[Federal Register Volume 89, Number 104 (Wednesday, May 29, 2024)]
[Notices]
[Pages 46398-46400]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-11718]


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FEDERAL DEPOSIT INSURANCE CORPORATION


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, invites the general public and other Federal 
agencies to take this opportunity to comment on the request to renew 
the existing information collections described below (OMB Control No. 
3064-0097, -0115, and -0208). The notice of the proposed renewal for 
these

[[Page 46399]]

information collections were previously published in the Federal 
Register on March 5, 2024 and March 11, 2024, allowing for a 60-day 
comment period.

DATES: Comments must be submitted on or before June 28, 2024.

ADDRESSES: Interested parties are invited to submit written comments to 
the FDIC by any of the following methods:
     Agency Website: https://www.fdic.gov/resources/regulations/federal-register-publications/.
     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 NW building (located on F Street 
NW), 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: Proposal to renew the following currently 
approved collection of information:
    1. Title: Interagency Notice of Change in Director or Executive 
Officer.
    OMB Number: 3064-0097.
    Forms: 6822/02.
    Affected Public: Insured state nonmember banks and state savings 
associations.
    Burden Estimate:

                                       Summary of Estimated Annual Burden
                                               [OMB No. 3064-0097]
----------------------------------------------------------------------------------------------------------------
                                 Type of burden                      Number of       Time per
  Information collection (IC)     (frequency of      Number of     responses per     response      Annual burden
    (obligation to respond)         response)       respondents     respondent        (HH:MM)         (hours)
----------------------------------------------------------------------------------------------------------------
1. Interagency Notice of        Reporting (On                 23             2.7           02:00             124
 Change in Director or           Occasion).
 Executive Officer, 12 USC
 1831i (Mandatory).
                                                 ---------------------------------------------------------------
    Total Annual Burden         ................  ..............  ..............  ..............             124
     (Hours).
----------------------------------------------------------------------------------------------------------------
Source: FDIC.

    General Description of Collection: Section 32 of the FDIA (12 
U.S.C. 1831i) requires an insured depository institution or depository 
institution holding company under certain circumstances to notify the 
appropriate federal banking agency of the proposed addition of any 
individual to the board of directors or the employment of any 
individual as a senior executive officer of such institution at least 
30 days before such addition or employment becomes effective. Section 
32 of the FDIA also provides that the FDIC may disapprove an 
individual's service as a director or senior executive officer of 
certain state nonmember banks or state savings associations if, upon 
assessing the individual's competence, experience, character, and 
integrity, it is determined that the individual's service would not be 
in the best interest of the depositors of the institution or the 
public. The Interagency Notice of Change in Director or Senior 
Executive Officer, with the information contained in the Interagency 
Biographical and Financial Report (described above) as an attachment, 
is used by the FDIC to collect information relevant to assess the 
individual's competence, experience, character, and integrity. There is 
no change in the methodology or substance of this information 
collection. The reduction in estimated annual burden (from 214 hours in 
2021 to 124 hours currently) is due to the decrease in the estimated 
number of annual responses.
    2. Title: Prompt Corrective Action
    OMB Number: 3064-0115
    Affected Public: Insured state nonmember banks and state savings 
associations.
    Burden Estimate:

                                       Summary of Estimated Annual Burden
                                               [OMB No. 3064-0115]
----------------------------------------------------------------------------------------------------------------
                                 Type of burden                      Number of       Time per
    Information collection        (frequency of      Number of     responses per     response      Annual burden
    (obligation to respond)         response)       respondents     respondent        (HH:MM)         (hours)
----------------------------------------------------------------------------------------------------------------
Prompt Corrective Action, 12    Reporting                      4               4           04:00              64
 USC 1831o (Voluntary).          (Annual).
                                                 ---------------------------------------------------------------
    Total Annual Burden         ................  ..............  ..............  ..............              64
     (Hours).
----------------------------------------------------------------------------------------------------------------
Source: FDIC.

    General Description of Collection: The Prompt Corrective Action 
(PCA) provisions of section 38 of the Federal Deposit Insurance Act 
requires or permits 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

[[Page 46400]]

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 methodology or substance of this 
information collection. The estimated burden remains unchanged from 
2021.
    3. 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
    Forms: None
    Affected Public: Private Sector
    Burden Estimate:

                                       Summary of Estimated Annual Burden
                                               [OMB No. 3064-0208]
----------------------------------------------------------------------------------------------------------------
                                 Type of burden                      Number of       Time per
    Information collection        (frequency of      Number of     responses per     response      Annual burden
    (obligation to respond)         response)       respondents     respondent        (HH:MM)         (hours)
----------------------------------------------------------------------------------------------------------------
Restrictions on Qualified       Reporting (On                  1               1           10:00              10
 Financial Contracts of          Occasion).
 Subsidiaries of Certain FDIC-
 Supervised Institutions and
 Applicable Subsidiaries;
 Revisions to the Definition
 of Qualifying Master Netting
 Agreement and Related
 Definitions, 12 CFR 382
 (Voluntary).
                                                 ---------------------------------------------------------------
    Total Annual Burden         ................  ..............  ..............  ..............              10
     (Hours).
----------------------------------------------------------------------------------------------------------------

    General Description of Collection: Part 382 of the FDIC regulations 
(part 382) is necessary to give effect to such cross-default 
restrictions in the International Swaps and Derivatives Association, 
Inc. (ISDA) 2015 Universal Resolution Stay Protocol (ISDA Protocol). 
Part 382 requires that FDIC-supervised institutions that are 
subsidiaries of global systemically important banks (GSIBs) and their 
counterparties either adhere to the ISDA Protocol or take the 
prescribed steps to amend the contractual provisions of their Qualified 
Financial Contracts (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 
this information collection. The information collection is necessary to 
ensure QFCs are amended in compliance with part 382. The rule applies 
to FDIC-supervised institutions that are subsidiaries of GSIBs and sets 
forth requirements parallel to those contained in similar rules 
recently published by the Federal Reserve Board and the Office of the 
Comptroller of the Currency 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. The total estimated annual burden for this 
information collection is 10 hours, which is a decrease of 10 hours 
from the 2021 information collection submission (20 hours). This 
decrease is a result of a reduction in the estimated annual number of 
respondents because of the automation and standardization of business 
processes.

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 May 23, 2024.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2024-11718 Filed 5-28-24; 8:45 am]
BILLING CODE 6714-01-P