[Federal Register Volume 71, Number 124 (Wednesday, June 28, 2006)]
[Proposed Rules]
[Pages 36718-36719]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 06-5865]


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FEDERAL DEPOSIT INSURANCE CORPORATION

12 CFR Part 327

RIN 3064-AD03


Assessments

AGENCY: Federal Deposit Insurance Corporation.

ACTION: Proposed rule; extension of comment period.

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SUMMARY: On May 18, 2006, the Federal Deposit Insurance Corporation 
(FDIC) issued a notice of proposed rulemaking with request for comments 
on revisions to 12 CFR part 327 (see 71 FR 28790). The rulemaking 
proposed to make the deposit insurance assessment system react more 
quickly and more accurately to changes in institutions' risk profiles, 
and in so doing to eliminate several causes for complaint by insured 
depository institutions. The proposed rule also would make changes 
necessitated by the recently enacted Federal Deposit Insurance Reform 
Act. The FDIC is extending the comment period on that notice of 
proposed rulemaking to August 16, 2006. This action will allow 
interested persons additional time to analyze the issues and prepare 
their comments.

DATES: Comments must be received on or before August 16, 2006.

ADDRESSES: You may submit comments, identified by RIN number 3064-AD03 
by any of the following methods:
     Agency Web site: http://www.FDIC.gov/regulations/laws/federal/propose.html.
     Mail: Robert E. Feldman, Executive Secretary, Attention: 
Comments/Legal ESS, Federal Deposit Insurance Corporation, 550 17th 
Street, NW., Washington, DC 20429.
     Hand Delivered/Courier: The guard station at the rear of 
the 550 17th Street Building (located on F Street), on business days 
between 7 a.m. and 5 p.m.
     E-mail: [email protected]. Include RIN number 3064-AD03 in 
the subject line of the message.
    Instructions: Submissions received must include the agency name and 
RIN for this rulemaking. Comments received will be posted without 
change to http://www.FDIC.gov/regulations/laws/federal/propose.html, 
including any personal information provided.

FOR FURTHER INFORMATION CONTACT: Munsell W. St. Clair, Senior Policy 
Analyst, Division of Insurance and Research, (202) 898-8967; Donna M. 
Saulnier, Senior Assessment Policy Specialist, Division of Finance, 
(703) 562-6167; and Christopher Bellotto, Counsel, Legal Division, 
(202) 898-3801.

SUPPLEMENTARY INFORMATION: On May 18, 2006, the FDIC requested comment 
on its proposal to make certain procedural and operational changes to 
its risk-based assessments regulations. The proposed rule would provide 
for assessment collection after each quarter ends, would require 
institutions with $300 million or more in assets to determine their 
assessment bases using average daily deposit balances, and would 
eliminate the float deduction used to determine the assessment base. In 
addition, the rules governing assessments of institutions that go out 
of business would be simplified; newly insured institutions would be 
assessed for the assessment period in which they become insured; 
prepayment and double payment options would be eliminated; institutions 
would have 90 days from each quarterly certified statement invoice to 
file requests for review and requests for revision; and the rules 
governing quarterly certified statement invoices would be adjusted for 
a quarterly assessment system and for a three-year retention period 
rather than the current five-year period.

[[Page 36719]]

    The proposed rule to make these procedural and operational changes 
to the risk-based assessments regulations is just one of three notices 
of proposed rulemaking to implement certain aspects of the Reform Act 
published by the FDIC on the same date. At that time, the FDIC also 
published proposed rules on dividends (see 71 FR 28804) and the one-
time assessment credit (see 71 FR 28809). In addition, the Reform Act 
requires the FDIC to prescribe rules on the designated reserve ratio 
and risk-based assessments. Those proposed rules are expected to be 
published in the coming weeks.
    The FDIC has determined that it would be most effective for comment 
purposes to have a longer period of overlap between the pending 
proposed rules on credits, dividends, and operational changes to the 
risk-based assessments regulations, and the upcoming proposed rules on 
the designated reserve ratio and risk-based assessments. All of these 
proposals relate in one way or another to risk-based assessments, and 
commenters should have a period of time during which they could, if 
they so choose, review all of the proposals together.
    Recently, ING Bank, fsb and Nationwide Bank requested that the FDIC 
extend the closing date for comments on the pending proposed rules to 
coincide with the closing date for comments on the upcoming proposed 
rules. While the FDIC understands the concerns expressed, a 30-day 
extension should provide sufficient comment period overlap to permit 
all of the proposals to be reviewed together, giving interested parties 
90 days to comment on the three pending proposals and allowing FDIC 
staff to consider all comments in a timely manner.

    Dated at Washington, DC this 20th day of June, 2006.

    By order of the Board of Directors.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 06-5865 Filed 6-27-06; 8:45 am]
BILLING CODE 6714-01-P