Notice2023-28206
Agency Information Collection Activities: Proposed Collection Renewal; Comment Request; OMB No. 3064-0083; -0182; -0198
Primary source
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Published
December 22, 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. 3064-0083; -0182; -0198). The notices of the proposed renewal for these information collections were previously published in the Federal Register on October 19, 2023, allowing for a 60-day comment period.
Full Text
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<title>Federal Register, Volume 88 Issue 245 (Friday, December 22, 2023)</title>
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[Federal Register Volume 88, Number 245 (Friday, December 22, 2023)]
[Notices]
[Pages 88613-88616]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-28206]
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FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities: Proposed Collection
Renewal; Comment Request; OMB No. 3064-0083; -0182; -0198
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.
3064-0083; -0182; -0198). The notices of the proposed renewal for these
information collections were previously published in the Federal
Register on October 19, 2023, allowing for a 60-day comment period.
DATES: Comments must be submitted on or before January 22, 2024.
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#6c0f0301010902181f2c0a08050f420b031a"><span class="__cf_email__" data-cfemail="a5c6cac8c8c0cbd1d6e5c3c1ccc68bc2cad3">[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#0e636d6f6c6b746f4e686a676d20696178"><span class="__cf_email__" data-cfemail="274a444645425d466741434e4409404851">[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: Recordkeeping and Disclosure Requirements in Connection
with Regulation M (Consumer Leasing).
OMB Number: 3064-0083.
Affected Public: State nonmember banks and state savings
associations engaging in consumer leasing.
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-0083]
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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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Recordkeeping Requirements in Recordkeeping (On 17 100 00:22.5 638
Connection with Regulation M occasion).
(Consumer Leasing), 12 CFR
1013.8.
Third-Party Disclosure Third-Party 17 100 00:22.5 638
Requirements in Connection with Disclosure (On
Regulation M (Consumer occasion).
Leasing), 12 CFR 1013.3.
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[[Page 88614]]
Total Annual Burden (Hours). ................... .............. .............. .............. 1,276
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Source: FDIC.
General Description of Collection: Regulation M (12 CFR 1013),
issued by the Bureau of Consumer Financial Protection, implements the
consumer leasing provisions of the Truth in Lending Act. Regulation M
requires lessors of personal property to provide consumers with
meaningful disclosures about the costs and terms of the leases for
personal property. Lessors are required to retain evidence of
compliance with Regulation M for twenty-four months. There is no change
in the methodology or substance of this information collection. The
change in burden is due solely to the decrease in the estimated number
of respondents from 19 in 2021 to 17.
2. Title: Retail Foreign Exchange Transactions.
OMB Number: 3064-0182.
Forms: None.
Affected Public: Insured state nonmember banks and state savings
associations.
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-0182]
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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. Recordkeeping Requirements, Recordkeeping 1 1 1,332:00 1,332
12 CFR 349.19, 12 CFR (Annual).
349.21(b)(2), 12 CFR 349.25(a)
(Mandatory).
2. Reporting Requirements, 12 Reporting (Annual). 1 1 16:00 16
CFR 349.16 (Mandatory).
3. Disclosure Requirements, 12 Third-Party 1 1 276:00 276
CFR 349.22(a), 12 CFR Disclosure
349.17(a)(4)(ii), 12 CFR (Annual).
349.18, 12 CFR 349.25(c) and
(d), 12 CFR 349.27, 12 CFR
349.28(a) and (b) (Mandatory).
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Total Annual Burden (Hours). ................... .............. .............. .............. 1,624
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Source: FDIC.
General Description of Collection: This information collection
implements section 742(c)(2) of the Dodd-Frank Act (7 U.S.C.
