[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]


=======================================================================
-----------------------------------------------------------------------

FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Proposed Collection; 
Comment Request

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice and request for comment.

-----------------------------------------------------------------------

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: [email protected]].
    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