[Federal Register Volume 86, Number 30 (Wednesday, February 17, 2021)]
[Notices]
[Pages 9935-9938]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-03171]


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FEDERAL DEPOSIT INSURANCE CORPORATION

[OMB No. 3064-0022; -0027; -0103; -0114; -0115; -0163; -0208]


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. 
3064-0022; -0027; -0103; -0114; -0115; -0163).

DATES: Comments must be submitted on or before April 19, 2021.

ADDRESSES: Interested parties are invited to submit written comments to 
the FDIC by any of the following methods:
     Agency Website: 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: Uniform Application/Uniform Termination for Municipal 
Securities Principal or Representative.
    OMB Number: 3064-0022.
    Form Number: 6200/54; 6200/55.
    Affected Public: Individuals and 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                            (minutes)     (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Uniform Application for Municipal      Reporting...............  Mandatory..............            2  On Occasion............           60            2
 Securities Principal or
 Representative (MSD 4).
Uniform Termination Notice for         Reporting...............  Mandatory..............            2  On Occasion............           15          0.5
 Securities Principal or
 Representative (MSD 5).
--------------------------------------------------------------------------------------------------------------------------------------------------------

    Total Estimated Annual Burden: 2.5 hours.
    General Description of Collection: The 1975 Amendments to the 
Securities Exchange Act of 1934 established a comprehensive framework 
for the regulation of the activities of municipal securities dealers. 
Under Section 15B(a) of the Securities Exchange Act, municipal 
securities dealers which are banks, or separately identifiable 
departments or divisions of banks engaging in municipal securities 
activities, are required to be registered with the Securities and 
Exchange Commission in accordance with such rules as the Municipal 
Securities Rulemaking Board (MSRB), a rulemaking authority established 
by the 1975 Amendments, may prescribe as necessary or appropriate in 
the public interest or for the protection of investors. One of the 
areas in which the Act directed the MSRB to promulgate rules is the 
qualifications of persons associated with municipal securities dealers 
as municipal securities principals and municipal securities 
representatives. The MSRB Rules require persons who are or seek to be 
associated with municipal securities dealers as municipal securities 
principals or municipal securities representatives to provide certain 
background information and conversely, require the municipal securities 
dealers to obtain the information from such persons. Generally, the 
information required to be furnished relates to employment history and 
professional background including any disciplinary sanctions and any 
claimed bases for exemption from MSRB examination requirements. The 
FDIC and the other two Federal bank regulatory agencies, the 
Comptroller of the Currency, and the Federal Reserve Board, have 
prescribed Forms MSD-4 to satisfy these requirements and have 
prescribed Form MSD-5 for notification by a bank municipal securities 
dealer that a

[[Page 9936]]

municipal securities principal's or a municipal securities 
representative's association with the dealer has terminated and the 
reason for such termination. State nonmember banks and state savings 
associations that are municipal security dealers submit these forms, as 
applicable, to the FDIC as their appropriate regulatory agency for each 
person associated with the dealer as a municipal securities principal 
or municipal securities representative. There is no change in the 
methodology or substance of this information collection.
    2. Title: Request for Deregistration for Registered Transfer 
Agents.
    OMB Number: 3064-0027.
    Form Number: 6342/12.
    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)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Request for Deregistration for        Reporting..............  Mandatory..............            1  On Occasion............         0.42          0.42
 Registered Transfer Agents.
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    Total Estimated Annual Burden: 0.42 hours.
    General Description of Collection: Under the Securities Exchange 
Act of 1934 (15 U.S.C. 78q-1), an insured nonmember bank (or a 
subsidiary of such a bank) that functions as a transfer agent may 
withdraw from registration as a transfer agent by filing a written 
notice of withdrawal with the FDIC. The FDIC requires such banks to 
file FDIC Form 6342/12 as the written notice of withdrawal. There is no 
change in the methodology or substance of this information collection.
    3. Title: Recordkeeping Requirements Associated with Real Estate 
Appraisals and Evaluations.
    OMB Number: 3064-0103.
    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                             (minutes)      (hours)
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Recordkeeping Requirements            Recordkeeping..........  Mandatory..............        3,245  On Occasion............            5            80
 Associated with Real Estate
 Appraisals and Evaluations.
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    Total Estimated Annual Burden: 80 hours.
    General Description of Collection: FIRREA directs the FDIC to 
prescribe appropriate performance standards for real estate appraisals 
connected with federally related transactions under its jurisdiction. 
This information collection is a direct consequence of the statutory 
requirement. It is designed to provide protection for federal financial 
and public policy interests by requiring real estate appraisals used in 
connection with federally related transactions to be performed in 
writing, in accordance with uniform standards, by an appraiser whose 
competency has been demonstrated and whose professional conduct will be 
subject to effective supervision. The overall reduction in burden hours 
is a result of economic fluctuation. In particular, the number of 
respondents has decreased, the reporting frequency has increased while 
the estimated time per response remains the same.
    4. Title: Foreign Banks.
    OMB Number: 3064-0114.
    Form Number: None.
    Affected Public: Insured branches of foreign banks.
    Burden Estimate:

                                                                Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              Estimated
                                                                                   Estimated    Estimated frequency     Estimated time per      annual
Information collection description      Type of burden     Obligation to respond   number of        of responses             response           burden
                                                                                  respondents                                                  (hours)
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Moving a Branch...................  Reporting............  Mandatory............            1  On Occasion..........  8 hours..............            8
Consent to Operate................  Reporting............  Mandatory............            1  On Occasion..........  8 hours..............            8
Approval to Conduct Activities....  Reporting............  Mandatory............            1  On Occasion..........  8 hours..............            8
Pledge of Assets Documents........  Reporting............  Mandatory............           10  Quarterly............  15 minutes...........           10
Pledge of Asset Reports...........  Reporting............  Mandatory............           10  Quarterly............  2 hours..............           80
Recordkeeping.....................  Recordkeeping........  Mandatory............           10  On Occasion..........  120 hours............        1,200
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    Total Estimated Annual Burden: 1,314 hours.
    General Description of Collection: Applications to move an insured 
state-licensed branch of a foreign bank; applications to operate as 
such noninsured state-licensed branch of a foreign bank; applications 
from an

[[Page 9937]]

insured state-licensed branch of a foreign bank to conduct activities 
that are not permissible for a federally licensed branch; internal 
recordkeeping by such branches; and reporting and recordkeeping 
requirements relating to such a branch's pledge of assets to the FDIC. 
There is no change in the methodology or substance of this information 
collection.
    5. Title: Prompt Corrective Action.
    OMB Number: 3064-0115.
    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)
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Prompt Corrective Action............  Reporting..............  Voluntary..............           17  On Occasion............            4            68
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    Total Estimated Annual Burden: 68 hours.
    General Description of Collection: The Prompt Corrective Action 
(PCA) provisions of section 38 of the Federal Deposit Insurance Act 
require or permit the FDIC and other federal banking agencies to take 
certain supervisory actions when FDIC-insured institutions fall within 
certain capital categories. They also restrict or prohibit certain 
activities and require the submission of a capital restoration plan 
when an insured institution becomes undercapitalized. Various 
provisions of the statute and the FDIC's implementing regulations 
require the prior approval of the FDIC before an FDIC-supervised 
institution, or certain insured depository institutions, can engage in 
certain activities, or allow the FDIC to make exceptions to 
restrictions that would otherwise be imposed. This collection of 
information consists of the applications that are required to obtain 
the FDIC's prior approval to engage in these activities. There is no 
change in the method or substance of the collection.
    6. Title: Qualified Financial Contracts.
    OMB Number: 3064-0163.
    Form Number: None.
    Affected Public: State non-member banks and savings associations.
    Burden Estimate:

                                                                Summary of Annual Burden
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                                                                                                                                 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)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Reporting Requirements...............  Reporting...............  Mandatory..............          190  Monthly................            2        4,560
Recordkeeping Requirements...........  Recordkeeping...........  Mandatory..............          190  Quarterly..............           10        7,600
Application for Extension of Time....  Reporting...............  Mandatory..............           20  On occasion............          0.5           10
Full Scope Entities..................  Recordkeeping...........  Mandatory..............            2  On occasion............        3,000        6,000
Limited Scope Entities...............  Recordkeeping...........  Mandatory..............          110  On occasion............            5          550
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    Total Estimated Annual Burden: 18,720 hours.
    General Description of Collection: This collection consists of 
recordkeeping requirements for qualified financial contracts (QFCs) 
held by insured depository institutions in troubled condition. There is 
no change in the methodology or substance of this information 
collection.
    7. Title: Restrictions on Qualified Financial Contracts of 
Subsidiaries of certain FDIC-Supervised Institutions; Revisions to the 
Definition of Qualifying Master Netting Agreement and Related 
Definitions.
    OMB Number: 3064-0208.
    Form Number: None.
    Affected Public: Private sector.
    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)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Process for Approval of Enhanced      Reporting..............  Mandatory..............            6  On occasion............           40           240
 Creditor Protections.
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    Total Estimated Annual Burden: 240 hours.
    General Description of Collection: This rule is necessary to give 
effect to such cross-default restrictions in the ISDA Protocol. The 
rule requires that FDIC-supervised institutions that are subsidiaries 
of GSIBs and their counterparties either adhere to the ISDA Protocol or 
take the prescribed steps to amend the contractual provisions of their 
QFCs, consistent with the requirements in the rule, within a specified 
period of time. If such institutions elect to amend their QFCs in lieu 
of adhering to the ISDA Protocol, they must seek the FDIC's approval of 
the proposed amendments, giving rise to the information collection. The 
information collection is necessary to ensure QFC contracts are amended 
in compliance with the rule. The FDIC's rule applies to FDIC-supervised 
institutions that are subsidiaries of

[[Page 9938]]

GSIBs and sets forth requirements parallel to those contained in 
similar rules recently published by the FRB and the OCC with regard to 
entities they supervise to ensure consistent regulatory treatment of 
QFCs among the various entities within a GSIB group. There is no change 
in the methodology or substance of this information collection.

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 February 11, 2021.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2021-03171 Filed 2-16-21; 8:45 am]
BILLING CODE 6714-01-P