[Federal Register Volume 83, Number 213 (Friday, November 2, 2018)]
[Notices]
[Pages 55167-55170]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-23987]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Proposed Collection 
Renewal; Comment Request (OMB Nos. 3064-0111;-0136; and -0171)

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice and request for comment.

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[[Page 55168]]

SUMMARY: The FDIC, as part of its obligations under the Paperwork 
Reduction Act of 1995, invites the general public and other Federal 
agencies to take this opportunity to comment on the renewal of the 
existing information collections described below (3064-0111, 3064-0136, 
and 3064-0171).

DATES: Comments must be submitted on or before January 2, 2019.

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 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: Activities and Investments of Insured State Banks.
    OMB Number: 3064-0111.
    Form Number: None.
    Affected Public: Insured state nonmember banks and insured state 
savings associations.
    Burden Estimate:

                                                                Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                          Estimated       Estimated                                        Total annual
                                   Type of burden     Obligation to       number of     frequency of   Estimated time     Frequency of       estimated
                                                         respond         respondents      responses     per response        response          burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
Activities and Investments of    Reporting........  Mandatory........              46               1            8.00  On Occasion......             368
 Insured State Banks.
                                                                      ----------------------------------------------------------------------------------
    Total Hourly Burden........  .................  .................  ..............  ..............  ..............  .................       368 hours
--------------------------------------------------------------------------------------------------------------------------------------------------------

    General Description of Collection: Section 24 of the Federal 
Deposit Insurance (FDI Act), 12 U.S.C. 1831a, limits investments and 
other activities in which state banks may engage as principal to those 
permissible for national banks and those approved by the FDIC under 
procedures set forth in Part 362 of the FDIC's Rules and Regulations, 
12 CFR part 362. With certain exceptions, section 24 of the FDI Act 
limits the direct equity investments of state chartered banks to equity 
investments that are permissible for national banks. In addition, the 
statute prohibits an insured state bank from directly engaging, as a 
principal, in any activity that is not permissible for a national bank, 
or indirectly through a subsidiary in an activity that is not 
permissible for a subsidiary of a national bank, unless such bank meets 
its minimum capital requirements and the FDIC determines that the 
activity does not pose significant risk to the Deposit Insurance Fund. 
The FDIC can make such a determination for exception by regulation or 
by order. The FDIC's implementing regulation for section 24 is 12 CFR 
part 362. This regulation details the activities that insured state 
nonmember banks or their subsidiaries may engage in, under certain 
criteria and conditions, and identifies the information that banks must 
furnish to the FDIC in order to obtain the FDIC's approval or non-
objection. Section 28(a), 12 U.S.C. 1831e, similarly limits the 
investments and activities of state savings associations and their 
service corporations to those permitted by federal savings associations 
and their service corporations, absent FDIC approval.
    There is no change in the method or substance of the collection. 
The overall reduction in burden hours is the result of economic 
fluctuation. In particular, the number of respondents has decreased 
while the hours per response and frequency of responses have remained 
the same.
    2. Title: Privacy of Consumer Information.
    OMB Number: 3064-0136.
    Form Number: None.
    Affected Public: Insured state nonmember banks and consumers.
    Burden Estimate:

                                                                Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                         Estimated       Estimated                                         Total annual
                                  Type of burden     Obligation to       number of     frequency of    Estimated time     Frequency of       estimated
                                                        respond         respondents      responses      per response        response      burden (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Consumer Opt-Out/Status Update  Reporting........  Voluntary........         212,432               1  30 min..........  On Occasion.....       6,372,960
Annual Notice and Change in     Third-Party        Mandatory........           4,015               1  8...............  On Occasion.....          32,120
 Terms.                          Disclosure.
Initial Notice to Consumers...  Third-Party        Mandatory........             208               1  80..............  On Occasion.....          16,640
                                 Disclosure.

