Federal Register: October 14, 2009 (Volume 74, Number 197)
DOCID: fr14oc09-20 FR Doc E9-24822
FEDERAL DEPOSIT INSURANCE CORPORATION
Federal Deposit Insurance Corporation
CFR Citation: 12 CFR Part 327
RIN ID: RIN 3064-AD09
NOTICE: PROPOSED RULES
DOCID: fr14oc09-20
DOCUMENT ACTION: Notice of proposed rulemaking; supplemental notice.
SUBJECT CATEGORY:
Assessments: Paperwork Reduction Act Notice
DATES: Comments on the Paperwork Reduction Act implications of the FDIC's Prepaid Assessments proposal must be received on or before October 28, 2009.
DOCUMENT SUMMARY:
On October 2, 2009, the Federal Deposit Insurance Corporation (FDIC) issued a notice of proposed rulemaking with request for comments to amend its assessment regulations to require insured institutions to prepay, on December 30, 2009, their estimated quarterly riskbased assessments for the fourth quarter of 2009, and for all of 2010, 2011, and 2012. The FDIC would begin to offset prepaid assessments on March 30, 2010, representing payment for the fourth quarter of 2009 (see 74 FR 51063 (Oct. 2, 2009)). The FDIC is supplementing that notice of proposed rulemaking with a Paperwork Reduction Act analysis and seeking comment on the Paperwork Reduction Act implications of the proposed rule.
SUMMARY:
Assessments; Paperwork Reduction Act Notice
SUPPLEMENTAL INFORMATION
In accordance with the Paperwork Reduction
Act (44 U.S.C. 3501 et seq.) the FDIC may not conduct or sponsor, and a
person is not required to respond to, a collection of information
unless it displays a currently valid Office of Management and Budget
(OMB) control number. The collection of information contained in this proposed rule is being submitted to OMB for review.
Comment is solicited on:
(1) Whether the proposed collection of information is necessary for
the proper performance of the functions of the agency, including whether the information will have practical utility;
(2) The accuracy of the agency's estimate of the burden of the
proposed collection of information, including the validity of the methodology and assumptions used;
(3) The quality, utility, and clarity of the information to be collected;
(4) Ways to minimize the burden of the collection of information on
those who are to respond, including through the use of appropriate
automated, electronic, mechanical, or other technological collection
techniques or other forms of information technology; e.g., permitting electronic submission of responses; and
(5) Estimates of capital or startup costs and costs of operation,
maintenance, and purchases of services to provide information.
Summary of the collections: (1) An information collection would occur when an insured depository institution applies to the FDIC for an exemption from all or part of its assessment prepayment; the application would explain why the prepayment would significantly impair the institution's liquidity, or would otherwise create significant hardship, would contain a full explanation of the need for the exemption and include supporting documentation, such as current financial statements and cash flow projections, a description of management's plans to correct the circumstances that caused the inability to pay the assessment, and any other relevant information, including any information the FDIC may request. (2) An information collection would occur when an insured depository institution enters into an agreement to transfer any portion of its prepaid assessment to another insured depository institution, and notifies the FDIC's Division of Finance of that transaction by submitting a written agreement signed by the legal representatives of both institutions, including documentation that each representative has the legal authority to bind the institution.
1. Application for Exemption
Need and Use of the Information: Exemption requests would
supplement the FDIC's exercise of its discretion as supervisor and
insurer to exempt an institution from the prepayment requirement if the
FDIC determines that the prepayment would adversely affect the safety and soundness of that institution.
Respondents: Insured depository institutions.
Number of responses: 30200 by the December 1, 2009 deadline.
Frequency of response: Once.
Average number of hours to prepare a response: 8 hours.
Total annual burden: 2401,600 hours for onetime exemption request.
2. Transfer of Prepaid Assessments
Need and use of the information: Institutions would be required to
notify the FDIC of the transfer of prepaid assessments so that the FDIC
can accurately track these transfers, and apply available prepaid
assessments appropriately against institutions' deposit insurance assessments. The need for credit transfer information
[[Page 52698]]
would expire when the prepaid assessments have been exhausted or when
remaining prepaid assessments are returned to the institution after December 30, 2014.
Respondents: Insured depository institutions.
Number of responses: 75 during the first year; 25 the second year and 10 in the final year.
Frequency of response: Occasional.
Average number of hours to prepare a response: 2 hours.
Total annual burden: 150 hours the first year; 50 hours the second year; and 20 hours in the third year.
By order of the Board of Directors.
Dated at Washington, DC, this 9th day of October 2009. Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. E924822 Filed 10909; 4:15 pm]
BILLING CODE 671401P
FOR FURTHER INFORMATION CONTACT
Christopher Bellotto, Counsel, Legal Division, (202) 8983801.