View Information Collection Request (ICR) Package
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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:
3064-0099
ICR Reference No:
202102-3064-001
Status:
Historical Active
Previous ICR Reference No:
202011-3064-003
Agency/Subagency:
FDIC
Agency Tracking No:
Title:
Application for Waiver of Prohibition on Acceptance of Brokered Deposits
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:
03/24/2021
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/05/2021
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2024
36 Months From Approved
02/29/2024
Responses
2,211
0
15
Time Burden (Hours)
6,282
0
90
Cost Burden (Dollars)
0
0
0
Abstract:
Section 29 of the Federal Deposit Insurance Act prohibits undercapitalized insured depository institutions from accepting, renewing, or rolling over any brokered deposits. Adequately capitalized institutions may do so with a waiver from the FDIC, while well-capitalized institutions may accept, renew, or roll over brokered deposits without restriction.
Authorizing Statute(s):
US Code:
12 USC 1831f
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-AE94
Final or interim final rulemaking
86 FR 6742
01/22/2021
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
85 FR 7453
02/10/2020
30-day Notice:
Federal Register Citation:
Citation Date:
86 FR 6742
01/22/2021
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
7
IC Title
Form No.
Form Name
Application for Primary Purpose Exception Not Based on Business Arrangements that Meets a Designated Exception - Implementation
Application for Waiver of Prohibition on Acceptance of Brokered Deposits
Notice Submission for Primary Purpose Exception Based on Enabling Transactions - Implementation
Notice Submission for Primary Purpose Exception Based on the PLacement of Less Than 25 Percent of Customer Assets Under Administration - Ongoing
Notice for Primary Purpose Exception Based on Placement of Less Than 25 Percent of Customer Assets Under Administration - Implementation
Notice of Submission for Primary Purpose Exception Based on Enabling Transactions - Ongoing
Reporting for Primary Purpose Exception Not Based on the Business Arrangements that meets a Designated Exception
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
2,211
15
0
2,196
0
0
Annual Time Burden (Hours)
6,282
90
0
6,192
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:
Yes
Burden Reduction Due to:
Changing Regulations
Short Statement:
On December 15, 2020, the FDIC issued the brokered deposits final rule. This rule accomplished several objectives, including establishing a new framework for analyzing certain provisions of the “deposit broker” definition, including “facilitating” and “primary purpose." Relevant for brokered deposits, Section 29 of the FDI Act provides that an agent or nominee meets the primary purpose exception to the “deposit broker” definition when the primary purpose of the agent or nominee is not the placement of funds with depository institutions. In the brokered deposits final rule, the FDIC adopted revised criteria for the primary purpose exception based on the relationship between the agent or nominee and its customers.
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?
No
Agency Contact:
Manuel Cabeza 202 898-3781 mcabeza@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:
02/05/2021
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