FDIC Federal Register Citations

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FEDERAL DEPOSIT INSURANCE CORPORATION

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

AGENCY: Federal Deposit Insurance Corporation (FDIC).

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

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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 following information collections:

Application for Consent to Exercise Trust Powers (3064-0025); Asset

Securitization (3064-0137); and Insurance Sales Consumer Protections

(3064-0140). These collections of information are described below.

DATES: Comments must be submitted on or before June 29, 2007.

ADDRESSES: Interested parties are invited to submit written comments by

any of the following methods. All comments should refer to the name of

the collection:

http://www.FDIC.gov/regulations/laws/federal/notices.html.. E-mail: comments@fdic.gov. Include the name of the

collection in the subject line of the message.

Mail: Steve Hanft (202-898-3907), Clearance Officer,

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 550 17th Street Building (located on F

Street), on business days between 7 a.m. and 5 p.m.

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: Steve Hanft (address above).

SUPPLEMENTARY INFORMATION:

1. Title: Application for Consent to Exercise Trust Powers.

OMB Number: 3064-0025.

Form Number: FDIC 6200/09.

Frequency of Response: On occasion.

Affected Public: Insured state nonmember banks wishing to exercise

trust powers.

Estimated Number of Respondents: 18.

Estimated Time per Response for Eligible Depository Institutions: 8

hours.

Estimated Time per Response for Institutions that do not Qualify as

Eligible Institutions: 24 hours.

Total Annual Burden: 208 hours.

General Description of Collection: FDIC regulations (12 CFR 333.2)

prohibit any insured state nonmember bank from changing the general

character of its business without the prior written consent of the

FDIC. The exercise of trust powers by a bank is usually considered to

be a change in the general character of a bank's business if the bank

did not exercise those powers previously. Therefore, unless a bank is

currently exercising trust powers, it must file a formal application to

obtain the FDIC's written consent to exercise trust powers. State

banking authorities, not the FDIC, grant trust powers to their banks.

The FDIC merely consents to the exercise of such powers. Applicants use

form FDIC 6200/09 to obtain FDIC's consent.

2. Title: Interagency Guidance on Asset Securitization Activities.

OMB Number: 3064-0137.

Form Number: None.

Frequency of Response: On occasion.

Affected Public: Insured state nonmember banks involved in asset

securitization activities.

Estimated Number of Responses: 20.

Estimated Time per Response: 7.45 hours.

Total Annual Burden: 149 hours.

General Description of Collection: This collection applies to

institutions engaged in asset securitization and consists in

recordkeeping requirements associated with developing or upgrading a

written asset securitization policy, documenting fair value of retained

interests, and a management information system to monitor

securitization activities. Bank managements use 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. The FDIC uses the information to evaluate the quality of an

institution's risk management practices, and to assist institutions

without proper internal supervision of their asset securitization

activities to implement corrective action to conduct these activities

in a safe and sound manner.

3. Title: Consumer Protections for Depository Institution Sales of

Insurance.

OMB Number: 3064-0140.

Form Number: None.

Frequency of Response: On occasion.

Affected Public: Insured state nonmember banks that sell insurance

products; persons who sell insurance products in or on behalf of

insured state nonmember banks.

Estimated Number of Respondents: 3,740.

Estimated Time per Response: 5 hours.

Total Annual Burden: 18,700 hours.

General Description of Collection: Respondents must prepare and

provide certain disclosures to consumers (e.g., that insurance products

and annuities are not FDIC-insured) and obtain consumer

acknowledgments, at two different times: (1) before the completion of

the initial sale of an insurance product or annuity to a consumer; and

(2) at the time of application for the extension of credit (if

insurance products or annuities are sold, solicited, advertised, or

offered in connection with an extension of credit).

Request for Comment

Comments are invited on: (a) Whether these collections of

information are

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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 collections, including the

validity of the methodology and assumptions used; (c) ways to enhance

the quality, utility, and clarity of the information to be collected;

(d) ways to minimize the burden of the information collections on

respondents, including through the use of automated collection

techniques or other forms of information technology; and (e) estimates

of capital or start up costs, and costs of operation, maintenance and

purchase of services to provide the information.

At the end of the comment period, the comments and recommendations

received will be analyzed to determine the extent to which the

collections 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

these collections. All comments will become a matter of public record.

Dated at Washington, DC, this 23rd day of May, 2007.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. E7-10292 Filed 5-29-07; 8:45 am]

BILLING CODE 6714-01-P