This PDF is the current document as it appeared on Public Inspection on 06/05/2012 at 08:45 am.
Notice and request for comment.
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 the renewal of an existing information collection, as required by the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35). Currently, the FDIC is soliciting comment on renewal of the information collection described below.
Comments must be submitted on or before August 6, 2012.
Interested parties are invited to submit written comments to the FDIC by any of the following methods:
- Email: email@example.com Include the name of the collection in the subject line of the message.
- Mail: Gary A. Kuiper (202.898.3877), Counsel, Room NYA-5046, 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.
All comments should refer to the relevant OMB control number. 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:
Gary A. Kuiper, at the FDIC address above.
Proposal To Renew the Following Currently-Approved Collection of Information
Title: External Audits.
OMB Number: 3064-0113.
Frequency of Response: Annually.
Affected Public: All insured financial institutions with total assets of $500 million or more, and other insured financial institutions with total assets of less than $500 million that voluntarily choose to comply.
General Description of Collection: FDIC's regulations at 12 CFR 363 establish annual independent audit and reporting requirements for financial institutions with total assets of $500 million or more. The requirements include the submission of an annual report on their financial statements, recordkeeping about management deliberations regarding external auditing and reports about changes in auditors. The information collected is used to facilitate early identification of problems in financial management at financial institutions.
Explanation of burden estimates: The estimates of annual burden are based on the estimated burden hours for FDIC-supervised institutions within each asset classification ($1 billion or more, $500 million or more but less than $1 billion, and less than $500 million) to comply with the requirements of Part 363 regarding the annual report, audit committee, other reports, and the notice of change in accountants. The number of respondents reflects the number of FDIC-supervised institutions in each asset classification. The number of annual responses reflects the estimated number of submissions for each asset classification. The annual burden hours reflects the estimated number of hours for FDIC-supervised institutions within each asset classification to comply with the requirements of Part 363.
a. FDIC-Supervised Institutions with Assets of $1 Billion or More.
Number of Respondents: 311.
Annual Responses: 1,011.
Annual Burden Hours: 69,751.
b. FDIC-Supervised Institutions with Assets of $500 Million or More but Less than $1 Billion.
Number of Respondents: 416.
Annual Responses: 1,352.
Annual Burden Hours: 11,388.
c. FDIC-Supervised Institutions with Assets Less than $500 Million.
Number of Respondents: 3,850.
Annual Responses: 11,550.
Annual Burden Hours: 2,887.
Total Annual Burden Hours: 84,026.
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.
Dated at Washington, DC, this 1st day of June 2012.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
[FR Doc. 2012-13711 Filed 6-5-12; 8:45 am]
BILLING CODE 6714-01-P