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Notice2021-27525

Agency Information Collection Activities: Proposed Collection Renewal; Comment Request

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Published

December 21, 2021

Issuing agencies

Federal Deposit Insurance Corporation

Abstract

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. 3064-0121; -0135; and -0185).

Full Text

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<title>Federal Register, Volume 86 Issue 242 (Tuesday, December 21, 2021)</title>
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[Federal Register Volume 86, Number 242 (Tuesday, December 21, 2021)]
[Notices]
[Pages 72234-72238]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-27525]

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FEDERAL DEPOSIT INSURANCE CORPORATION

[OMB No. 3064-0121; -0135; -0185]

Agency Information Collection Activities: Proposed Collection
Renewal; 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 request to renew
the existing information collections described below (OMB Control No.
3064-0121; -0135; and -0185).

DATES: Comments must be submitted on or before January 20, 2022.

ADDRESSES: Interested parties are invited to submit written comments to
the FDIC by any of the following methods:
<bullet> <a href="https://www.fdic.gov/resources/regulations/federal-register-publications/index.html">https://www.fdic.gov/resources/regulations/federal-register-publications/index.html</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#0d6e6260606863797e4d6b69646e236a627b"><span class="__cf_email__" data-cfemail="bbd8d4d6d6ded5cfc8fbdddfd2d895dcd4cd">[email&#160;protected]</span></a>. Include the name and number of
the collection in the subject line of the message.
<bullet> Mail: Manny Cabeza (202-898-3767), Regulatory Counsel, MB-
3128, Federal Deposit Insurance Corporation, 550 17th Street NW,
Washington, DC 20429.
<bullet> 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 <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. 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, <a href="/cdn-cgi/l/email-protection#b1dcd2d0d3d4cbd0f1d7d5d8d29fd6dec7"><span class="__cf_email__" data-cfemail="dfb2bcbebdbaa5be9fb9bbb6bcf1b8b0a9">[email&#160;protected]</span></a>, 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: Certification of Compliance with Mandatory Bars to
Employment.
OMB Number: 3064-0121.
Form Number: 2120/16.
Affected Public: Individuals seeking employment from the FDIC.
Burden Estimate:

Estimated Annual Burden
[OMB 3064-0121]
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Estimated
Estimated number of Estimated time Estimated
Information collection description Type of burden number of responses per per response annual burden
respondents respondent (minutes) (hours)
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Form 2120/16................................... Reporting.............................. 528 1 10 88
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Total Annual Burden........................ ....................................... .............. .............. .............. 88
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General Description of Collection: This information collection
arises from the reporting requirements contained in 12 CFR part 336,
subpart B, of the FDIC Rules and Regulations entitled ``Minimum
Standards of Fitness for Employment with the Federal Deposit Insurance
Corporation''. This rule implements Section 19 of the Resolution Trust
Corporation Completion Act (Completion Act), Public Law 103-204, by
(among other things) prescribing a certification, with attachments in
some cases, relating to job applicants' fitness and integrity. More
specifically, the statute provides that the FDIC shall issue
regulations implementing provisions that prohibit any person from
becoming employed by the FDIC who has been convicted of any felony; has
been removed from, or prohibited from participating in the affairs of,
any insured depository institution pursuant to any final enforcement
action by any appropriate federal banking agency; has demonstrated a
pattern or practice of defalcation regarding obligations to insured
depository institutions; or has caused a substantial loss to federal
deposit insurance funds. This collection of information implements
these mandatory bars to employment through a certification, signed by
job applicants prior to an offer of employment using form 2120/16.
There has been no change in the method or substance of this information
collection. The change in estimated annual burden is due to an increase
in the estimated number of new hires from an annual average of 500 in
2018 to an annual average of 528 currently.
2. Title: Purchaser Eligibility Certification.
OMB Number: 3064-0135.
Form Number: 7300-06.
Affected Public: Individuals and entities wishing to purchase
receivership assets from the FDIC.
Burden Estimate:

[[Page 72235]]

Estimated Annual Burden
[OMB 3064-0135]
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Number of Hours per Estimated
Information collection description Type of burden Frequency of response Number of responses per response annual burden
(obligation to respond) respondents respondent (minutes) (hours)
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Purchaser Eligibility Certification Reporting (Voluntary to On occasion............ 380 1 30 190
(Form No. 7300-06). obtain a benefit).
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Total Estimated Annual Burden ........................ ....................... .............. .............. .............. 190
(Hours).
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Source: FDIC.

