81 FR 65643 - Agency Information Collection Activities: Proposed Collection Renewals; Comment Request (3064-0025, -0057, -0140 & -0176)
FEDERAL DEPOSIT INSURANCE CORPORATION Federal Register Volume 81, Issue 185 (September 23, 2016)
Federal Register Volume 81, Issue 185 (September 23, 2016)
| Page Range | 65643-65644 | |
| FR Document | 2016-22953 |
[Federal Register Volume 81, Number 185 (Friday, September 23, 2016)] [Notices] [Pages 65643-65644] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-22953] ----------------------------------------------------------------------- FEDERAL DEPOSIT INSURANCE CORPORATION Agency Information Collection Activities: Proposed Collection Renewals; Comment Request (3064-0025, -0057, -0140 & -0176) AGENCY: Federal Deposit Insurance Corporation (FDIC). ACTION: Notice and request for comment. ----------------------------------------------------------------------- SUMMARY: The FDIC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on the renewal of existing information collections, as required by the Paperwork Reduction Act of 1995 (44 U.S.C. 3501, et seq.). Currently, the FDIC is soliciting comment on the renewal of the information collections described below. DATES: Comments must be submitted on or before November 22, 2016. ADDRESSES: Interested parties are invited to submit written comments to the FDIC by any of the following methods:http://www.FDIC.gov/regulations/laws/federal/. Email: [email protected]. Include the name and number of the collection in the subject line of the message. Mail: Manny Cabeza (202-898-3767), Counsel, MB-3007, Federal Deposit Insurance Corporation, 550 17th Street NW., Washington, DC 20429. Hand Delivery: Comments may be hand-delivered to the guard station at the rear of the 17th Street Building (located on F Street), on business days between 7:00 a.m. and 5:00 p.m. All comments should refer to the relevant OMB control number. A copy of the comments may 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, Washington, DC 20503. FOR FURTHER INFORMATION CONTACT: Manny Cabeza, at the FDIC address above. SUPPLEMENTARY INFORMATION: Proposal to renew the following currently- approved collections of information: 1. Title: Application for Consent to Exercise Trust Powers. OMB Number: 3064-0025. Form Number: FDIC 6200/09. Affected Public: Insured state nonmember banks wishing to exercise trust powers. Annual Number of Respondents: 12. Burden Estimate ---------------------------------------------------------------------------------------------------------------- Estimated number of Hours per Frequency of response Estimated responses response burden ---------------------------------------------------------------------------------------------------------------- Eligible depository institutions... 8 8 On Occasion................ 64 Not-eligible depository 4 24 On Occasion................ 96 institutions. ---------------------------------------------------------------------------- Totals......................... 12 .............. ........................... 160 ---------------------------------------------------------------------------------------------------------------- General Description of Collection: FDIC regulations (12 CFR 333.2) prohibit any insured State nonmember bank from changing the general character of its business without the prior written consent of the FDIC. The exercise of trust powers by a bank is usually considered to be a change in the general character of a bank's business if the bank did not exercise those powers previously. Therefore, unless a bank is currently exercising trust powers, it must file a formal application to obtain the FDIC's written consent to exercise trust powers. State banking authorities, not the FDIC, grant trust powers to their banks. The FDIC merely consents to the exercise of such powers. Applicants use form FDIC 6200/09 to obtain FDIC's consent. 2. Title: Certified Statement for Quarterly Deposit Insurance Assessment. OMB Number: 3064-0057. Affected Public: FDIC-insured depository institutions. Estimated Number of Respondents: 6,081. Frequency of Response: Quarterly. Estimated Annual Burden Hours per Response: 20 minutes. Total Estimated Annual Burden: 8,108 hours. General Description of Collection: The FDIC collects deposit insurance assessments on a quarterly basis. Each assessment is based on the institution's quarterly report of condition for the prior calendar quarter. The FDIC collects the quarterly payments by means of direct debits through the Automated Clearing House network. The collection dates for the first period of any given year (January through June) are June 30 and September 30 of the current year. The collection dates for the second period (July through December) are December 30 of the current year and March 30 of the following year. The information collection consists of recordkeeping associated with reviews by officials of the insured institutions to confirm that the assessment data are accurate and, in cases of inaccuracy, submission of corrected data. The FDIC is requesting OMB to approve the change of the name of the collection from Certified Statement for Semiannual Deposit Insurance Assessment to Quarterly Certified Statement Invoice for Deposit Insurance Assessment to reflect the fact that deposit insurance assessment invoices are issued on a quarterly as opposed to a semiannual basis. 3. Title: Insurance Products Consumer Protections. OMB Number: 3064-0140. [[Page 65644]] Affected Public: Insured State nonmember banks and savings associations that sell insurance products; persons who sell insurance products in or on behalf of insured State nonmember banks and savings associations. Burden Estimate -------------------------------------------------------------------------------------------------------------------------------------------------------- Estimated number of Average number Hours per Frequency of response Estimated responses of responses response burden -------------------------------------------------------------------------------------------------------------------------------------------------------- Revising and Updating Disclosures.............. 