Notice2022-22639
Agency Information Collection Activities: Proposed Collection Renewal; Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
October 19, 2022
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. 3064-0026, -0070, -0079, -0188 and -0211). The notice of the proposed renewal for these information collections was previously published in the Federal Register on August 22, 2022, and August 29, 2022, allowing for a 60-day comment period.
Full Text
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<title>Federal Register, Volume 87 Issue 201 (Wednesday, October 19, 2022)</title>
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[Federal Register Volume 87, Number 201 (Wednesday, October 19, 2022)]
[Notices]
[Pages 63495-63498]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-22639]
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FEDERAL DEPOSIT INSURANCE CORPORATION
[OMB No. 3064-0026; -0070; -0079; -0188; -0211]
Agency Information Collection Activities: Proposed Collection
Renewal; Comment Request
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice and request for comment.
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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.
3064-0026, -0070, -0079, -0188 and -0211). The notice of the proposed
renewal for these information collections was previously published in
the Federal Register on August 22, 2022, and August 29, 2022, allowing
for a 60-day comment period.
DATES: Comments must be submitted on or before November 18, 2022.
ADDRESSES: Interested parties are invited to submit written comments to
the FDIC by any of the following methods:
<bullet> Agency Website: <a href="https://www.fdic.gov/resources/regulations/federal-register-publications/">https://www.fdic.gov/resources/regulations/federal-register-publications/</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#8ae9e5e7e7efe4fef9caeceee3e9a4ede5fc"><span class="__cf_email__" data-cfemail="c8aba7a5a5ada6bcbb88aeaca1abe6afa7be">[email 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 NW building (located on F Street
NW), on business days between 7 a.m. and 5 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#e18c828083849b80a187858882cf868e97"><span class="__cf_email__" data-cfemail="f19c929093948b90b197959892df969e87">[email 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 collection of information:
1. Title: Transfer Agent Registration and Amendment Form.
OMB Number: 3064-0026.
Form Number: TA-1.
Affected Public: Private Sector, insured state nonmember banks and
state savings associations.
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-0026]
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Information collection Type of burden Number of Time per
description (obligation to (frequency of Number of responses per response Annual burden
respond) response) respondents respondent (HH:MM) (hours)
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1. Transfer Agent Registration Reporting 1 1 01:15 1
12 CFR 341.3 (Mandatory). (Occasional).
2. Transfer Agent Amendment 12 Reporting 1 1 00:10 0
CFR 341.4 (Mandatory). (Occasional).
3. Transfer Agent Reporting 1 1 00:25 0
Deregistration 12 CFR 341.5 (Occasional).
(Mandatory).
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Total Annual Burden ................ .............. .............. .............. 1
(Hours).
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General Description of Collection: Section 17A(c) of the Security
Exchange Act of 1934 (the Act) requires all transfer agents for
securities registered under section 12 of the Act or, if the security
would be required to be registered except for the exemption from
registration provided by section 12(g)(2)(B) or section 12(g)(2)(G), to
``fil[e] with the appropriate regulatory agency . . . an application
for registration in such form and containing such information and
documents . . . as such appropriate regulatory agency may prescribe as
necessary or appropriate in furtherance of the purposes of this
section.'' In general, an entity performing transfer agent functions
for a security is required to register with its appropriate regulatory
agency if the security is registered on a national securities exchange
or if the issuer of the security has total assets exceeding $10 million
and a class of equity security held of record by 2,000 persons or, for
an issuer that is not a bank, BHC, or SLHC, by 500 persons who are not
accredited investors. The Federal Reserve Board of Governors'
Regulation H (12 CFR 208.31(a)) and Regulation Y (12 CFR 225.4(d)), the
OCC's 12 CFR 9.20, and the FDIC's 12 CFR part 341 implement these
provisions of the Act.
