Federal Deposit Insurance Corporation (FDIC).
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. Currently, the FDIC is soliciting comment on renewal of the information collection described below.
Comments must be submitted on or before April 7, 2015.
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, Counsel, (202.898.3877), or John Popeo, Counsel, (202.898.6923), MB-3007, 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 7:00 a.m. and 5:00 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.
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FOR FURTHER INFORMATION CONTACT:
Gary A. Kuiper or John Popeo, at the FDIC address above.
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Proposal To Renew the Following Currently-Approved Collection of Information
1. Title: Resolution Plans Required for Insured Depository Institutions With $50 Billion or More in Total Assets.
OMB Number: 3064-0185.
Affected Public: Large and highly complex depository institutions.
A. Estimated Number of Respondents for Contingent Resolution Plan: 37.
Frequency of Response: Once.
Estimated Time per Response: 7,200 hours per respondent.
Estimated Total Burden: 266,400 hours.
B. Estimated Number of Respondents for Annual Update of Resolution Plan: 37.
Frequency of Response: Annual.
Estimated Time per Response: 452 hours per respondent.
Estimated Total Burden: 16,724 hours.
C. Estimated Number of Respondents for Notice of Material Change Affecting Resolution Plan: 37.
Frequency of Response: Zero to two times annually.
Estimated Time per Response: 226 hours per respondent.
Estimated Total Burden: 8,362 hours.
General Description of Collection: This Rule requires an insured depository institution with $50 billion or more in total assets to submit periodically to the FDIC a contingent plan for the resolution of such institution in the event of its failure (”Resolution Plan”). This Rule created the requirements for submission and content of a Resolution Plan, as well as procedures for review by the FDIC. The Rule requires a covered insured depository institution (CIDI) to submit a Resolution Plan that should enable the FDIC, as receiver, to resolve the institution under Sections 11 and 13 of the Federal Deposit Insurance Act, 12 U.S.C. 1821 and 1823, in a manner that ensures that depositors receive access to their insured deposits within one business day of the institution's failure (two business days if the failure occurs on a day other than Friday), maximizes the net present value return from the sale or disposition of its assets and minimizes the amount of any loss to be realized by the institution's creditors. The Rule is intended to address the continuing exposure of the banking industry to the risks of insolvency of large and complex insured depository institutions, an exposure that can be mitigated with proper resolution planning.
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.
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Dated at Washington, DC, this 3rd day of February 2015.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
[FR Doc. 2015-02424 Filed 2-5-15; 8:45 am]
BILLING CODE 6714-01-P