Rules and Regulations. Notice and request for comment

Agency: Federal Deposit Insurance Corporation (FDIC)
Action: Notice and request for comment
Citation: FR Doc. 2024-05898 · OMB No. 3064-0099

Summary

The FDIC, as part of its obligations under the Paperwork Reduction Act of 1995, invites the general public and other Federal agencies to take this opportunity to comment on the request to renew the existing information collection described below (OMB Control No. 3064-0099). A notice of the proposed renewal for this information collection was published in the Federal Register allowing for a 60-day comment period.

Dates

Comments must be submitted on or before April 19, 2024.

Supplementary Information

Proposal To Renew the Following Currently Approved Collection of Information 1. Title: Application for Waiver of Prohibition on Acceptance of Brokered Deposits. OMB Number: 3064-0099. Affected Public: Insured state nonmember banks and state savings associations. Burden Estimate: Summary of Estimated Annual Burden [OMB No. 3064-0099] Information collection (obligation to respond) Type of burden (frequency of response) Number of respondents Number of responses per respondent Time per response (HH:MM) Annual burden (hours) 1. Application for Waiver of Prohibition on Acceptance of Brokered Deposits, 12 CFR 337.6(c) (Required to Obtain or Retain a Benefit) Reporting (On Occasion) 3 2 06:00 36 2. Notice Submission for Primary Purpose Exception Based on Placement of Less Than 25 Percent of Customer Assets Under Administration—Initial submission, 12 CFR 303.243(b)(3)(i)(A) (Required to Obtain or Retain a Benefit) Reporting (On Occasion) 23 1 03:00 69 3. Notice Submission for Primary Purpose Exception Based on Enabling Transactions—Initial submission, 12 CFR 303.243(b)(3)(i)(B) (Required to Obtain or Retain a Benefit) Reporting (On Occasion) 30 1 05:00 150 4. Application for Primary Purpose Exception Not Based on Business Arrangements that Meets a Designated Exception, 12 CFR 303.243(b)(4) (Required to Obtain or Retain a Benefit) Reporting (On Occasion) 5 1 10:00 50 5. Notice Submission for Primary Purpose Exception Based on the Placement of Less Than 25 Percent of Customer Assets Under Administration—Ongoing, 12 CFR 303.243(b)(3)(v) (Required to Obtain or Retain a Benefit) Reporting (Quarterly) 23 4 00:30 46 6. Notice Submission for Primary Purpose Exception Based on Enabling Transactions—Ongoing, 12 CFR 303.243(b)(3)(v) (Required to Obtain or Retain a Benefit) Reporting (Annual) 23 1 00:30 12 7. Reporting for Primary Purpose Exception Not Based on the Business Arrangements that meets a Designated Exception—Ongoing, 12 CFR 303.243(b)(4)(vi) (Required to Obtain or Retain a Benefit) Reporting (Quarterly) 2 4 00:15 2 Total Annual Burden (Hours) 365 Source: FDIC. 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. There is no change in the methodology or substance of this information collection. The reduction in burden is primarily due to the fact that virtually all FDIC-supervised institutions have gone through the implementation burden and face primarily burden related to their ongoing operations. 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 March 15, 2024. James P. Sheesley, Assistant Executive Secretary. [FR Doc. 2024-05898 Filed 3-19-24; 8:45 am]