[Federal Register Volume 73, Number 119 (Thursday, June 19, 2008)]
[Notices]
[Pages 34936-34938]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-13849]
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FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities: Submission for OMB
Review; Comment Request
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice of information collections to be submitted to the Office
of Management and Budget (OMB) for review and approval under the
Paperwork Reduction Act of 1995.
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SUMMARY: In accordance with requirements of the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501 et seq.), the FDIC hereby gives notice that it
is submitting to OMB a request for review and approval of the following
collections of information: ``Flood Insurance,'' OMB No. 3064-0120, and
``Forms Relating to Processing Deposit Insurance Claims,'' OMB No.
3064-0143.
DATES: Comments must be submitted on or before July 21, 2008.
ADDRESSES: Interested parties are invited to submit written comments to
the FDIC. All comments should refer to the name of the collection.
Comments may be submitted by any of the following methods:
http://www.FDIC.gov/regulations/laws/federal/propose.html.
E-mail: [email protected]. Include the name and number of
the collection in the subject line of the message.
Mail: Leneta G. Gregorie (202.898.3719), Counsel, Federal
Deposit Insurance Corporation, Room F-1064, 550 17th Street, NW.,
Washington, DC 20429.
Hand Delivery: Comments may be hand-delivered to the guard
station at the rear of the 550 17th Street Building (located on F
Street), on business days between 7 a.m. and 5 p.m.
A copy of the comments should also be submitted to the OMB Desk
Officer for the FDIC, Office of Information and Regulatory Affairs,
Office of Management and Budget, New Executive Office Building, Room
10235, Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT: Leneta G. Gregorie at the address
identified above.
SUPPLEMENTARY INFORMATION:
Proposal To Renew the Following Currently Approved Collection of
Information
1. Title: Flood Insurance.
OMB Number: 3064-0120.
Frequency of Response: On occasion.
Affected Public: Any depository institution that makes one or more
loans to be secured by a building located on property in a special
flood hazard area.
Estimated Number of Respondents/Recordkeepers: 5,272.
Estimated Number of Transactions: 180,000.
Estimated Reporting Hours: .05 hours x 180,000 = 9,000.
Estimated Recordkeeping Hours: 1 hour x 5,272 hours = 5,272 hours.
Estimated Total Annual Reporting and Recordkeeping Burden Hours:
5,272 + 9,000 = 14,272 hours.
General Description of Collection: Each supervised lending
institution is currently required to provide a notice of special flood
hazards to each borrower with a loan secured by a building or mobile
home located or to be located in an area identified by the Director of
the Federal Emergency Management Agency as being subject to special
flood hazards. The Riegle Community Development Act requires that each
institution must also provide a copy of the notice to the servicer of
the loan (if different from the originating lender).
2. Title: Forms Relating to Processing Deposit Insurance Claims.
OMB Number: 3064-0143.
Frequency of Response: On occasion.
Affected Public: Deposit brokers and depositors of failed insured
institutions.
Estimated Number of Respondents: 5,095 (see chart below).
Total Annual Burden: 2,875 hours (see chart below).
[[Page 34937]]
Burden Estimate, Combined Deposit Brokers and Individuals
[Frequency of response: occasional]
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Form No. Form title Hours Respondents Burden hours
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7200/03............................ Declaration for .50 1000 500
Testamentary Deposit
(Single Grantor).
7200/04............................ Declaration for Public Unit .50 500 250
Deposit.
7200/05............................ Declaration for Trust...... .50 1100 550
7200/06............................ Declaration of Independent .50 25 12.5
Activity.
7200/07............................ Declaration of Independent .50 25 12.5
Activity for
Unincorporated Association.
7200/08............................ Declaration for Joint .50 25 12.5
Ownership Deposit.
7200/09............................ Declaration for .50 500 250
Testamentary Deposit
(Multiple Grantors).
7200/10............................ Declaration for Defined 1.0 50 50
Contribution Plan.
7200/11............................ Declaration for IRA/KEOGH .50 50 25
Deposit.
