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Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

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FDIC Federal Register Citations

[Federal Register: December 28, 1999 (Volume 64, Number 248)]
[Page 72667-72668]
From the Federal Register Online via GPO Access []



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.

Type of Review: New collection.
Title: Asset Purchaser Eligibility.
Estimate of Annual Burden:
Number of respondents: 1,800.
Frequency of response: Occasional.
Number of responses: 2,500.
Time per response: 30 minutes.
Total annual burden: 1,250 hours.

OMB: Alexander T. Hunt, (202) 395-7860, Office of Management and
Budget, Office of Information and Regulatory Affairs, Washington, DC
FDIC: Steven F. Hanft (202) 898-3907, Office of the Executive
Secretary, Room F-4062, Federal Deposit Insurance Corporation, 550 17th
Street NW, Washington, DC 20429.

COMMENTS: Comments on this collection of information are welcome and
should be submitted on or before January 27, 2000 to both the OMB
reviewer and the FDIC contact listed above.

ADDRESSES: Information about this submission, including copies of the
proposed collection of information, may be obtained by calling or
writing the FDIC contact listed above.

SUPPLEMENTARY INFORMATION: The FDIC acquires assets as the result of
being appointed conservator or receiver of failing financial
institutions and generally sells these assets through competitive
sales. The FDIC is statutorily required to promulgate a regulation
prohibiting the sale of assets held by insured depository institutions
that have been placed under the conservatorship or receivership of the
FDIC to certain individuals or entities who profited or engaged in
wrongdoing at the expense of those failed institutions, or seriously
mismanaged those failed institutions. The statute specifies classes of
persons prohibited

[[Page 72668]]

from purchasing assets of failed institutions from the FDIC. (12 U.S.C.
1821(p)). The statutory requirement will be implemented by a recently
proposed regulation, ``Restrictions on the Purchase of Assets from the
FDIC,'' (published at 64 FR 51084, Sept. 21, 1999) and a Purchaser
Eligibility Certification that the FDIC will use to determine a
person's eligibility to purchase assets.

Dated: December 22, 1999.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 99-33618 Filed 12-27-99; 8:45 am]

Last Updated 12/28/1999

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