Agency Information Collection Activities: Renewal of an Information Collection; Comment Request

AGENCY:

Federal Deposit Insurance Corporation (FDIC).

ACTION:

Notice and request for comment.

SUMMARY:

The FDIC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the proposed renewal of an information collection, as required by the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35). Currently, the FDIC is soliciting comments concerning an information collection titled “Extensions of Credit to Executive Officers.”

DATES:

Comments must be submitted on or before May 28, 2004.

ADDRESSES:

Interested parties are invited to submit written comments to Thomas Nixon, Legal Division, Federal Deposit Insurance Corporation, 550 17th Street, NW., Washington, DC 20429. All comments should refer to “Extensions of Credit to Executive Officers.” 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 a.m. and 5 p.m. Comments may also be submitted to the OMB desk officer for the FDIC: Joseph F. Lackey, Jr., Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT:

Thomas Nixon, (202) 898-8766, or at the address above.

SUPPLEMENTARY INFORMATION:

Proposal to renew the following currently approved collection of information:

Title: Extensions of Credit to Executive Officers.

OMB Number: 3064-0108.

Frequency of Response: On occasion.

Affected Public: State chartered banks that are not members of the Federal Reserve system and executive officers.

Estimated Number of Respondents: 4,000.

Estimated Number of Responses per Respondent: 2

Estimated Time Per Response: 1 hour.

Estimated Total Annual Burden: 8,000 hours.

General Description of Collection: The collection, required by statute, is used to determine compliance with the FDIC's regulation 12 CFR 337.3(a). An executive officer of an insured nonmember bank files a report with his or her board of directors within 10 days of incurring any indebtedness to any other bank in an amount in excess of the amount the insured nonmember bank could lend to the officer. Insured nonmember banks include in their reports of condition (Call Report) information about extensions of credit made by the bank to its executive officers since the bank filed its last report of condition.

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 information collection on respondents, including through the use of automated collection techniques or other forms of information technology.

At the end of the comment period, the comments and recommendations received will be analyzed to determine the extent to which the collection should be modified prior to submission to OMB for review and approval. Comments submitted in response to this notice also will be summarized or included in the FDIC's requests to OMB for renewal of this collection. All comments will become a matter of public record.