Notice2023-09529
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
May 4, 2023
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. 3064-0140 and -0175). The notices of the proposed renewal for these information collections were previously published in the Federal Register on March 2, 2023, allowing for a 60-day comment period.
Full Text
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<title>Federal Register, Volume 88 Issue 86 (Thursday, May 4, 2023)</title>
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[Federal Register Volume 88, Number 86 (Thursday, May 4, 2023)]
[Notices]
[Pages 28549-28551]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-09529]
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FEDERAL DEPOSIT INSURANCE CORPORATION
[OMB No. 3064-0140; -0175]
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.
3064-0140 and -0175). The notices of the proposed renewal for these
information collections were previously published in the Federal
Register on March 2, 2023, allowing for a 60-day comment period.
DATES: Comments must be submitted on or before June 5, 2023.
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#1e7d7173737b706a6d5e787a777d30797168"><span class="__cf_email__" data-cfemail="d3b0bcbebeb6bda7a093b5b7bab0fdb4bca5">[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 7:00 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#e78a848685829d86a781838e84c9808891"><span class="__cf_email__" data-cfemail="b2dfd1d3d0d7c8d3f2d4d6dbd19cd5ddc4">[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: Insurance Sales Consumer Protections.
OMB Number: 3064-0140.
Forms: None.
Affected Public: Insured State nonmember banks and savings
associations that sell insurance products; persons who sell insurance
in or on behalf of insured State nonmember banks and savings
associations.
Burden Estimate:
[[Page 28550]]
Summary of Estimated Annual Burden
[OMB No. 3064-0140]
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Type of burden Number of Time per Annual
Information collection (frequency of Number of responses per response burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
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1. Insurance Sales Consumer Third Party 1,101 1 05:00 5,505
Protections, 12 CFR 343 Disclosure (On
(Mandatory). Occasion).
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Total Annual Burden (Hours):. ................... .............. .............. ........... 5,505
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Source: FDIC.
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). There is no change
in the substance or methodology of this information collection. The
decrease in burden is due solely to a decrease in the estimated number
of respondents.
The disclosure requirements in this information collection apply to
all FDIC-supervised IDIs that sell insurance products. According to
recent Reports of Condition and Income (Call Report), there are
currently 3,068 FDIC-supervised IDIs.\1\ To estimate the number of IDIs
that would be directly affected by this ICR, FDIC restricts the count
to those IDIs that report income from the sale of insurance on their
Call Reports. IDIs report income from insurance activities differently
depending on which Call Report form they file. IDIs file Call Report
form 051 if they have less than $1 billion in total assets and do not
have any foreign offices, and they file forms 031 or 041 otherwise.
IDIs that file form 051 report income from insurance activities on Call
Report schedule RI line 5(d) 2, while IDIs that file forms 031 or 041
report income from annuity sales, underwriting income from insurance
and reinsurance activities, and other income from insurance activities
on Call Report schedule RI lines 5(d) 3-5.
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\1\ FDIC Call Report data, September 2022.
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As of September 30, 2022, 321 FDIC-supervised IDIs reported non-
zero values of income from annuity sales, underwriting income from
insurance and reinsurance activities, or income from other insurance
activities on Call Report forms 031 or 041. Another 780 FDIC-supervised
IDIs reported non-zero values of income from insurance activities on
Call Report form 051.\2\ Accordingly, the estimated number of
respondents for this information collection is 1,101.\3\
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\2\ Id.
\3\ 321 + 780 = 1,101.
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2. Title: Interagency Guidance on Sound Incentive Compensation
Policies
OMB Number: 3064-0175.
Forms: None.
Affected Public: Insured state nonmember banks and state savings
associations.
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-0175]
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Type of burden Number of Time per Annual
Information collection (frequency of Number of responses per response burden
(obligation to Respond) response) respondents respondent (HH:MM) (hours)
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1. Initial documentation: Recordkeeping 1 1 40:00 40
Interagency Guidance on Sound (Annual).
Incentive Compensation
Practices, 75 FR 36395
(Voluntary).
2. Revision of initial Recordkeeping 1,985 1 02:00 3,970
documentation: Interagency (Annual).
Guidance on Sound Incentive
Compensation Practices, 75 FR
36395 (Voluntary).
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Total Annual Burden (Hours):..... ................... .............. .............. ........... 4,010
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Source: FDIC.
General Description of Collection: This Guidance helps promote that
incentive compensation policies at insured state non-member banks do
not encourage excessive risk-taking and are consistent with the safety
and soundness of the organization. Under this Guidance, banks are
encouraged to: (i) Have policies and procedures that identify and
describe the role(s) of the personnel and units authorized to be
involved in incentive compensation arrangements, identify the source of
significant risk-related inputs, establish appropriate controls
governing these inputs to help ensure their integrity, and identify the
individual(s) and unit(s) whose approval is necessary for the
establishment or modification of incentive compensation arrangements;
(ii) create and maintain sufficient documentation to permit an audit of
the organization's processes for incentive compensation arrangements;
(iii) have any material exceptions or adjustments to the incentive
compensation arrangements established for senior executives approved
and documented by its board of directors; and (iv) have its board of
directors receive and review, on an annual or more frequent basis, an
assessment by management of the effectiveness of the design and
operation of the organization's incentive compensation system in
providing risk taking incentives that are consistent
[[Page 28551]]
with the organization's safety and soundness. There is no change in the
substance or methodology of this information collection. The change in
burden is due to a decrease in the estimated number of respondents. The
burden hours decreased by 358 from 4,368 to 4,010.
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 April 28, 2023.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2023-09529 Filed 5-3-23; 8:45 am]
BILLING CODE 6714-01-P
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