2,729 1 1 Annually............................... 2,729 Disclosures to Consumers....................... 2,729 240 0.1667 On Occasion............................ 10,916 -------------------------------------------------------------------------------------------------------- Total Estimated Burden..................... .............. .............. .............. ....................................... 13,645 -------------------------------------------------------------------------------------------------------------------------------------------------------- General Description: 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). 4. Title: Reverse Mortgage Products. OMB Number: 3064-0176. Affected Public: Insured State nonmember banks and savings associations. Estimated Number of Respondents: 26.\1\ --------------------------------------------------------------------------- \1\ FDIC estimates that the number of respondents will be 26 (25 that have already implemented the program and now only face the ongoing compliance burden and one (1) as a placeholder for any new institution that would be required to implement the guidance requirements. Burden Estimate: ---------------------------------------------------------------------------------------------------------------- Number of Hours per Total burden respondents response Frequency hours ---------------------------------------------------------------------------------------------------------------- Implementation..................... 1 40 Annually................... 40 Ongoing............................ 25 8 Annually................... 200 ---------------------------------------------------------------------------- Total.......................... 26 .............. ........................... 240 ---------------------------------------------------------------------------------------------------------------- General Description: In August, 2010, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (FRB) the National Credit Union Administration (NCUA) and the FDIC, issued guidance focusing on the need to provide adequate information to consumers about reverse mortgage products; to provide qualified independent counseling to consumers considering these products; and to avoid potential conflicts of interest. The guidance also addressed related policies, procedures, internal controls, and third party risk management. Prior to the effective date of the final guidance, the Agencies obtained PRA approval from OMB for the information collection requirements contained therein. These information collection requirements included implementation of policies and procedures, training, and program maintenance. The requirements are outlined below: Institutions offering reverse mortgages should have written policies and procedures that prohibit the practice of directing a consumer to a particular counseling agency or contacting a counselor on the consumer's behalf. Policies should be clear so that originators do not have an inappropriate incentive to sell other products that appear linked to the granting of a mortgage. Legal and compliance reviews should include oversight of compensation programs so that lending personnel are not improperly encouraged to direct consumers to particular products. Training should be designed so that relevant lending personnel are able to convey information to consumers about product terms and risks in a timely, accurate, and balanced manner. Request for Comment Comments are invited on: (a) Whether the 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 estimates of the burden of the collections of information, 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 collections 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. Dated at Washington, DC, this 20th day of September 2016. Federal Deposit Insurance Corporation. Valerie J. Best, Assistant Executive Secretary. [FR Doc. 2016-22953 Filed 9-22-16; 8:45 am] BILLING CODE P
![Federal Register / Vol. 81, No. 185 / Friday, September 23, 2016 / Notices 65643
the FDIC’s functions, including whether ACTION: Notice and request for comment. All comments should refer to the
the information has practical utility; (b) relevant OMB control number. A copy
the accuracy of the estimates of the SUMMARY: The FDIC, as part of its of the comments may also be submitted
burden of the information collection, continuing effort to reduce paperwork
to the OMB desk officer for the FDIC:
including the validity of the and respondent burden, invites the
general public and other Federal Office of Information and Regulatory
methodology and assumptions used; (c) Affairs, Office of Management and
ways to enhance the quality, utility, and agencies to take this opportunity to
comment on the renewal of existing Budget, New Executive Office Building,
clarity of the information to be Washington, DC 20503.
collected; and (d) ways to minimize the information collections, as required by
burden of the information collection on the Paperwork Reduction Act of 1995 FOR FURTHER INFORMATION CONTACT:
respondents, including through the use (44 U.S.C. 3501, et seq.). Currently, the Manny Cabeza, at the FDIC address
of automated collection techniques or FDIC is soliciting comment on the above.
other forms of information technology. renewal of the information collections
All comments will become a matter of described below. SUPPLEMENTARY INFORMATION: Proposal
public record. DATES: Comments must be submitted on to renew the following currently-
or before November 22, 2016. approved collections of information:
Dated at Washington, DC, this 20th day of
September, 2016. ADDRESSES: Interested parties are 1. Title: Application for Consent to
Federal Deposit Insurance Corporation. invited to submit written comments to Exercise Trust Powers.
