[Federal Register Volume 60, Number 25 (Tuesday, February 7, 1995)]
[Notices]
[Pages 7198-7199]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-2959]



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FEDERAL DEPOSIT INSURANCE CORPORATION


Privacy Act of 1974; Proposed New System of Records

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice of proposed new system of records--``Unclaimed Deposits 
Reporting System''.

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SUMMARY: In accordance with the Privacy Act of 1974, 5 U.S.C. 552a, the 
FDIC gives notice of the proposed establishment of a new system of 
records entitled ``Unclaimed Deposits Reporting System''.

DATES: Comments on the establishment of the system must be submitted by 
March 20, 1995. The system will become effective April 3, 1995, unless 
a superseding notice to the contrary is published before that date.

ADDRESSES: Comments should be addressed to Robert E. Feldman, Acting 
Executive Secretary, Federal Deposit Insurance Corporation, 550-17th 
Street, NW., Washington, DC 20429, or hand-delivered to Room F-400 at 
1776 F Street, NW., Washington, DC, Monday through Friday, between the 
hours of 9 a.m. and 5 p.m.

FOR FURTHER INFORMATION CONTACT: Frederick N. Ottie, Attorney, Office 
of the Executive Secretary, FDIC, 550-17th Street, NW., Washington, DC 
20429, (202) 898-6679.

SUPPLEMENTARY INFORMATION: The FDIC is proposing to establish a new 
system of records pursuant to the Privacy Act of 1974, 5 U.S.C. 552a, 
entitled ``Unclaimed Deposits Reporting System''. This new system of 
records will be used by the FDIC in providing expanded protections to 
insured depositors under the Unclaimed Deposits Amendments Act of 1993, 
Pub. L. No. 103-44, 107 Stat. 220 (1993), which amends section 12(e) of 
the Federal Deposit Insurance Act (12 U.S.C. 1822(e)).
    The Unclaimed Deposits Amendments Act extends the period during 
which insured depositors may claim their deposit insurance, and 
[[Page 7199]] permits the involvement of state abandoned property 
systems to locate the owners of unclaimed deposit insurance. Under 
prior law, depositors were required to claim their deposit insurance 
within eighteen months of the closing of an insured depository 
institution. The new law, which applies to insured depository 
institutions for which the FDIC is appointed receiver after the 
enactment date of the Act, June 28, 1993, permits state governments to 
accept custody of any deposits which remain unclaimed at the end of 
eighteen months and attempt to locate the depositors for ten years, at 
which time any remaining deposits are to be returned to the FDIC. As to 
any accounts which are not accepted by the state, those depositors have 
until the termination of the receivership to claim their insurance from 
the FDIC. Congress also included a retroactive provision applicable to 
any insured depository institution for which the FDIC was appointed 
receiver after January 1, 1989. For these institutions, the states are 
not permitted to take custody of unclaimed deposits, but the depositors 
themselves may claim them directly from the FDIC at any time up to the 
termination of the receivership.
    The FDIC will use the information maintained in the system to 
respond to requests for research and/or delivery of deposit insurance 
to a claimant. The system will consist of records relating to unclaimed 
insured or transferred deposits from closed insured depository 
institutions for which the FDIC was appointed receiver after January 1, 
1989.
    Accordingly, the Board of Directors of the FDIC proposes to 
establish the system to read as follows:
FDIC 30-64-0024
    Unclaimed Deposits Reporting System.
    Designated FDIC service centers and consolidated field offices. A 
list of the designated locations is available from the Chief of Policy 
& Planning, Operations Branch, Division of Depositor and Asset 
Services, FDIC, 550-17th Street, NW, Washington, DC 20429.
    Owners of unclaimed insured or transferred deposits from closed 
insured depository institutions for which the FDIC was appointed 
receiver after January 1, 1989.
    Records relating to unclaimed insured or transferred deposits from 
closed insured depository institutions for which the FDIC was appointed 
receiver after January 1, 1989.
    Sections 9, 11, and 12 of the Federal Deposit Insurance Act (12 
U.S.C. 1819, 1821, and 1822).
    Information in this system of records may be disclosed:
    (1) To the appropriate state accepting custody of unclaimed 
deposits as specified in section 12(e)(2)-(3) of the Federal Deposit 
Insurance Act (12 U.S.C. 1822(e)(2)-(3));
    (2) To a congressional office in response to an inquiry made at the 
request of the individual to whom the record pertains; and
    (3) To the appropriate federal, state or local agency or authority 
responsible for investigating or prosecuting a violation of, or for 
enforcing or implementing a statute, rule, regulation, or order, when 
the information indicates a violation or potential violation of law, 
whether civil, criminal, or regulatory in nature, and whether arising 
by general statute or particular program statute, or by regulation, 
rule or order issued pursuant thereto; and
    (4) To a court, magistrate, or administrative tribunal in the 
course of presenting evidence, including disclosures to counsel or 
witnesses in the course of civil discovery, litigation, or settlement 
negotiations or in connection with criminal proceedings.
    Information is maintained on local area network specified file 
servers, computer disks, tapes or hard copy printouts stored in secured 
areas which limits access to authorized personnel only.
    Indexed by depository institution name, depository institution 
number, depositor name, depositor social security number, depositor tax 
identification number, or account/check number.
    Information is encrypted and accessed only by authorized FDIC 
personnel. Hard copy data is stored in secured areas which limits 
access to authorized personnel only.
    If the appropriate state has accepted ten-year custody of unclaimed 
deposits, a record of the deposits will be retained by the FDIC during 
the custody period, pending return of any deposits not claimed from the 
state during the ten-year custody period. Such records will 
subsequently be destroyed in accordance with the FDIC's records 
retention policy in effect at the time of return of any deposits to the 
FDIC from the state. If the appropriate state has declined to accept 
custody of unclaimed deposits, upon termination of the receivership of 
the closed insured depository institution, records of all deposit 
insurance claims paid are destroyed in accordance with the FDIC's 
current records retention policy.
    Chief of Policy & Planning, Operations Branch, Division of 
Depositor and Asset Services, FDIC, 550-17th Street, NW., Washington, 
DC 20429.
    Requests must be made in writing and addressed to the Office of the 
Executive Secretary, FDIC, 550-17th Street, NW., Washington, DC 20429.
    Same as ``Notification'' above.
    Same as ``Notification'' above.
    Information originates from deposit records of closed insured 
depository institutions. Records of unclaimed transferred deposits are 
provided to the FDIC from insured depository institutions to which the 
FDIC transferred deposits upon closing of the former institution.
    None.

    By direction of the Board of Directors.

    Dated at Washington, DC, this 31st day of January, 1995.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Acting Executive Secretary.
[FR Doc. 95-2959 Filed 2-6-95; 8:45 am]
BILLING CODE 6714-01-P