory
requirement. It is designed to provide
protection for federal financial and
public policy interests by requiring real
estate appraisals used in connection
with federally related transactions to be
SUMMARY OF ANNUAL BURDEN
Estimated
number of
respondents
Information collection description
Type of
burden
Moving a Branch .....................
Consent to Operate .................
Approval to Conduct Activities
Pledge of Assets Documents ..
Pledge of Asset Reports .........
Recordkeeping .........................
Reporting ......................
Reporting ......................
Reporting ......................
Reporting ......................
Reporting ......................
Recordkeeping ..............
Mandatory
Mandatory
Mandatory
Mandatory
Mandatory
Mandatory
......
......
......
......
......
......
Total Estimated Annual
Burden.
.......................................
........................
Estimated
frequency of
responses
Estimated time
per
response
Estimated
annual burden
1
1
1
10
10
10
On Occasion ..
On Occasion ..
On Occasion ..
Quarterly ........
Quarterly ........
On Occasion ..
8 hours ...........
8 hours ...........
8 hours ...........
15 minutes .....
2 hours ...........
120 hours .......
8
8
8
10
80
1,200
........................
........................
........................
1,314
Obligation to
respond
5. Title: Prompt Corrective Action.
OMB Number: 3064–0115.
Form Number: None.
Affected Public: State non-member
banks and state savings associations.
Burden Estimate:
are not permissible for a federally
licensed branch; internal recordkeeping
by such branches; and reporting and
recordkeeping requirements relating to
such a branch’s pledge of assets to the
FDIC. There is no change in the
methodology or substance of this
information collection.
General Description of Collection:
Applications to move an insured
state-licensed branch of a foreign bank;
applications to operate as such
noninsured state-licensed branch of a
foreign bank; applications from an
insured state-licensed branch of a
foreign bank to conduct activities that
SUMMARY OF ESTIMATED ANNUAL BURDEN
[3064–0115]
Prompt Corrective Action
(12 CFR parts 303, 324,
and 390).
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Total Estimated Annual Burden.
Obligation
to respond
Reporting .....
Voluntary ......
12
......................
......................
........................
General Description of Collection:
The Prompt Corrective Action (PCA)
provisions of section 38 of the Federal
Deposit Insurance Act require or permit
the FDIC and other federal banking
agencies to take certain supervisory
actions when FDIC-insured institutions
fall within certain capital categories.
Various provisions of the statute and the
FDIC’s implementing regulations
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Estimated
number of
respondents
Type of
burden
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On Occasion
......................
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Total
annual
estimated
burden
4
1.334
64
........................
........................
64 hours
require the prior approval of the FDIC
before an FDIC-supervised institution,
or certain insured depository
institutions, can engage in certain
activities, or allow the FDIC to make
exceptions to restrictions that would
otherwise be imposed. This collection of
information consists of the applications
that are required to obtain the FDIC’s
prior approval to engage in these
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Estimated
average
number of
responses per
respondent
Estimated
time per
response
(hours)
Estimated
frequency of
responses
activities. There is no change in the
method or substance of the collection.
6. Title: Qualified Financial Contracts.
OMB Number: 3064–0163.
Form Number: None.
Affected Public: State non-member
banks and savings associations.
Burden Estimate:
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Type of burden
(obligation to respond)
IC description
Implementation Burden
Full Scope Entities ................................
Limited Scope Entities ..........................
Application for Extension of Time .........
Estimated
average time
per response
(hours)
Estimated
annual burden
(hours)
Recordkeeping (Mandatory)
Recordkeeping (Mandatory)
Reporting (Required to Obtain a Benefit).
One time ........
One Time .......
On Occasion ..
1
51
1
6,000
23
1
6,000
1,173
1
...............................................
........................
........................
........................
7,174
Recordkeeping (Mandatory)
Recordkeeping (Mandatory)
Annual ............
Annual ............
4
173
250
12
1,000
2,076
Total Estimated Annual Ongoing
Burden.
...............................................
........................
........................
........................
3.076
Total Estimated Annual Burden.
...............................................
........................
........................
........................
10,250
Total Estimated Annual Implementation Burden.
Ongoing Burden
Full Scope Entities ................................
Limited Scope Entities ..........................
Methodology and Assumptions: For
the renewal of this information
collection, the FDIC determined that the
burden estimation methodology should
be revised to separate the
implementation burden estimates for
those entities that are newly subject to
Part 371’s recordkeeping requirements
and the lesser ongoing burden for those
entities that only need to maintain their
existing compliance with Part 371. This
split applies to both the set of Full
Scope Entities and the set of Limited
Scope Entities. The implementation
burden estimates continue to include
reporting burden for the application for
extension of time to comply with Part
371 requirements. FDIC records indicate
that FDIC has never received a request
for an extension of time under Part 371
and is showing one respondent for this
IC to preserve the reporting burden
estimate in the event an institution
elects to submit such a request in the
future.
Estimated Number of Respondents
and Responses—Potential respondents
to this information collection are all
FDIC-insured depository institutions
(IDIs). As of December 31, 2020, there
are 5,010 IDIs.3 Of these institutions,
3,500 are considered ‘‘small’’ for
purposes of the Regulatory Flexibility
Act (RFA).4 An IDI is subject to this
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Estimated
number of
respondents
Frequency of
response
3 FFIEC Call Reports for the period ending
December 31st, 2020.
4 December 31, 2020, Call Report data. The Small
Business Administration (SBA) defines a small
banking organization as having $600 million or less
in assets, where an organization’s ‘‘assets are
determined by averaging the assets reported on its
four quarterly financial statements for the preceding
year.’’ See 13 CFR 121.201 (as amended by 84 FR
34261, effective August 19, 2019). In its
determination, the ‘‘SBA counts the receipts,
employees, or other measure of size of the concern
whose size is at issue and all of its domestic and
foreign affiliates.’’ See 13 CFR 121.103. Following
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information collection if it has received
written notice from the IDI’s appropriate
Federal banking agency or the FDIC that
it is in a troubled condition and written
notice from the FDIC that it is subject to
the reporting and recordkeeping
requirements of Part 371 (together, a
‘‘QFC Notification’’).5 The FDIC has
identified 621 IDIs that were issued QFC
Notifications between December 2008
and July 2020,6 for an average of 52 QFC
Notifications per year. Of these, 51
notifications would have been to
Limited Scope Entities and 1 would
have been to a Full Scope Entity under
Part 371.7 Approximately 361
notifications, or 30 notifications per
year, would be to IDIs considered
‘‘small’’ for purposes of the RFA.8
Based on the average annual number
of IDIs that were issued QFC
Notifications over the twelve-year
period, the FDIC estimates that 51
Limited Scope Entities and 1 Full Scope
Entity would receive a QFC notification
and be subject to implementation
burden.