General Description of Collection: The FDIC is statutorily
prohibited from selling assets held by insured depository institutions
that have been placed under the conservatorship or receivership of the
FDIC to individuals or entities that profited or engaged in wrongdoing
at the expense of those failed institutions, or seriously mismanaged
those failed institutions.\1\ This statutory prohibition is implemented
by regulation.\2\ The FDIC uses Form No. 7300-06: Purchaser Eligibility
Certification (PEC) to determine an entity or person's eligibility to
purchase assets. This Information Collection (IC) pertains to the
voluntary submission of the PEC by persons seeking to certify their
eligibility to be able to purchase receivership assets. Potential
respondents to this IC include any entity or individual that wishes to
bid on or purchase assets held by insured depository institutions that
have been placed under the conservatorship or receivership of the FDIC.
This IC contains one reporting requirement. The FDIC arrived at the
estimated time to respond estimate of 30 minutes per PEC form, through
observation of individuals completing these forms at open-outcry
auction events. Since the form has not been revised, the FDIC believes
this estimate remains reasonable and appropriate for this ICR. The FDIC
estimated the number of respondents by tabulating the number of PECs
received in each year between 2015 and 2020. Over that period, the FDIC
received 2,282 PECs, or approximately 380 PECs per year on average.
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\1\ 12 U.S.C. 1821(p).
\2\ 12 CFR 340.
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3. Title: Resolution plans required for insured depository
institutions with $100 billion or more in total assets.
OMB Number: 3064-0185.
Form Number: None.
Affected Public: FDIC insured depository institutions with $50
billion or more in total assets.
Burden Estimate:

Summary of Estimated Annual Implementation Burdens
[OMB No. 3064-0185]
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Number of Time per Estimated
Description Type of burden Frequency of response Number of responses/ response annual burden
(obligation to respond) respondents respondent (hours) (hours)
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Resolution Plan Updates by GSIB Reporting (Mandatory)... Annual (3 year cycle).. 9 1 21,920 197,280
specified CIDIs.
Resolution Plan Updates non-GSIB Reporting (Mandatory)... Annual (3 year cycle).. 22 1 3785.5 83,281
specified CIDIs.
Resolution Plans by New Filers....... Reporting (Mandatory)... Annual (3 year cycle).. 2 1 4430.7 8,861.4
Notice of Material Change............ Reporting (Mandatory)... On occasion............ 2 1 120 240
Exemption Request.................... Reporting (Required to On occasion............ 1 1 1 1
obtain benefit).
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Total Estimated Annual Burden.... ........................ ....................... .............. .............. .............. 289,663.4
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Source: FDIC.

General Description of Collection: In 2012, the FDIC issued a rule
requiring covered insured depository institutions (CIDIs) \3\ to submit
resolution plans to the FDIC (Rule).\4\ The Rule was established to
facilitate the FDIC's readiness to resolve a CIDI under the Federal
Deposit Insurance Act (FDI Act).\5\ Since issuing the Rule in 2012, the
FDIC and CIDIs have been through multiple resolution plan submission
cycles. Through this experience, the FDIC has learned what aspects of
the resolution planning process are most valuable and what could be
clarified or exempted. Furthermore, the FDIC has gained additional
resolution capabilities relevant to IDI resolution through separate
rulemakings subsequent to the issuance of the IDI Rule.\6\
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\3\ According to 12 CFR 360.10(b)(4), covered insured depository
institution means an insured depository institution with $50 billion
or more in total assets, as determined based upon the average of the
institution's four most recent Reports of Condition and Income or
Thrift Financial Reports (Call Report), as applicable to the insured
depository institution.
\4\ 77 FR 3075.
\5\ 12 U.S.C. 1811, et seq.
\6\ See, e.g., 12 CFR parts 370 & 371.
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In November 2018, FDIC Chairman McWilliams announced that the
agency planned to revise the IDI Rule, and that the next round of
resolution plans

[[Page 72236]]

