Federal Deposit Insurance Corporation May 2006 – Federal Register Recent Federal Regulation Documents
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Agency Information Collection Activities: Proposed Collection Renewals; Comment Request
The FDIC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other federal agencies to take this opportunity to comment on continuing information collections, as required by the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35). Currently, the FDIC is soliciting comments concerning the following continuing collections of information titled: 1. Application Pursuant to Section 19 of the Federal Deposit Insurance Act (3064-0018); 2. Home Mortgage Disclosure Act (HMDA) (3064-0046); 3. Public Disclosure by Banks (3064-0090); 4. Notice Required of Government Securities Dealers or Brokers (Insured State Nonmember Banks) (3064-0093); 5. Procedures for Monitoring Bank Protection Act Compliance (3064- 0095); 6. Activities and Investments of Insured State Banks (3064-0111); 7. Foreign Banks (3064-0114); 8. Certification of Eligibility Under the Affordable Housing Program (3064-0116); 9. Notice Regarding Unauthorized Access to Customer Information (3064-0145); 10. Mutual-to-Stock Conversions of State Savings Banks (3064-0117); 11. Privacy of Consumer Financial Information (3064-0136); and 12. Applicant Background Questionnaire (3064-0138).
One-Time Assessment Credit; Correction
This document corrects the preamble to the proposed rule published in the Federal Register of May 18, 2006, regarding the One- time Assessment Credit. Specifically, this document corrects the Agency Web site for submitting comments on this proposed rule.
Assessments; Correction
This document corrects the preamble to the proposed rule published in the Federal Register of May 18, 2006, regarding Assessments. Specifically, this document corrects the Agency Web site for submitting comments on this proposed rule.
Dividends; Correction
This document corrects the preamble to the proposed rule published in the Federal Register of May 18, 2006, regarding Dividends. Specifically, this document corrects the Agency Web site for submitting comments on this proposed rule.
Dividends
The FDIC is proposing to amend 12 CFR 327 to implement the dividend requirements in the recently enacted Federal Deposit Insurance Reform Act of 2005 (``Reform Act'') and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 (``Amendments Act'') for an initial two-year period. The proposed rule would sunset on December 31, 2008. If this proposal is adopted, during 2007, the FDIC would plan to undertake a second notice-and-comment rulemaking beginning with an Advanced Notice of Proposed Rulemaking to explore alternative methods for distributing future dividends after this initial two-year period.
One-Time Assessment Credit
The Federal Deposit Insurance Corporation (``FDIC'') is proposing to amend 12 CFR part 327 to implement the one-time assessment credit for certain eligible insured depository institutions required by the Federal Deposit Insurance Act (``FDI Act'') as amended by the Federal Deposit Insurance Reform Act of 2005 (``Reform Act''). The proposed rule covers: the aggregate amount of the one-time credit; the institutions that are eligible to receive credits; and the amount of each eligible institution's credit, which for some institutions may be largely dependent on how the FDIC defines ``successor'' for these purposes. The proposed rule also would establish the qualifications and procedures governing the application of assessment credits, and provide a reasonable opportunity for an institution to challenge administratively the amount of the credit.
Assessments
The FDIC proposes to amend 12 CFR part 327 to make the deposit insurance assessment system react more quickly and more accurately to changes in institutions' risk profiles, and in so doing to eliminate several causes for complaint by insured depository institutions. The proposed revisions would provide for assessment collection after each quarter ends, which would allow for consideration of more current supervisory information. The computation of institutions' assessment bases would change in the following ways: institutions with $300 million or more in assets would be required to determine their assessment bases using average daily deposit balances, and the float deduction used to determine the assessment base would be eliminated. In addition, the rules governing assessments of institutions that go out of business would be simplified; newly insured institutions would be assessed for the assessment period they become insured; prepayment and double payment options would be eliminated; institutions would have 90 days from each quarterly certified statement invoice to file requests for review and requests for revision; the rules governing quarterly certified statement invoices would be adjusted for a quarterly assessment system and for a three-year retention period rather than the present five-year period.
Interagency Statement on Sound Practices Concerning Elevated Risk Complex Structured Finance Activities
On May 19, 2004, the Agencies issued and requested comment on a proposed Interagency Statement on Sound Practices Concerning Complex Structured Finance Activities (``Initial Statement'') of national banks, state banks, bank holding companies, Federal and state savings associations, savings and loan holding companies, U.S. branches and agencies of foreign banks, and SEC registered broker-dealers and investment advisers (collectively, ``financial institutions'' or ``institutions''). The Initial Statement described some of the internal controls and risk management procedures that may help financial institutions identify, manage, and address the heightened reputational and legal risks that may arise from certain complex structured finance transactions (``CSFTs''). After reviewing the comments received on the Initial Statement, the Agencies are requesting comment on a revised proposed interagency statement (``Revised Statement''). The Revised Statement has been modified in numerous respects to address issues and concerns raised by commenters, clarify the purpose, scope and effect of the statement, and make the statement more principles-based. These changes include reorganizing and streamlining the document to reduce redundancies and to focus the statement on those CSFTs that may pose heightened levels of legal or reputational risk to the relevant institution (referred to as ``elevated risk CSFTs''). In addition, the Agencies have modified the examples of transactions that may present elevated risk to make these examples more risk-focused, and have recognized more explicitly that an institution's review and approval process for elevated risk CSFTs should be commensurate with, and focus on, the potential risks presented by the transaction to the institution. As discussed below, the Revised Statement will not affect or apply to the vast majority of small financial institutions, nor does it create any private rights of action.
Effect of the Federal Deposit Insurance Reform Act on the Consolidated Reports of Condition and Income
The Federal Financial Institutions Examination Council (FFIEC), of which the agencies are members, has approved the agencies' publication of this notice announcing the effect of the Federal Deposit Insurance Reform Act on the reporting of certain deposit-related data in the Consolidated Reports of Condition and Income (Call Report; FFIEC 031 and 041). Because the deposit insurance coverage for certain retirement plan deposits has increased from $100,000 to $250,000 while the insurance limit for deposit accounts in other ownership capacities has remained at $100,000, data will begin to be reported separately for the number and amount of retirement deposit accounts with balances within and in excess of the new $250,000 insurance limit. The instructions for reporting estimated uninsured deposits by banks with $1 billion or more in total assets and for reporting brokered deposits will be revised to reflect the new insurance limit for retirement deposit accounts. In addition, with the merger of the insurance funds administered by the FDIC, items in which banks with ``Oakar deposits'' have reported information on purchases and sales of deposits are no longer needed and will be eliminated. These reporting changes will take effect in the Call Report for June 30, 2006. In a separate action, the agencies have decided not to implement two new credit-derivative- related items that were to be added to the Call Report on September 30, 2006.
Agency Information Collection Activities: Submission for OMB Review; Comment Request; 3064-0121
In accordance with requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the FDIC hereby gives notice that it is submitting to the Office of Management and Budget (OMB) a request for OMB review and approval of the renewal or revision of the information collection systems described below.
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