[Federal Register Volume 85, Number 230 (Monday, November 30, 2020)]
[Notices]
[Pages 76571-76575]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-26323]


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FEDERAL DEPOSIT INSURANCE CORPORATION

[OMB No. 3064-0083; -0085; -0099; -0137; -0148; -0149; -0182; -0194]


Agency Information Collection Activities: Submission for OMB 
Review; Comment Request

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Agency Information Collection Activities: Submission for OMB 
Review; Comment Request.

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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. The FDIC published 
notices in the Federal Register requesting comment for 60 days on a 
proposal to renew these information collections. The FDIC hereby gives 
notice of its plan to submit to OMB a request to approve the renewal of 
these information collections, and again invites comment on the 
renewal.

DATES: Comments must be submitted on or before December 30, 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.
    Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
to www.reginfo.gov/public/do/PRAMain. Find this particular information 
collection by selecting ``Currently under 30-day Review--Open for 
Public Comments'' or by using the search function.

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: The FDIC published notices in the Federal 
Register requesting comment for 60 days on a proposal to renew the 
following information collections.\1\ The FDIC is submitting to OMB a 
request to approve the proposed renewal of the following information 
collections:
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    \1\ 85 FR 55287 Sept 4, 2020; and 85 FR 59797 Sept 23, 2020
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    1. Title: Recordkeeping and Disclosure Requirements in Connection 
with Regulation M (Consumer Leasing).
    OMB Number: 3064-0083.
    Form Number: None.
    Affected Public: State nonmember banks and state savings 
associations engaging in consumer leasing.

[[Page 76572]]



                                                                Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                      Estimated                                              Estimated
 Information collection description      Type of burden         Obligation  to        number of     Estimated frequency   Estimated time   annual burden
                                                                   respond           respondents        of responses       per response       (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping and Disclosure         Recordkeeping........  Mandatory............              52  On Occasion..........           0.375           1,950
 Requirements in Connection with
 Regulation M (Consumer Leasing).
Recordkeeping and Disclosure         Third-Party            Mandatory............              52  On Occasion..........           0.375           1,950
 Requirements in Connection with      Disclosure.
 Regulation M (Consumer Leasing).
--------------------------------------------------------------------------------------------------------------------------------------------------------

    Total Estimated Annual Burden: 3,900 hours.
    General Description of Collection: Regulation M (12 CFR 1013), 
issued by the Bureau of Consumer Financial Protection, implements the 
consumer leasing provisions of the Truth in Lending Act. Regulation M 
requires lessors of personal property to provide consumers with 
meaningful disclosures about the costs and terms of the leases for 
personal property. Lessors are required to retain evidence of 
compliance with Regulation M for twenty-four months. There is no change 
in the methodology or substance of this information collection. The 
estimated annual burden is unchanged.
    2. Title: Record Keeping, Reporting and Disclosure Requirements in 
Connection with the Equal Credit Opportunity Act Regulation B.
    OMB Number: 3064-0085.
    Form Number: None.
    Affected Public: Insured state nonmember banks and state savings 
associations.
    Burden Estimate:

                                                                Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                              Estimated
                                                                                Estimated      average      Estimated                         Estimated
      Information collection          Type of burden        Obligation to       number of      annual     total annual  Estimated time per     annual
           description                                         respond         respondents  frequency of    responses        response          burden
                                                                                              responses                                        (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Credit Reporting History           Reporting...........  Mandatory..........         3,309           850     2,812,650  2 minutes.........        93,755
 (1002.10).
                                                                             ------------------------------------------                    -------------
    Total Reporting Burden.......  ....................  ...................  ............  ............  ............  ..................        93,755
Disclosure for Optional Self-Test  Third-Party           Voluntary..........           972         2,500     2,430,000  1 minute..........        40,500
 (1002.5).                          Disclosure.
Notifications (1002.9)...........  Third-Party           Mandatory..........         3,309         1,715     5,674,935  2 minutes.........       189,165
                                    Disclosure.
Appraisal Report Upon Request      Third-Party           Mandatory..........         3,309           190       628,710  1 minute..........        10,479
 (1002.12(a)(1)).                   Disclosure.
Notice of Right to Appraisal       Third-Party           Mandatory..........         3,309         1,650     5,459,850  1 minute..........        90,998
 (1002.14(a)(2)).                   Disclosure.
                                                                             ------------------------------------------                    -------------
    Total Third-Party Disclosure   ....................  ...................  ............  ............  ............  ..................       331,142
     Burden.
Record Retention (Applications,    Recordkeeping.......  Mandatory..........         3,309           360     1,191,240  1 minute..........        19,854
 Actions, Pre-Screened
 Solicitations)(1002.12).
Record Retention (Self-            Recordkeeping.......  Mandatory..........           972             1           972  2 hours...........         1,944
 Testing)(1002.12).
Record Retention (Self-Testing     Recordkeeping.......  Mandatory..........           243             1           243  8 hours...........         1,944
 Self-Correction) (1002.15).
                                                                             ------------------------------------------                    -------------
    Total Recordkeeping Burden...  ....................  ...................  ............  ............  ............  ..................        23,742
--------------------------------------------------------------------------------------------------------------------------------------------------------

