[Federal Register Volume 73, Number 119 (Thursday, June 19, 2008)]
[Notices]
[Pages 34936-34938]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-13849]


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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 the Office 
of Management and Budget (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 
is submitting to OMB a request for review and approval of the following 
collections of information: ``Flood Insurance,'' OMB No. 3064-0120, and 
``Forms Relating to Processing Deposit Insurance Claims,'' OMB No. 
3064-0143.

DATES: Comments must be submitted on or before July 21, 2008.

ADDRESSES: Interested parties are invited to submit written comments to 
the FDIC. All comments should refer to the name of the collection. 
Comments may be submitted by any of the following methods:
     http://www.FDIC.gov/regulations/laws/federal/propose.html.
     E-mail: [email protected]. Include the name and number of 
the collection in the subject line of the message.
     Mail: Leneta G. Gregorie (202.898.3719), Counsel, Federal 
Deposit Insurance Corporation, Room F-1064, 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 should 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, Room 
10235, Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Leneta G. Gregorie at the address 
identified above.

SUPPLEMENTARY INFORMATION:

Proposal To Renew the Following Currently Approved Collection 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 Agency 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: 5,095 (see chart below).
    Total Annual Burden: 2,875 hours (see chart below).

[[Page 34937]]



                            Burden Estimate, Combined Deposit Brokers and Individuals
                                       [Frequency of response: occasional]
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              Form No.                        Form title               Hours        Respondents    Burden hours
----------------------------------------------------------------------------------------------------------------
7200/03............................  Declaration for                         .50            1000             500
                                      Testamentary Deposit
                                      (Single Grantor).
7200/04............................  Declaration for Public Unit             .50             500             250
                                      Deposit.
7200/05............................  Declaration for Trust......             .50            1100             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            1300             650
                                      Trust.
                                                                 -----------------------------------------------
    Subtotal.......................  ...........................  ..............            5025            2738
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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.
                                                                     -------------------------------------------
    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 these collections of 
information are necessary for the proper performance of the FDIC's 
functions, including whether the information has practical utility; (b) 
the accuracy of the estimate of the burden of the information 
collections,

[[Page 34938]]

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 
collections on respondents, including through the use of automated 
collection techniques or other forms of information technology. All 
comments will become a matter of public record.

    Dated at Washington, DC, this 16th day of June, 2008.

    Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
 [FR Doc. E8-13849 Filed 6-18-08; 8:45 am]
BILLING CODE 6714-01-P