[Federal Register Volume 71, Number 160 (Friday, August 18, 2006)]
[Notices]
[Pages 47866-47867]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-13668]


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DEPARTMENT OF THE TREASURY

Office of Thrift Supervision


Submission for OMB Review; Comment Request--Thrift Financial 
Report: Schedule DI

AGENCY: Office of Thrift Supervision (OTS), Treasury.

ACTION: Notice and request for comment.

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SUMMARY: In accordance with the requirements of the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3507), OTS may not conduct or sponsor, and the 
respondent is not required to respond to, an information collection 
unless it displays a currently valid OMB control number. On April 28, 
2006, OTS requested public comment for 60 days (71 FR 25282) on 
proposed revisions to the Thrift Financial Report (TFR), which is 
currently an approved collection of information. The notice described 
regulatory reporting revisions proposed for the TFR: Schedule DI--
Consolidated Deposit Information to become effective September 30, 
2006, primarily in response to the increased levels of deposit 
insurance from $100,000 to $250,000 for retirement accounts provided by 
the Federal Deposit Insurance Corporation (``FDIC'') Board of Directors 
on March 14, 2006, in interim rules effective April 1, 2006 (71 FR 
14629), implementing certain provisions of the Federal Deposit 
Insurance Reform Act of 2005, (``Reform Act'') (Pub. L. 109-171).
    After considering the comments received, OTS has adopted the 
proposed revisions, with the exception of one proposed line item 
deletion, and is setting the effective date for the revisions at 
December 31, 2006. OTS is submitting the adopted revisions to OMB for 
review and approval.

DATES: Submit written comments on or before September 18, 2006. The 
regulatory reporting revisions described herein take effect December 
31, 2006.

ADDRESSES: Send comments, referring to the collection by ``1550-0023 
(TFR Revisions--December 2006)'', to OMB and OTS at these addresses: 
Office of Information and Regulatory Affairs, Attention: Desk Officer 
for OTS, U.S. Office of Management and Budget, 725--17th Street, NW., 
Room 10235, Washington, DC 20503, or by fax to (202) 395-6974; and 
Information Collection Comments, Chief Counsel's Office, Office of 
Thrift Supervision, 1700 G Street, NW., Washington, DC 20552, by fax to 
(202) 906-6518, or by e-mail to [email protected]. 
OTS will post comments and the related index on the OTS Internet Site 
at www.ots.treas.gov. In addition, interested persons may inspect 
comments at the Public Reading Room, 1700 G Street, NW., by 
appointment. To make an appointment, call (202) 906-5922, send an e-
mail to public.info@ots.treas.gov">public.info@ots.treas.gov, or send a facsimile transmission to 
(202) 906-7755.

FOR FURTHER INFORMATION CONTACT: For further information or to obtain a 
copy of the submission to OMB, please contact Marilyn K. Burton, OTS 
Clearance Officer, at [email protected], (202) 906-6467, or 
facsimile number (202) 906-6518, Litigation Division, Chief Counsel's 
Office, Office of Thrift Supervision, 1700 G Street, NW., Washington, 
DC 20552.
    You can obtain a copy of the December 2006 Thrift Financial Report 
form from the OTS Web site at http://www.ots.treas.gov or you may 
request it by electronic mail from [email protected]. You 
can request additional information about this proposed information 
collection from James Caton, Director, Financial Monitoring and 
Analysis Division, (202) 906-5680, Office of Thrift Supervision, 1700 G 
Street, NW., Washington, DC 20552.

SUPPLEMENTARY INFORMATION: The effect of the proposed revisions to the 
reporting requirements of these information collections will vary from 
institution to institution, depending on the institution's involvement 
with the types of activities or transactions to which the proposed 
changes apply. OTS estimates that implementation of these reporting 
changes will result in a small

[[Page 47867]]

increase in the current reporting burden imposed by the TFR. The 
following burden estimates include the effect of the proposed 
revisions.
    Title: Thrift Financial Report.
    OMB Number: 1550-0023.
    Form Number: OTS 1313.
    Statutory Requirement: 12 U.S.C. 1464(v) imposes reporting 
requirements for savings associations. Except for selected items, these 
information collections are not given confidential treatment.
    Type of Review: Revision of currently approved collections.
    Affected Public: Savings associations.
    Estimated Number of Respondents and Recordkeepers: 854.
    Estimated Burden Hours per Respondent: 36.5 burden hours.
    Estimated Frequency of Response: Quarterly.
    Estimated Total Annual Burden: 124,684 burden hours.
    Abstract: All OTS-regulated savings associations must comply with 
the information collections described in this notice. OTS collects this 
information each calendar quarter, or less frequently if so stated. OTS 
uses this information to monitor the condition, performance, and risk 
profile of individual institutions and systemic risk among groups of 
institutions and the industry as a whole. Except for selected items, 
these information collections are not given confidential treatment.

