[Federal Register Volume 85, Number 106 (Tuesday, June 2, 2020)]
[Notices]
[Pages 33667-33669]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-11855]


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FEDERAL DEPOSIT INSURANCE CORPORATION

[OMB No. 3064-0087; -0143]


Agency Information Collection Activities: Proposed Collection 
Renewal; 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 obligations under the Paperwork 
Reduction Act of 1995 (PRA), invites the general public and other 
Federal agencies to take this opportunity to comment on the renewal of 
the existing information collections described below (OMB Control No. 
3064-0087; -0143).

DATES: Comments must be submitted on or before August 3, 2020.

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: Manny Cabeza (202-898-3767), Regulatory Counsel, MB-
3128, 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, Regulatory Counsel, 202-
898-3767, [email protected], MB-3128, Federal Deposit Insurance 
Corporation, 550 17th Street NW, Washington, DC 20429.

SUPPLEMENTARY INFORMATION: 
    Proposal to renew the following currently approved collections of 
information:
    1. Title: Procedures for Monitoring Bank Secrecy Act Compliance.
    OMB Number: 3064-0087.
    Affected Public: Insured State Nonmember Banks and Savings 
Associations.
    Burden Estimate:

                                                                Summary of Annual Burden
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                                                                                     Estimated                            Estimated time     Estimated
     Information collection           Type of burden       Obligation to respond     number of    Estimated frequency of   per response    annual burden
           description                                                              respondents          responses            (hours)         (hours)
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Procedures for Monitoring BSA     Recordkeeping.........  Mandatory.............           2,523  On Occasion...........              35          88,305
 Compliance--Small Institutions
 (Less than $500 million).
Procedures for Monitoring BSA     Recordkeeping.........  Mandatory.............             774  On Occasion...........             250         193,500
 Compliance--Medium Institutions
 ($500 million-$10 billion).
Procedures for Monitoring BSA     Recordkeeping.........  Mandatory.............              47  On Occasion...........             450          21,150
 Compliance--Large Institutions
 (0ver $10 billion).
                                                                                 -----------------------------------------------------------------------
    Total Estimated Annual        ......................  ......................  ..............  ......................  ..............   302,955 hours
     Burden.
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    General Description of Collection: Respondents must establish and 
maintain procedures designed to monitor and ensure their compliance 
with the requirements of the Bank Secrecy Act and the implementing 
regulations promulgated by the Department of Treasury at 31 CFR Chapter 
X. Respondents must also provide training for appropriate personnel. 
There is no change in the method or substance of the collection. The 
overall reduction in burden hours is a result of economic fluctuation. 
In particular, the number of respondents has decreased while the hours 
per response remain the same.
    2. Title: Forms Relating to Processing Deposit Insurance Claims.
    OMB Number: 3064-0143.
    Affected Public: Private sector individuals and entities 
maintaining deposits at insured depository institutions.
    Burden Estimate:

[[Page 33668]]



