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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.
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
firstname.lastname@example.org. 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).
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
Estimated Number of Respondents: 18.
Estimated Time per Response for Eligible Depository Institutions: 8
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.
Affected Public: Insured state nonmember banks involved in asset
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
OMB Number: 3064-0140.
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
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,
[FR Doc. E7-10292 Filed 5-29-07; 8:45 am]
BILLING CODE 6714-01-P