    Total Estimated Annual Burden: 448,639 hours.
    General Description of Collection: Regulation B (12 CFR part 1002) 
issued by the Consumer Financial Protection Bureau, prohibits creditors 
from discriminating against applicants on any bases specified by the 
Equal Credit Opportunity Act; imposes, reporting, record keeping and 
disclosure requirements; establishes guidelines for gathering and 
evaluating credit information; and requires creditors to give 
applicants certain written notices. 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 reporting frequency and the 
estimated time per response remain the same.
    3. Title: Application for Waiver of Prohibition on Acceptance of 
Brokered Deposits.
    OMB Number: 3064-0099.
    Form Number: None.
    Affected Public: Insured state nonmember banks and state savings 
associations.
    Burden Estimate:

                                                                Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                Estimated     Estimated
                                                                                          Estimated   Estimated frequency of    time per       annual
  Information collection description        Type of burden       Obligation to respond    number of          responses          response       burden
                                                                                         respondents                             (hours)       (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Application for Waiver of Prohibition  Reporting..............  Mandatory.............            17  On Occasion...........             6           102
 on Acceptance of Brokered Deposits.
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[[Page 76573]]

    Total Estimated Annual Burden: 102 hours.
    General Description of Collection: Section 29 of the Federal 
Deposit Insurance Act prohibits undercapitalized insured depository 
institutions from accepting, renewing, or rolling over any brokered 
deposits. Adequately capitalized institutions may do so with a waiver 
from the FDIC, while well-capitalized institutions may accept, renew, 
or roll over brokered deposits without restriction. This information 
collection captures the burden associated with preparing and filing an 
application for a waiver of the prohibition on the acceptance of 
brokered deposits.
    4. Title: Interagency Guidance on Asset Securitization Activities.
    OMB Number: 3064-0137.
    Form Number: None.
    Affected Public: Insured State Nonmember Banks and State Savings 
Associations.
    Burden Estimate:

                                                                Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                       Estimated                          Estimated time     Estimated
     Information collection             Type of burden            Obligation to        number of     Estimated frequency   per response    annual burden
          description                                                respond          respondents       of responses          (hours)         (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Documentation of Fair Value....  Recordkeeping..............  Mandatory...........              20  On Occasion.........               4              80
Asset Securitization Policies--  Recordkeeping..............  Mandatory...........               6  On Occasion.........              32             192
 New Entrant.
Asset Securitization Policies--  Recordkeeping..............  Mandatory...........               2  On Occasion.........               3               6
 Upgrades of Policies.
MIS Improvements--New Entrant..  Recordkeeping..............  Mandatory...........               6  On Occasion.........              21             126
MIS Improvements--Systems        Recordkeeping..............  Mandatory...........               2  On Occasion.........               5              10
 Upgrades.
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    Total Estimated Annual Burden: 414.
    General Description of Collection: The Interagency Guidance on 
Asset Securitization Activities informs bankers and examiners of safe 
and sound practices regarding asset securitization. The information 
collections contained in the Interagency Guidance are needed by 
institutions to manage their asset securitization activities in a safe 
and sound manner. Bank management uses this information as the basis 
for the safe and sound operation of their asset securitization 
activities and to ensure that they minimize operational risk in these 
activities. There is no change in the method or substance of the 
information collection. The overall 257-hour increase in estimated 
annual burden (from 157 hours in 2017 to 414 hours currently) is the 
result of economic fluctuation. In particular, the number of 
respondents has increased while the reporting frequency and the 
estimated time per response remain the same.
    5. Title: Interagency Statement on Sound Practices Concerning 
Complex Structured Finance Transactions.
    OMB Number: 3064-0148.
    Form Number: None.
    Affected Public: Insured state nonmember banks and state savings 
associations.
    Burden Estimate:

                                                                Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                Estimated     Estimated
                                                                                           Estimated    Estimated frequency     time per       annual
 Information collection description         Type of burden        Obligation to respond    number of        of responses        response       burden
                                                                                          respondents                            (hours)       (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Complex Structured Finance            Recordkeeping.............  Mandatory............             4  On Occasion..........            25           100
 Transactions.
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    Total Estimated Annual Burden: 100 hours.
    General Description of Collection: The Interagency Statement on 
Sound Practices Concerning Complex Structured Finance Transactions 
describes the types of internal controls and risk management procedures 
that the Agencies believe are particularly effective in assisting 
financial institutions to identify, evaluate, assess, document, and 
control the full range of credit, market, operational, legal and 
reputational risks. A financial institution that engages in complex 
structured finance transactions should maintain a set of formal, 
written, firm-wide policies and procedures that are designed to allow 
the institution to identify and assess these risks. There is no change 
in the methodology or substance of this information collection. The 
estimated annual burden is unchanged.
    6. Title: Affiliate Marketing/Consumer Opt-out Notices.
    OMB Number: 3064-0149.
    Form Number: None.
    Affected Public: Insured state nonmember banks and state savings 
associations that have affiliates and consumers that have a 
relationship with the foregoing.
    Burden Estimate:

                                                                Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                               Estimated                                                     Estimated
     Information collection        Type of burden    Obligation to respond     number of     Estimated frequency     Estimated time per    annual burden
          description                                                         respondents        of responses             response            (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Affiliate Marketing Disclosure-- Third-Party         Mandatory............               8  Annually.............  6 hours..............             144
 Implementation.                  Disclosure.
Consumer Opt Out Notices.......  Third-Party         Voluntary............         857,027  Annually.............  5 minutes............          71,419
                                  Disclosure.
Affiliate Marketing Disclosure-- Third-Party         Mandatory............             990  Annually.............  2 hours..............           1,980
 Ongoing.                         Disclosure.
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[[Page 76574]]

    Total Estimated Annual Burden: 73, 543 hours
    General Description of Collection: Section 214 of the FACT Act 
requires financial institutions that wish to share information about 
consumers with their affiliates, to inform such consumers that they 
have the opportunity to opt out of such marketing solicitations. The 
disclosure notices and consumer responses thereto comprise the elements 
of this collection of information.
    7. Title: Retail Foreign Exchange Transactions.
    OMB Number: 3064-0182.
    Form Number: None.
    Affected Public: Insured state nonmember banks and state savings 
associations.
    Burden Estimate:

                                                                                    Summary of Annual Burden
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    Estimated                                        Estimated    Estimated time     Estimated
 Information collection  description      Type of  burden            Obligation to respond          number of         Frequency of response        total annual    per response    annual burden
                                                                                                   respondents                                       responses        (hours)         (hours)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Reporting Requirements..............  Reporting..............  Mandatory.......................               1  On Occasion....................               1              16              16
                                                                                                ----------------                                 -----------------------------------------------
    Total Reporting Burden..........  .......................  ................................  ..............  ...............................  ..............  ..............              16
Third-Party Disclosure Requirements.  Third-Party Disclosure.  Mandatory.......................               1  On Occasion....................               1             166             166
                                                                                                ----------------                                 -----------------------------------------------
    Total Third-Party Disclosure      .......................  ................................  ..............  ...............................  ..............  ..............             166
     Burden.
Recordkeeping Requirements..........  Recordkeeping..........  Mandatory.......................               1  On Occasion....................               1           1,332           1,332
                                                                                                ----------------                                 -----------------------------------------------
    Total Recordkeeping Burden:.....                                                                                                                                                       1,332
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    Total Estimated Annual Burden: 1,514 hours.
    General Description of Collection: This information collection 
implements section 742(c)(2) of the Dodd-Frank Act (7 U.S.C. 2(c)(2)(E) 
and FDIC regulations governing retail foreign exchange transactions as 
set forth at 12 CFR part 349, subpart B. The regulation allows banking 
organizations under FDIC supervision to engage in off-exchange 
transactions in foreign currency with retail customers provided they 
comply with various reporting, recordkeeping and third-party disclosure 
requirements specified in the rule. If an institution elects to conduct 
such transactions, compliance with the information collection is 
mandatory.
    Reporting Requirements--Part 349, subpart B requires that, prior to 
initiating a retail foreign exchange business; a banking institution 
must provide the FDIC with a notice certifying that the institution has 
written policies and procedures, and risk measurement and management 
systems and controls in place to ensure that retail foreign exchange 
transactions are conducted in a safe and sound manner. The institution 
must also provide information about how it intends to manage customer 
due diligence, new product approvals and haircuts applied to noncash 
margin.
    Recordkeeping Requirements--Part 349 subpart B requires that 
institutions engaging in retail foreign exchange transactions keep 
full, complete and systematic records of account, financial ledger, 
transaction, memorandum orders and post execution allocations of 
bunched orders. In addition, institutions are required to maintain 
records regarding their ratio of profitable accounts, possible 
violations of law, records of noncash margin and monthly statements and 
confirmations issued.
    Disclosure Requirements--The regulation requires that, before 
opening an account that will engage in retail foreign exchange 
transactions, a banking institution must obtain from each retail 
foreign exchange customer an acknowledgement of receipt and 
understanding of a written disclosure specified in the rule and of 
disclosures about the banking institution's fees and other charges and 
of its profitable accounts ratio. The institution must also provide 
monthly statements to each retail foreign exchange customer and must 
send confirmation statements following every transaction.
    The customer dispute resolution provisions of the regulation 
require certain endorsements, acknowledgements and signature language 
as well as the timely provision of a list of persons qualified to 
handle a customer's request for arbitration.
    There is no change in the method or substance of the collection. At 
present no FDIC-supervised institution is engaging in activities that 
would make them subject to the information collection requirements. The 
agency is keeping the estimated number of respondents to one (1) as a 
placeholder in case an institution elects to engage in covered 
activities in the future. There has been no change in the frequency of 
response or in the estimated number of hours required to respond.
    8. Title: Covered Financial Company Asset Purchaser Eligibility 
Certification.
    OMB Number: 3064-0194.
    Form Number: 7300/10.
    Affected Public: Any individual or entity that is a potential 
purchaser of assets from (1) the FDIC as receiver for a Covered 
Financial Company (CFC); or (2) a bridge financial company (BFC) which 
requires the approval of the FDIC, as receiver for the predecessor CFC 
and as the sole shareholder of the BFC (e.g., the BFC's sale of a 
significant business line).
    Burden Estimate:

                                                                Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Estimated
                                                              Obligation to        Estimated     Estimated frequency   Estimated time per      annual
Information collection description     Type of  burden           respond           number of        of responses       response (minutes)      burden
                                                                                  respondents                                                  (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Covered Financial Company Asset     Reporting...........  Mandatory...........              10  On Occasion.........  30 Minutes..........             5
 Sales Purchaser Eligibility
 Certification.
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[[Page 76575]]

    Total Estimated Annual Burden: 5 hours.
    General Description of Collection: Assets held by the FDIC in the 
course of liquidating any covered financial company must not be sold to 
persons who contributed to the demise of a covered financial company in 
specified ways (e.g., individuals who profited or engaged in wrongdoing 
at the expense of the failed institution, or seriously mismanaged the 
failed institution). 12 CFR part 380 requires prospective purchasers to 
complete and submit a Purchaser Eligibility Certification (PEC) to the 
FDIC. The PEC is a self certification by a prospective purchaser that 
it does not fall into any of the categories of individuals or entities 
that are prohibited by statute or regulation from purchasing the assets 
of covered financial companies. The PEC will be required in connection 
with the sale of assets by the FDIC, as receiver for a CFC, or the sale 
of assets by a BFC which requires the approval of the FDIC, as receiver 
for the predecessor CFC and as the sole shareholder of the BFC. There 
is no change in the methodology or substance of this information 
collection. The estimated annual burden is unchanged.

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.

Federal Deposit Insurance Corporation.

    Dated at Washington, DC, on November 24, 2020.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2020-26323 Filed 11-25-20; 8:45 am]
BILLING CODE 6714-01-P