                                                           Summary of Estimated Annual Burden
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                                                                             Estimated                                                         Total
                                                  Type of burden             number of    Estimated time       Frequency of response         estimated
                                                                            respondents    per response                                    annual burden
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Combined Deposit Brokers and
 Individuals:
    7200/04--Declaration for Government   Reporting.....................              14             0.5  On Occasion...................               7
     Deposit.
    7200/05--Declaration for Revocable    Reporting.....................             165             0.5  On Occasion...................              83
     Trust.
    7200/06--Declaration of Independent   Reporting.....................               1             0.5  On Occasion...................             0.5
     Activity.
    7200/07--Declaration of Independent   Reporting.....................               1             0.5  On Occasion...................             0.5
     Activity for Unincorporated
     Association.
    7200/08--Declaration for Joint        Reporting.....................               1             0.5  On Occasion...................             0.5
     Ownership Deposit.
    7200/09--Declaration for              Reporting.....................              21             0.5  On Occasion...................              11
     Testamentary Deposit.
    7200/10--Declaration for Defined      Reporting.....................               1             1.0  On Occasion...................               1
     Contribution Plan.
    7200/11--Declaration for IRA/KEOGH    Reporting.....................               1             0.5  On Occasion...................             0.5
     Deposit.
    7200/12--Declaration for Defined      Reporting.....................               1             1.0  On Occasion...................               1
     Benefit Plan.
    7200/13--Declaration of Custodian     Reporting.....................               1             0.5  On Occasion...................             0.5
     Deposit.
    7200/14--Declaration or Health and    Reporting.....................              12             1.0  On Occasion...................              12
     Welfare Plan.
    7200/15--Declaration for Plan and     Reporting.....................               1             0.5  On Occasion...................             0.5
     Trust.
    7200/18--Declaration for Irrevocable  Reporting.....................               1             0.5  On Occasion...................             0.5
     Trust.
    7200/24--Claimant Verification......  Reporting.....................             218             0.5  On Occasion...................             109
    7200/26--Depositor Interview Form...  Reporting.....................             198             0.5  On Occasion...................              99
                                                                         -------------------------------------------------------------------------------
        Subtotal: Combined Brokers and    ..............................             637  ..............  ..............................           326.5
         Individuals.
Deposit Brokers Only:
    Deposit Broker Submission Checklist.  Reporting.....................             136          0.0833  On Occasion...................           11.33
    Diskette, following ``Broker Input    Reporting.....................             102           0.750  On Occasion...................            76.5
     File Requirements''--burden will     Reporting.....................              34             5.0  On Occasion...................             170
     vary depending on the broker's
     number of brokered accounts.
    Exhibit B, the standard agency        Reporting.....................             136          0.0167  On Occasion...................            2.27
     agreement, or the non-standard
     agency agreement.
                                                                         -------------------------------------------------------------------------------
        Subtotal: Deposit Brokers Only..  ..............................             136  ..............  ..............................          260.13
                                                                         -------------------------------------------------------------------------------
            Total Estimated Annual        ..............................  ..............  ..............  ..............................          581.10
             Burden.
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    General Description of Collection: When an insured depository 
institution (``IDI'') is closed by its primary regulatory authority, 
the FDIC has the responsibility to pay the insured deposits pursuant to 
Section 11(a) and (f) of the Federal Deposit Insurance Act (FDI Act), 
12 U.S.C. 1821(a) and (f), and the FDIC's regulations, ``Deposit 
Insurance Coverage'', 12 CFR part 330, and ``Recordkeeping for Timely 
Deposit Insurance Determination'', 12 CFR part 370. In the event that 
the requisite information is not available in a failed IDI's records, 
the FDIC will utilize these forms, declarations and affidavits to 
request the necessary information from a depositor.
    Generally, deposits are insured to a maximum of $250,000. 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 $250,000 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 $250,000 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 an IDI's closing, the FDIC obtains information about 
customer accounts from the IDI's deposit account records. Based on the 
IDI's records, the FDIC makes determinations about insurance coverage 
for each depositor. Depositors deemed to be uninsured because their 
deposits are over $250,000 may qualify for additional insurance 
coverage if they can provide documentation substantiating eligibility.
    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 IDI's deposit account records may not 
reveal the actual owner(s) of a particular deposit account. Rather, the 
deposit account records may indicate that the deposit was placed at the 
insured 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 $250,000 limit) the same as if the broker's 
clients had deposited the funds directly into the insured institution 
(assuming that the clients are the actual owners of the deposits). 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 IDI's failure.
    There is no change in the substance or methodology of this 
information collection. The change in burden is due to the FDIC 
estimating one respondent for certain forms where FDIC previously 
estimated zero respondents. In the table above, one respondent is being 
used as a placeholder to preserve the burden estimate for forms in case 
they come into use in the future.

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

[[Page 33669]]

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.

Federal Deposit Insurance Corporation.

    Dated at Washington, DC, on May 28, 2020.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2020-11855 Filed 6-1-20; 8:45 am]
 BILLING CODE 6714-01-P