[[Page 55169]]

 
Opt-Out Notice................  Third-Party        Mandatory........             866               1  8...............  On Occasion.....           6,928
                                 Disclosure.
                                                                     -----------------------------------------------------------------------------------
    Total Hourly Burden.......  .................  .................  ..............  ..............  ................  ................       6,428,648
                                                                                                                                                   hours
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    General Description of Collection: The elements of this collection 
are required under sections 503 and 504 of the Gramm-Leach-Bliley Act, 
15 U.S.C. 6803, 6804. The collection mandates notice requirements and 
restrictions on a financial institution's ability to disclose nonpublic 
personal information about consumers to nonaffiliated third parties.
    There is no change in the method or substance of the collection. 
The hours per response and frequency of responses have remained the 
same.
    3. Title: Registration of Mortgage Loan Originators (SAFE Act).
    OMB Number: 3064-0171.
    Form Number: None.
    Affected Public: FDIC Supervised Institutions and Employee Mortgage 
Loan Originators.
    Burden Estimate:

                                                                Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                         Estimated       Estimated                                         Total annual
                                 Type of  burden     Obligation  to      number of     frequency of    Estimated time     Frequency of       estimated
                                                        respond         respondents      responses      per response        response      burden (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Financial Institution Policies  Recordkeeping....  Mandatory........           3,575               1  20 hours........  On Occasion.....          71,500
 and Procedures for Ensuring
 Employee-Mortgage Loan
 Originator Compliance With
 S.A.F.E. Act Requirements.
Financial Institution           Recordkeeping....  Mandatory........           3,575               1  60 hours........  On Occasion.....         214,500
 Procedures to Track and
 Monitor Compliance with
 S.A.F.E. Act Compliance.
Financial Institution           Recordkeeping....  Mandatory........           3,575               1  20 hours........  On Occasion.....          71,500
 Procedures for the Collection
 and Maintenance of Employee
 Mortgage Loan Originator's
 Criminal History Background
 Reports.
Financial Institution           Third Party        Mandatory........           3,575               1  25 hours........  On Occasion.....          89,375
 Procedures for Public           Disclosure.
 Disclosure of Mortgage Loan
 Originator's Unique
 Identifier.
Financial Institution           Reporting........  Mandatory........           3,575               1  15 minutes......  On Occasion.....          893.75
 Information Reporting to
 Registry.
Mortgage Loan Originator        Reporting........  Mandatory........          88,646               1  15 minutes......  On Occasion.....       22,161.50
 Initial and Annual Renewal
 Registration Reporting and
 Authorization Requirements.
Mortgage Loan Originator        Reporting........  Mandatory........          38,118               1  15 minutes......  On Occasion.....        9,529.50
 Registration Updates Upon
 Change in Circumstances.
Financial Institution           Recordkeeping....  Mandatory........           3,575               1  4 hours.........  On Occasion.....          14,300
 Procedures for the Collection
 of Employee Mortgage Loan
 Originator's Fingerprints.
Mortgage Loan Originator        Third Party        Mandatory........          88,646               1  1 hour..........  On Occasion.....          88,646
 Procedures for Disclosure to    Disclosure.
 Consumers of Unique
 Identifier.
                                                                     -----------------------------------------------------------------------------------
    Total Hourly Burden.......  .................  .................  ..............  ..............  ................  ................      582,405.75
                                                                                                                                                   hours
--------------------------------------------------------------------------------------------------------------------------------------------------------

    General Description of Collection: This information collection 
implements the Secure and Fair Enforcement for Mortgage Licensing Act 
of 2008 (SAFE Act) requirement that employees of Federally-regulated 
institutions who engage in the business of a mortgage loan originator 
to register with the Nationwide Mortgage Licensing System

[[Page 55170]]

and Registry and establishes national licensing and registration 
requirements. It also directs Federally-regulated institutions to have 
written policies and procedures in place to ensure that their employees 
who perform mortgage loan originations comply with the registration and 
other SAFE Act requirements.
    There is no change in the method or substance of the collection. 
The overall reduction in burden hours is the result of economic 
fluctuation. In particular, the number of respondents has decreased 
while the hours per response and frequency of responses have remained 
the same.

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 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; 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, on October 30, 2018.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2018-23987 Filed 11-1-18; 8:45 am]
 BILLING CODE 6714-01-P