To estimate the number of IDIs that
will be subject to Part 371 on an ongoing
basis, the FDIC identified those IDIs that
have been issued QFC Notifications and
deducted IDIs that failed subsequent to
these regulations, the FDIC uses a covered entity’s
affiliated and acquired assets, averaged over the
preceding four quarters, to determine whether the
covered entity is ‘‘small’’ for the purposes of RFA.
5 The definition of troubled condition and details
of what entities are covered is described in the final
rule.
6 See the SME analysis separately attached as
‘‘PRA 371 Internal 16 April.docx.’’
7 The definitions of ‘‘Full Scope’’ and ‘‘Limited
Scope’’ became effective on October 1, 2017 as part
of the final rule. However, in order to calculate
representative statistics for estimated respondents
the SME’s applied those definitions to IDIs who
received QFC Notifications in periods prior to
enactment of those definitions.
8 As of December 31, 2020.
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Frm 00052
Fmt 4703
Sfmt 4703
receiving such notification. The FDIC
determined that 185 of the 621 IDIs
notified between 2008 and 2020 had not
failed, as of February 2021. Of these,
173 IDIs would be defined as Limited
Scope Entities under the final rule,9
including 98 IDIs that would be
considered ‘‘small’’ for purposes of the
RFA.10 The FDIC thus estimates that 173
Limited Scope Entities will incur
ongoing recordkeeping burden
associated with maintaining their
existing compliance with Part 371.
The FDIC also identified twelve (12)
Full Scope Entities under Part 371,
which were issued QFC Notifications
between 2008 and 2020, and had not
failed, as of February 2021. Six (6) of
these entities have since been upgraded
and are no longer subject to Part 371.
Two (2) of the remaining entities are
either working towards or will begin to
work towards initial compliance with
this ICR. The remaining four (4) Full
Scope Entities have already completed
their initial compliance efforts (or are
well along in initial compliance efforts
and thus treated as facing ongoing
compliance burden). Thus, the FDIC
estimates that four (4) Full Scope
Entities will incur recordkeeping
burden associated with maintaining
their existing compliance with Part 371.
Estimated Hourly Burden—The FDIC
estimates the information collection
burdens for affected institutions based
on their classifications as either Full- or
Limited Scope Entities under Part 371;
and based on whether they are newly
subject to the requirements
9 The SMEs did not track status upgrades of
limited scope entities for these purposes and,
accordingly, the estimate of the total existing
population of limited scope entities is made
assuming no change in status of an institution
following its first becoming subject to Part 371.
10 As of December 31, 2020.
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(implementation burden) or whether
they are responding to the information
collection on an ongoing basis. Full
Scope Entities must complete the eight
QFC Tables contained in Appendix B of
the rule; limited-scope firms must
complete the four QFC Tables contained
in Appendix A of the rule. The FDIC
estimates that new Full Scope Entities
will incur, on average, approximately
6,000 hours to initially complete the
required QFC Tables for all of the QFCs
in their portfolio. FDIC estimates that
Full Scope Entities that already
complied with the final rule in any
previous year will incur, on average,
250 hours ongoing burden to maintain
their QFC Tables.
For the hourly implementation
burden incurred by Limited Scope
Entities, the FDIC assumes that burden
will be based on the number of QFCs in
the entity’s portfolio. The FDIC assumes
that 90 percent of New Limited Scope
Entities, or 46 entities per year, hold 50
or fewer QFCs in their portfolio. These
entities are expected in incur, on
average, 15 hours of implementation
burden in the first year in which they
must comply with the final rule. The
remaining 10 percent of New Limited
Scope Entities, or 5 entities a year, are
assumed to hold more than 50 QFCs in
their portfolio and are expected to incur,
on average, 100 hours of
implementation burden. The average
hourly implementation burden across
all New Limited Scope Entities is thus
approximately 23 hours per
respondent.11 These burdens estimates
incorporate the expected time to prepare
an extension request, if needed.
The FDIC uses the same methodology
to estimate the hourly ongoing burden
for Limited Scope Entities. It assumes
that 90 percent of Limited Scope
Entities that continue to be subject to
Part 371 after one year, or 155 entities
per year, hold 50 or fewer QFCs in their
portfolio and are expected to incur, on
average, 10 hours to maintain their
compliance with the requirements of
Part 371. The remaining 10 percent of
Existing Limited Scope Entities, or 18
entities per year, are assumed to hold
more than 50 QFCs in their portfolio
and are expected to incur, on average,
25 hours of ongoing burden per year.
The average hourly burden across all
New Limited Scope Entities is thus
approximately 12 hours per
respondent.12
These burden estimates, along with
the annual estimated number of entities,
are delineated by burden type in
Summary of Estimated Annual Burden
table. The recordkeeping burdens are
assumed to be one tine for the
implementation phase and one time
annually for the ongoing phase.
Accordingly, the response rate is one
response per respondent per year. The
Summary of Estimated Annual Burden
table also shows the estimated annual
burden of each IC line item, which is
equal to the product of the estimated
number of respondents, the number of
responses per respondent per year, and
the time per response for each line item.
The total estimated annual burden for
this information collection is 10,250
hours, a decrease of 8,470 hours from
the 18,720 estimated annual burden
hours in the currently-approved
information collection request. The
decrease in burden is due to the change
in the methodology used by the FDIC in
estimating annual burden as discussed
above.
General Description of the Collection:
Under the Federal Deposit Insurance
Act (FDIA), Qualified Financial Contract
(‘‘QFCs’’) have been designated for
special treatment by the FDIC in the
event of the failure of an insured
depository institution. As codified in
FDIA as part of the Financial
Institutions Reform, Recovery, and
Enforcement Act of 1989 (FIRREA),
certain timing restrictions are effectively
placed on the FDIC for making decisions
whether to transfer QFCs to another
financial institution, repudiate the
QFCs, or retain the QFCs in the
receivership in the event of an insured
institution’s failure. To make an
informed decision about QFCs in such
situations, the FDIC needs timely
information pertaining to the types and
amounts of QFC contracts held, the
counterparties to these contracts and
their affiliates, the purpose of these
contracts, their maturity dates, the
current value of these contracts, and
whether these contracts are
collateralized. Because of the large
volume of QFC information that a
receiver must process in a limited
timeframe, in Part 371, the FDIC
established QFC recordkeeping
requirements for institutions in a
‘‘troubled condition’’ as that term is
defined in the rule. This information
collection consists of recordkeeping and
reporting requirements for qualified
financial contracts (QFCs) held by
insured depository institutions in
troubled condition.
7. Title: Restrictions on Qualified
Financial Contracts of Subsidiaries of
certain FDIC-Supervised Institutions;
Revisions to the Definition of Qualifying
Master Netting Agreement and Related
Definitions.
OMB Number: 3064–0208.
Form Number: None.
Affected Public: Private sector.