[[Page 63496]]
To accomplish the registration of transfer agents, Form TA-1 was
developed in 1975 as an interagency effort by the Securities and
Exchange Commission and the agencies. The agencies primarily use the
data collected on Form TA-1 to determine whether an application for
registration should be approved, denied, accelerated or postponed, and
they use the data in connection with their supervisory
responsibilities. FDIC is revising this information collection to
include the burden associated with the reporting requirement related to
the transfer agent deregistration form (Form TA-W) currently cleared
under OMB Control Number 3064-0027. The intention is to create a
combined ICR that covers both the transfer agent registration and
amendment form, and the transfer agent deregistration form. This
combined ICR will retain the Office of Management and Budget (OMB)
number OMB No. 3064-0026. The FDIC plans to discontinue OMB No. 3064-
0027 once the combined OMB No. 3064-0026 is approved. This action will
streamline the ICR process and contribute to enhanced operational
efficiency of the FDIC.
There is no change in the method or substance of the collection.
The overall reduction in burden hours is the result of economic
fluctuation. In particular, the decline in the estimated overall annual
time burden from 2 hours in 2020 and 2021 to 1 hour in 2022.
2. Title: Application for a Bank to Establish a Branch or Move its
Main Office or Branch.
OMB Number: 3064-0070.
Form Number: None.
Affected Public: Insured state nonmember banks and state savings
associations.
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-0070]
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Type of burden Number of
Information collection description (obligation to Frequency of response Number of responses per Hours per Annual burden
respond) respondents respondent response (hours)
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Application for consent to reduce Reporting (Mandatory). On Occasion................ 436 1.461 5 3,185
or retire capital.
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Estimated Total Annual Burden.. ...................... ........................... .............. .............. .............. 3,185
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General Description of Collection: Section 18(d) of the Federal
Deposit Insurance Act (12 U.S.C. 1828(d) (FDI Act)) provides that no
FDIC insured state nonmember bank or state savings association shall
establish and operate any new domestic branch or move its main office
or any such branch from one location to another without the prior
written consent of the FDIC. In granting or withholding consent to the
applicant, FDIC considers: (a) The financial history and condition of
the depository institution; (b) the adequacy of its capital structure;
(c) its future earnings prospects; (d) the general character and
fitness of its management; (e) the risk presented by the depository
institution to the Deposit Insurance Fund; (f) the convenience and
needs of the community to be served; and (g) whether its corporate
powers are consistent with the purposes of the FDI Act. FDIC
regulations found at 12 CFR 303, subpart C, specify the steps that
respondents must take to comply with the statutory mandate.
There is no change in the method or substance of the collection.
The overall reduction in burden hours is the result of economic
fluctuation. In particular, the number of respondents has decreased
while the hours per response and frequency of responses have remained
the same.
3. Title: Application for Consent to Reduce or Retire Capital.
OMB Number: 3064-0079.
Form Number: None.
Affected Public: Insured state nonmember banks and state savings
associations.
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-0079]
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Estimated Total
Information collection (IC) Type of burden Estimated Number of time per estimated
description (obligation to number of responses per response annual burden
respond) respondents respondent (hours) (hours)
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Application for consent to Reporting 74 1.36 11 1,107
reduce or retire capital. (Required to
Obtain or
Retain a
Benefit).
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Estimated Total Annual ................ .............. .............. .............. 1,107
Burden.
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General Description of Collection: Insured state nonmember banks
proposing to change their capital structure must submit an application
containing information about the proposed change to obtain FDIC's
consent to reduce or retire capital.
There is no change in the method or substance of the collection.
The overall reduction in burden hours is the result of economic
fluctuation. In particular, the number of respondents has decreased
while the hours per response and frequency of responses have remained
the same.
4. Title: Appraisals for Higher-Priced Mortgage Loans.
OMB Number: 3064-0188.
Form Number: None.
Affected Public: Insured state nonmember banks and state savings
associations.
Burden Estimate:
[[Page 63497]]
Estimated Number of Respondents and Responses per Respondent
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Estimated
Type of burden Estimated annual number Estimated
Item IC description (frequency of Obligation to respond annual number of responses Estimated time annual burden
(section) response) of per per response hours
respondents respondent
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1.............. Disclose to an Third-party Mandatory............. 3,018 14.54 0.017 746
applicant for an HPML Disclosure (On
that the institution Occasion).
may obtain an
appraisal for the
property, 12 CFR Part
1026.35(c)(5)(i).
