83 FR 24117 - Agency Information Collection Activities: Proposed Collection Renewal; Comment Request (OMB No. 3064-0028)

FEDERAL DEPOSIT INSURANCE CORPORATION

Federal Register Volume 83, Issue 101 (May 24, 2018)

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 the existing information collection, as required by the Paperwork Reduction Act of 1995. Currently, the FDIC is soliciting comment on the renewal of the information collection described below.

[Federal Register Volume 83, Number 101 (Thursday, May 24, 2018)]
[Notices]
[Pages 24117-24118]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-11182]


-----------------------------------------------------------------------

FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Proposed Collection 
Renewal; Comment Request (OMB No. 3064-0028)

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 the 
existing information collection, as required by the Paperwork Reduction 
Act of 1995. Currently, the FDIC is soliciting comment on the renewal 
of the information collection described below.

DATES: Comments must be submitted on or before July 23, 2018.

ADDRESSES: Interested parties are invited to submit written comments to 
the FDIC by any of the following methods:
     https://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: Jennifer Jones (202-898-6768), Counsel, MB-3105, 
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: Jennifer Jones, Counsel, 202-898-6768, 
[email protected], MB-3105, 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 Confirmation Requirements for 
Securities Transactions.
    OMB Number: 3064-0028.
    Form Number: None.
    Affected Public: FDIC-Insured Institutions and Certain Employees of 
the FDIC-Insured Institutions.
    Burden Estimate:

[[Page 24118]]



                                                                Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                Estimated                                       Total
                                                                 Obligation to     Estimated    frequency    Estimated      Frequency of        annual
                                       Type of burden               respond        number of        of        time per        response        estimated
                                                                                  respondents   responses     response                          burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping and Confirmation  Recordkeeping...............  Mandatory.........          680           12         0.25  Monthly...........        2,040
 Requirements for Securities
 Transactions--344.4.
Maintain Securities Trading     Recordkeeping...............  Mandatory.........          680           12         0.25  Monthly...........        2,040
 Policies and Procedures--
 344.8.
Provide Customer with Copy of   Third-Party Disclosure......  Mandatory.........          680           12            5  Monthly...........       40,800
 Broker/Dealer Confirmation
 and Remuneration Received OR
 Written Notification or
 Alternative Notification--
 344.5 and 344.6.
Officer/Employee Filing of      Third-Party Disclosure......  Mandatory.........        3,400            4         1.50  Quarterly.........       20,400
 Reports of Personal
 Securities Trading
 Transactions--344.9 (assumes
 5 officers/employees at each
 institution with income from
 securities broker activity).
                                                                                 -----------------------------------------------------------------------
    Total hourly burden.......  ............................  ..................  ...........  ...........  ...........  ..................       65,280
--------------------------------------------------------------------------------------------------------------------------------------------------------

    General Description of Collection: The collection of information 
requirements are contained in 12 CFR part 344. The purpose of the 
regulation is to ensure that purchasers of securities in transactions 
affected by insured state nonmember banks are provided with adequate 
records concerning the transactions. The regulation is also designed to 
ensure that insured state nonmember banks maintain adequate records and 
controls with respect to the securities transactions they effect. 
Finally, this regulation requires officers and employees of FDIC-
supervised institutions to report to the FDIC-supervised institution 
certain personal securities trading activity.
    The FDIC has reviewed its previous submission related to the 
Paperwork Reduction Act of 1995 and has updated its methodology for 
calculating the burden in order to be consistent with the Federal 
Reserve Board and the Office of the Comptroller of the Currency. In 
addition, the FDIC has reviewed and revised its estimated number of 
respondents to ensure that only those institutions with income from 
securities brokerage activity are included its respondent count. The 
overall decrease in burden hours is the result of these changes.

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.

    Dated at Washington, DC, on May 21, 2018.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary,
[FR Doc. 2018-11182 Filed 5-23-18; 8:45 am]
 BILLING CODE 6714-01-P