Burden Estimate:
jbell on DSKJLSW7X2PROD with NOTICES
SUMMARY OF ANNUAL BURDEN
Information collection description
Type of
blurden
Obligation to
respond
Approval requests prepared and submitted to the FDIC regarding modifications to enhanced creditor protection
provisions.
Reporting .......
Voluntary ........
Total Estimated Annual Burden .......
........................
........................
Estimated
number of
respondents
Estimated frequency of
responses
Estimated time
per response
(hours)
Estimated
annual burden
(hours)
1
On occasion ...
20
20
........................
........................
........................
20
General Description of Collection:
This rule is necessary to give effect to
such cross-default restrictions in the
ISDA Protocol. The rule requires that
FDIC-supervised institutions that are
subsidiaries of GSIBs and their
counterparties either adhere to the ISDA
Protocol or take the prescribed steps to
amend the contractual provisions of
their QFCs, consistent with the
11 23.34 hours = (46 respondents * 15 hours + 5
respondents * 100 hours)/51 total respondents.
12 11.56 hours = (155 respondents * 10 hours +
18 respondents * 25 hours)/173 total respondents.
VerDate Sep<11>2014
19:17 Apr 27, 2021
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Sfmt 4703
requirements in the rule, within a
specified period of time. If such
institutions elect to amend their QFCs
in lieu of adhering to the ISDA Protocol,
they must seek the FDIC’s approval of
E:\FR\FM\28APN1.SGM
28APN1
jbell on DSKJLSW7X2PROD with NOTICES
Federal Register / Vol. 86, No. 80 / Wednesday, April 28, 2021 / Notices
the proposed amendments, giving rise to
the information collection. The
information collection is necessary to
ensure QFC contracts are amended in
compliance with the rule. The FDIC’s
rule applies to FDIC-supervised
institutions that are subsidiaries of
GSIBs and sets forth requirements
parallel to those contained in similar
rules recently published by the FRB and
the OCC with regard to entities they
supervise to ensure consistent
regulatory treatment of QFCs among the
various entities within a GSIB group.All
institutions that were covered FSIs on
January 1, 2018 were required to comply
with the QFC stay rule by January 1,
2020. That means that, except for the
three possible exceptions described
below, all required paperwork revisions
that are required to be completed by the
covered entities to comply with the rule
should have been completed by January
1, 2020. Consequently, for the purpose
of 2021 and future PRA analysis, the
FDIC does not expect any on-occasion
paperwork burden associated with the
rule. The three exceptions to the
foregoing statement are: (i) Under the
QFC stay rule, a covered FSI is not
required to bring QFCs with a
counterparty that were entered into
prior to January 1, 2019 into compliance
unless the covered FSI or any affiliate of
the covered FSI becomes party to a QFC
with the same counterparty or a
consolidated affiliate of that party on or
after January 1, 2019 (subject to special
rules relating to institutions that become
covered FSIs after January 1, 2018); (ii)
entities that become covered entities
after January 1 2018 have extended
compliance periods (which can extend
the date for compliance to the date that
is the first day of the calendar quarter
immediately following one year, 18
months or two years (depending on the
type of counterparty) from the date the
entity first became a covered entity);
and (iii) a covered FSI might enter into
a QFC with a counterparty that is not
yet covered by documentation that
complies with the rule. Moreover,
because the market practices and
conventions relating to derivatives,
repo, SFT and other QFC products have
evolved to include the stay provisions
in the documentation used by market
participants, FDIC estimates that any
legal documentation review will be
addressed as a part of the normal
business on-boarding or maintenance of
the business relations. However, FDIC
recognizes that there is a possibility of
a new entrant or a new product that can
fall under the scope of the subject rule
and, consequently, provides for a
VerDate Sep<11>2014
19:17 Apr 27, 2021
Jkt 253001
possibility of one or more respondents
that can be impacted by the rule.
As noted above, the industry
undertook major initiatives to achieve
streamlining and straight-through
processing for both on-boarding and
maintenance of the QFC records over
the last years. Consequently, in case a
new entrant/product will be scoped-in
by the subject rule to impose the
paperwork burden, FDIC estimates that
such burden will be less than half of the
burden estimated in 2018 thanks to the
automation and standardization of
business processes. Accordingly, the
time per response has been revised to 20
hours from the 40 hours previously
estimated.
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.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on April 22,
2021.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2021–08803 Filed 4–27–21; 8:45 am]
BILLING CODE P
FEDERAL MARITIME COMMISSION
Notice of Agreements Filed
The Commission hereby gives notice
of the filing of the following agreements
under the Shipping Act of 1984.
Interested parties may submit
comments, relevant information, or
documents regarding the agreements to
the Secretary by email at Secretary@
fmc.gov, or by mail, Federal Maritime
Commission, Washington, DC 20573.
Comments will be most helpful to the
Commission if received within 12 days
of the date this notice appears in the
Federal Register. Copies of agreements
are available through the Commission’s
website (www.fmc.gov) or by contacting
the Office of Agreements at (202)-523–
5793 or tradeanalysis@fmc.gov.
PO 00000
Frm 00054
Fmt 4703
Sfmt 4703
22437
Agreement No.: 011982–004.
Agreement Name: Evergreen Line
Joint Service Agreement.
Parties: Evergreen Marine Corp.
(Taiwan) Ltd.; Evergreen Marine (UK)
Ltd.; Evergreen Marine (Hong Kong)
Ltd.; Italia Marittima S.P.A.; Evergreen
Marine (Singapore) Pte. Ltd.; and
Evergreen Marine (Asia) Pte. Ltd.
Synopsis: The amendment adds a new
party to the Agreement and makes
updates to addresses for existing parties.
Proposed Effective Date: 5/31/2021.
Location: https://www2.fmc.gov/
FMC.Agreements.Web/Public/
AgreementHistory/466.
Dated: April 23, 2021.
Rachel E. Dickon,
Secretary.
[FR Doc. 2021–08838 Filed 4–27–21; 8:45 am]
BILLING CODE 6730–02–P
FEDERAL RESERVE SYSTEM
Change in Bank Control Notices;
Acquisitions of Shares of a Bank or
Bank Holding Company
The notificants listed below have
applied under the Change in Bank
Control Act (Act) (12 U.S.C. 1817(j)) and
§ 225.41 of the Board’s Regulation Y (12
CFR 225.41) to acquire shares of a bank
or bank holding company. The factors
that are considered in acting on the
applications are set forth in paragraph 7
of the Act (12 U.S.C. 1817(j)(7)).
The public portions of the
applications listed below, as well as
other related filings required by the
Board, if any, are available for
immediate inspection at the Federal
Reserve Bank(s) indicated below and at
the offices of the Board of Governors.