2.............. Provide a copy of Third-party Mandatory............. 3,018 15.34 0.14 6,481
written appraisal to Disclosure (On
the consumer, 12 CFR Occasion).
Part 1026.35(c)(6)(i).
3.............. Provide documentation Third-party Optional.............. 3,018 0.74 0.083 185
of the property value Disclosure (On
to the consumer in Occasion).
lieu of an appraisal,
12 CFR Part
1026.35(c)(2)(viii)(B).
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Total Estimated Annual Burden....... .................. ...................... .............. .............. ................ 7,412
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General Description of Collection: Section 1471 of the Dodd-Frank
Act established a new Truth in Lending section 129H, which contains
appraisal requirements applicable to higher-risk mortgages and
prohibits a creditor from extending credit in the form of a higher-risk
mortgage loan to any consumer without meeting those requirements. A
higher-risk mortgage is defined as a residential mortgage loan secured
by a principal dwelling with an annual percentage rate that exceeds the
average prime offer rate for a comparable transaction as of the date
the interest rate is set by certain enumerated percentage point
spreads. The rule requires that, within three days of application, a
creditor provide a disclosure that informs consumers regarding the
purpose of the appraisal, that the creditor will provide the consumer a
copy of any appraisal, and that the consumer may choose to have a
separate appraisal conducted at the expense of the consumer. If a loan
meets the definition of a higher-risk mortgage loan, then the creditor
would be required to obtain a written appraisal prepared by a certified
or licensed appraiser who conducts a physical visit of the interior of
the property that will secure the transaction, and send a copy of the
written appraisal to the consumer. To qualify for the safe harbor
provided under the rule, a creditor is required to review the written
appraisal as specified in the text of the rule and appendix A. If a
loan is classified as a higher-risk mortgage loan that will finance the
acquisition of the property to be mortgaged, and the property was
acquired within the previous 180 days by the seller at a price that was
lower than the current sale price, then the creditor is required to
obtain an additional appraisal. A creditor is required to provide the
consumer a copy of the appraisal reports performed in connection with
the loan, without charge, at least days prior to consummation of the
loan.
FDIC is revising this information collection to fully account for
the scope of PRA burden delineated in part 1036.35(c). As a result, two
new items have been added to the burden table; two items previously
listed separately have been combined into a single item; and one item,
associated with part 1026.35(c)(4)(iv), was deemed to not impose any
additional recordkeeping, disclosure or reporting requirements, has
been removed from the table. As a result of these revisions, the
estimated annual burden has increased from 4,044 hours to 7,412 hours.
The following is a summary of the revisions:
<bullet> The 2019 ICR did not include a line item associated with
the disclosure requirement in part 1026.35(c)(5)(i), which requires
institutions to disclose the following statement, in writing, to a
consumer who applies for a higher-priced mortgage loan (HPML): ``We may
order an appraisal to determine the property's value and charge you for
this appraisal. We will give you a copy of any appraisal, even if your
loan does not close. You can pay for an additional appraisal for your
own use at your own cost.'' FDIC has added a line item associated with
this requirement to the burden table for the 2022 renewal.
<bullet> The 2019 ICR did not include a line item associated with
part 1026.35(c)(2)(viii)(B), which exempts institutions from the
appraisal requirements for HPMLs secured by a manufactured home and not
land if the institution obtains, and provides to the consumer no later
than three business days prior to the consummation of the transaction,
either: (1) For a new manufactured home, the manufacturer's invoice for
the manufactured home securing the transaction, provided that the date
of manufacture is no earlier than 18 months prior to the creditor's
receipt of the consumer's application for credit; (2) A cost estimate
of the value of the manufactured home securing the transaction obtained
from an independent cost service provider, or; (3) A valuation of the
manufactured home performed by a person who has no direct or indirect
interest, financial or otherwise, in the property or transaction for
which the valuation is performed and has training in valuing
manufactured homes. FDIC has added a line item associated with this
disclosure requirement to the burden table for the 2022 renewal.
<bullet> The 2019 ICR included two separate line items related to
the disclosure requirement in part 1026.35(c)(6)(i) for an institution
to provide a copy to the applicant of any appraisal obtained pursuant
to parts 1026.35(c)(3) and 1026.35(c)(4). The 2019 ICR included one
line item for the disclosure requirements for appraisals obtained
pursuant to part 1026.35(c)(3) and another for appraisals obtained
pursuant to part 1026.35(c)(4). FDIC has combined these two line items
into a single line item for the 2022 renewal.
<bullet> The 2019 ICR included a line item associated with the
requirement in part 1026.35(c)(4)(iv) for one of the two appraisals for
a property for which two appraisals are required under part
1026.(c)4(i) to include an analysis of: (1) The difference between the
price at which the seller acquired the property and the price that the
consumer is obligated to pay to acquire the property, as specified in
the consumer's agreement to acquire the property from the seller; (2)
Changes in market conditions between the date the seller acquired the
property and the date of the consumer's agreement to acquire the
property; and (3) Any improvements made to the property between the
date the seller acquired the property and the date of the consumer's
agreement to
[[Page 63498]]
acquire the property. FDIC has determined that part 1026.35(c)(4)(iv)
does not impose any additional recordkeeping, disclosure, or reporting
requirements on members of the public and has removed the line item
associated with this requirement from the burden table for the 2022
renewal.
5. Title: Generic Clearance for Prize Competition Participation.
OMB Number: 3064-0211.
Affected Public: Innovators; technologists, coders, engineers and
developers; consumers of financial services; consumer advocates;
academics; members of trade groups and other associations; individuals
connected to financial institutions, community banks, and financial and
bank service and technology providers; software, data, and technology
firms; and other members of the public.
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-0211]
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Information collection Type of burden Number of Time per
description (obligation to (frequency of Number of responses per response Annual burden
respond) response) respondents respondent (hours) (hours)
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Innovation Prize Competitions Reporting 1,500 1 20 30,000
(Voluntary). (Occasional).
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General Description of Collection: The FDIC seeks to extend,
without change, its generic clearance for the collection of information
requested from potential participants in FDIC-sponsored or co-sponsored
prize competitions of various types, including point solution
competitions (designed to spur the development of solutions for a
particular problem) and exposition (designed competitions to identify
and promote a broad range of ideas and practices to facilitate further
development by third parties). Prize competitions and the opportunity
to submit applications to participate will be announced on the agency's
publicly accessible government website, as well as possibly through
other forms of public communication, such as publication in the Federal
Register, issuance of Financial Institution Letters, use of
<a href="http://challenge.gov">challenge.gov</a> website maintained by the U.S. General Services
Administration, or social media advertisement. In order for the FDIC to
determine which applicants will be eligible and selected to participate
in FDIC prize competitions, the FDIC will request that potential
participants provide their name, contact information, address, and such
other information that may be necessary to evaluate applicants'
qualifications and ability to participate in the event as well as to
match the applicants' anticipated role to the needs of the competition.
Applicants will also be asked to acknowledge the terms and conditions
of participating in the prize competition. Information will be
collected during prize competitions through the solutions to the
challenges or problems presented. This information collection will be
voluntary. Collection in the form of application will be conducted
primarily online with alternative methods made available. Collection
during the events will be in-person or electronic. The FDIC will
consult with OMB regarding each specific information collection during
the approval period. The FDIC estimates that over the three-year
clearance period of this request, up to five (5) competitions will be
conducted across various divisions of the agency, involving a variety
of topics and challenges associated with underserved communities and
financial inclusion; consumer protection; the FDIC's use of information
technology and data (including artificial intelligence and machine
learning); and financial and technologically-driven innovation in
banking. The total hourly burden attributed to this generic clearance
will be approximately 30,000 hours (an estimated average of 6,000 hours
per prize competition x 5 competitions per year). There is no change in
the method or substance of the collection. The estimated annual burden
remains the same.
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 October 13, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-22639 Filed 10-18-22; 8:45 am]
BILLING CODE 6714-01-P
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