[Federal Register Volume 63, Number 97 (Wednesday, May 20, 1998)]
[Notices]
[Pages 27730-27731]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-13382]
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FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities: Proposed Collection;
Comment Request
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 proposed and/or
continuing information collections, as required by the Paperwork
Reduction Act of 1995 (44 U.S.C. chapter 35). Currently, the FDIC is
soliciting comments concerning the following collections of information
titled: (1) Procedures for Monitoring Bank Secrecy Act Compliance; (2)
Application to Participate in a Conversion Transaction; (3) Application
for Waiver of Prohibition on Receipt of Brokered Deposits by Adequately
Capitalized Insured Depository Institutions, Registration of Deposit
Brokers; (4) Notice of Branch Closure and (5) Real Estate Lending
Standards.
DATES: Comments must be submitted on or before July 20, 1998.
ADDRESSES: Interested parties are invited to submit written comments to
Tamara R. Manly, Management Analyst (Regulatory Analysis), (202) 898-
7453, Office of the Executive Secretary, Room 4058, Attention:
Comments/OES, Federal Deposit Insurance Corporation, 550 17th Street
N.W., Washington, D.C. 20429. All comments should refer to the OMB
control number. 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. [FAX number (202) 898-3838;
Internet address: comments@fdic.gov].
A copy of the comments may also be submitted to the OMB desk
officer for the FDIC: Alexander Hunt, Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 3208, Washington, D.C. 20503.
FOR FURTHER INFORMATION CONTACT: Tamara R. Manly, at the address
identified above.
SUPPLEMENTARY INFORMATION:
Proposal to renew the following currently approved collections of
information:
1. Title: Procedures for Monitoring Bank Secrecy Act Compliance.
OMB Number: 3064-0087.
Frequency of Response: On occasion.
Affected Public: Any financial institution complying with the
requirements of the Bank Secrecy Act.
Estimated Number of Respondents: 8,400.
Estimated Time per Response: .5 hours.
Estimated Total Annual Burden: 4,200 hours.
General Description of Collection: 12 CFR 326 requires all insured
nonmenber banks to establish and maintain procedures designed to assure
and monitor their compliance with the requirements of the Bank Secrecy
Act (31 U.S.C. 5311 et seq.) and the implementing regulations
promulgated thereunder by the Department of Treasury at 31 CFR 103.
2. Title: Application to Participate in a Conversion Transaction.
OMB Number: 3064-0098.
Frequency of Response: On occasion.
Affected Public: Any depository institution participating in a
conversion transaction.
Estimated Number of Respondents: 10.
Estimated Time per Response: 3 hours.
Estimated Total Annual Burden: 30 hours.
General Description of Collection: Section 5(d) of the Federal
Deposit Insurance Act (12 U.S.C. 1815(d)) provides that no insured
depository institution may participate in a conversion transaction
without the prior approval of the FDIC and that entrance and exit fees
shall be assessed to the participating institutions. The FDIC
implements this statutory requirement by requiring depository
institutions wishing to participate in conversion transactions to
submit a letter application to obtain FDIC approval.
3. Title: Application for Waiver of Prohibition on Receipt of
Brokered Deposits by Adequately Capitalized Insured Depository
Institutions, Registration of Deposit Brokers.
OMB Number: 3064-0099.
Frequency of Response: On occasion.
Affected Public: Any insured depository institution seeking a
waiver to the prohibition on the acceptance of brokered deposits.
Estimated Number of Respondents: 175.
Estimated Time per Response: 2.2.
Estimated Total Annual Burden: 385 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.
[[Page 27731]]
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. Section 29A requires
notification by deposit brokers of their activity and authorizes the
imposition of certain recordkeeping and reporting requirements.
4. Title: Notice of Branch Closure.
OMB Number: 3064-0109.
Frequency of Response: As needed.
Affected Public: Any financial institution that proposes to close a
branch.
Estimated Number of Respondents: 1,050.
Estimated Time per Response: 1.333 hours.
Estimated Total Annual Burden: 1,400 hours.
General Description of Collection: Section 42 of the Federal
Deposit Insurance Act mandates that an institution that proposes to
close a branch notify its primary Federal regulator no later than 90
days prior to the closing. The statue also provides that a notice be
posted on the premises of the branch for the 30-day period immediately
prior to the closing and that the customers be notified in a mailing at
least 90 days prior to the closing. Each insured depository institution
is required to adopt policies for branch closings.
5. Title: Real Estate Lending Standards.
OMB Number: 3064-0112.
Frequency of Response: As needed.
Affected Public: Any financial institution engaging in real estate
lending.
Estimated Number of Respondents: 7,400.
Estimated Time per Response: 20 hours.
Estimated Total Annual Burden: 148,000 hours.
General Description of Collection: Institutions will use real
estate lending policies to guide their lending operations in a manner
that is consistent with safe and sound banking practices and
appropriate to their size, nature and scope of their operations. These
policies should address certain lending considerations, including loan-
to-value limits, loan administration policies, portfolio
diversification standards, and documentation, approval and reporting
requirements.
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 information
collection on respondents, including through the use of automated
collection techniques or other forms of information technology.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the
collection should be modified prior to submission to OMB for review and
approval. Comments submitted in response to this notice also will be
summarized or included in the FDIC's requests to OMB for renewal of
this collection. All comments will become a matter of public record.
Dated at Washington, DC, this 14th day of May 1998.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 98-13382 Filed 5-19-98; 8:45 am]
BILLING CODE 6714-01-M