This information may also be obtained
on an expedited basis, upon request, by
contacting the appropriate Federal
Reserve Bank and from the Board’s
Freedom of Information Office at
https://www.federalreserve.gov/foia/
request.htm. Interested persons may
express their views in writing on the
standards enumerated in paragraph 7 of
the Act.
Comments regarding each of these
applications must be received at the
Reserve Bank indicated or the offices of
the Board of Governors, Ann E.
Misback, Secretary of the Board, 20th
Street and Constitution Avenue NW,
Washington, DC 20551–0001, not later
than May 13, 2021.
A. Federal Reserve Bank of Kansas
City (Porcia Block, Vice President) 1
Memorial Drive, Kansas City, Missouri
64198–0001:
1. The Bruce L. Bachman Trust for
Whitney E. Martin, Whitney E. Martin,
E:\FR\FM\28APN1.SGM
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]]>Agencies
[Federal Register Volume 86, Number 80 (Wednesday, April 28, 2021)]
[Notices]
[Pages 22431-22437]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-08803]
=======================================================================
-----------------------------------------------------------------------
FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities: Proposed Collection
Renewal; Comment Request (OMB No. 3064-0022; -0027; -0103; -0114; -
0115; -0163; -0208)
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Agency information collection activities: submission for OMB
review; comment request.
-----------------------------------------------------------------------
SUMMARY: The FDIC, as part of its obligations under the Paperwork
Reduction Act of 1995, invites the general public and other Federal
agencies to take this opportunity to comment on the request to renew
the existing information collections described below (OMB Control No.
3064-0022; -0027; -0103; -0114; -0115; -0163).
DATES: Comments must be submitted on or before May 28, 2021.
ADDRESSES: Interested parties are invited to submit written comments to
the FDIC by any of the following methods:
Agency Website: 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 NW building (located on F
Street), on business days between 7:00 a.m. and 5:00 p.m.
Written comments and recommendations for the proposed information
collection should be sent within 30 days of publication of this notice
to www.reginfo.gov/public/do/PRAMain . Find this particular information
collection by selecting ``Currently under 30-day Review--Open for
Public Comments'' or by using the search function.
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: Uniform Application/Uniform Termination for Municipal
Securities Principal or Representative.
OMB Number: 3064-0022.
Form Number: 6200/54; 6200/55.
Affected Public: Individuals and Insured state nonmember banks and
state savings associations.
Burden Estimate:
Summary of Annual Burden and Internal Cost
[OMB No. 3064-0022]
----------------------------------------------------------------------------------------------------------------
Estimated
Estimated number of Estimated Estimated time Estimated
Source and burden number of responses per number of per response annual burden
respondents respondent responses (hours) (hours)
----------------------------------------------------------------------------------------------------------------
Uniform Termination Notice for 2 0.5 1 1.0 1.0
Securities Principal or
Representative (Form MSD-5)....
Uniform Application for 2 0.5 1 1.0 1.0
Municipal Securities Principal
or Representative (Form MSD-4).
-------------------------------------------------------------------------------
Total Reporting............. .............. .............. .............. .............. 2.0
-------------------------------------------------------------------------------
Total Burden Hours.......... .............. .............. .............. .............. 2.0
----------------------------------------------------------------------------------------------------------------
Source: FDIC.
General Description of Collection: The 1975 Amendments to the
Securities Exchange Act of 1934 established a comprehensive framework
for the regulation of the activities of municipal securities dealers.
Under Section 15B(a) of the Securities Exchange Act, municipal
securities dealers which are banks, or separately identifiable
departments or divisions of banks engaging in municipal securities
activities, are required to be registered with the Securities and
Exchange Commission in accordance with such rules as the Municipal
Securities Rulemaking Board (MSRB), a rulemaking authority established
by the 1975 Amendments, may prescribe as necessary or appropriate in
the public interest or for the protection of investors. One of the
areas in which the Act directed the MSRB to promulgate rules is the
qualifications of persons associated with municipal securities dealers
as municipal securities principals and municipal securities
representatives. The MSRB Rules require persons who are or seek to be
associated with municipal securities dealers as municipal securities
principals or municipal securities representatives to provide certain
background information and conversely, require the municipal securities
dealers to obtain the information from such persons. Generally, the
information required to be furnished relates to employment history and
professional background including any disciplinary sanctions and any
claimed bases for exemption from MSRB examination requirements. The
FDIC and the other two Federal bank regulatory agencies, the
Comptroller of the Currency, and the Federal Reserve Board, have
prescribed Forms MSD-4 to satisfy these requirements and have
prescribed Form MSD-5 for notification by a bank municipal securities
dealer that a municipal securities principal's or a municipal
securities representative's association with the dealer has terminated
and the reason for such termination. State nonmember banks and state
savings associations that are municipal security dealers submit these
forms, as applicable, to the FDIC as their appropriate regulatory
agency for each person associated with the dealer as a municipal
securities principal or municipal securities representative. There is
no change in the methodology or substance of this information
[[Page 22432]]
collection. The decrease in burden hours is a result of the decrease in
the number of respondents.
2. Title: Request for Deregistration for Registered Transfer
Agents.
OMB Number: 3064-0027.
Form Number: 6342/12.
Affected Public: Insured state nonmember banks and state savings
associations.
Burden Estimate:
Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
Estimated Estimated time
Information collection Type of burden Obligation to respond number of Estimated frequency per response Estimated
description respondents of responses (hours) annual burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
Request for Deregistration for Reporting............. Mandatory............. 1 On Occasion........... 0.42 0.42
Registered Transfer Agents.
-----------------------------------------------------------------------
Total Estimated Annual ...................... ...................... .............. ...................... .............. 0.42.
Burden.
--------------------------------------------------------------------------------------------------------------------------------------------------------
General Description of Collection:
Under the Securities Exchange Act of 1934 (15 U.S.C. 78q-1), an
insured nonmember bank (or a subsidiary of such a bank) that functions
as a transfer agent may withdraw from registration as a transfer agent
by filing a written notice of withdrawal with the FDIC. The FDIC
requires such banks to file FDIC Form 6342/12 as the written notice of
withdrawal. There is no change in the methodology or substance of this
information collection.
3. Title: Recordkeeping Requirements Associated with Real Estate
Appraisals and Evaluations.
OMB Number: 3064-0103.
Form Number: None.
Affected Public: Insured State Nonmember Banks and State Savings
Associations.
Burden Estimate:
Table 1--Summary of Estimated Annual Burdens
[OMB No. 3064-0103]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Type of burden
IC description (obligation to Frequency of response Number of Number of responses/ Hours per Annual burden
respond) respondents respondent response (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping Requirements Recordkeeping On occasion........... 3,227 227................... 0.083 60,800
Associated with Real Estate (Mandatory).
Appraisals and Evaluations.
-----------------------------------------------------------------------
Total Annual Burden Hours... ...................... ...................... .............. ...................... .............. 60,800
--------------------------------------------------------------------------------------------------------------------------------------------------------
Source: FDIC.
