[Federal Register Volume 81, Number 185 (Friday, September 23, 2016)]
[Notices]
[Pages 65643-65644]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-22953]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Proposed Collection 
Renewals; Comment Request (3064-0025, -0057, -0140 & -0176)

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 the renewal of existing 
information collections, as required by the Paperwork Reduction Act of 
1995 (44 U.S.C. 3501, et seq.). Currently, the FDIC is soliciting 
comment on the renewal of the information collections described below.

DATES: Comments must be submitted on or before November 22, 2016.

ADDRESSES: Interested parties are invited to submit written comments to 
the FDIC by any of the following methods:
     http://www.FDIC.gov/regulations/laws/federal/.
     Email: [email protected]. Include the name and number of 
the collection in the subject line of the message.
     Mail: Manny Cabeza (202-898-3767), Counsel, MB-3007, 
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 7:00 a.m. and 5:00 p.m.
    All comments should refer to the relevant OMB control number. 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: Manny Cabeza, at the FDIC address 
above.

SUPPLEMENTARY INFORMATION:  Proposal to renew the following currently-
approved collections of information:
    1. Title: Application for Consent to Exercise Trust Powers.
    OMB Number: 3064-0025.
    Form Number: FDIC 6200/09.
    Affected Public: Insured state nonmember banks wishing to exercise 
trust powers.
    Annual Number of Respondents: 12.

                                                 Burden Estimate
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                                        Estimated
                                        number of       Hours per       Frequency of  response       Estimated
                                        responses       response                                      burden
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Eligible depository institutions...               8               8  On Occasion................              64
Not-eligible depository                           4              24  On Occasion................              96
 institutions.
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    Totals.........................              12  ..............  ...........................             160
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    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: Certified Statement for Quarterly Deposit Insurance 
Assessment.
    OMB Number: 3064-0057.
    Affected Public: FDIC-insured depository institutions.
    Estimated Number of Respondents: 6,081.
    Frequency of Response: Quarterly.
    Estimated Annual Burden Hours per Response: 20 minutes.
    Total Estimated Annual Burden: 8,108 hours.
    General Description of Collection: The FDIC collects deposit 
insurance assessments on a quarterly basis. Each assessment is based on 
the institution's quarterly report of condition for the prior calendar 
quarter. The FDIC collects the quarterly payments by means of direct 
debits through the Automated Clearing House network. The collection 
dates for the first period of any given year (January through June) are 
June 30 and September 30 of the current year. The collection dates for 
the second period (July through December) are December 30 of the 
current year and March 30 of the following year. The information 
collection consists of recordkeeping associated with reviews by 
officials of the insured institutions to confirm that the assessment 
data are accurate and, in cases of inaccuracy, submission of corrected 
data.
    The FDIC is requesting OMB to approve the change of the name of the 
collection from Certified Statement for Semiannual Deposit Insurance 
Assessment to Quarterly Certified Statement Invoice for Deposit 
Insurance Assessment to reflect the fact that deposit insurance 
assessment invoices are issued on a quarterly as opposed to a 
semiannual basis.
    3. Title: Insurance Products Consumer Protections.
    OMB Number: 3064-0140.

[[Page 65644]]

    Affected Public: Insured State nonmember banks and savings 
associations that sell insurance products; persons who sell insurance 
products in or on behalf of insured State nonmember banks and savings 
associations.

                                                                     Burden Estimate
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                                                    Estimated
                                                    number of    Average number     Hours per             Frequency of  response             Estimated
                                                    responses     of responses      response                                                  burden
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Revising and Updating Disclosures..............           2,729               1               1  Annually...............................           2,729
Disclosures to Consumers.......................           2,729             240          0.1667  On Occasion............................          10,916
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    Total Estimated Burden.....................  ..............  ..............  ..............  .......................................          13,645
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    General Description: 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).
    4. Title: Reverse Mortgage Products.
    OMB Number: 3064-0176.
    Affected Public: Insured State nonmember banks and savings 
associations.
    Estimated Number of Respondents: 26.\1\
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    \1\ FDIC estimates that the number of respondents will be 26 (25 
that have already implemented the program and now only face the 
ongoing compliance burden and one (1) as a placeholder for any new 
institution that would be required to implement the guidance 
requirements.

                                                Burden Estimate:
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                                        Number of       Hours per                                  Total burden
                                       respondents      response              Frequency                hours
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Implementation.....................               1              40  Annually...................              40
Ongoing............................              25               8  Annually...................             200
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    Total..........................              26  ..............  ...........................             240
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    General Description: In August, 2010, the Office of the Comptroller 
of the Currency (OCC), Board of Governors of the Federal Reserve System 
(FRB) the National Credit Union Administration (NCUA) and the FDIC, 
issued guidance focusing on the need to provide adequate information to 
consumers about reverse mortgage products; to provide qualified 
independent counseling to consumers considering these products; and to 
avoid potential conflicts of interest. The guidance also addressed 
related policies, procedures, internal controls, and third party risk 
management. Prior to the effective date of the final guidance, the 
Agencies obtained PRA approval from OMB for the information collection 
requirements contained therein. These information collection 
requirements included implementation of policies and procedures, 
training, and program maintenance. The requirements are outlined below:
     Institutions offering reverse mortgages should have 
written policies and procedures that prohibit the practice of directing 
a consumer to a particular counseling agency or contacting a counselor 
on the consumer's behalf.
     Policies should be clear so that originators do not have 
an inappropriate incentive to sell other products that appear linked to 
the granting of a mortgage.
     Legal and compliance reviews should include oversight of 
compensation programs so that lending personnel are not improperly 
encouraged to direct consumers to particular products.
     Training should be designed so that relevant lending 
personnel are able to convey information to consumers about product 
terms and risks in a timely, accurate, and balanced manner.

Request for Comment

    Comments are invited on: (a) Whether the 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 estimates of the burden of the collections of 
information, 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 
collections of information 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 20th day of September 2016.

Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 2016-22953 Filed 9-22-16; 8:45 am]
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