2(c)(2)(E)) and FDIC regulations governing retail foreign exchange
transactions as set forth at 12 CFR part 349, subpart B. The regulation
allows banking organizations under FDIC supervision to engage in off-
exchange transactions in foreign currency with retail customers
provided they comply with various reporting, recordkeeping and third-
party disclosure requirements specified in the rule. If an institution
elects to conduct such transactions, compliance with the information
collection is mandatory. Reporting Requirements--part 349, subpart B
requires that, prior to initiating a retail foreign exchange business;
a banking institution must provide the FDIC with a notice certifying
that the institution has written policies and procedures, and risk
measurement and management systems and controls in place to ensure that
retail foreign exchange transactions are conducted in a safe and sound
manner. The institution must also provide information about how it
intends to manage customer due diligence, new product approvals and
haircuts applied to noncash margin. Recordkeeping Requirements--part
349 subpart B requires that institutions engaging in retail foreign
exchange transactions keep full, complete and systematic records of
account, financial ledger, transaction, memorandum orders and post
execution allocations of bunched orders. In addition, institutions are
required to maintain records regarding their ratio of profitable
accounts, possible violations of law, records of noncash margin and
monthly statements and confirmations issued. Disclosure Requirements--
The regulation requires that, before opening an account that will
engage in retail foreign exchange transactions, a banking institution
must obtain from each retail foreign exchange customer an
acknowledgement of receipt and understanding of a written disclosure
specified in the rule and of disclosures about the banking
institution's fees and other charges and of its profitable accounts
ratio. The institution must also provide monthly statements to each
retail foreign exchange customer and must send confirmation statements
following every transaction. The customer dispute resolution provisions
of the regulation require certain endorsements, acknowledgements and
signature language as well as the timely provision of a list of persons
qualified to handle a customer's request for arbitration.
After reviewing the requirements in subpart B and the similar ICRs
currently approved by OMB for the OCC and the Federal Reserve, the FDIC
has determined that subpart B imposes more recordkeeping requirements
than those listed in the 2021 ICR. While the 2021 ICR listed 12 CFR
349.19 as the only recordkeeping requirement in subpart B,\1\ the FDIC
notes that the requirement in 12 CFR 349.21(b)(2) \2\ also meets the
definition of a recordkeeping requirement, as does the requirement in
12 CFR 349.25(a).\3\ The OCC and the
[[Page 88615]]
Federal Reserve each listed requirements that are analogous to those in
12 CFR 349.21(b)(2) and 12 CFR 349.25(a) as recordkeeping requirements
in their similar ICRs,\4\ in addition to recordkeeping requirements
that are analogous to those in 12 CFR 349.19.\5\ The FDIC is revising
its information collection to include this burden.
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\1\ See footnote 7.
\2\ 12 CFR 349.21(b)(2) requires FDIC-supervised institutions
that are engaged in, or that offer to engage in, retail foreign
exchange transactions to establish written policies and procedures
that include: Haircuts for noncash margin collected pursuant to 12
CFR 349.21 (12 CFR 349.21(b)(2)(i)), and annual evaluation and, if
appropriate, modification of the haircuts (12 CFR 349.21(b)(2)(ii)).
\3\ 12 CFR 349.25(a)(1) requires FDIC-supervised institutions
that are engaged in retail foreign exchange transactions to
establish and implement internal policies, procedures, and controls
designed to ensure that orders placed for retail foreign exchange
transactions by retail foreign exchange customers are given priority
over orders placed for retail foreign exchange transactions for a
proprietary account of the FDIC-supervised institution (12 CFR
349.25(a)(1)(i)), or an account in which a related person has an
interest (12 CFR 349.25(a)(1)(ii), (iii), and (iv)). 12 CFR 349.14
defines ``related person'' as: (1) Any general partner, officer,
director, or owner of ten percent or more of the capital stock of
the FDIC-supervised insured depository institution; (2) An
associated person or employee of the retail foreign exchange
counterparty, if the retail foreign exchange counterparty is not an
FDIC-supervised insured depository institution; (3) An institution-
affiliated party, as that term is defined in 12 U.S.C. 1813(u)(1),
(2), or (3), or employee of the retail foreign exchange
counterparty, if the retail foreign exchange counterparty is not an
FDIC-supervised insured depository institution, or; (4) And relative
or spouse of any of the foregoing persons, or any relative of such
spouse, who shares the same home as any of the foregoing persons. 12
CFR 349.25(a)(2) requires FDIC-supervised institutions that are
engaged in retail foreign exchange transactions to establish and
implement internal policies, procedures, and controls designed to
prevent FDIC-supervised insured depository institution related
persons from placing orders, directly or indirectly, with another
person in a manner designed to circumvent the provisions of 12 CFR
349.25(a)(1). 12 CFR 349.25(a)(3) requires FDIC-supervised
institutions that are engaged in retail foreign exchange
transactions to establish and implement internal policies,
procedures, and controls designed to fairly and objectively
establish settlement prices for retail foreign exchange
transactions.