Methodology and Assumptions:
Estimated Number of Respondents--Potential respondents to this
information collection (IC) include all FDIC-supervised institutions.
As of December 31, 2020 there were 3,227 FDIC-supervised institutions,
of which 2,380 are considered ``small'' for the purposes of the
Regulatory Flexibility Act (RFA).\1\ FDIC therefore uses 3,227 as the
estimate of the annual number of respondents to this IC.
---------------------------------------------------------------------------
\1\ FDIC Call Report data, December 2020. The Small Business
Administration (SBA) defines a small banking organization as having
$600 million or less in assets, where an organization's ``assets are
determined by averaging the assets reported on its four quarterly
financial statements for the preceding year.'' See 13 CFR 121.201
(as amended by 84 FR 34261, effective August 19, 2019). In its
determination, the ``SBA counts the receipts, employees, or other
measure of size of the concern whose size is at issue and all of its
domestic and foreign affiliates.'' See 13 CFR 121.103. Following
these regulations, the FDIC uses a covered entity's affiliated and
acquired assets, averaged over the preceding four quarters, to
determine whether the covered entity is ``small'' for the purposes
of the RFA.
---------------------------------------------------------------------------
Estimated Number of Responses per Respondent--The estimated number
of responses per respondent for this ICR is estimated using the dollar
volume, and where available, loan counts of real estate loans held by
FDIC-supervised institutions. For each institution, information is
gathered from the Call Report on the reported dollar value of 1-4
family residential construction loans, other construction and
development loans, loans secured by farmland, open-end loans secured by
1-4 family residential properties, closed-end loans secured by 1-4
family residential properties, loans secured by multifamily (5 or more)
residential properties, loans secured by owner-occupied nonfarm
nonresidential properties, and loans secured by other nonfarm
nonresidential properties. This data is gathered from Call Report
Schedule RC-C as of December 31 of each year, or in the case of the
most recent 12-month period, the most recent period available.
To convert the reported dollar volume of real estate related loans
held by FDIC-supervised institutions into loan counts, a more
appropriate denomination for estimating appraisal and evaluation
activity, the methodology applies estimated or derived information on
average loan size for each category of real estate loans. The
methodology divides the reported dollar value of 1-4 family residential
construction loans, and closed-end loans secured by 1-4 family
residential properties, by the U.S. Census Bureau's estimate of the
average sales price of new homes in order to derive an estimate of the
number of loans for these loan categories.\2\ The methodology assumes
that the average loan size of open-end loans secured by 1-4 family
residential properties is 20 percent of the U.S. Census Bureau's
estimate of the average sales price of new homes. The methodology uses
this assumption for the average loan size of open-end loans secured by
1-4 family residential properties based on supervisory experience
because the FDIC does not currently have access to
[[Page 22433]]
information that would enable a more empirical estimate. The
methodology divides the reported dollar value of open-end loans secured
by 1-4 family residential properties by 20 percent of the U.S. Census
Bureau's estimate of the average sales price of new homes in order to
derive an estimate of the number of loans for this loan category. The
methodology divides the reported dollar value of other construction and
land development loans, and loans secured by multifamily (5 or more)
residential properties, by the assumed average loan size of $1 million
in order to derive an estimate of the number of loans for these loan
categories. The methodology uses an assumption of $1 million for the
average loan size based on supervisory experience because the FDIC does
not currently have access to information that would enable a more
empirical estimate. Finally, a statistical method is used to derive an
estimate of the average loan size for loans secured by farmland and
loans secured by owner-occupied and non-owner-occupied nonfarm
nonresidential properties. Call Report Schedule RC-C Part II contains
information on the dollar volume and number of loans of these loan
types for loans above and below specific dollar-value thresholds
($100,000 and less, $100,000 to $250,000, and $250,000 to $1 million
for loans secured by nonfarm nonresidential properties, and $100,000
and less, $100,000 to $250,000, and $250,000 to $500,000 for loans
secured by farmland). Assuming that the dollar value of loans secured
by farmland and nonfarm nonresidential properties held by FDIC-
supervised institutions are normally distributed, the methodology
derives an estimate of the average loan amount for each of these loan
types as of December 31 of each year, or the most recent reporting
period in the case of the most recent 12-month period. For example, as
of December 31, 2020 this methodology produces an estimate of $585,459
as the average loan size for loans secured by farmland, and $975,836 as
the average loan size for loans secured by nonfarm nonresidential
properties. The methodology divides the reported dollar value of loans
secured by farmland and loans secured by owner-occupied and non-owner-
occupied nonfarm nonresidential properties by the derived estimate of
average loan size for loans secured by farmland and nonfarm
nonresidential properties in order to derive an estimate of the number
of loans for these loan categories.
---------------------------------------------------------------------------
\2\ See U.S. Census Bureau, ``Median and Average Sale Price of
Houses Sold.'' Available at https://www.census.gov/construction/nrs/historical_data/.
---------------------------------------------------------------------------
The methodology estimates the number of new loans for each FDIC-
supervised institution by assuming that any positive change in the
preceding 12-month period in the reported dollar value of a real estate
related loan type represents new lending activity. The change in the
12-month dollar value of loans held of each real estate loan type for
each FDIC-supervised institution, if positive, is divided by the
estimated average loan size for that loan type in order to produce an
estimate of the number of new loans issued by each FDIC-supervised
institution. However, if the 12-month change in the reported dollar
value of a loan type is zero or negative, the methodology assumes that
the number of new loans is zero.
The methodology estimates refinancing activity by assuming that a
fixed percentage of the estimated count of existing real estate loans
of each loan type is representative of those loans in the portfolio
that were refinanced in the preceding 12-month period. For each
institution, and each real estate-related loan type, the methodology
subtracts the dollar volume of new loans from the reported dollar
volume of loans as of each 12-month period end-date, divides that
figure by the applicable estimate of average loan size, and multiplies
that figure by 15 percent to derive an estimate of the number of
existing loans that were refinanced in the preceding 12-month period.
The 15 percent estimate is based on supervisory experience since the
FDIC does not currently have access to information that would enable a
more empirical estimate.
The methodology also estimates the number of appraisals and
evaluations commissioned by FDIC-supervised institutions over the
previous 12-month period in order to monitor their real estate loan
portfolios for credit risk. The methodology assumes that three percent
of the estimated loan count for existing loans secured by farmland,
five percent of the estimated loan count for existing 1-4 family
residential construction loans, eight percent of the estimated number
of existing closed-end loans secured by 1-4 family residential
properties, loans secured by multifamily (5 or more) residential
properties, and loans secured by owner-occupied nonfarm nonresidential
properties, and ten percent of the estimated number of existing other
construction and development loans, open-end loans secured by 1-4
family residential properties, and loans secured by non-owner-occupied
nonfarm nonresidential properties is representative of the number of
loans for which the institution commissioned an appraisal or evaluation
in the preceding 12-month period. These estimates are based on
supervisory experience since the FDIC does not currently have access to
information that would enable a more empirical estimate.