I. Background

    On March 14, 2006, the FDIC Board of Directors approved interim 
final rules pursuant to the Reform Act that will raise the deposit 
insurance coverage on certain retirement accounts at a bank or savings 
institution to $250,000 from $100,000. The increase, which became 
effective on April 1, 2006, is the result of a new law increasing 
Federal deposit insurance coverage for the first time in more than 25 
years. The basic insurance coverage for other deposit accounts for 
individuals, joint accountholders, businesses, government entities, and 
trusts--remains at $100,000.
    Under the FDIC's new rules, up to $250,000 in deposit insurance 
will be provided to a depositor with money in a variety of retirement 
accounts, primarily traditional and Roth IRAs (Individual Retirement 
Accounts), at one insured institution. Other types of accounts included 
under the new deposit insurance limit are self-directed Keogh accounts, 
``457 Plan'' accounts for state government employees, and employer-
sponsored ``defined contribution plan'' accounts that are self-
directed, which are primarily 401(k) accounts. In general, self-
directed means the consumer chooses how and where the money is 
deposited.
    In addition, the IRAs and other retirement accounts that will be 
protected under the new rules to $250,000 are insured separately from 
other accounts at the same institution that will continue to be insured 
up to at least $100,000. Additional information about deposit insurance 
is available at the FDIC's Web site, http://www.fdic.gov.
    The new law also established a method by which the FDIC would 
consider an increase in the insurance limits on all deposit accounts 
(including retirement accounts) in the future, but only every five 
years starting in 2011. Any such increase would be based, in part, on 
inflation. Otherwise, accounts will continue to be insured as described 
above.
    The new law also merged the Bank Insurance Fund and the Savings 
Association Insurance Fund into a new Deposit Insurance Fund.
    As a result of these changes in deposit insurance for retirement 
accounts held at FDIC-insured depository institutions, OTS considered a 
range of potential information needs and identified those additions to 
the TFR that are believed to be most critical and relevant to OTS as it 
seeks to fulfill its supervisory responsibilities. At the same time, 
OTS identified certain existing TFR data that are no longer relevant or 
useful to warrant their continued collection. OTS believes that the 
reporting burden that would result from the new TFR items discussed in 
this proposal would increase only slightly due to the proposed 
elimination of a limited number of other TFR items. After savings 
associations make any necessary changes to their systems and records, 
OTS estimated that these deposit-related reporting changes would 
produce an average net increase of 0.4 hours per institution per year 
in the ongoing reporting burden of the TFR. Nevertheless, when viewing 
these proposed revisions to the TFR within a larger context, they are 
intended to maintain the effectiveness of the on- and off-site 
supervision activities of the OTS, which should help to control the 
overall regulatory burden on institutions.

II. Current Actions

    OTS received comments on the April 2006 proposal from the American 
Bankers Association (ABA), a trade group whose members include savings 
associations. OTS also received a request from the Board of Governors 
of the Federal Reserve System to maintain line DI200, IRA/Keogh 
Accounts, for their use in monetary analysis.
    OTS has considered these comments and has decided to proceed with 
the proposed changes to Schedule DI, but will not eliminate line DI200, 
IRA/Keogh Accounts. These changes will become effective on December 31, 
2006. This decision is discussed below.
    ABA expressed concern about the short amount of time for savings 
associations to implement the revisions. ABA urged OTS to delay the 
reporting revisions until the FDIC finalizes its interim rule on 
retirement deposit account insurance and savings associations have had 
time to make necessary systems changes. The ABA noted that the amount 
of time that institutions have to prepare for these reporting revisions 
is shorter than usual and indicated that thrift deposit records and 
systems do not clearly distinguish the types of retirement deposit 
accounts eligible for the higher insurance coverage from other 
accounts. It also asserted that there is uncertainty in the thrift 
industry as to which retirement deposit accounts are eligible for the 
higher insurance coverage. To address these concerns, OTS will set the 
effective date of these changes at December 31, 2006.
    For the December 31, 2006, TFR, thrifts would be expected to have 
made appropriate systems changes to enable them to report reasonably 
accurate data on all types of retirement deposit accounts eligible for 
the $250,000 insurance coverage. Thrifts' deposit records and systems 
should enable them to report information on all retirement deposit 
accounts in these TFR items in accordance with the applicable 
instructions.

    Dated: August 14, 2006.
Deborah Dakin,
Senior Deputy Chief Counsel, Regulations and Legislation Division.
[FR Doc. E6-13668 Filed 8-17-06; 8:45 am]
BILLING CODE 6720-01-P