[Federal Register Volume 85, Number 121 (Tuesday, June 23, 2020)]
[Notices]
[Pages 37656-37658]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-13425]
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FEDERAL DEPOSIT INSURANCE CORPORATION
[OMB No. 3064-0061; -0125; and -0176]
Agency Information Collection Activities: Submission for OMB
Review; Comment Request
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Agency Information Collection Activities: Submission for OMB
Review; Comment Request.
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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 renewal of the
existing information collections described below. On March 17, 2020,
the FDIC requested comment for 60 days on a proposal to renew these
information collections. No comments were received. The FDIC hereby
gives notice of its plan to submit to OMB a request to approve the
renewal of these information collections, and again invites comment on
their renewal.
DATES: Comments must be submitted on or before July 23, 2020.
ADDRESSES: Interested parties are invited to submit written comments to
the FDIC by any of the following methods:
https://www.FDIC.gov/regulations/laws/federal.
Email: [email protected]. Include the name and number of
the collection in the subject line of the message.
Mail: Manny Cabeza (202-898-3767), Regulatory Counsel, MB-
3128, Federal Deposit Insurance Corporation, 550 17th Street NW,
Washington, DC 20429.
Hand Delivery: Comments may be hand-delivered to the guard
station at the rear of the 17th Street building (located on F Street),
on business days between 7:00 a.m. and 5:00 p.m.
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: Summary of Deposits.
OMB Number: 3064-0061.
Affected Public: FDIC-insured depository institutions.
Burden Estimate:
Summary of Annual Burden
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Estimated Estimated time Estimated
Information collection description Type of burden Obligation to number of Estimated frequency per response annual burden
respond respondents of responses (hours) (hours)
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Summary of Deposits................ Reporting............ Mandatory............ 4,299 Annually............. 3 12,897
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[[Page 37657]]
Total Estimated Annual Burden.. ..................... ..................... .............. ..................... .............. 12,897
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General Description of Collection: The Summary of Deposits (SOD) is
the annual survey of branch office deposits as of June 30 for all FDIC-
insured institutions, including insured U.S. branches of foreign banks.
All FDIC-insured institutions that operate a main office and one or
more branch locations (including limited service drive-thru locations)
as of June 30 each year are required to file the SOD Survey. Insured
branches of foreign banks are also required to file. All data collected
on the SOD submission are available to the public. The survey data
provides a basis for measuring the competitive impact of bank mergers
and has additional use in research on banking.
There is no change in the substance or methodology of this
information collection. The change in burden is due solely to the
decrease in the estimated number of respondents by 544 from the
estimated 4,843 annual respondents in the currently-approved
information collection to the current estimate of 4,299. The decrease
in estimated respondents is the result of the drop in the total number
of insured depository institutions.
2. Title: Foreign Banking Investments by Insured State Nonmember
Banks.
OMB Number: 3064-0125.
Summary of Annual Burden
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Estimated Estimated time Estimated
Information collection description Type of burden Obligation to number of Estimated frequency per response annual burden
respond respondents of responses (hours) (hours)
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Notices or applications to Reporting............ Mandatory............ 1 On Occasion.......... 2 2
establish, move, or close a
foreign branch (303.182).
Notices or applications for Reporting............ Mandatory............ 1 On Occasion.......... 40 40
authorization for foreign branch
to engage in activities other than
those permitted in 347.115
(303.121).
Notices or applications by insured Reporting............ Mandatory............ 1 On Occasion.......... 2 2
state nonmember bank to invest in,
or divest its interest in, a
foreign organization (303.183).
Merger transactions involving Reporting............ Mandatory............ 1 On Occasion.......... 6 6
foreign organizations (303.185(b)
referencing 303.62).
Notices or applications to invest Reporting............ Mandatory............ 2 On Occasion.......... 60 120
in foreign organizations, or to
engage in certain activities
through foreign organizations
(303.183(b) and\or 303.121).
Notice of foreign divestiture of Reporting............ Mandatory............ 2 On Occasion.......... 1 2
foreign organization (303.183(d).
Document policies and procedures Recordkeeping........ Mandatory............ 10 On Occasion.......... 400 4,000
for supervision of foreign
activities of insured state
nonmember banks
(347.116)(Implementation).
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Total Estimated Annual Burden.. ..................... ..................... .............. ..................... .............. 4,172
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Affected Public: Insured state nonmember banks and state savings
associations.
Burden Estimate:
General Description of Collection: The Federal Deposit Insurance
(FDI) Act requires state nonmember banks to obtain FDIC consent to
establish or operate a foreign branch, or to acquire and hold, directly
or indirectly, stock or other evidence of ownership in any foreign bank
or other entity. The FDI Act also authorizes the FDIC to impose
conditions for such consent and to issue regulations related thereto.
This collection is a direct consequence of those statutory
requirements.
There is no change in the substance or methodology of this
information collection. The change in burden is due solely to the
decrease in the estimated number of respondents by 2 from the estimated
20 annual respondents in the currently-approved information collection
to the current estimate of 18. The decrease in estimated respondents is
the result of the drop in the total number of insured depository
institutions.
3. Title: Reverse Mortgage Products.
OMB Number: 3064-0176.
Affected Public: Insured state nonmember banks and state savings
associations making reverse mortgage.
Burden Estimate:
[[Page 37658]]
Summary of Annual Burden
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Estimated Estimated time Estimated
Information collection description Type of burden Obligation to number of Estimated frequency per response annual burden
respond respondents of responses (hours) (hours)
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Reverse Mortgage Products-- Third-Party Voluntary............ 1 1.................... 40 40
Implementation. Disclosure.
Reverse Mortgage Products--Ongoing. Third-Party Voluntary............ 30 1.................... 8 248
Disclosure.
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Total Estimated Annual Burden.. ..................... ..................... .............. ..................... .............. 280
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General Description of Collection: Respondents must prepare and
provide certain disclosures to consumers (e.g., that insurance products
and annuities are not FDIC-insured) and obtain consumer
acknowledgments, at two different times: (1) Before the completion of
the initial sale of an insurance product or annuity to a consumer; and
(2) at the time of application for the extension of credit (if
insurance products or annuities are sold, solicited, advertised, or
offered in connection with an extension of credit).
Methodology and Assumptions
The FDIC revised its estimates of the number of respondents to this
information collection based on changes in the estimated number of
respondents due to economic conditions. The hourly burden per response
remains the same, recognizing a difference between the amount of time
required to implement policies and procedures and the amount of time
required to maintain records on an ongoing basis once those policies
and procedures have been established.
Total Estimated Number of Respondents
FDIC revised its estimate of the number of respondents to this
information collection. Potential respondents to this information
collection include all FDIC-supervised institutions that adopt or
revise policies and procedures regarding reverse mortgage offerings.
The estimate for respondents with ongoing reverse mortgage products was
calculated using 2018 Home Mortgage Disclosure Act (HMDA) data and 2018
monthly U.S. Department of Housing and Urban Development (HUD) Home
Equity Conversion Mortgage (HECM) data. For the 2018 HMDA data, the
FDIC identified 27 institutions that had at least 1 application for a
reverse mortgage.\1\ In order to account for reverse mortgage
originators who did not report HMDA data, the FDIC cross referenced to
the 2018 HUD HECM data and identified 6 institutions with at least 1
application in the 2018 HUD HECM data. Three of those institutions were
also identified in the 2018 HMDA data; thus, the FDIC identified 30
total reverse mortgage originators using 2018 data from the two
sources.
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\1\ HMDA only began tracking reverse mortgages with the 2018
HMDA data, meaning that there is no way to identify reverse
mortgages in HMDA data in 2017 or earlier.
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To estimate the number of institutions facing implementation
burden, FDIC looked at the change in the estimated number of
respondents facing ongoing burden for revising existing policies and
procedures. In 2016 FDIC estimated the number of respondents facing
ongoing burden to be 26. The current estimated number of FDIC-
supervised institutions that offer reverse mortgages is 30. The FDIC
assumes that approximately 4 institutions began offering reverse
mortgages over the last three years and estimates the number of
respondents implementing reverse mortgage products to be approximately
one per year.
Estimated Hourly Burden
FDIC estimates the recordkeeping burden associated with
implementing and documenting incentive-based compensation policies and
procedures to be 40 hours per respondent, per year. FDIC estimates the
recordkeeping burden associated with revising and documenting
incentive-based compensation policies and procedures previously adopted
and documented to be 8 hours per respondent, per year.
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 June 17, 2020.
James P. Sheesley,
Acting Assistant Executive Secretary.
[FR Doc. 2020-13425 Filed 6-22-20; 8:45 am]
BILLING CODE 6714-01-P