[Federal Register Volume 72, Number 103 (Wednesday, May 30, 2007)]
[Notices]
[Pages 30007-30008]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-10292]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Submission for OMB 
Review; Comment Request

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice of information collections to be submitted to OMB for 
review and approval under the Paperwork Reduction Act of 1995.

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SUMMARY: In accordance with requirements of the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.), the FDIC hereby gives notice that it 
plans to submit to the Office of Management and Budget (OMB) a request 
for OMB review and approval of the following information collections: 
Application for Consent to Exercise Trust Powers (3064-0025); Asset 
Securitization (3064-0137); and Insurance Sales Consumer Protections 
(3064-0140). These collections of information are described below.

DATES: Comments must be submitted on or before June 29, 2007.

ADDRESSES: Interested parties are invited to submit written comments by 
any of the following methods. All comments should refer to the name of 
the collection:
     http://www.FDIC.gov/regulations/laws/federal/notices.html.
     E-mail: [email protected]. Include the name of the 
collection in the subject line of the message.
     Mail: Steve Hanft (202-898-3907), Clearance Officer, 
Federal Deposit Insurance Corporation, 550 17th Street, NW., 
Washington, DC 20429.
     Hand Delivery: Comments may be hand-delivered to 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.
    A copy of the comments may also be submitted to the OMB Desk 
Officer for the FDIC, Office of Information and Regulatory Affairs, 
Office of Management and Budget, New Executive Office Building, 
Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Steve Hanft (address above).

SUPPLEMENTARY INFORMATION:
    1. Title: Application for Consent to Exercise Trust Powers.
    OMB Number: 3064-0025.
    Form Number: FDIC 6200/09.
    Frequency of Response: On occasion.
    Affected Public: Insured state nonmember banks wishing to exercise 
trust powers.
    Estimated Number of Respondents: 18.
    Estimated Time per Response for Eligible Depository Institutions: 8 
hours.
    Estimated Time per Response for Institutions that do not Qualify as 
Eligible Institutions: 24 hours.
    Total Annual Burden: 208 hours.
    General Description of Collection: FDIC regulations (12 CFR 333.2) 
prohibit any insured state nonmember bank from changing the general 
character of its business without the prior written consent of the 
FDIC. The exercise of trust powers by a bank is usually considered to 
be a change in the general character of a bank's business if the bank 
did not exercise those powers previously. Therefore, unless a bank is 
currently exercising trust powers, it must file a formal application to 
obtain the FDIC's written consent to exercise trust powers. State 
banking authorities, not the FDIC, grant trust powers to their banks. 
The FDIC merely consents to the exercise of such powers. Applicants use 
form FDIC 6200/09 to obtain FDIC's consent.

    2. Title: Interagency Guidance on Asset Securitization Activities.
    OMB Number: 3064-0137.
    Form Number: None.
    Frequency of Response: On occasion.
    Affected Public: Insured state nonmember banks involved in asset 
securitization activities.
    Estimated Number of Responses: 20.
    Estimated Time per Response: 7.45 hours.
    Total Annual Burden: 149 hours.
    General Description of Collection: This collection applies to 
institutions engaged in asset securitization and consists in 
recordkeeping requirements associated with developing or upgrading a 
written asset securitization policy, documenting fair value of retained 
interests, and a management information system to monitor 
securitization activities. Bank managements use this information as the 
basis for the safe and sound operation of their asset securitization 
activities and to ensure that they minimize operational risk in these 
activities. The FDIC uses the information to evaluate the quality of an 
institution's risk management practices, and to assist institutions 
without proper internal supervision of their asset securitization 
activities to implement corrective action to conduct these activities 
in a safe and sound manner.

    3. Title: Consumer Protections for Depository Institution Sales of 
Insurance.
    OMB Number: 3064-0140.
    Form Number: None.
    Frequency of Response: On occasion.
    Affected Public: Insured state nonmember banks that sell insurance 
products; persons who sell insurance products in or on behalf of 
insured state nonmember banks.
    Estimated Number of Respondents: 3,740.
    Estimated Time per Response: 5 hours.
    Total Annual Burden: 18,700 hours.
    General Description of Collection: Respondents must prepare and 
provide certain disclosures to consumers (e.g., that insurance products 
and annuities are not FDIC-insured) and obtain consumer 
acknowledgments, at two different times: (1) before the completion of 
the initial sale of an insurance product or annuity to a consumer; and 
(2) at the time of application for the extension of credit (if 
insurance products or annuities are sold, solicited, advertised, or 
offered in connection with an extension of credit).

Request for Comment

    Comments are invited on: (a) Whether these collections of 
information are

[[Page 30008]]

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 collections, including the 
validity of the methodology and assumptions used; (c) ways to enhance 
the quality, utility, and clarity of the information to be collected; 
(d) ways to minimize the burden of the information collections on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and (e) estimates 
of capital or start up costs, and costs of operation, maintenance and 
purchase of services to provide the information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the 
collections 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 
these collections. All comments will become a matter of public record.

    Dated at Washington, DC, this 23rd day of May, 2007.
    Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. E7-10292 Filed 5-29-07; 8:45 am]
BILLING CODE 6714-01-P