[Federal Register Volume 83, Number 146 (Monday, July 30, 2018)]
[Notices]
[Pages 36589-36590]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-16186]
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FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities: Proposed Collection
Renewal; Comment Request (OMB No. 3064-0185)
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice and request for comment.
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SUMMARY: The FDIC, pursuant to the mandatory reporting requirements of
the Paperwork Reduction Act of 1995 (OMB No. 3064-0185), invites the
general public and other Federal agencies to take this opportunity to
comment on the renewal of the existing information collection.
DATES: Comments must be submitted on or before September 28, 2018.
ADDRESSES: Interested parties are invited to submit written comments to
the FDIC by any of the following methods:
https://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: Jennifer Jones (202-898-6768), Counsel, MB-3105,
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 Office of Management and
Budget (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: Jennifer Jones, Counsel, 202-898-6768,
[email protected], MB-3105, Federal Deposit Insurance Corporation, 550
17th Street NW, Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
Proposal to renew the following currently approved collection of
information:
1. Title: Resolution Plans Required for Insured Depository
Institutions With $50 Billion or More in Total Assets.
OMB Number: 3064-0185.
Form Number: None.
Affected Public: Large and Highly Complex Depository Institutions.
Burden Estimate:
[[Page 36590]]
Summary of Annual Burden
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Total
Estimated Estimated Estimated annual
Type of burden Obligation to number of frequency time per Frequency of estimated
respond respondents of response response burden
responses (hours)
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Contingent Resolution Plan (CIDI Reporting........... Mandatory........... 4 1 7,200 On Occasion......... 28,800
Subsidiaries of Regional Bank
Holding Companies and CIDI
Subsidiaries of U.S. GSIFIs).
Contingent Resolution Plan--Annual Reporting........... Mandatory........... 28 1 6,613 Annual.............. 185,164
Update (CIDI Subsidiaries of
Regional Bank Holding Companies)
*.
Contingent Resolution Plan--Annual Reporting........... Mandatory........... 9 1 39,843 Annual.............. 358,587
Update (CIDI Subsidiaries of U.S.
GSIFIs) *.
Notice of Material Change (CIDI Reporting........... Mandatory........... 1 2 120 On Occasion......... 240
Subsidiaries of Regional Bank
Holding Companies and CIDI
Subsidiaries of U.S. GSIFIs).
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Total Hourly Burden........... .................... .................... ........... ........... ........... .................... 572,791
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* Because submissions have been required no more frequently than biennially, the burden associated with the Annual Update has been multiplied by \2/3\
to represent two Annual Update filings over the three-year period contemplated by this notice and renewal.
General Description of Collection: Section 360.10 of the FDIC's
regulations (12 CFR 360.10 or the Rule) requires certain insured
depository institutions (IDIs) to submit a Resolution Plan that should
enable the FDIC, as receiver, to resolve the institution under Sections
11 and 13 of the Federal Deposit Insurance Act (FDI Act), 12 U.S.C.
1821 and 1823, in a manner that ensures that depositors receive access
to their insured deposits within one business day of the institution's
failure (two business days if the failure occurs on a day other than
Friday), maximizes the net present value return from the sale or
disposition of its assets, and minimizes the amount of any loss to be
realized by the institution's creditors. An IDI with $50 billion or
more in total assets (i.e., a covered IDI or CIDI) is required to
submit periodically to the FDIC a contingent plan for the resolution of
such institution in the event of its failure.
The Rule established the requirements for submission and content of
a Resolution Plan, as well as procedures for review by the FDIC. After
the initial submission, the Rule requires plan submissions on an annual
basis (Annual Update) unless the FDIC determines to change the
submission date. A CIDI must notify the FDIC of any event, occurrence,
change in conditions or circumstances or other change which results in,
or reasonably could be foreseen to have, a material effect on the
CIDI's resolution plan.
The Rule is intended to address the continuing exposure of the
banking industry to the risks of insolvency of large and complex IDIs
that can be mitigated with proper resolution planning. The Interim
Final Rule, which preceded the Rule, became effective January 1, 2012,
and remained in effect until it was superseded by the Rule on April 1,
2012.
The annual burden for this information collection is estimated to
be 572,791 hours. This represents an increase of 281,305 hours from the
current burden estimate of 291,486 hours. This increase is not due to
any new requirements imposed by the FDIC. Rather, it is due to FDIC's
reassessment of the burden hours associated with responding to the
existing requirements of the Rule and to guidance, feedback, and
additional requests for information by the FDIC as part of the
iterative resolution planning process. The revised estimates are
informed by feedback received from the CIDIs over the past year.
Because submissions have been required no more frequently than
biennially, the burden associated with the Annual Update has been
multiplied by \2/3\ to represent two Annual Update filings over the
three-year period contemplated by this notice and renewal.
Request for Comment
Comments are invited on: (a) Whether the 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,
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 collection 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, on July 25, 2018.
Federal Deposit Insurance Corporation.
Valerie Best,
Assistant Executive Secretary.
[FR Doc. 2018-16186 Filed 7-27-18; 8:45 am]
BILLING CODE 6714-01-P