[Federal Register Volume 73, Number 66 (Friday, April 4, 2008)]
[Notices]
[Pages 18529-18531]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-7003]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Proposed Collection 
Renewals; 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 take this opportunity to comment on 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: ``Flood 
Insurance,'' OMB No. 3064-120, and ``Forms Relating to Processing 
Deposit Insurance Claims,'' OMB No. 3064-0143.

DATES: Comments must be submitted on or before June 3, 2008.

ADDRESSES: Interested parties are invited to submit written comments to 
the FDIC 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: Leneta G. Gregorie (202-898-3719), Counsel, Room F-
1064, 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 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: Leneta G. Gregorie, at the telephone 
number and address identified above.

SUPPLEMENTARY INFORMATION:
    Proposal to renew the following currently approved collections of 
information:
    1. Title: Flood Insurance.
    OMB Number: 3064-0120.
    Frequency of Response: On occasion.
    Affected Public: Any depository institution that makes one or more 
loans to be secured by a building located on property in a special 
flood hazard area.
    Estimated Number of Respondents/Recordkeepers: 5,272.
    Estimated Number of Transactions: 180,000.
    Estimated Reporting Hours: .05 hours x 180,000 = 9,000.
    Estimated Recordkeeping Hours: 1 hour x 5,272 hours = 5,272 hours.
    Estimated Total Annual Reporting and Recordkeeping Burden Hours: 
5,272 + 9,000 = 14,272 hours.
    General Description of Collection: Each supervised lending 
institution is currently required to provide a notice of special flood 
hazards to each borrower with a loan secured by a building or mobile 
home located or to be located in an area identified by the Director of 
the Federal Emergency Management Administration as being subject to 
special flood hazards. The Riegle Community Development Act requires 
that each institution must also provide a copy of the notice to the 
servicer of the loan (if different from the originating lender).
    2. Title: Forms Relating to Processing Deposit Insurance Claims.
    OMB Number: 3064-0143.
    Frequency of Response: On occasion.
    Affected Public: Deposit brokers and depositors of failed insured 
institutions.
    Estimated Number of Respondents: 5,236 (see chart below).
    Total Annual Burden: 2,875 hours (see chart below).

[[Page 18530]]



                            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           1,000            500
                                      Testamentary Deposit
                                      (Single Grantor).
7200/04............................  Declaration for Public                 .50             500            250
                                      Unit Deposit.
7200/05............................  Declaration for Trust.....             .50           1,100            550
7200/06............................  Declaration of Independent             .50              25             12.5
                                      Activity.
7200/07............................  Declaration of Independent             .50              25             12.5
                                      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/KEOGH              .50              50             25
                                      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 and            1.0              200            200
                                      Welfare Plan.
7200/15............................  Declaration for Plan and               .50           1,300            650
                                      Trust.
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    Subtotal.......................  ..........................  ..............           5,025          2,738
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                                      Burden Estimate, Deposit Brokers Only
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                                              Burden per response         Number of responses      Burden hours
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Deposit Broker Submission Checklist.....  5 minutes.................  70........................               6
Diskette, following ``Broker Input File   The burden will vary        ..........................  ..............
 Requirements.''                           depending on the broker's
                                           number of brokered
                                           accounts..
                                          45 minutes................  53 responses (75% of 70                 40
                                                                       annual responses).
                                          5 hours...................  18 responses (25% of 70                 90
                                                                       annual responses).
Exhibit B, the standard agency            1 minute..................  70........................               1
 agreement, or the non-standard agency
 agreement.
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    Subtotal............................  ..........................  211.......................             137
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    General Description of 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 sections 11(a) and (f) of the Federal Deposit Insurance Act 
(FDI Act), 12 U.S.C. 1821 (a) and (f), and the FDIC's regulation on 
``Deposit Insurance Coverage,'' 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 qualified beneficiaries.
    At the time of closing, the FDIC is provided information about 
customer accounts through the failed institution's records. Based on 
the institution's records, the FDIC makes preliminary determinations 
about insurance coverage for each depositor. Depositors initially 
deemed to be uninsured because their deposits are over $100,000 may be 
qualified for additional insurance coverage if they can provide 
documents certifying to the existence of varying ownership rights and 
capacities.
    a. General Deposit Accounts. The forms, declarations, and 
affidavits in this collection facilitate customers providing the FDIC 
with the information that may permit a more comprehensive deposit 
insurance determination.
     b. Deposit Brokers. A failed institution's account records may not 
reveal the actual owner(s) of a particular deposit account. Rather, the 
account records may indicate that the deposit was placed at the 
institution by a deposit broker on behalf of one or more third parties. 
In some cases, the broker's customer may not be an actual owner of the 
deposit but merely a ``second-tier'' deposit broker with its own 
customers. In turn, these customers could be ``third-tier'' deposit 
brokers with their own customers. Deposits held in the name of a 
deposit broker on behalf of clients are covered by federal deposit 
insurance (up to the $100,000 limit) the same as if the broker's 
clients had deposited the funds directly into the institution (assuming 
that the clients are the actual owners of the deposit). This is called 
``pass-through'' deposit insurance coverage.
    In order to analyze ownership interest and provide pass-through 
insurance coverage, the FDIC must obtain certain information from both 
first and lower-tier deposit brokers: (1) Evidence that each deposit 
broker is not an owner but an agent or custodian with respect to some 
or all of the funds at issue; (2) a list of all parties for whom each 
deposit broker acted as agent or custodian; and (3) the dollar amount 
of funds held by each deposit broker for each such party as of the date 
of the depository institution's failure.

Request for Comment

    Comments are invited on: (a) Whether this 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,

[[Page 18531]]

including the validity of the methodologies 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 
these collections. All comments will become a matter of public record.

    Dated at Washington, DC, this 1st day of April, 2008.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. E8-7003 Filed 4-3-08; 8:45 am]
BILLING CODE 6714-01-P