Valerie J. Best, the FDIC by any of the following
OMB Number: 3064–0025.
Assistant Executive Secretary.
methods:
• http://www.FDIC.gov/regulations/ Form Number: FDIC 6200/09.
[FR Doc. 2016–22954 Filed 9–22–16; 8:45 am]
laws/federal/. Affected Public: Insured state
BILLING CODE P • Email: comments@fdic.gov. Include nonmember banks wishing to exercise
the name and number of the collection trust powers.
in the subject line of the message.
FEDERAL DEPOSIT INSURANCE • Mail: Manny Cabeza (202–898– Annual Number of Respondents: 12.
CORPORATION 3767), Counsel, MB–3007, Federal
Agency Information Collection Deposit Insurance Corporation, 550 17th
Activities: Proposed Collection Street NW., Washington, DC 20429.
• Hand Delivery: Comments may be
Renewals; Comment Request (3064–
hand-delivered to the guard station at
0025, –0057, –0140 & –0176)
the rear of the 17th Street Building
AGENCY: Federal Deposit Insurance (located on F Street), on business days
Corporation (FDIC). between 7:00 a.m. and 5:00 p.m.
BURDEN ESTIMATE
Estimated Hours per Frequency of Estimated
number of response response burden
responses
Eligible depository institutions ....................................................................... 8 8 On Occasion ..... 64
Not-eligible depository institutions ................................................................ 4 24 On Occasion ..... 96
Totals ..................................................................................................... 12 ........................ ........................... 160
General Description of Collection: OMB Number: 3064–0057. second period (July through December)
FDIC regulations (12 CFR 333.2) Affected Public: FDIC-insured are December 30 of the current year and
prohibit any insured State nonmember depository institutions. March 30 of the following year. The
bank from changing the general Estimated Number of Respondents: information collection consists of
character of its business without the 6,081. recordkeeping associated with reviews
prior written consent of the FDIC. The Frequency of Response: Quarterly. by officials of the insured institutions to
exercise of trust powers by a bank is Estimated Annual Burden Hours per confirm that the assessment data are
usually considered to be a change in the Response: 20 minutes. accurate and, in cases of inaccuracy,
general character of a bank’s business if Total Estimated Annual Burden: submission of corrected data.
the bank did not exercise those powers 8,108 hours.
The FDIC is requesting OMB to
previously. Therefore, unless a bank is General Description of Collection: The
approve the change of the name of the
currently exercising trust powers, it FDIC collects deposit insurance
collection from Certified Statement for
must file a formal application to obtain assessments on a quarterly basis. Each
Semiannual Deposit Insurance
the FDIC’s written consent to exercise assessment is based on the institution’s
Assessment to Quarterly Certified
trust powers. State banking authorities, quarterly report of condition for the
Statement Invoice for Deposit Insurance
prior calendar quarter. The FDIC
sradovich on DSK3GMQ082PROD with NOTICES
not the FDIC, grant trust powers to their Assessment to reflect the fact that
banks. The FDIC merely consents to the collects the quarterly payments by
deposit insurance assessment invoices
exercise of such powers. Applicants use means of direct debits through the
are issued on a quarterly as opposed to
form FDIC 6200/09 to obtain FDIC’s Automated Clearing House network.
a semiannual basis.
consent. The collection dates for the first period
2. Title: Certified Statement for of any given year (January through June) 3. Title: Insurance Products Consumer
Quarterly Deposit Insurance are June 30 and September 30 of the Protections.
Assessment. current year. The collection dates for the OMB Number: 3064–0140.
