[Federal Register Volume 70, Number 48 (Monday, March 14, 2005)]
[Notices]
[Pages 12485-12486]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-4974]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Revision of an 
Information 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 comment on the proposed revision of an information 
collection, as required by the Paperwork Reduction Act (PRA, 44 U.S.C. 
chapter 35). Currently, the FDIC is soliciting comments concerning an 
information collection currently titled ``Deposit Broker Processing.''

DATES: Comments must be submitted on or before May 13, 2005.

ADDRESSES: Interested parties are invited to submit written comments to 
Thomas Nixon, Legal Division, Federal Deposit Insurance Corporation, 
550 17th Street, NW., Washington, DC 20429. All comments should refer 
to ``Deposit Broker Processing.'' 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 a.m. and 5 p.m. Comments may also 
be submitted to the Office of Management and Budget (OMB) desk officer 
for the FDIC: Mark Menchik, Office of Information and Regulatory 
Affairs, OMB, New Executive Office Building, Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Thomas Nixon, (202) 898-8766, or at 
the address above.

SUPPLEMENTARY INFORMATION:
    Proposal to revise the following currently approved collection of 
information:
    Title: Deposit Broker Processing.
    OMB Number: 3064-0143.
    Affected Public: Deposit brokers and depositors of failed insured 
institutions.
    Information about the Collection: When an insured institution is 
closed by its primary regulatory authority, the FDIC has the 
responsibility to pay the insured claims of the failed bank depositors 
pursuant to Federal Deposit Insurance Act and the FDIC's Deposit 
Insurance Coverage regulation, 12 CFR part 330. Generally, deposits are 
insured to a maximum of $100,000. This maximum coverage is based on 
``ownership rights and capacities.'' All deposits that are maintained 
in the same right and capacity are added together and insured up to 
$100,000 in accordance with the regulations relating to deposit 
insurance of that particular deposit insurance ownership category. 
Deposits held in different ownership categories are eligible for 
$100,000 coverage per category. For example, as a general rule, single-
ownership accounts are separately insured from trust accounts held for 
the benefit of others.
    In order to assist the FDIC in paying deposit insurance to persons 
who had deposited funds in a failed depository institution through a 
deposit broker, the FDIC requests deposit brokers who opened a deposit 
account in a failed institution to provide the FDIC with information 
about the parties for whom the broker acted as agent and the amounts of 
their deposits. An essential element of this collection is an 
electronic file from every broker that provides information about its 
customers and their accounts, including: each customer's name, address, 
tax identification number, ownership interest in the account, principal 
balance of the account and interest earned on the account. The FDIC 
also has developed forms to assist in determining account ownership and 
the availability of ``pass-through'' deposit insurance coverage where 
the account balance exceeds $100,000. The FDIC form numbers are 7200/
03, /04, /05, /06, /07, /08, /09, /10, /11, /12, /13, /14, and /15.
    The FDIC uses these same forms to determine whether individual 
account holders at failed institutions may receive pass-through deposit 
insurance coverage. The FDIC's use of these forms for individuals has 
been approved by OMB under PRA control number 3064-0150 (expires 
September 30, 2007).
    In order to facilitate public access to the common forms and to 
improve administrative efficiency, the FDIC proposes to consolidate the 
two OMB approved collections into a single collection titled, ``Forms 
Relating to Processing Deposit Insurance Claims,'' under the 3064-0143 
control number.
    Burden estimate, deposit brokers only.
    Frequency of response: occasional.

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                                                                                     Number of
                                                       Burden per response           responses     Burden  hours
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Deposit Broker Submission Checklist...........  5 minutes.......................              70               6
Diskette, following ``Broker Input File         The burden will vary depending
 Requirements''.                                 on the broker's number of
                                                 brokered accounts.
                                                45 minutes......................          \1\ 53              40

[[Page 12486]]

 
                                                5 hours.........................          \2\ 18              90
Exhibit B, the standard agency agreement, or    1 minute........................              70               1
 the non-standard agency agreement.
                                                                                                 ---------------
    Subtotal..................................  ................................  ..............            137
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\1\ 75% of 70 annual responses.
\2\ 25% of 70 annual responses.

    Burden estimate, combined deposit brokers and individuals.
    Frequency of response: Occasional.

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               Form No.                       Form title              Hours        Respondents     Burden hours
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7200/03..............................  Declaration for                      .50            1000            500
                                        Testamentary Deposit
                                        (Single Grantor).
7200/04..............................  Declaration for Public               .50             500            250
                                        Unit Deposit.
7200/05..............................  Declaration for Trust...             .50            1100            550
7200/06..............................  Declaration of                       .50              25             12.5
                                        Independent Activity.
7200/07..............................  Declaration of                       .50              25             12.5
                                        Independent Activity
                                        for Unincorporated
                                        Association.
7200/08..............................  Declaration for Joint                .50              25             12.5
                                        Ownership Deposit.
7200/09..............................  Declaration for                      .50             500            250
                                        Testamentary Deposit
                                        (Multiple Grantors).
7200/10..............................  Declaration for Defined             1.0               50             50
                                        Contribution Plan.
7200/11..............................  Declaration for IRA/                 .50              50             25
                                        KEOGH Deposit.
7200/12..............................  Declaration for Defined             1.0              200            200
                                        Benefit Plan.
7200/13..............................  Declaration of Custodian             .50              50             25
                                        Deposit.
7200/14..............................  Declaration for Health              1.0              200            200
                                        and Welfare Plan.
7200/15..............................  Declaration for Plan and             .50            1300            650
                                        Trust.
                                                                -----------------
    Subtotal.........................  ........................  ..............            5025           2738
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    Total burden estimate: 2875 hours.

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 request to OMB for renewal of this 
collection. All comments will become a matter of public record.

    Dated at Washington, DC, this 9th day of March 2005.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 05-4974 Filed 3-11-05; 8:45 am]
BILLING CODE 6714-01-P