To calculate the total estimated volume of appraisals and
evaluations associated with a real estate loan for which an FDIC-
supervised institution would have to comply with the applicable
recordkeeping requirements of Part 323, the methodology sums the
estimated count of new loans, existing loans that were refinanced, and
loans for which the institution commissioned an appraisal or an
evaluation over the preceding 12-month period and assumes that all of
these loans would require an appraisal or evaluation. Using this
methodology, I estimate that there will be 227 responses per respondent
per year for this IC. This represents an increase of 84 (59 percent)
from the prior Information Collection submission (143). This increase
is driven primarily by a change in the methodology used for estimating
the number of responses per respondent.
The methodology used to estimate responses per respondent described
above differs from the methodology used to estimate the PRA burden of
this information collection when it was last approved by the OMB in
2018. The previous submission used dollar volume information for real
estate loan categories aggregated for all FDIC-supervised institutions,
rather than for each institution as described above. Consequently, even
if the total dollar value of a particular loan type decreased among
FDIC-supervised institutions in aggregate, the estimated number of new
loans of that type would be still be positive if it increased for at
least one institution, whereas it would have been assumed to be zero
under the methodology used for the previous submission. Additionally,
the methodology used to estimate the number of responses per respondent
in the last information collection submission used average loan value
estimates for loans secured by farmland and loans secured by owner- and
non-owner-occupied nonfarm nonresidential properties of $1 million,
rather than the statistical method just described, to derive average
loan size estimates for these loan categories. Over the time period
from year-end 2014 to year-end 2020, the statistical method produced
estimates ranging from $563,385 to $663,766 for the average loan size
of loans secured by farmland, and $813,999 to $975,836 for loans
secured by nonfarm nonresidential properties. Since the average loan
size estimates for both loan types were lower than $1 million for the
whole time period, the
[[Page 22434]]
estimated number of existing and new loans for these loan types
increased relative to the estimates used for the previous submission.
These methodological changes led to more accurate, and generally
larger, estimates for responses per respondent than the estimates used
in the previous submission.
Estimated Time per Response--The FDIC is not revising its estimate
of the time required to complete the recordkeeping requirements in this
IC and will retain an estimated hourly burden per response of 5
minutes, or 0.083 hours.
General Description of the Collection:
FIRREA directs the FDIC to prescribe appropriate performance
standards for real estate appraisals connected with federally related
transactions under its jurisdiction. This information collection is a
direct consequence of the statutory requirement. It is designed to
provide protection for federal financial and public policy interests by
requiring real estate appraisals used in connection with federally
related transactions to be performed in writing, in accordance with
uniform standards, by an appraiser whose competency has been
demonstrated and whose professional conduct will be subject to
effective supervision.
4. Title: Foreign Banks.
OMB Number: 3064-0114.
Form Number: None.
Affected Public: Insured branches of foreign banks.
Burden Estimate:
Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
Estimated
Information collection Type of burden Obligation to number of Estimated frequency Estimated time per Estimated
description respond respondents of responses response annual burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
Moving a Branch................ Reporting......... Mandatory............ 1 On Occasion.......... 8 hours.............. 8
Consent to Operate............. Reporting......... Mandatory............ 1 On Occasion.......... 8 hours.............. 8
Approval to Conduct Activities. Reporting......... Mandatory............ 1 On Occasion.......... 8 hours.............. 8
Pledge of Assets Documents..... Reporting......... Mandatory............ 10 Quarterly............ 15 minutes........... 10
Pledge of Asset Reports........ Reporting......... Mandatory............ 10 Quarterly............ 2 hours.............. 80
Recordkeeping.................. Recordkeeping..... Mandatory............ 10 On Occasion.......... 120 hours............ 1,200
-----------------------------------------------------------------------------
Total Estimated Annual .................. ..................... .............. ..................... ..................... 1,314
Burden.
--------------------------------------------------------------------------------------------------------------------------------------------------------
General Description of Collection:
Applications to move an insured state-licensed branch of a foreign
bank; applications to operate as such noninsured state-licensed branch
of a foreign bank; applications from an insured state-licensed branch
of a foreign bank to conduct activities that are not permissible for a
federally licensed branch; internal recordkeeping by such branches; and
reporting and recordkeeping requirements relating to such a branch's
pledge of assets to the FDIC. There is no change in the methodology or
substance of this information collection.
5. Title: Prompt Corrective Action.
OMB Number: 3064-0115.
Form Number: None.
Affected Public: State non-member banks and state savings
associations.
Burden Estimate:
Summary of Estimated Annual Burden
[3064-0115]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Estimated
Estimated Estimated Estimated average Total annual
Type of burden Obligation to number of frequency of time per number of estimated
respond respondents responses response responses per burden
(hours) respondent
--------------------------------------------------------------------------------------------------------------------------------------------------------
Prompt Corrective Action (12 Reporting......... Voluntary........ 12 On Occasion...... 4 1.334 64
CFR parts 303, 324, and 390).
----------------------------------------------------------------------------------
Total Estimated Annual .................. ................. .............. ................. .............. .............. 64 hours
Burden.
--------------------------------------------------------------------------------------------------------------------------------------------------------
General Description of Collection:
The Prompt Corrective Action (PCA) provisions of section 38 of the
Federal Deposit Insurance Act require or permit the FDIC and other
federal banking agencies to take certain supervisory actions when FDIC-
insured institutions fall within certain capital categories. Various
provisions of the statute and the FDIC's implementing regulations
require the prior approval of the FDIC before an FDIC-supervised
institution, or certain insured depository institutions, can engage in
certain activities, or allow the FDIC to make exceptions to
restrictions that would otherwise be imposed. This collection of
information consists of the applications that are required to obtain
the FDIC's prior approval to engage in these activities. There is no
change in the method or substance of the collection.
6. Title: Qualified Financial Contracts.
OMB Number: 3064-0163.
Form Number: None.
Affected Public: State non-member banks and savings associations.
Burden Estimate:
[[Page 22435]]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Estimated
Type of burden (obligation Estimated average time Estimated
IC description to respond) Frequency of response number of per response annual burden
respondents (hours) (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Implementation Burden
Full Scope Entities.................. Recordkeeping (Mandatory)... One time....................... 1 6,000 6,000
Limited Scope Entities............... Recordkeeping (Mandatory)... One Time....................... 51 23 1,173
Application for Extension of Time.... Reporting (Required to On Occasion.................... 1 1 1
Obtain a Benefit).
-----------------------------------------------
Total Estimated Annual ............................ ............................... .............. .............. 7,174
Implementation Burden.
