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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:
3064-0168
ICR Reference No:
201201-3064-001
Status:
Historical Active
Previous ICR Reference No:
201012-3064-002
Agency/Subagency:
FDIC
Agency Tracking No:
Title:
Disclosure of Deposit Status
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:
08/01/2012
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/24/2012
Terms of Clearance:
This collection is approved until April 1, 2013. The requirements in this ICR are due to expire on 12/31/2012; however, after OIRA consultation with the FDIC, we have granted authority of this ICR for the first quarter of calendar year 2013, in case the reporting requirements for IDIs cannot successfully conclude by end of 2012. This approval recognizes that a deposit status may change close to the end of December, 2012 and this time period allows the IDIs covered under this ICR to complete their disclosure requirements. If necessary, FDIC and OIRA can revisit this ICR in April of 2013.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2013
36 Months From Approved
07/31/2012
Responses
9,196
0
16,049
Time Burden (Hours)
33,106
0
197,342
Cost Burden (Dollars)
0
0
0
Abstract:
FDIC regulations require institutions, with regard to sweep account contracts and account statements reflecting sweep account balances, to prominently disclose whether swept funds are deposits within the meaning of 12 U.S.C. 1813(l). If the funds are not deposits, the institution must further disclose the status such funds would have if the institution failed--for example, general creditor status or secured creditor status. In addition, the FDIC is currently proposing, as the result of new unlimited temporary depository insurance coverage for qualifying noninterest-bearing transaction accounts pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, to implement new requirements that institutions disclose to depositors the deposit insurance status of funds held in such accounts as well as the change in coverage for funds held in NOW accounts and IOLTAs.
Authorizing Statute(s):
US Code:
12 USC 1823(c)(4), (e)(2)
Name of Law: Federal Deposit Insurance Act
US Code:
12 USC 1821(d)(1), (10)(C), (11)
Name of Law: Federal Deposit Insurance Act
US Code:
12 USC 1821(e)(1), (8)(D)(i)
Name of Law: Federal Deposit Insurance Act
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 343 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3064-AD26
Final or interim final rulemaking
75 FR 60341
09/30/2010
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
77 FR 5802
02/06/2012
30-day Notice:
Federal Register Citation:
Citation Date:
77 FR 24204
04/23/2012
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 of Action Affecting Deposit Insurance Coverage
NOW/IOLTA Disclosures
SWEEP Accounts: Disclosure of Deposit Status
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
9,196
16,049
0
-6,249
-604
0
Annual Time Burden (Hours)
33,106
197,342
0
-49,992
-114,244
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
The present figures for sweep account disclosures (section 360.8) are more closely aligned than previously with the FDIC's experience. The NOW/IOLTA disclosures (section 330.16(c)(2) were a one-time only requirement, and have been completed. For the disclosure of action affecting deposit insurance coverage (section 330.16(c)(3), the number of hours estimated to be required for this response has been lowered in the belief that the learning curve associated with the initial disclosure no longer exists, and institutions can provide the disclosure more efficiently.
Annual Cost to Federal Government:
$0
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?
Yes
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]?
Yes
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:
Gary Kuiper 202 898-3877 gkuiper@fdic.gov
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:
04/24/2012
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