Notice2024-11718
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 29, 2024
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. 3064-0097, -0115, and -0208). The notice of the proposed renewal for these information collections were previously published in the Federal Register on March 5, 2024 and March 11, 2024, allowing for a 60-day comment period.
Full Text
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<title>Federal Register, Volume 89 Issue 104 (Wednesday, May 29, 2024)</title>
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[Federal Register Volume 89, Number 104 (Wednesday, May 29, 2024)]
[Notices]
[Pages 46398-46400]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-11718]
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FEDERAL DEPOSIT INSURANCE CORPORATION
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.
3064-0097, -0115, and -0208). The notice of the proposed renewal for
these
[[Page 46399]]
information collections were previously published in the Federal
Register on March 5, 2024 and March 11, 2024, allowing for a 60-day
comment period.
DATES: Comments must be submitted on or before June 28, 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#64070b0909010a10172402000d074a030b12"><span class="__cf_email__" data-cfemail="a0c3cfcdcdc5ced4d3e0c6c4c9c38ec7cfd6">[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#7419171516110e153412101d175a131b02"><span class="__cf_email__" data-cfemail="2f424c4e4d4a554e6f494b464c01484059">[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: Interagency Notice of Change in Director or Executive
Officer.
OMB Number: 3064-0097.
Forms: 6822/02.
Affected Public: Insured state nonmember banks and state savings
associations.
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-0097]
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Type of burden Number of Time per
Information collection (IC) (frequency of Number of responses per response Annual burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
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1. Interagency Notice of Reporting (On 23 2.7 02:00 124
Change in Director or Occasion).
Executive Officer, 12 USC
1831i (Mandatory).
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Total Annual Burden ................ .............. .............. .............. 124
(Hours).
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Source: FDIC.
General Description of Collection: Section 32 of the FDIA (12
U.S.C. 1831i) requires an insured depository institution or depository
institution holding company under certain circumstances to notify the
appropriate federal banking agency of the proposed addition of any
individual to the board of directors or the employment of any
individual as a senior executive officer of such institution at least
30 days before such addition or employment becomes effective. Section
32 of the FDIA also provides that the FDIC may disapprove an
individual's service as a director or senior executive officer of
certain state nonmember banks or state savings associations if, upon
assessing the individual's competence, experience, character, and
integrity, it is determined that the individual's service would not be
in the best interest of the depositors of the institution or the
public. The Interagency Notice of Change in Director or Senior
Executive Officer, with the information contained in the Interagency
Biographical and Financial Report (described above) as an attachment,
is used by the FDIC to collect information relevant to assess the
individual's competence, experience, character, and integrity. There is
no change in the methodology or substance of this information
collection. The reduction in estimated annual burden (from 214 hours in
2021 to 124 hours currently) is due to the decrease in the estimated
number of annual responses.
2. Title: Prompt Corrective Action
OMB Number: 3064-0115
Affected Public: Insured state nonmember banks and state savings
associations.
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-0115]
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Type of burden Number of Time per
Information collection (frequency of Number of responses per response Annual burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
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Prompt Corrective Action, 12 Reporting 4 4 04:00 64
USC 1831o (Voluntary). (Annual).
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Total Annual Burden ................ .............. .............. .............. 64
(Hours).
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Source: FDIC.
General Description of Collection: The Prompt Corrective Action
(PCA) provisions of section 38 of the Federal Deposit Insurance Act
requires or permits the FDIC and other federal banking agencies to take
certain supervisory actions when FDIC-insured institutions fall within
certain capital categories. They also restrict or prohibit certain
activities and require the submission of a capital restoration plan
when an insured institution becomes undercapitalized. Various
provisions of the statute and the FDIC's implementing regulations
require the prior approval of the FDIC before an FDIC-supervised
institution, or certain insured depository institutions, can engage in
certain activities, or allow the FDIC to make exceptions to
restrictions that would otherwise be imposed. This
[[Page 46400]]
collection of information consists of the applications that are
required to obtain the FDIC's prior approval to engage in these
activities. There is no change in the methodology or substance of this
information collection. The estimated burden remains unchanged from
2021.
3. Title: Restrictions on Qualified Financial Contracts of
Subsidiaries of certain FDIC Supervised Institutions; Revisions to the
Definition of Qualifying Master Netting Agreement and Related
Definitions
OMB Number: 3064-0208
Forms: None
Affected Public: Private Sector
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-0208]
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Type of burden Number of Time per
Information collection (frequency of Number of responses per response Annual burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
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Restrictions on Qualified Reporting (On 1 1 10:00 10
Financial Contracts of Occasion).
Subsidiaries of Certain FDIC-
Supervised Institutions and
Applicable Subsidiaries;
Revisions to the Definition
of Qualifying Master Netting
Agreement and Related
Definitions, 12 CFR 382
(Voluntary).
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Total Annual Burden ................ .............. .............. .............. 10
(Hours).
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General Description of Collection: Part 382 of the FDIC regulations
(part 382) is necessary to give effect to such cross-default
restrictions in the International Swaps and Derivatives Association,
Inc. (ISDA) 2015 Universal Resolution Stay Protocol (ISDA Protocol).
Part 382 requires that FDIC-supervised institutions that are
subsidiaries of global systemically important banks (GSIBs) and their
counterparties either adhere to the ISDA Protocol or take the
prescribed steps to amend the contractual provisions of their Qualified
Financial Contracts (QFCs), consistent with the requirements in the
rule, within a specified period of time. If such institutions elect to
amend their QFCs in lieu of adhering to the ISDA Protocol, they must
seek the FDIC's approval of the proposed amendments, giving rise to
this information collection. The information collection is necessary to
ensure QFCs are amended in compliance with part 382. The rule applies
to FDIC-supervised institutions that are subsidiaries of GSIBs and sets
forth requirements parallel to those contained in similar rules
recently published by the Federal Reserve Board and the Office of the
Comptroller of the Currency with regard to entities they supervise to
ensure consistent regulatory treatment of QFCs among the various
entities within a GSIB group.
There is no change in the methodology or substance of this
information collection. The total estimated annual burden for this
information collection is 10 hours, which is a decrease of 10 hours
from the 2021 information collection submission (20 hours). This
decrease is a result of a reduction in the estimated annual number of
respondents because of the automation and standardization of business
processes.
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 May 23, 2024.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2024-11718 Filed 5-28-24; 8:45 am]
BILLING CODE 6714-01-P
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