Ongoing Burden
Full Scope Entities.................. Recordkeeping (Mandatory)... Annual......................... 4 250 1,000
Limited Scope Entities............... Recordkeeping (Mandatory)... Annual......................... 173 12 2,076
-----------------------------------------------
Total Estimated Annual Ongoing ............................ ............................... .............. .............. 3.076
Burden.
-----------------------------------------------
Total Estimated Annual Burden ............................ ............................... .............. .............. 10,250
--------------------------------------------------------------------------------------------------------------------------------------------------------
Methodology and Assumptions: For the renewal of this information
collection, the FDIC determined that the burden estimation methodology
should be revised to separate the implementation burden estimates for
those entities that are newly subject to Part 371's recordkeeping
requirements and the lesser ongoing burden for those entities that only
need to maintain their existing compliance with Part 371. This split
applies to both the set of Full Scope Entities and the set of Limited
Scope Entities. The implementation burden estimates continue to include
reporting burden for the application for extension of time to comply
with Part 371 requirements. FDIC records indicate that FDIC has never
received a request for an extension of time under Part 371 and is
showing one respondent for this IC to preserve the reporting burden
estimate in the event an institution elects to submit such a request in
the future.
Estimated Number of Respondents and Responses--Potential
respondents to this information collection are all FDIC-insured
depository institutions (IDIs). As of December 31, 2020, there are
5,010 IDIs.\3\ Of these institutions, 3,500 are considered ``small''
for purposes of the Regulatory Flexibility Act (RFA).\4\ An IDI is
subject to this information collection if it has received written
notice from the IDI's appropriate Federal banking agency or the FDIC
that it is in a troubled condition and written notice from the FDIC
that it is subject to the reporting and recordkeeping requirements of
Part 371 (together, a ``QFC Notification'').\5\ The FDIC has identified
621 IDIs that were issued QFC Notifications between December 2008 and
July 2020,\6\ for an average of 52 QFC Notifications per year. Of
these, 51 notifications would have been to Limited Scope Entities and 1
would have been to a Full Scope Entity under Part 371.\7\ Approximately
361 notifications, or 30 notifications per year, would be to IDIs
considered ``small'' for purposes of the RFA.\8\
---------------------------------------------------------------------------
\3\ FFIEC Call Reports for the period ending December 31st,
2020.
\4\ December 31, 2020, Call Report data. The Small Business
Administration (SBA) defines a small banking organization as having
$600 million or less in assets, where an organization's ``assets are
determined by averaging the assets reported on its four quarterly
financial statements for the preceding year.'' See 13 CFR 121.201
(as amended by 84 FR 34261, effective August 19, 2019). In its
determination, the ``SBA counts the receipts, employees, or other
measure of size of the concern whose size is at issue and all of its
domestic and foreign affiliates.'' See 13 CFR 121.103. Following
these regulations, the FDIC uses a covered entity's affiliated and
acquired assets, averaged over the preceding four quarters, to
determine whether the covered entity is ``small'' for the purposes
of RFA.
\5\ The definition of troubled condition and details of what
entities are covered is described in the final rule.
\6\ See the SME analysis separately attached as ``PRA 371
Internal 16 April.docx.''
\7\ The definitions of ``Full Scope'' and ``Limited Scope''
became effective on October 1, 2017 as part of the final rule.
However, in order to calculate representative statistics for
estimated respondents the SME's applied those definitions to IDIs
who received QFC Notifications in periods prior to enactment of
those definitions.
\8\ As of December 31, 2020.
---------------------------------------------------------------------------
Based on the average annual number of IDIs that were issued QFC
Notifications over the twelve-year period, the FDIC estimates that 51
Limited Scope Entities and 1 Full Scope Entity would receive a QFC
notification and be subject to implementation burden.
To estimate the number of IDIs that will be subject to Part 371 on
an ongoing basis, the FDIC identified those IDIs that have been issued
QFC Notifications and deducted IDIs that failed subsequent to receiving
such notification. The FDIC determined that 185 of the 621 IDIs
notified between 2008 and 2020 had not failed, as of February 2021. Of
these, 173 IDIs would be defined as Limited Scope Entities under the
final rule,\9\ including 98 IDIs that would be considered ``small'' for
purposes of the RFA.\10\ The FDIC thus estimates that 173 Limited Scope
Entities will incur ongoing recordkeeping burden associated with
maintaining their existing compliance with Part 371.
---------------------------------------------------------------------------
\9\ The SMEs did not track status upgrades of limited scope
entities for these purposes and, accordingly, the estimate of the
total existing population of limited scope entities is made assuming
no change in status of an institution following its first becoming
subject to Part 371.
\10\ As of December 31, 2020.
---------------------------------------------------------------------------
The FDIC also identified twelve (12) Full Scope Entities under Part
371, which were issued QFC Notifications between 2008 and 2020, and had
not failed, as of February 2021. Six (6) of these entities have since
been upgraded and are no longer subject to Part 371. Two (2) of the
remaining entities are either working towards or will begin to work
towards initial compliance with this ICR. The remaining four (4) Full
Scope Entities have already completed their initial compliance efforts
(or are well along in initial compliance efforts and thus treated as
facing ongoing compliance burden). Thus, the FDIC estimates that four
(4) Full Scope Entities will incur recordkeeping burden associated with
maintaining their existing compliance with Part 371.
Estimated Hourly Burden--The FDIC estimates the information
collection burdens for affected institutions based on their
classifications as either Full- or Limited Scope Entities under Part
371; and based on whether they are newly subject to the requirements
[[Page 22436]]
(implementation burden) or whether they are responding to the
information collection on an ongoing basis. Full Scope Entities must
complete the eight QFC Tables contained in Appendix B of the rule;
limited-scope firms must complete the four QFC Tables contained in
Appendix A of the rule. The FDIC estimates that new Full Scope Entities
will incur, on average, approximately 6,000 hours to initially complete
the required QFC Tables for all of the QFCs in their portfolio. FDIC
estimates that Full Scope Entities that already complied with the final
rule in any previous year will incur, on average, 250 hours ongoing
burden to maintain their QFC Tables.
For the hourly implementation burden incurred by Limited Scope
Entities, the FDIC assumes that burden will be based on the number of
QFCs in the entity's portfolio. The FDIC assumes that 90 percent of New
Limited Scope Entities, or 46 entities per year, hold 50 or fewer QFCs
in their portfolio. These entities are expected in incur, on average,
15 hours of implementation burden in the first year in which they must
comply with the final rule. The remaining 10 percent of New Limited
Scope Entities, or 5 entities a year, are assumed to hold more than 50
QFCs in their portfolio and are expected to incur, on average, 100
hours of implementation burden. The average hourly implementation
burden across all New Limited Scope Entities is thus approximately 23
hours per respondent.\11\ These burdens estimates incorporate the
expected time to prepare an extension request, if needed.
