SUMMARY: The FDIC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to take this opportunity to
comment on proposed and/or continuing information collections, 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 ``Application for Consent to Reduce or Retire
DATES: Comments must be submitted on or before September 29, 1997.
ADDRESSES: Interested parties are invited to submit written comments to
Steven F. Hanft, FDIC Clearance Officer, (202) 898-3907, Office of the
Executive Secretary, Federal Deposit Insurance Corporation, 550 17th
Street N.W., Washington, D.C. 20429. 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 7:00 a.m. and 5:00 p.m. (Fax number
(202) 808-3838; Internet address: email@example.com]). All comments
should refer to ``Application for Consent to Reduce or Retire
A copy of the comments may also be submitted to the OMB desk
officer for the FDIC: Alexander Hunt, Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 3208, Washington, D.C. 20503.
FOR FURTHER INFORMATION CONTACT:
Steven F. Hanft, at the address identified above.
Proposal to renew the following currently approved collection of
Title: Application for Consent to Reduce or Retire Capital.
OMB Number: 3064-0079.
Frequency of Response: Occasional.
Estimated Total Annual Responses: 125.
Estimated Time per Response: 1 hour.
Estimated Total Annual Burden: 125 hours.
General Description Of the Collection: Section 18(i) of the Federal
Deposit Insurance Act (12 U.S.C. 1828(i)) states that no insured state
nonmember bank shall, without the prior consent of the FDIC, reduce the
amount or retire any part of its common or preferred capital stock, or
retire any part of its capital notes or debentures. In granting or
withholding consent under section 18(i) of the FDI Act, the FDIC is
required to consider the following: (a) the financial history and
condition of the bank, (b) the adequacy of its capital structure, (c)
its future earnings prospects (d) the general character and fitness of
its management, (e) the convenience and needs of the community to be
served, and (f) whether or not its corporate powers are consistent with
the purpose of the Act. To carry out this statutory responsibility, the
FDIC requires the banks it supervises to submit letter applications
that convey information about planned capital reductions. The FDIC
evaluates the information contained in an application and makes a
decision to grant or withhold consent based on the statutory
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.
Dated at Washington, D.C., this 23rd day of July 1997.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
[FR Doc. 97-19881 Filed 7-28-97; 8:45 am]
BILLING CODE 6714-01-M