FDIC Info Collection: Interagency Notice of Change in Director or Executive Officer

WASHINGTON, April 4 -- The Federal Deposit Insurance Corporation has proposed an information collection in a Federal Register notice issued on March 11, 2024, entitled "Interagency Notice of Change in Director or Executive Officer." The deadline for public comments is May 10, 2024.

The notice was issued by James P. Sheesley, Assistant Executive Secretary.

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SUMMARY:

The FDIC, as part of its obligations under the Paperwork Reduction Act of 1995 (PRA), invites the general public and other Federal agencies to take this opportunity to comment on the renewal of the existing information collections described below (OMB Control No. 3064-0097 and -0115).

DATES:

Comments must be submitted on or before May 10, 2024.

ADDRESSES:

Interested parties are invited to submit written comments to the FDIC by any of the following methods:

* Agency Website: https://www.fdic.gov/resources/regulations/federal-register-publications/.

* Email: [email protected]. Include the name and number of the collection in the subject line of the message.

* Mail: Manny Cabeza (202-898-3767), Regulatory Counsel, MB-3128, 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 NW building (located on F Street NW), 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.

FOR FURTHER INFORMATION CONTACT:

Manny Cabeza, Regulatory Counsel, 202-898-3767, [email protected], MB-3128, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429.

SUPPLEMENTARY INFORMATION:

Proposal To Renew the Following Currently Approved Collection of Information

1. Title: Interagency Notice of Change in Director or Executive Officer.

OMB Number: 3064-0097.

Forms: 6822/02.

Affected Public: Insured state nonmember banks and state savings associations.

Burden Estimate:

Summary of Estimated Annual Burden

[OMB No. 3064-0097]

Information collection (IC) (obligation to respond) ... Type of burden (frequency of response) ... Number of respondents ... Number of responses per respondent ... Time per response (HH:MM) ... Annual burden (hours)

1. Interagency Notice of Change in Director or Executive Officer, 12 USC 1831i (Mandatory) ... Reporting (On Occasion) ... 23 ... 2.7 ... 2:00 ... 124

Total Annual Burden (Hours) ... 124

Source: FDIC.

General Description of Collection: Section 32 of the FDIA (12 U.S.C. 1831i) requires an insured depository institution or depository institution holding company under certain circumstances to notify the appropriate federal banking agency of the proposed addition of any individual to the board of directors or the employment of any individual as a senior executive officer of such institution at least 30 days before such addition or employment becomes effective. Section 32 of the FDIA also provides that the FDIC may disapprove an individual's service as a director or senior executive officer of certain state nonmember banks or state savings associations if, upon assessing the individual's competence, experience, character, and integrity, it is determined that the individual's service would not be in the best interest of the depositors of the institution or the public. The Interagency Notice of Change in Director or Senior Executive Officer, with the information contained in the Interagency Biographical and Financial Report (described above) as an attachment, is used by the FDIC to collect information relevant to assess the individual's competence, experience, character, and integrity. There is no change in the methodology or substance of this information collection. The reduction in estimated annual burden (from 214 hours in 2021 to 124 hours currently) is due to the decrease in the estimated number of annual responses.

2. Title: Prompt Corrective Action.

OMB Number: 3064-0115.

Affected Public: Insured state nonmember banks and state savings associations.

Burden Estimate:

Summary of Estimated Annual Burden

[OMB No. 3064-0115]

Information collection (obligation to respond) ... Type of burden (frequency of response) ... Number of respondents ... Number of responses per respondent ... Time per response (HH:MM) ... Annual burden (hours)

Prompt Corrective Action, 12 USC 1831o (Voluntary) ... Reporting (Annual) ... 4 ... 4 ... 4:00 ... 64

Total Annual Burden (Hours) ... ... ... ... ... 64

Source: FDIC.

General Description of Collection: The Prompt Corrective Action (PCA) provisions of section 38 of the Federal Deposit Insurance Act requires or permits the FDIC and other federal banking agencies to take certain supervisory actions when FDIC-insured institutions fall within certain capital categories. They also restrict or prohibit certain activities and require the submission of a capital restoration plan when an insured institution becomes undercapitalized. Various provisions of the statute and the FDIC's implementing regulations require the prior approval of the FDIC before an FDIC-supervised institution, or certain insured depository institutions, can engage in certain activities, or allow the FDIC to make exceptions to restrictions that would otherwise be imposed. This collection of information consists of the applications that are required to obtain the FDIC's prior approval to engage in these activities. There is no change in the methodology or substance of this information collection. The estimated burden remains unchanged from 2021.

Request for Comment

Comments are invited on: (a) Whether the collections of information are 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 collections, 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 collections of information 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.

Federal Deposit Insurance Corporation.

Dated at Washington, DC, on March 6, 2024.

James P. Sheesley,

Assistant Executive Secretary.

[FR Doc. 2024-05115 Filed 3-8-24; 8:45 am]

BILLING CODE 6714-01-P

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The document was published in the Federal Register: https://www.federalregister.gov/documents/2024/03/11/2024-05115/agency-information-collection-activities-proposed-collection-renewal-comment-request

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