VerDate Sep<11>2014 18:22 Sep 22, 2016 Jkt 238001 PO 00000 Frm 00022 Fmt 4703 Sfmt 4703 E:\FR\FM\23SEN1.SGM 23SEN1](https://thefederalregister.org/doc/81_FR_65828/page/1.svg)
![65644 Federal Register / Vol. 81, No. 185 / Friday, September 23, 2016 / Notices
Affected Public: Insured State products; persons who sell insurance nonmember banks and savings
nonmember banks and savings products in or on behalf of insured State associations.
associations that sell insurance
BURDEN ESTIMATE
Estimated Average Hours per Frequency of Estimated
number of number of response response burden
responses responses
Revising and Updating Disclosures .................................. 2,729 1 1 Annually ............ 2,729
Disclosures to Consumers ................................................ 2,729 240 0.1667 On Occasion ..... 10,916
Total Estimated Burden ............................................. ........................ ........................ ........................ ........................... 13,645
General Description: Respondents initial sale of an insurance product or 4. Title: Reverse Mortgage Products.
must prepare and provide certain annuity to a consumer; and (2) at the OMB Number: 3064–0176.
disclosures to consumers (e.g., that time of application for the extension of Affected Public: Insured State
insurance products and annuities are credit (if insurance products or nonmember banks and savings
not FDIC-insured) and obtain consumer annuities are sold, solicited, advertised, associations.
acknowledgments, at two different or offered in connection with an Estimated Number of Respondents:
times: (1) Before the completion of the extension of credit). 26.1
BURDEN ESTIMATE:
Number of Hours per Total burden
Frequency
respondents response hours
Implementation ............................................................................................. 1 40 Annually ............ 40
Ongoing ........................................................................................................ 25 8 Annually ............ 200
Total ....................................................................................................... 26 ........................ ........................... 240
General Description: In August, 2010, • Policies should be clear so that use of automated collection techniques
the Office of the Comptroller of the originators do not have an inappropriate or other forms of information
Currency (OCC), Board of Governors of incentive to sell other products that technology. All comments will become
the Federal Reserve System (FRB) the appear linked to the granting of a a matter of public record.
National Credit Union Administration mortgage. Dated at Washington, DC, this 20th day of
(NCUA) and the FDIC, issued guidance • Legal and compliance reviews September 2016.
focusing on the need to provide should include oversight of Federal Deposit Insurance Corporation.
adequate information to consumers compensation programs so that lending Valerie J. Best,
about reverse mortgage products; to personnel are not improperly Assistant Executive Secretary.
provide qualified independent encouraged to direct consumers to
[FR Doc. 2016–22953 Filed 9–22–16; 8:45 am]
counseling to consumers considering particular products.
these products; and to avoid potential BILLING CODE P
• Training should be designed so that
conflicts of interest. The guidance also relevant lending personnel are able to
addressed related policies, procedures, convey information to consumers about FEDERAL DEPOSIT INSURANCE
internal controls, and third party risk product terms and risks in a timely, CORPORATION
management. Prior to the effective date accurate, and balanced manner.
of the final guidance, the Agencies Sunshine Act Meeting
obtained PRA approval from OMB for Request for Comment
the information collection requirements Comments are invited on: (a) Whether Pursuant to the provisions of the
contained therein. These information the collections of information are ‘‘Government in the Sunshine Act’’ (5
collection requirements included necessary for the proper performance of U.S.C. 552b), notice is hereby given that
implementation of policies and the FDIC’s functions, including whether at 3:53 p.m. on Tuesday, September 20,
procedures, training, and program the information has practical utility; (b) 2016, the Board of Directors of the
maintenance. The requirements are the accuracy of the estimates of the Federal Deposit Insurance Corporation
outlined below: burden of the collections of information, met in closed session to consider
• Institutions offering reverse including the validity of the matters related to the Corporation’s
mortgages should have written policies methodology and assumptions used; (c) supervision and resolution activities.
sradovich on DSK3GMQ082PROD with NOTICES
and procedures that prohibit the ways to enhance the quality, utility, and In calling the meeting, the Board
practice of directing a consumer to a clarity of the information to be determined, on motion of Vice
particular counseling agency or collected; and (d) ways to minimize the Chairman Thomas M. Hoenig, seconded
contacting a counselor on the burden of the collections of information by Director Richard Cordray (Director,
consumer’s behalf. on respondents, including through the Consumer Financial Protection Bureau),
1 FDIC estimates that the number of respondents program and now only face the ongoing compliance institution that would be required to implement the
will be 26 (25 that have already implemented the burden and one (1) as a placeholder for any new guidance requirements.
VerDate Sep<11>2014 18:22 Sep 22, 2016 Jkt 238001 PO 00000 Frm 00023 Fmt 4703 Sfmt 4703 E:\FR\FM\23SEN1.SGM 23SEN1](https://thefederalregister.org/doc/81_FR_65828/page/2.svg)
Document Created: 2016-09-23 01:43:09
Document Modified: 2016-09-23 01:43:09
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice and request for comment. | |
| Dates | Comments must be submitted on or before November 22, 2016. | |
| FR Citation | 81 FR 65643 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR