Recordkeeping for Timely Deposit Insurance Determination

Forms and Documents

Document Name	Status
SPST-0202 Recordkeeping for Timely Deposit Insurance Determination 2019 Revisions FINAL RULE.docx Supporting Statement A	2019-10-30

IC Document Collections

IC ID	Document Title	Status
235542	Ongoing - Highest Complexity	Modified
235541	Ongoing - Middle Complexity	Modified
220362	Ongoing - Lowest Complexity	Modified
220361	Implementation - Request for Exception	Modified
220360	Implementation - Request for Release of Requirements	Modified
220359	Implementation - Highest Complexity	Modified
220358	Implementation - Middle Complexity	Modified
220356	Implementation - Lowest Complexity	Modified

ICR Details

OMB Control No: 3064-0202	ICR Reference No: 201907-3064-008
Status: Active	Previous ICR Reference No: 201904-3064-001
Agency/Subagency: FDIC	Agency Tracking No:
Title: Recordkeeping for Timely Deposit Insurance Determination
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/10/2019
	Date Received in OIRA: 10/30/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2022	36 Months From Approved	11/30/2020
Responses	74	0	76
Time Burden (Hours)	551,145	0	5,226,520
Cost Burden (Dollars)	0	0	0

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Abstract: When a bank fails, the FDIC must provide depositors insured funds ‘‘as soon as possible’’ after failure while also resolving the failed bank in the least costly manner. The 12 CFR Part 370 facilitates prompt payment of FDIC-insured deposits when large insured depository institutions fail. The rule requires insured depository institutions that have two million or more deposit accounts ("covered institutions"), to maintain complete and accurate data on each depositor’s ownership interest by right and capacity for all of the covered institution’s deposit accounts. The covered institutions are required to develop the capability to calculate the insured and uninsured amounts for each deposit owner, by ownership right and capacity, for all deposit accounts. This data would be used by the FDIC to make timely deposit insurance determinations in the event of a covered insured depository institution’s failure.

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Authorizing Statute(s): US Code: 12 USC 1819(a)(Tenth) Name of Law: Federal Deposit Insurance Act
   US Code: 12 USC 1829(g) Name of Law: Federal Deposit Insurance Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3064-AF03	Final or interim final rulemaking	84 FR 37020	07/30/2019

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 8

IC Title	Form No.	Form Name
Implementation - Lowest Complexity
Implementation - Middle Complexity
Implementation - Highest Complexity
Ongoing - Lowest Complexity
Ongoing - Middle Complexity
Ongoing - Highest Complexity
Implementation - Request for Release of Requirements
Implementation - Request for Exception

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	74	76	0	0	-2	0
Annual Time Burden (Hours)	551,145	5,226,520	0	-139,287	-4,536,088	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: The change in burden is 4,675,375 hours from the 5,226,520 hours originally reported under the 2016 final rule to 551,145 hours for the annualized total burden under the 2019 final rule. A reduction of 139,287 hours is due to changes made by the final rule and the balance is due to estimate adjustments and error corrections made by the agency. The original (2016 rule) estimated total burden for this information collection was 5,226,520 hours. That burden should have been annualized over the three-year implementation period contemplated under the 2016 rule. The correct annual burden should have been entered in ROCIS as 1,755,499 hours. In other words, burden was overstated by 3,471,021 hours. The current burden estimates incorporate a correction of this error.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 10/30/2019

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