submitted pursuant to the IDI Rule would not be required until the
rulemaking process was complete.\7\ The FDIC partially lifted the
resolution plan moratorium for CIDIs with $100 billion or more in
assets on January 19, 2021.\8\ On June 25, 2021, the FDIC issued a
statement (Statement) that outlined a modified approach to implementing
the Rule.\9\ The modified approach applies to IDIs with $100 billion or
more in total assets (specified CIDIs) and announces the FDIC's intent
to extend the submission frequency to a three-year cycle, streamline
content requirements, and place greater emphasis on engagement with
firms. In the Statement, the FDIC stated that it intends to send a
letter to each specified CIDI advising it of the timing of its next
resolution plan submission during the three-year cycle. To streamline
content requirements, the FDIC has exempted all specified CIDIs from
including in their resolution plans the provision, identification,
description, or discussion of the following topics: Least Costly
Resolution Method; Asset Valuation and Sales, Major Counterparties;
Material Entity Financial Statements; Systemically Important Functions;
Backup Plans; Assessment of the Resolution Plan; and High-Level
Description of Resolution Strategy.\10\ In addition, the FDIC plans to
exempt certain specified CIDIs from additional content items required
under the Rule; these exemptions are tailored to the specified CIDI's
own circumstances and will be communicated to each specified CIDI in
the FDIC's letter. Specified CIDIs may also submit written requests to
the FDIC for exemptions from additional categories of information,
which should include a description of why the information would not be
useful or material to the FDIC in planning to resolve the specified
CIDI. The Statement also clarifies the post-submission engagement
process and contemplates one such engagement per specified CIDI per
three-year resolution plan cycle. At present, CIDIs with less than $100
billion in total assets are not expected to submit resolution plans
during the period of this IC.
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\7\ See FDIC Chairman Jelena McWilliams, ``Keynote Remarks,''
speech before the 2018 Annual Conference of The Clearing House (TCH)
and Bank Policy Institute (BPI) (November 28, 2018), available at
<a href="https://www.fdic.gov/news/news/speeches/spnov2818.html">https://www.fdic.gov/news/news/speeches/spnov2818.html</a>.
\8\ See FDIC Announces Lifting IDI Plan Moratorium (January 19,
2021), available at <a href="https://www.fdic.gov/resauthority/idi-statement-01-19-2021.pdf">https://www.fdic.gov/resauthority/idi-statement-01-19-2021.pdf</a>.
\9\ See Statement on Resolution Plans for Insured Depository
Institutions, available at <a href="https://www.fdic.gov/resauthority/idi-statement-06-25-2021.pdf">https://www.fdic.gov/resauthority/idi-statement-06-25-2021.pdf</a>.
\10\ Id. at page 9.
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The Rule contains ``collections of information'' as defined by the
Paperwork Reduction Act (PRA) of 1995. As such, the FDIC must obtain
approval by the Office of Management and Budget prior to collecting
said collections of information. This IC was last approved for renewal
on December 6, 2018 for an estimated 43 annual responses and a total
estimated annual burden estimate of 572,791 hours.
Given the changes to the PRA requirements of the Rule since the
2018 ICR, the FDIC has revised the delineation of burdens. As per their
changes, the IC now comprises the following line items:
1. Resolution Plan Updates by specified CIDIs whose top tier parent
company is a U.S. global systemically important bank as defined in 12
CFR 217.402 (GSIB specified CIDIs).
2. Resolution Plan Updates by specified CIDIs whose top tier parent
company is not a U.S. global systemically important bank (non-GSIB
specified CIDIs).
3. Resolution Plans by New Filers.
4. Notices of Material Change.
5. Exemption Requests.
Potential respondents to this IC, as defined by the Rule under the
modified approach described in the Statement, are specified CIDIs, or
IDIs with total assets greater than or equal to $100 billion, based
upon the average of the IDI's four most recent Call Reports. As of
March 31, 2021, there are 33 IDIs meeting those requirements.\11\ The
FDIC anticipates that one of these Specified CIDIs will cease to exist
due to its pending merger with another specified CIDI.\12\ The FDIC
also anticipates that a new specified CIDI will be created due to the
pending merger of two IDIs with expected combined assets over $100
billion.\13\ Thus, on net, the FDIC anticipates that there will be 33
potential respondents to this IC. The estimated number of respondents
will vary by line item.
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\11\ FDIC Call Report Data, March 31, 2021.
\12\ See FRB Order No. 2021-04 (May 14, 2021), available at
<a href="https://www.federalreserve.gov/newsevents/pressreleases/files/orders20210514a1.pdf">https://www.federalreserve.gov/newsevents/pressreleases/files/orders20210514a1.pdf</a>, last accessed on July 16, 2021.
\13\ See First Citizens BancShares, Inc., ``First Citizens, CIT
Receive FDIC Approval of Proposed Merger,'' July 14, 2021, available
at <a href="https://www.globenewswire.com/news-release/2021/07/14/2262762/0/en/First-Citizens-CIT-Receive-FDIC-Approval-of-Proposed-Merger.html">https://www.globenewswire.com/news-release/2021/07/14/2262762/0/en/First-Citizens-CIT-Receive-FDIC-Approval-of-Proposed-Merger.html</a>,
last accessed on July 16, 2021.
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Resolution Plan Updates:

Of the set of potential respondents, the FDIC estimates that 9 GSIB
Specified CIDIs and 22 non-GSIB specified CIDIs will submit Resolution
Plan Updates.\14\ To estimate the burden imposed by the Rule under the
modified approach described in the Statement, FDIC started with the
methodology used in the 2018 ICR. That methodology relied on results
from a survey of seven banks to estimate an average PRA burden per
submission of 65 hours per billion dollars of assets. FDIC then made
the following adjustments to the burden estimate to reflect the
modified approach described in the Statement:
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\14\ Based on FDIC Call Report Data, March 31, 2021.
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<bullet> Reduced the estimated average PRA burden by five hours per
billion dollars of assets to reflect the exclusion of content the
Statement announced the FDIC would exempt from the specified CIDIs'
resolution plans.\15\
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\15\ See Statement, at page 9.
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<bullet> Reduced the estimated average PRA burden by two hours per
billion dollars of assets to reflect the rescission of guidance that
had requested that each CIDI provide information on how a failure
scenario would impact its creditor stack.\16\
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\16\ Id.
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<bullet> Increased the estimated average PRA burden by 2 hours per
billion of assets to reflect the anticipated engagement contemplated in
the Statement, which contemplates one such engagement per specified
CIDI over the three-year filing period.\17\
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\17\ Id. at page 10.
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<bullet> Reduced the estimated average burdens for GSIB specified
CIDIs by four percent to reflect expected exemptions tailored to each
GSIB specified CIDI. The four percent reduction was estimated by
dividing the total number of such exemptions across all GSIB specified
CIDIs (8) by the total number of required content items across all GSIB
specified CIDIs (198).
<bullet> Further reduced the estimated average burdens for non-GSIB
specified CIDIs by 20 percent to reflect expected exemptions tailored
to each non-GSIB specified CIDI. The 20 percent reduction was estimated
by dividing the total number of such exemptions across all non-GSIB
specified CIDIs (97) by the total number of required content items
across all non-GSIB specified CIDIs (484).
Based on the above methodology, FDIC estimates that the burden
hours per submission would be 57.6 hours per billion dollars for
Resolution Plan Updates by GSIB specified CIDIs.\18\ Using assets
reported on Call Reports for the nine GSIB specified CIDIs, we

[[Page 72237]]

estimate a total burden of 591,840 hours for Resolution Plan Updates by
GSIB specified CIDIs, or an average of 65,760 hours per submission.\19\
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\18\ 57.6 hours = (65 hours-5 hours-2 hours + 2 hours) x (100
percent-4 percent).
\19\ 65,760 hours per submission = 591,840 hours for nine
submissions/9 submissions. 591,840 hours = 57.6 hours per submission
per billion dollars in asset x $10,275 billion in assets, as
reported in the March 31, 2021 Call Report.
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Using the same methodology, FDIC estimates that the burden hours
per submission to be 48 hours per billion dollars for non-GSIB
specified CIDIs.\20\ Using the assets reported on the latest Call
Report for the 22 non-GSIB specified CIDIs, we estimate a total burden
of 249,840 hours for Resolution Plan Updates by non-GSIB specified
CIDIs, or an average of 11,356 hours per submission.\21\
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\20\ 48 hours = (65 hours-5 hours-2 hours + 2 hours) x (100
percent-20 percent).
\21\ 11,356 hours per submission = 249,840 hours for twenty-two
submissions/22 submissions. 249,840 hours = 48 hours per submission
per billion dollars in asset x $5,205 billion in assets, as reported
in the March 31, 2021 Call Report. We adjust the assets of one non-
GSIB specified CIDI to include the assets of the IDI that merged
with it.
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Under the modified approach described in the Statement, each
respondent is expected to prepare a single submission in the upcoming
three-year renewal cycle, resulting in a response rate of one in three
years (or \1/3\ per year). Because the OMB's PRA renewal system limits
annual responses to values greater than or equal to one, however, FDIC
uses an annual rate of one response by both GSIB specified CIDIs and
non-GSIB specified CIDIs (rather than \1/3\). To estimate the annual
hourly burden incurred by a respondent, we divide the estimated burden
hours per submission by three to arrive at the estimated burden hours
per year. Thus, FDIC estimates that Resolution Plan Updates by GSIB
specified CIDIs will incur 21,920 hours per year \22\ and Resolution
Plan Updates by non-GSIB specified CIDIs will incur 3,785.5 hours per
year.\23\
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\22\ 21,920 hours per year = 65,760 hours per submission/3 years
per submission.
\23\ 3,785 hours per year = 11,356 hours per submission/3 years
per submission.
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Resolution Plans by New Filers

