Agency Information Collection Activities: Proposed Collection Renewal; Comment Request, 55003-55005 [2022-19356]
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Federal Register / Vol. 87, No. 173 / Thursday, September 8, 2022 / Notices
NOTICE OF TERMINATION OF RECEIVERSHIPS—Continued
Fund
Receivership name
City
10348 .........................
10349 .........................
Legacy Bank ...................................................
The First National Bank of Davis ...................
Milwaukee .......................................................
Davis ...............................................................
The Receiver has further irrevocably
authorized and appointed FDICCorporate as its attorney-in-fact to
execute and file any and all documents
that may be required to be executed by
the Receiver which FDIC-Corporate, in
its sole discretion, deems necessary,
including but not limited to releases,
discharges, satisfactions, endorsements,
assignments, and deeds. Effective on the
termination dates listed above, the
Receiverships have been terminated, the
Receiver has been discharged, and the
Receiverships have ceased to exist as
legal entities.
(Authority: 12 U.S.C. 1819.)
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on September 1,
2022.
Jamie P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022–19398 Filed 9–7–22; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
[OMB No. 3064–NEW]
Agency Information Collection
Activities: Proposed Collection
Renewal; Comment Request
Federal Deposit Insurance
Corporation (FDIC).
AGENCY:
ACTION:
State
Termination
date
WI
OK
09/01/2022
09/01/2022
officer for the FDIC: Office of
Information and Regulatory Affairs,
Office of Management and Budget, New
Executive Office Building, Washington,
DC 20503.
Notice and request for comment.
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 new information
collection described below.
DATES: Comments must be submitted on
or before November 7, 2022.
ADDRESSES: Interested parties are
invited to submit written comments to
the FDIC by any of the following
methods:
• Agency Website: https://
www.fdic.gov/resources/regulations/
federal-register-publications/.
• 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 NW), on business
days between 7:00 a.m. and 5:00 p.m.
All comments should refer to ‘‘False
Advertising, Misrepresentation of
Insured Status, and Misuse of the FDIC’s
Name or Logo.’’ A copy of the comments
may also be submitted to the OMB desk
SUMMARY:
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.
Proposal
to establish a new collection of
information:
1. Title: False Advertising,
Misrepresentation of Insured Status, and
Misuse of the FDIC’s Name or Logo.
2. OMB Number: 3064–NEW
Affected Public: Non-bank entities
that make statements regarding the
extent or manner of deposit insurance
provided.
Burden Estimate:
SUPPLEMENTARY INFORMATION:
SUMMARY OF ESTIMATED ANNUAL BURDEN
[OMB No. 3064–NEW]
Information collection
(obligation to respond)
Type of burden
(frequency of response)
Number of
respondents
Number of
responses per
respondent
Time per
response
(HH:MM)
Annual
burden
(hours)
Implementation
Insured Depository Institution Relationships (12 CFR part 328.102(b)(5))
(Mandatory).
Disclosure (Occasional) ..........................
(Annual) ..................................................
500
1
02:00
1,000
Implementation Total ........................
.................................................................
........................
........................
........................
1,000
750
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Ongoing
Insured Depository Institution Relationships (12 CFR part 328.102(b)(5))
(Mandatory).
Disclosure (Occasional) ..........................
(Annual) ..................................................
1,500
1
00:30
Ongoing Total ...................................
.................................................................
........................
........................
750
Source: FDIC.
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Federal Register / Vol. 87, No. 173 / Thursday, September 8, 2022 / Notices
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Note: Annual burden estimates for a given collection are calculated first by multiplying the number of respondents by the number of responses
per respondent and rounded to the nearest whole number, which represents the total number of annual responses. This number is then multiplied by the time per response to obtain the estimated annual burden for that collection.
