81 FR 85957 - Agency Information Collection Activities: Submission for OMB Review; Comment Request (3064-0025, -0057, 0140 & -0176)

FEDERAL DEPOSIT INSURANCE CORPORATION

Federal Register Volume 81, Issue 229 (November 29, 2016)

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. On September 22, 2016, (81 FR 65643), the FDIC requested comment for 60 days on a proposal to renew the information collections described below. No comments were received. The FDIC hereby gives notice of its plan to submit to OMB a request to approve the renewal of these collections, and again invites comment on this renewal.

[Federal Register Volume 81, Number 229 (Tuesday, November 29, 2016)]
[Notices]
[Pages 85957-85958]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-28679]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Submission for OMB 
Review; Comment Request (3064-0025, -0057, 0140 & -0176)

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice and request for comment.

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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. On September 22, 2016, (81 FR 65643), the FDIC requested comment 
for 60 days on a proposal to renew the information collections 
described below. No comments were received. The FDIC hereby gives 
notice of its plan to submit to OMB a request to approve the renewal of 
these collections, and again invites comment on this renewal.

DATES: Comments must be submitted on or before December 29, 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/notices.html.
     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.

                                                 Burden Estimate
----------------------------------------------------------------------------------------------------------------
                                                     Estimated       Estimated                     Total annual
                                  Type of burden     number of       hours per     Frequency of      estimated
                                                    respondents      response        response     burden (hours)
----------------------------------------------------------------------------------------------------------------
Eligible depository institutions       Reporting               8               8     On Occasion              64
Not-eligible depository                Reporting               4              24     On Occasion              96
 institutions...................
                                 -------------------------------------------------------------------------------
    Totals......................  ..............              12  ..............  ..............             160
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    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 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.
    Form Number: 6420/07.
    Affected Public: FDIC-insured depository institutions.
    Estimated Number of Respondents: 6,081.
    Frequency of Response: Quarterly.
    Estimated Time Burden 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

[[Page 85958]]

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.
    3. Title: Insurance Products Consumer Protections.
    OMB Number: 3064-0140.
    Form Number: None.
    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       Estimated                      Total annual
                                Type of burden      number of       hours per      Frequency of      estimated
                                                   respondents      response         response     burden (hours)
----------------------------------------------------------------------------------------------------------------
Review disclosure materials..  Recordkeeping...           2,020               1  On Occasion....           2,020
Make disclosures to consumers  Disclosure......           2,020               4  On Occasion....           8,080
                              ----------------------------------------------------------------------------------
    Totals...................  ................  ..............  ..............  ...............          10,100
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    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).
    4. Title: Reverse Mortgage Products.
    OMB Number: 3064-0176.
    Form Number: None.
    Affected Public: Insured State nonmember banks and savings 
associations.

                                                 Burden Estimate
----------------------------------------------------------------------------------------------------------------
                                                    Estimated       Estimated                      Total annual
                                Type of burden      number of       hours per      Frequency of      estimated
                                                   respondents      response         response     burden (hours)
----------------------------------------------------------------------------------------------------------------
Implementation...............  Reporting.......               1              40  Annually.......              40
Ongoing......................  Reporting.......              26               8  Annually.......             200
                              ----------------------------------------------------------------------------------
    Totals...................  ................  ..............  ..............  ...............             240
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    General Description of Collection: In August, 2010, the OCC, FDIC, 
FRB and NCUA 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 information collections, 
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 23rd day of November 2016.

Federal Deposit Insurance Corporation

Robert E. Feldman,
Executive Secretary.
[FR Doc. 2016-28679 Filed 11-28-16; 8:45 am]
 BILLING CODE 6714-01-P