---------------------------------------------------------------------------
\11\ 23.34 hours = (46 respondents * 15 hours + 5 respondents *
100 hours)/51 total respondents.
---------------------------------------------------------------------------
The FDIC uses the same methodology to estimate the hourly ongoing
burden for Limited Scope Entities. It assumes that 90 percent of
Limited Scope Entities that continue to be subject to Part 371 after
one year, or 155 entities per year, hold 50 or fewer QFCs in their
portfolio and are expected to incur, on average, 10 hours to maintain
their compliance with the requirements of Part 371. The remaining 10
percent of Existing Limited Scope Entities, or 18 entities per year,
are assumed to hold more than 50 QFCs in their portfolio and are
expected to incur, on average, 25 hours of ongoing burden per year. The
average hourly burden across all New Limited Scope Entities is thus
approximately 12 hours per respondent.\12\
---------------------------------------------------------------------------
\12\ 11.56 hours = (155 respondents * 10 hours + 18 respondents
* 25 hours)/173 total respondents.
---------------------------------------------------------------------------
These burden estimates, along with the annual estimated number of
entities, are delineated by burden type in Summary of Estimated Annual
Burden table. The recordkeeping burdens are assumed to be one tine for
the implementation phase and one time annually for the ongoing phase.
Accordingly, the response rate is one response per respondent per year.
The Summary of Estimated Annual Burden table also shows the estimated
annual burden of each IC line item, which is equal to the product of
the estimated number of respondents, the number of responses per
respondent per year, and the time per response for each line item. The
total estimated annual burden for this information collection is 10,250
hours, a decrease of 8,470 hours from the 18,720 estimated annual
burden hours in the currently-approved information collection request.
The decrease in burden is due to the change in the methodology used by
the FDIC in estimating annual burden as discussed above.
General Description of the Collection:
Under the Federal Deposit Insurance Act (FDIA), Qualified Financial
Contract (``QFCs'') have been designated for special treatment by the
FDIC in the event of the failure of an insured depository institution.
As codified in FDIA as part of the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989 (FIRREA), certain timing
restrictions are effectively placed on the FDIC for making decisions
whether to transfer QFCs to another financial institution, repudiate
the QFCs, or retain the QFCs in the receivership in the event of an
insured institution's failure. To make an informed decision about QFCs
in such situations, the FDIC needs timely information pertaining to the
types and amounts of QFC contracts held, the counterparties to these
contracts and their affiliates, the purpose of these contracts, their
maturity dates, the current value of these contracts, and whether these
contracts are collateralized. Because of the large volume of QFC
information that a receiver must process in a limited timeframe, in
Part 371, the FDIC established QFC recordkeeping requirements for
institutions in a ``troubled condition'' as that term is defined in the
rule. This information collection consists of recordkeeping and
reporting requirements for qualified financial contracts (QFCs) held by
insured depository institutions in troubled condition.
7. Title: Restrictions on Qualified Financial Contracts of
Subsidiaries of certain FDIC-Supervised Institutions; Revisions to the
Definition of Qualifying Master Netting Agreement and Related
Definitions.
OMB Number: 3064-0208.
Form Number: None.
Affected Public: Private sector.
Burden Estimate:
Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
Estimated Estimated time Estimated
Information collection Type of blurden Obligation to respond number of Estimated frequency of per response annual burden
description respondents responses (hours) (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Approval requests prepared and Reporting............. Voluntary............. 1 On occasion........... 20 20
submitted to the FDIC regarding
modifications to enhanced
creditor protection provisions.
-----------------------------------------------------------------------
Total Estimated Annual ...................... ...................... .............. ...................... .............. 20
Burden.
--------------------------------------------------------------------------------------------------------------------------------------------------------
General Description of Collection:
This rule is necessary to give effect to such cross-default
restrictions in the ISDA Protocol. The rule requires that FDIC-
supervised institutions that are subsidiaries of GSIBs and their
counterparties either adhere to the ISDA Protocol or take the
prescribed steps to amend the contractual provisions of their QFCs,
consistent with the requirements in the rule, within a specified period
of time. If such institutions elect to amend their QFCs in lieu of
adhering to the ISDA Protocol, they must seek the FDIC's approval of
[[Page 22437]]
the proposed amendments, giving rise to the information collection. The
information collection is necessary to ensure QFC contracts are amended
in compliance with the rule. The FDIC's rule applies to FDIC-supervised
institutions that are subsidiaries of GSIBs and sets forth requirements
parallel to those contained in similar rules recently published by the
FRB and the OCC with regard to entities they supervise to ensure
consistent regulatory treatment of QFCs among the various entities
within a GSIB group.All institutions that were covered FSIs on January
1, 2018 were required to comply with the QFC stay rule by January 1,
2020. That means that, except for the three possible exceptions
described below, all required paperwork revisions that are required to
be completed by the covered entities to comply with the rule should
have been completed by January 1, 2020. Consequently, for the purpose
of 2021 and future PRA analysis, the FDIC does not expect any on-
occasion paperwork burden associated with the rule. The three
exceptions to the foregoing statement are: (i) Under the QFC stay rule,
a covered FSI is not required to bring QFCs with a counterparty that
were entered into prior to January 1, 2019 into compliance unless the
covered FSI or any affiliate of the covered FSI becomes party to a QFC
with the same counterparty or a consolidated affiliate of that party on
or after January 1, 2019 (subject to special rules relating to
institutions that become covered FSIs after January 1, 2018); (ii)
entities that become covered entities after January 1 2018 have
extended compliance periods (which can extend the date for compliance
to the date that is the first day of the calendar quarter immediately
following one year, 18 months or two years (depending on the type of
counterparty) from the date the entity first became a covered entity);
and (iii) a covered FSI might enter into a QFC with a counterparty that
is not yet covered by documentation that complies with the rule.
Moreover, because the market practices and conventions relating to
derivatives, repo, SFT and other QFC products have evolved to include
the stay provisions in the documentation used by market participants,
FDIC estimates that any legal documentation review will be addressed as
a part of the normal business on-boarding or maintenance of the
business relations. However, FDIC recognizes that there is a
possibility of a new entrant or a new product that can fall under the
scope of the subject rule and, consequently, provides for a possibility
of one or more respondents that can be impacted by the rule.
As noted above, the industry undertook major initiatives to achieve
streamlining and straight-through processing for both on-boarding and
maintenance of the QFC records over the last years. Consequently, in
case a new entrant/product will be scoped-in by the subject rule to
impose the paperwork burden, FDIC estimates that such burden will be
less than half of the burden estimated in 2018 thanks to the automation
and standardization of business processes. Accordingly, the time per
response has been revised to 20 hours from the 40 hours previously
estimated.
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.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on April 22, 2021.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2021-08803 Filed 4-27-21; 8:45 am]
BILLING CODE P