General Description of Collection:
The FDIC recently issued a final rule
entitled ‘‘False Advertising,
Misrepresentation of Insured Status, and
Misuse of the FDIC’s Name or Logo’’
(The Final Rule) 1 that established the
process by which the Federal Deposit
Insurance Corporation (FDIC) will
identify and investigate conduct that
may violate section 18(a)(4) of the
Federal Deposit Insurance Act, the
standards under which such conduct
will be evaluated, and the procedures
which the Federal Deposit Insurance
Corporation will follow when formally
and informally enforcing the provisions
of section 18(a)(4) of the Federal Deposit
Insurance Act. The Final Rule amended
FDIC regulations under 12 CFR part 328
(part 328). In particular, certain
amendments to part 328 impose
disclosure requirements for non-bank
entities that make certain types of
statements regarding deposit insurance.2
Section 18(a)(4) of the Federal Deposit
Insurance Act (FDI Act), 12 U.S.C.
1828(a)(4) (Section 18(a)(4)), prohibits
any person from engaging in false
advertising by misusing the name or
logo of the FDIC or from making
knowing misrepresentations about the
existence of or the extent or manner of
deposit insurance.3 Section 18(a)(4)
provides the FDIC independent
authority to investigate and take
administrative enforcement actions,
including the power to issue cease and
desist orders and impose civil money
penalties, against any person who
misuses the FDIC name or logo or makes
misrepresentations about deposit
insurance. Part 328 sets out the FDIC’s
signage and advertising rules.
The Final Rule established a new
subpart B to part 328, entitled ‘‘False
Advertising, Misrepresentation of
Insured Status, and Misuse of the FDIC’s
Name or Logo’’ containing the new
regulations. Section 328.102 of subpart
B sets forth the conduct that is
prohibited by Section 18(a)(4). It further
provides transparency by setting forth
the FDIC’s interpretation of the scope of
prohibited conduct, including specific
examples of conduct that the FDIC
deems to violate Section 18(a)(4). The
section further sets forth certain
standards that the FDIC will use to
determine if a statement violates Section
1 87
FR 33415 (June 2, 2022).
CFR 328.102(b)(5).
3 Under Federal law, it is also criminal offense to
misuse the FDIC name or make false representations
regarding deposit insurance. See 18 U.S.C. 709.
18(a)(4). Section 328.102 establishes
that a statement regarding deposit
insurance will be deemed to omit
material information if it does not
identify the insured depository
institution(s) with which the
representing party has a direct or
indirect business relationship for the
placement of deposits and into which
the consumer’s deposits may be placed.
Thereby, the Final Rule establishes
third-party disclosure requirements for
non-bank entities that make statements
regarding the extent or manner of
deposit insurance provided. These
disclosure requirements constitute an
information collection under the
Paperwork Reduction Act (PRA) of
1995. As such, the FDIC is required to
obtain OMB approval of this new
information collection. The PRA
burdens imposed by § 328.102 can be
categorized into two distinct burdens:
(1) implementation burdens that are
incurred once by each respondent to set
up policies and procedures to ensure
that its statements regarding deposit
insurance comply with the requirements
in § 328.102; and (2) ongoing burdens
that are incurred every year by each
respondent to maintain compliance
with these requirements. Since these
burdens have separate frequencies and
times per response, the FDIC is listing
and estimating these two burdens
separately.
Potential respondents to this new
information collection are non-bank
entities that make statements regarding
the extent or manner of deposit
insurance provided. The FDIC does not
have direct data on the number of nonbank entities that would be affected by
this requirement upon implementation.
FDIC believes that the non-bank entities
affected by the requirement would
generally be classified in the following
North American Industry Classification
System (NAICS) industries:
Miscellaneous Financial Investment
Activities (NAICS Code 523999),
Financial Transaction Processing,
Reserve & Clearinghouse Activities
(NAICS Code 522320), Computer
System Design and Related Services
(NAICS Code 5415), and Investment
Advice (NAICS Code 523930).
According to recent Census data, there
were 144,556 firms in these NAICS
industries in 2019, the most recent year
for which such data is available.4
However, FDIC believes that the
requirement will only affect
approximately one percent of firms in
these industries. Therefore, the FDIC
estimates that approximately 1,500 nonbank entities will be affected by the
third-party disclosure requirement.5
The 1,500 firms affected by this ICR
are expected to implement policies and
procedures to ensure that its statements
regarding deposit insurance identify its
partner insured depository
institution(s), as described in § 328.102,
in the year in which the adopted
regulation becomes effective.