\4\ For the Federal Reserve, these requirements include those in
12 CFR 240.9(b)(2) and 12 CFR 240.13(a). For the OCC, these
requirements include those in 12 CFR 48.13 and 12 CFR 48.9.
\5\ These requirements include the Federal Reserve's regulations
at 12 CFR 240.7 and the OCC's regulations at 12 CFR 48.7.
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3. Title: Generic Information Collection for Qualitative Research.
OMB Number: 3064-0198.
Affected Public: General public including FDIC insured depository
institutions.
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-0198]
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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. Generic Information Reporting (Once)... 10,000 1 01:00 10,000
Collection for Qualitative
Research, (Voluntary).
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Total Annual Burden (Hours). ................... .............. .............. .............. 10,000
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Source: FDIC.
General Description of Collection: The FDIC is requesting renewal
of this approved collection to use occasional qualitative surveys to
gather information from the public to inform qualitative research.
While the subject and nature of the surveys to be deployed under this
information collection are yet to be determined, based on prior
experience it is expected that the number or respondents will range
from a few to, at times, several thousands, but, in general, these
surveys are expected to involve an average of 500 respondents.
Likewise, the time to respond to the surveys can range from a few
minutes to several hours, but it is expected that the average time to
respond to a survey is approximately one hour. These surveys are
completely voluntary in nature. FDIC estimates that approximately 20
such surveys will be conducted in any given year. Currently, the FDIC
has a variety of methods to collect quantitative information from
consumers and institutions (e.g., Call Reports, FDIC National Survey of
Unbanked and Underbanked Households, etc.). Qualitative data would
provide complementary information on insights, opinions, and
perceptions that will inform how the FDIC approaches its mission to
safeguard financial stability of the banking system and promote
consumer protection and economic inclusion. This clearance would allow
the FDIC to engage with consumers and other relevant stakeholders
through qualitative research methods such as focus groups, in-depth
interviews, cognitive testing, and/or qualitative virtual methods. The
purpose of the surveys is, in general terms, to obtain anecdotal
information about regulatory burden, problems or successes in the bank
supervisory process (including both safety-and-soundness and consumer
related exams), the perceived need for regulatory or statutory change,
and similar concerns. The information in these surveys is anecdotal in
nature, that is, samples are not necessarily random, the results are
not necessarily representative of a larger class of potential
respondents, and the goal is not to produce a statistically valid and
reliable database. Rather, the surveys are expected to yield anecdotal
information about the particular experiences and opinions of members of
the public, primarily staff at respondent banks or bank customers. The
collection is noncontroversial and does not raise issues of concern to
other Federal agencies; with the exception of information needed to
provide remuneration for participants of focus groups and cognitive
laboratory studies, personally identifiable information (PII) is
collected only to the extent necessary and is not retained.
Participation in this information collection will be voluntary and
conducted in-person, by phone, or using other methods, such as virtual
technology. The types of collections that this generic clearance covers
include, but are not limited to: Small discussion groups; focus groups
of consumers, financial industry professionals, or other stakeholders;
cognitive laboratory studies, such as those used to refine questions or
assess usability of a website; qualitative customer satisfaction
surveys (e.g., post- transaction surveys; opt-out web surveys); and in-
person observation testing (e.g., website or software usability tests).
There is no change in the substance or methodology of this
information collection.
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.
[[Page 88616]]
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on December 18, 2023.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2023-28206 Filed 12-21-23; 8:45 am]
BILLING CODE 6714-01-P
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