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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3064-0170
ICR Reference No:
201003-3064-008
Status:
Historical Active
Previous ICR Reference No:
200909-3064-003
Agency/Subagency:
FDIC
Agency Tracking No:
Title:
Transaction Account Guarantee Program Extension
Type of Information Collection:
No material or nonsubstantive change to a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
06/19/2010
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/13/2010
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
09/30/2012
09/30/2012
09/30/2012
Responses
13,449
0
7,109
Time Burden (Hours)
13,449
0
7,109
Cost Burden (Dollars)
0
0
0
Abstract:
This information collection arose from a final rule providing for a six-month extension, from December 31, 2009, to June 30, 2010, of the Transaction Account Guarantee component of the Temporary Liquidity Program (TLGP)(12 CFR Part 370). The rule allowed a one-time opt-out for participating institutions electing not to participate in the extension. Institutions opting out were required to provide customer disclosures that excess funds in transaction accounts would no longer be guaranteed under the TAG program after December 31, 2009. In addition, for those institutions electing to continue their participation in the program, existing disclosures containing a termination date of December 31, 2009, for the transaction account guarantee needed to be updated to reflect the new termination date of June 30, 2010. The FDIC Board of Directors, on April 13, 2010, approved a second extension of the TAG program for a six-month period, to December 31, 2010, with the option for an additional 12-month extension without further rulemaking if it determines that such an extension is warranted. This second extension allows the same opportunity for opt-out and imposes the same disclosure requirements as the first extension.
Authorizing Statute(s):
US Code:
12 USC 1819(a) Tenth
Name of Law: Federal Deposit Insurance Act
US Code:
12 USC 1821(d)(1)
Name of Law: Federal Deposit Insurance Act
US Code:
12 USC 1823(c)(4)(G)
Name of Law: Federal Deposit Insurance Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3064-AD37
Final or interim final rulemaking
74 FR 45093
09/01/2009
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
2
IC Title
Form No.
Form Name
Disclosure to customers of TAG program guarantee extension
Opt out of TAG program/Disclosure to customers of discontinuation of TAG program guarantee
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
13,449
7,109
0
6,340
0
0
Annual Time Burden (Hours)
13,449
7,109
0
6,340
0
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:
No
Burden Reduction Due to:
Short Statement:
The burden adjustment of +6340 hours is the result of a 6-month extension of the TAG Program, from June 30, 2010, to December 31, 2010, and the opportunity for currently participating institutions to request authorization to opt out of the extension. Institutions electing to opt out must disclose to customers that excess funds in noninterest-bearing transaction accounts will no longer be guaranteed, effective July 1, 2010. Institutions electing to participate in the program extension may have to update existing disclosures to reflect a new termination date of December 31, 2010.
Annual Cost to Federal Government:
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
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]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Leneta Gregorie 202 898-3719
Common Form ICR:
No
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:
04/13/2010
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