Annualized over a 3-year approval
period, the average annual number of
affected firms is 370. FDIC is
conservatively assuming approximately
500 annual respondents to the
implementation burden.
In order to maintain compliance with
the requirements of part 328, each of the
1,500 firms described above must
regularly update its statements
regarding deposit insurance to ensure
that the statements continually identify
the insured depository institution(s)
described in § 328.102. As such, FDIC
estimates 1,500 annual respondents to
the ongoing burden.
The activities that respondents
undergo to implement policies and
procedures to comply with part 328 can
all be considered part of a single
response to the implementation
requirement. Therefore, FDIC uses one
as the number of annual responses per
respondent for implementation.
Similarly, activities throughout the year
that are performed by respondents to
maintain compliance with part 328 can
all be considered as parts of a single
annual response on an ongoing basis.
FDIC uses one as the number of annual
responses per respondent for the
ongoing burden. Based on supervisory
experience, FDIC estimates that the
annual burden for each non-bank
entities to disclose the Insured
Depository Institution(s) with which the
representing party has a direct or
indirect business relationship for the
placement of deposits and into which
the consumer’s deposits may be placed
to be 2 hours per response for
implementation and 0.5 hours per
response on an ongoing basis.
4 (1,110 + 3,163 + 120,070 + 20,213 = 144,556)
2019 County Business Patterns. See number of firms
at https://www.census.gov/data/tables/2019/econ/
susb/2019-susb-annual.html, last retrieved on June
30, 2022.
5 0.01 * 144,556 ≈ 1,500.
2 12
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Federal Register / Vol. 87, No. 173 / Thursday, September 8, 2022 / Notices
Request for Comment
Comments are invited on: (a) Whether
the collections of information are
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 collections,
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 collections 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 September 1,
2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022–19356 Filed 9–7–22; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL ELECTION COMMISSION
Sunshine Act Meetings
Tuesday, September 13,
2022, at 10:00 a.m. and its continuation
at the conclusion of the open meeting
on September 15, 2022.
PLACE: 1050 First Street NE,
Washington, DC and virtual (this
meeting will be a hybrid meeting).
STATUS: This meeting will be closed to
the public.
MATTERS TO BE CONSIDERED: Compliance
matters pursuant to 52 U.S.C. 30109.
Matters concerning participation in
civil actions or proceedings or
arbitration.
*
*
*
*
*
CONTACT PERSON FOR MORE INFORMATION:
Judith Ingram, Press Officer, Telephone:
(202) 694–1220.
Authority: Government in the
Sunshine Act, 5 U.S.C. 552b.
TIME AND DATE:
Vicktoria J. Allen,
Acting Deputy Secretary of the Commission.
[FR Doc. 2022–19548 Filed 9–6–22; 4:15 pm]
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BILLING CODE 6715–01–P
FEDERAL RESERVE SYSTEM
Agency Information Collection
Activities: Announcement of Board
Approval Under Delegated Authority
and Submission to OMB
Board of Governors of the
Federal Reserve System.
AGENCY:
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The Board of Governors of the
Federal Reserve System (Board) is
adopting a proposal to extend for three
years, with revision, the Financial
Statements for Holding Companies (FR
Y–9 reports; OMB Control Number
7100–0128).
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance
Officer—Nuha Elmaghrabi—Office of
the Chief Data Officer, Board of
Governors of the Federal Reserve
System, Washington, DC 20551, (202)
452–3829.
Office of Management and Budget
(OMB) Desk Officer for the Federal
Reserve Board, Office of Information
and Regulatory Affairs, Office of
Management and Budget, New
Executive Office Building, Room 10235,
725 17th Street NW, Washington, DC
20503, or by fax to (202) 395–6974.
SUPPLEMENTARY INFORMATION: On June
15, 1984, OMB delegated to the Board
authority under the Paperwork
Reduction Act (PRA) to approve and
assign OMB control numbers to
collections of information conducted or
sponsored by the Board. Boardapproved collections of information are
incorporated into the official OMB
inventory of currently approved
collections of information. The OMB
inventory, as well as copies of the PRA
Submission, supporting statements, and
approved collection of information
instrument(s) are available at https://
www.reginfo.gov/public/do/PRAMain.