7200/12............................ Declaration for Defined 1.0 200 200
Benefit Plan.
7200/13............................ Declaration of Custodian .50 50 25
Deposit.
7200/14............................ Declaration for Health and 1.0 200 200
Welfare Plan.
7200/15............................ Declaration for Plan and .50 1300 650
Trust.
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Subtotal....................... ........................... .............. 5025 2738
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Burden Estimate, Deposit Brokers Only
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Burden per response Number of responses Burden hours
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Deposit Broker Submission Checklist..... 5 minutes................. 70........................ 6
Diskette, following ``Broker Input File The burden will vary
Requirements.''. depending on the broker's
number of brokered
accounts.
45 minutes................ 53 responses (75% of 70 40
annual responses).
5 hours................... 18 responses (25% of 70 90
annual responses).
Exhibit B, the standard agency 1 minute.................. 70........................ 1
agreement, or the non-standard agency
agreement.
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Subtotal............................ .......................... 211....................... 137
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General Description of Collection: When an insured institution is
closed by its primary regulatory authority, the FDIC has the
responsibility to pay the insured claims of the failed bank depositors
pursuant to sections 11(a) and (f) of the Federal Deposit Insurance Act
(FDI Act), 12 U.S.C. 1821(a) and (f), and the FDIC's regulation on
``Deposit Insurance Coverage,'' 12 CFR Part 330.
Generally, deposits are insured to a maximum of $100,000. This
maximum coverage is based on ``ownership rights and capacities.'' All
deposits that are maintained in the same right and capacity are added
together and insured up to $100,000 in accordance with the regulations
relating to deposit insurance of that particular deposit insurance
ownership category. Deposits held in different ownership categories are
eligible for $100,000 coverage per category. For example, as a general
rule, single-ownership accounts are separately insured from trust
accounts held for qualified beneficiaries.
At the time of closing, the FDIC is provided information about
customer accounts through the failed institution's records. Based on
the institution's records, the FDIC makes preliminary determinations
about insurance coverage for each depositor. Depositors initially
deemed to be uninsured because their deposits are over $100,000 may be
qualified for additional insurance coverage if they can provide
documents certifying to the existence of varying ownership rights and
capacities.
a. General Deposit Accounts. The forms, declarations, and
affidavits in this collection facilitate customers providing the FDIC
with the information that may permit a more comprehensive deposit
insurance determination.
b. Deposit Brokers. A failed institution's account records may not
reveal the actual owner(s) of a particular deposit account. Rather, the
account records may indicate that the deposit was placed at the
institution by a deposit broker on behalf of one or more third parties.
In some cases, the broker's customer may not be an actual owner of the
deposit but merely a ``second-tier'' deposit broker with its own
customers. In turn, these customers could be ``third-tier'' deposit
brokers with their own customers. Deposits held in the name of a
deposit broker on behalf of clients are covered by federal deposit
insurance (up to the $100,000 limit) the same as if the broker's
clients had deposited the funds directly into the institution (assuming
that the clients are the actual owners of the deposit). This is called
``pass-through'' deposit insurance coverage.
In order to analyze ownership interest and provide pass-through
insurance coverage, the FDIC must obtain certain information from both
first- and lower-tier deposit brokers: (1) Evidence that each deposit
broker is not an owner but an agent or custodian with respect to some
or all of the funds at issue; (2) a list of all parties for whom each
deposit broker acted as agent or custodian; and (3) the dollar amount
of funds held by each deposit broker for each such party as of the date
of the depository institution's failure.
Request for Comment
Comments are invited on: (a) Whether these collections of
information are necessary for the proper performance of the FDIC's
functions, including whether the information has practical utility; (b)
the accuracy of the estimate of the burden of the information
collections,
[[Page 34938]]
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 information
collections 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.
Dated at Washington, DC, this 16th day of June, 2008.
Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. E8-13849 Filed 6-18-08; 8:45 am]
BILLING CODE 6714-01-P