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

AGENCY:

Federal Deposit Insurance Corporation (FDIC).

ACTION:

Notice of information collection to be submitted to OMB for review and approval under the Paperwork Reduction Act of 1995.

SUMMARY:

In accordance with requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the FDIC hereby gives notice that it plans to submit to the Office of Management and Budget (OMB) a request for OMB review and approval of the information collection system described below.

DATES:

Comments must be submitted on or before June 22, 2005.

ADDRESSES:

Interested parties are invited to submit written comments. All comments should refer to “Deposit Broker Processing, 3064-0143.” Comments may be submitted by any of the following methods:

• http://www.FDIC.gov/regulations/laws/federal/propose.html.
• E-mail: comments @FDIC.gov. Include “Deposit Broker Processing, 3064-0143” in the subject line of the message.
• Mail: Leneta G. Gregorie (202-898-3719), Counsel, Room MB-3082, 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 a.m. and 5 p.m.

A copy of the comments should also be submitted to the OMB desk officer for the FDIC: Mark Menchik, Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 3208, Washington, DC 20503, or by electronic mail to mmenchik@omb.eop.gov.

FOR FURTHER INFORMATION CONTACT:

Leneta G. Gregorie at the address identified above.

SUPPLEMENTARY INFORMATION:

Proposal to revise the following currently approved collection of information:

Title: Deposit Broker Processing.

OMB Number: 3064-0143.

Frequency of Response: On occasion.

Affected Public: Deposit brokers and depositors of failed insured institutions.

Estimated Number of Responses: See chart below.

Estimated Time per Response: See chart below.

Estimated Total Annual Burden: 2875 hours.

General Description of Collection: When an insured institution is closed by its primary regulatory authority, the FDIC has the responsibility to pay the insured claims of the failed bank depositors pursuant to the Federal Deposit Insurance Act and the FDIC's Deposit Insurance Coverage regulation, 12 CFR part 330. Generally, deposits are insured to a maximum of $100,000. 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 $100,000 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 $100,000 coverage per category. For example, as a general rule, single-ownership accounts are separately insured from trust accounts held for the benefit of others.

In order to assist the FDIC in paying deposit insurance to persons who had deposited funds in a failed depository institution through a deposit broker, the FDIC requests deposit brokers who opened a deposit account in a failed institution to provide the FDIC with information about the parties for whom the broker acted as agent and the amounts of their deposits. An essential element of this collection is an electronic file from every broker that provides information about its customers and their accounts, including: Each customer's name, address, tax identification number, and ownership interest in the account; principal balance of the account; and interest earned on the account. The FDIC also has developed forms to assist in determining account ownership and the availability of “pass-through” deposit insurance coverage where the account balance exceeds $100,000. The FDIC form numbers are 7200/03, /04, /05, /06, /07, /08, /09, /10, /11, /12, /13, /14, and /15.

The FDIC uses these same forms to determine whether individual account holders at failed institutions may receive pass-through deposit insurance coverage. The FDIC's use of these forms for individuals has been approved by OMB under PRA control number 3064-0150 (expires September 30, 2007).

In order to facilitate public access to the common forms and to improve administrative efficiency, the FDIC proposes to consolidate the two OMB approved collections into a single collection titled, “Forms Relating to Processing Deposit Insurance Claims,” under the 3064-0143 control number.

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. All comments will become a matter of public record.