Of the set of potential respondents, the FDIC estimates that two
Specified CIDIs will each submit a new Resolution Plan (i.e., submit a
plan for the first time).\24\ To estimate the burden imposed by the
Rule under the modified approach described in the Statement, FDIC
started with the methodology used in the 2018 ICR. That methodology
assumed that IDIs that cross the $50 billion threshold will incur
approximately 7,200 hours to prepare and submit their first resolution
plan. This estimate is substantially higher than a comparative CIDI
completing an annual update due to the higher costs of preparing a
resolution plan for the first time.\25\ Given that, under modified
approach described in the Statement, the total asset threshold is $100
billion in assets rather than $50 billion in assets, as was the case in
the 2018 ICR, and the submission moratorium on CIDIs with less than
$100 billion in total assets remains in place, the FDIC believes that
14,400 hours (7,200 hours x 2) is a reasonable and appropriate estimate
for the burden of first time submissions under the Rule for purposes of
this IC. Furthermore, note that the non-individual streamlined content
exemptions and engagement changes described above, taken together,
reduce the estimated average burden hours of Resolution Plan Updates by
7.7 percent.\26\ The FDIC believes that these changes would also reduce
the burden of first time submissions by the same percentage. Thus, FDIC
estimates that that each first time Resolution Plan submission will
take 13,292 hours to prepare.\27\
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\24\ Based on FDIC Call Report Data, March 31, 2021, one
specified CIDI has not previously submitted a plan and two CIDIs
will merge to become a specified CIDI.
\25\ For example, using the 65 hours per billion dollars
parameter, a CIDI with $50 billion in assets is estimated to incur
3,250 hours to prepare and submit a Resolution Plan Update.
\26\ 7.7 percent = 5 hours/65 hours * 100 percent.
\27\ 13,292 hours = 14,400 x (100 percent-7.7 percent).
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As stated above, each respondent is expected to prepare a single
submission in the upcoming three-year cycle, resulting in a response
rate equal to \1/3\ per year. Because the OMB's PRA renewal system
limits annual responses to values greater than or equal to one,
however, FDIC uses an annual rate of one response by New Filers. To
estimate the annual hourly burden incurred by a respondent, FDIC
divides the estimated burden hours per submission by three to arrive at
the estimated burden hours per year. Thus, FDIC estimates that
Resolution Plans by New Filers will incur 4,430.7 hours per year.\28\
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\28\ 4,430.7 hours per year = 13,292 hours per submission/3
years per submission.
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Notice of Material Change

According to the Rule, a CIDI shall file with the FDIC a notice no
later than 45 days after any event, occurrence, change in conditions or
circumstances or other change that results in, or could reasonably be
foreseen to have, a material effect on the resolution plan of the
CIDI.\29\ The 2018 ICR estimated one annual respondent, two annual
responses per respondent, and 120 hours of burden per response, for
this Notice of Material Change. The FDIC believes that two annual
respondents each with one annual response per respondent is a more
reasonable and appropriate estimate, and this estimate reflects that
change. Thus FDIC estimates two annual respondents, one annual response
per respondent, and 120 hours of burden per response for the line item
Notice of Material Change.
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\29\ See 12 CFR 360.10(c)(1)(v).
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Exemption Request

As described above, the Rule and the Statement permit a specified
CIDI to seek exemptions from the informational requirements of the Rule
beyond those described in the Statement or in the letter from the FDIC
to the specified CIDI. Such a request should be in writing and include
a ``description of why the information would not be useful or material
to the FDIC . . . .'' \30\ Since the FDIC does not have access to
information that would enable it to estimate how many institutions will
seek to submit an exemption request or how long it would take to
prepare such a request, the FDIC uses placeholder estimates of one such
exemption request and one burden hour to complete it.\31\ Thus FDIC
estimates one annual respondent, one annual response per respondent,
and one hour of burden per response for the line item Exemption
Request.
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\30\ See Statement at page 10.
\31\ The SMEs considered basing an estimate for a Sec. 360.10
exemption request on the estimate of 20 burden hours recently used
for an exemption request under Sec. 360.9. The SMEs ultimately
determined that the exemption requests under the two provisions were
unlikely to be analogous, however, and that the breadth and
variability of Sec. 360.10 exemption requests made it impracticable
for the FDIC to develop a meaningful estimate without additional
information that is not currently available.
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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.

[[Page 72238]]

Dated at Washington, DC, on December 15, 2021.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2021-27525 Filed 12-20-21; 8:45 am]
BILLING CODE 6714-01-P

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