Document
Agency Information Collection Activities: Proposed Collection Renewal; Comment Request
The FDIC, as part of its obligations under the Paperwork Reduction Act of 1995 (PRA), invites the general public and other Federal agencies to take this opportunity to comment o...
SUPPLEMENTARY INFORMATION:
Proposal to renew the following currently approved collections of information:
1.
Title:
Application for Waiver of Prohibition on Acceptance of Brokered Deposits
OMB Number:
3064-0099.
Form Number:
None.
Affected Public:
Insured state nonmember banks and state savings associations.
Burden Estimates:
Summary of Annual Burden
| Information collection description |
Type of
burden |
Obligation to
respond |
Estimated number of
respondents |
Estimated
frequency of responses |
Estimated time per
response |
Estimated annual
burden |
| Application for Waiver of Prohibition on Acceptance of Brokered Deposits |
Reporting |
Mandatory |
17 |
On Occasion |
6 hours |
102 hours |
Total Estimated Annual Burden:
102 hours.
General Description of Collection:
Section 29 of the Federal Deposit Insurance Act prohibits undercapitalized insured depository institutions from accepting, renewing, or rolling over any brokered deposits. Adequately capitalized institutions may do so with a waiver from the FDIC, while well-capitalized institutions may accept, renew, or roll over brokered deposits without restriction. This information collection captures the burden associated with preparing and filing an application for a waiver of the prohibition on the acceptance of brokered deposits.
2.
Title:
Affiliate Marketing/Consumer Opt-out Notices.
OMB Number:
3064-0149.
Form Number:
None.
Affected Public:
Insured state nonmember banks and state savings associations that have affiliates and consumers that have a relationship with the foregoing.
Burden Estimate:
Summary of Annual Burden
| Information collection description |
Type of burden |
Obligation to respond |
Estimated number of
respondents |
Estimated
frequency of
responses |
Estimated time per
response |
Estimated annual
burden |
| Affiliate Marketing Disclosure—Implementation |
Third-Party Disclosure |
Mandatory |
8 |
Annually |
6 hours |
144 hours |
| Consumer Opt Out Notices |
Third-Party Disclosure |
Voluntary |
857,027 |
Annually |
5 minutes |
71,419 hours |
| Affiliate Marketing Disclosure—Ongoing |
Third-Party Disclosure |
Mandatory |
990 |
Annually |
2 hours |
1,980 hours |
Total Estimated Annual Burden:
73,543 hours.
General Description of Collection:
Section 214 of the FACT Act requires financial institutions that wish to share information about consumers with their affiliates, to inform such consumers that they have the opportunity to opt out of such marketing solicitations. The disclosure notices and consumer responses thereto comprise the elements of this collection of information.
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 September 1, 2020.
James P. Sheesley,
Acting Assistant Executive Secretary.