These documents are also available on
the Federal Reserve Board’s public
website at https://
www.federalreserve.gov/apps/
reportforms/review.aspx or may be
requested from the agency clearance
officer, whose name appears above.
Final Approval under OMB Delegated
Authority of the Extension for Three
Years, with Revision, of the Following
Information Collection:
Collection title: Financial Statements
for Holding Companies.
Collection identifier: FR Y–9C, FR Y–
9LP, FR Y–9SP, FR Y–9ES, and FR Y–
9CS.
OMB control number: 7100–0128.
Effective Date: September 30, 2022.
Frequency: Quarterly, semiannually,
and annually.
Respondents: Bank holding
companies (BHCs), savings and loan
holding companies (SLHCs), securities
holding companies, and U.S.
intermediate holding companies (IHCs)
(collectively, holding companies).1
SUMMARY:
1 The following depository institution holding
companies are exempt: (1) a unitary savings and
loan holding company with primarily commercial
assets that meets the requirements of section
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55005
Estimated number of respondents:
Reporting
FR Y–9C (non-advanced approaches
holding companies with less than $5
billion in total assets): 119; FR Y–9C
(non-advanced approaches holding
companies with $5 billion or more in
total assets): 221; FR Y–9C (advanced
approaches holding companies): 9; FR
Y–9LP: 412; FR Y–9SP: 3,708; FR Y–
9ES: 78; FR Y–9CS: 236.
Recordkeeping
FR Y–9C: 349; FR Y–9LP: 412; FR Y–
9SP: 3,708; FR Y–9ES: 78; FR Y–9CS:
236.
Estimated average hours per response:
Reporting
FR Y–9C (non-advanced approaches
holding companies with less than $5
billion in total assets): 35.74; FR Y–9C
(non-advanced approaches holding
companies with $5 billion or more in
total assets): 44.94; FR Y–9C (advanced
approaches holding companies): 50.16;
FR Y–9LP: 5.27; FR Y–9SP: 5.45; FR Y–
9ES: 0.50; FR Y–9CS: 0.50.
Recordkeeping
FR Y–9C: 1; FR Y–9LP: 1; FR Y–9SP:
0.50; FR Y–9ES: 0.50; FR Y–9CS: 0.50.
Estimated annual burden hours:
Reporting
FR Y–9C (non-advanced approaches
holding companies with less than $5
billion in total assets): 17,012; FR Y–9C
(non-advanced approaches holding
companies with $5 billion or more in
total assets): 39,727; FR Y–9C (advanced
approaches holding companies): 1,806;
FR Y–9LP: 8,685; FR Y–9SP: 40,417; FR
Y–9ES: 39; FR Y–9CS: 472.
Recordkeeping
FR Y–9C: 1,396; FR Y–9LP: 1,648; FR
Y–9SP: 3,708; FR Y–9ES: 39; FR Y–9CS:
472.
General description of collection: The
FR Y–9 family of reporting forms
continues to be the primary source of
financial data on holding companies
that examiners rely on in the intervals
between on-site inspections. The Board
requires holding companies to provide
standardized financial statements to
fulfill the Board’s statutory obligation to
supervise these organizations. Financial
data from these reporting forms are used
to detect emerging financial problems,
10(c)(9)(c) of the Home Owners’ Loan Act, for
which thrifts make up less than 5 percent of its
consolidated assets; and (2) a SLHC that primarily
holds insurance-related assets and does not
otherwise submit financial reports with the
Securities and Exchange Commission pursuant to
sections 13 or 15(d) of the Securities Exchange Act
of 1934.
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]]>Agencies
[Federal Register Volume 87, Number 173 (Thursday, September 8, 2022)]
[Notices]
[Pages 55003-55005]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-19356]
-----------------------------------------------------------------------
FEDERAL DEPOSIT INSURANCE CORPORATION
[OMB No. 3064-NEW]
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 new
information collection described below.
DATES: Comments must be submitted on or before November 7, 2022.
ADDRESSES: Interested parties are invited to submit written comments to
the FDIC by any of the following methods:
Agency Website: https://www.fdic.gov/resources/regulations/federal-register-publications/.
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
NW), on business days between 7:00 a.m. and 5:00 p.m.
All comments should refer to ``False Advertising, Misrepresentation
of Insured Status, and Misuse of the FDIC's Name or Logo.'' 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 establish a new collection of
information:
1. Title: False Advertising, Misrepresentation of Insured Status,
and Misuse of the FDIC's Name or Logo.
2. OMB Number: 3064-NEW
Affected Public: Non-bank entities that make statements regarding
the extent or manner of deposit insurance provided.
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-NEW]
----------------------------------------------------------------------------------------------------------------
Type of burden Number of Time per
Information collection (frequency of Number of responses per response Annual burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
----------------------------------------------------------------------------------------------------------------
Implementation
----------------------------------------------------------------------------------------------------------------
Insured Depository Institution Disclosure 500 1 02:00 1,000
Relationships (12 CFR part (Occasional).
328.102(b)(5)) (Mandatory). (Annual)........
---------------------------------------------------------------
Implementation Total...... ................ .............. .............. .............. 1,000
----------------------------------------------------------------------------------------------------------------
Ongoing
----------------------------------------------------------------------------------------------------------------
Insured Depository Institution Disclosure 1,500 1 00:30 750
Relationships (12 CFR part (Occasional).
328.102(b)(5)) (Mandatory). (Annual)........
---------------------------------------------------------------
Ongoing Total............. ................ .............. .............. 750
----------------------------------------------------------------------------------------------------------------
Source: FDIC.
[[Page 55004]]
Note: Annual burden estimates for a given collection are calculated first by multiplying the number of
respondents by the number of responses per respondent and rounded to the nearest whole number, which
represents the total number of annual responses. This number is then multiplied by the time per response to
obtain the estimated annual burden for that collection.
General Description of Collection:
The FDIC recently issued a final rule entitled ``False Advertising,
Misrepresentation of Insured Status, and Misuse of the FDIC's Name or
Logo'' (The Final Rule) \1\ that established the process by which the
Federal Deposit Insurance Corporation (FDIC) will identify and
investigate conduct that may violate section 18(a)(4) of the Federal
Deposit Insurance Act, the standards under which such conduct will be
evaluated, and the procedures which the Federal Deposit Insurance
Corporation will follow when formally and informally enforcing the
provisions of section 18(a)(4) of the Federal Deposit Insurance Act.
The Final Rule amended FDIC regulations under 12 CFR part 328 (part
328). In particular, certain amendments to part 328 impose disclosure
requirements for non-bank entities that make certain types of
statements regarding deposit insurance.\2\
---------------------------------------------------------------------------
\1\ 87 FR 33415 (June 2, 2022).
\2\ 12 CFR 328.102(b)(5).
---------------------------------------------------------------------------
Section 18(a)(4) of the Federal Deposit Insurance Act (FDI Act), 12
U.S.C. 1828(a)(4) (Section 18(a)(4)), prohibits any person from
engaging in false advertising by misusing the name or logo of the FDIC
or from making knowing misrepresentations about the existence of or the
extent or manner of deposit insurance.\3\ Section 18(a)(4) provides the
FDIC independent authority to investigate and take administrative
enforcement actions, including the power to issue cease and desist
orders and impose civil money penalties, against any person who misuses
the FDIC name or logo or makes misrepresentations about deposit
insurance. Part 328 sets out the FDIC's signage and advertising rules.
---------------------------------------------------------------------------
\3\ Under Federal law, it is also criminal offense to misuse the
FDIC name or make false representations regarding deposit insurance.
See 18 U.S.C. 709.
---------------------------------------------------------------------------
The Final Rule established a new subpart B to part 328, entitled
``False Advertising, Misrepresentation of Insured Status, and Misuse of
the FDIC's Name or Logo'' containing the new regulations. Section
328.102 of subpart B sets forth the conduct that is prohibited by
Section 18(a)(4). It further provides transparency by setting forth the
FDIC's interpretation of the scope of prohibited conduct, including
specific examples of conduct that the FDIC deems to violate Section
18(a)(4). The section further sets forth certain standards that the
FDIC will use to determine if a statement violates Section 18(a)(4).
Section 328.102 establishes that a statement regarding deposit
insurance will be deemed to omit material information if it does not
identify the insured depository institution(s) with which the
representing party has a direct or indirect business relationship for
the placement of deposits and into which the consumer's deposits may be
placed. Thereby, the Final Rule establishes third-party disclosure
requirements for non-bank entities that make statements regarding the
extent or manner of deposit insurance provided. These disclosure
requirements constitute an information collection under the Paperwork
Reduction Act (PRA) of 1995. As such, the FDIC is required to obtain
OMB approval of this new information collection. The PRA burdens
imposed by Sec. 328.102 can be categorized into two distinct burdens:
(1) implementation burdens that are incurred once by each respondent to
set up policies and procedures to ensure that its statements regarding
deposit insurance comply with the requirements in Sec. 328.102; and
(2) ongoing burdens that are incurred every year by each respondent to
maintain compliance with these requirements. Since these burdens have
separate frequencies and times per response, the FDIC is listing and
estimating these two burdens separately.
Potential respondents to this new information collection are non-
bank entities that make statements regarding the extent or manner of
deposit insurance provided. The FDIC does not have direct data on the
number of non-bank entities that would be affected by this requirement
upon implementation. FDIC believes that the non-bank entities affected
by the requirement would generally be classified in the following North
American Industry Classification System (NAICS) industries:
Miscellaneous Financial Investment Activities (NAICS Code 523999),
Financial Transaction Processing, Reserve & Clearinghouse Activities
(NAICS Code 522320), Computer System Design and Related Services (NAICS
Code 5415), and Investment Advice (NAICS Code 523930). According to
recent Census data, there were 144,556 firms in these NAICS industries
in 2019, the most recent year for which such data is available.\4\
However, FDIC believes that the requirement will only affect
approximately one percent of firms in these industries. Therefore, the
FDIC estimates that approximately 1,500 non-bank entities will be
affected by the third-party disclosure requirement.\5\
---------------------------------------------------------------------------
\4\ (1,110 + 3,163 + 120,070 + 20,213 = 144,556) 2019 County
Business Patterns. See number of firms at https://www.census.gov/data/tables/2019/econ/susb/2019-susb-annual.html, last retrieved on
June 30, 2022.
\5\ 0.01 * 144,556 [ap] 1,500.
---------------------------------------------------------------------------
The 1,500 firms affected by this ICR are expected to implement
policies and procedures to ensure that its statements regarding deposit
insurance identify its partner insured depository institution(s), as
described in Sec. 328.102, in the year in which the adopted regulation
becomes effective. Annualized over a 3-year approval period, the
average annual number of affected firms is 370. FDIC is conservatively
assuming approximately 500 annual respondents to the implementation
burden.
In order to maintain compliance with the requirements of part 328,
each of the 1,500 firms described above must regularly update its
statements regarding deposit insurance to ensure that the statements
continually identify the insured depository institution(s) described in
Sec. 328.102. As such, FDIC estimates 1,500 annual respondents to the
ongoing burden.
The activities that respondents undergo to implement policies and
procedures to comply with part 328 can all be considered part of a
single response to the implementation requirement. Therefore, FDIC uses
one as the number of annual responses per respondent for
implementation. Similarly, activities throughout the year that are
performed by respondents to maintain compliance with part 328 can all
be considered as parts of a single annual response on an ongoing basis.
FDIC uses one as the number of annual responses per respondent for the
ongoing burden. Based on supervisory experience, FDIC estimates that
the annual burden for each non-bank entities to disclose the Insured
Depository Institution(s) with which the representing party has a
direct or indirect business relationship for the placement of deposits
and into which the consumer's deposits may be placed to be 2 hours per
response for implementation and 0.5 hours per response on an ongoing
basis.
[[Page 55005]]
Request for Comment
Comments are invited on: (a) Whether the collections of information
are 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 collections,
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 collections 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 September 1, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-19356 Filed 9-7-22; 8:45 am]
BILLING CODE 6714-01-P
