Federal Register Extracts

Agency: "Federal Deposit Insurance Corporation (FDIC)."

SUMMARY: The FDIC, as part of its obligations under the Paperwork Reduction Act of 1995, invites the general public and other Federal agencies to take this opportunity to comment on the request to renew the existing information collections described below (OMB Control No. 3064-0140 and -0175). The notices of the proposed renewal for these information collections were previously published in the Federal Register on March 2, 2023, allowing for a 60-day comment period.

DATES:

Comments must be submitted on or before June 5, 2023.

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.

Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/public/do/PRAMain. Find this particular information collection by selecting "Currently under 30-day Review--Open for Public Comments" or by using the search function.

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: Insurance Sales Consumer Protections.

OMB Number: 3064-0140.

Forms: None.

Affected Public: Insured State nonmember banks and savings associations that sell insurance products; persons who sell insurance in or on behalf of insured State nonmember banks and savings associations.

Burden Estimate:

Summary of Estimated Annual Burden                                                                                                                                                                      
Information collection           Type of burden                   Number of                        Number of                        Time per                         Annual                           
(obligation to respond)          (frequency of response)          respondents                      responses per respondent         response                         burden                           
                                                                                                                                    (HH:MM)                          (hours)                          
1. Insurance Sales Consumer      Third Party Disclosure (On       1,101                            1                                05:00                            5,505                            
Protections, 12 CFR 343          Occasion)                                                                                                                                                            
(Mandatory)                                                                                                                                                                                           
Total Annual Burden (Hours):     5,505                                                                                                                                                                
Source: FDIC.

General Description of Collection: Respondents must prepare and provide certain disclosures to consumers (e.g., that insurance products and annuities are not FDIC-insured) and obtain consumer acknowledgments, at two different times: (1) Before the completion of the initial sale of an insurance product or annuity to a consumer; and (2) at the time of application for the extension of credit (if insurance products or annuities are sold, solicited, advertised, or offered in connection with an extension of credit). There is no change in the substance or methodology of this information collection. The decrease in burden is due solely to a decrease in the estimated number of respondents.

The disclosure requirements in this information collection apply to all FDIC-supervised IDIs that sell insurance products. According to recent Reports of Condition and Income (Call Report), there are currently 3,068 FDIC-supervised IDIs. /1/ To estimate the number of IDIs that would be directly affected by this ICR, FDIC restricts the count to those IDIs that report income from the sale of insurance on their Call Reports. IDIs report income from insurance activities differently depending on which Call Report form they file. IDIs file Call Report form 051 if they have less than $1 billion in total assets and do not have any foreign offices, and they file forms 031 or 041 otherwise. IDIs that file form 051 report income from insurance activities on Call Report schedule RI line 5(d) 2, while IDIs that file forms 031 or 041 report income from annuity sales, underwriting income from insurance and reinsurance activities, and other income from insurance activities on Call Report schedule RI lines 5(d) 3-5.

FOOTNOTE 1 FDIC Call Report data, September 2022. END FOOTNOTE

As of September 30, 2022, 321 FDIC-supervised IDIs reported non-zero values of income from annuity sales, underwriting income from insurance and reinsurance activities, or income from other insurance activities on Call Report forms 031 or 041. Another 780 FDIC-supervised IDIs reported non-zero values of income from insurance activities on Call Report form 051. /2/ Accordingly, the estimated number of respondents for this information collection is 1,101. /3/

FOOTNOTE 2Id. END FOOTNOTE

FOOTNOTE 3 321 + 780 = 1,101. END FOOTNOTE

2. Title: Interagency Guidance on Sound Incentive Compensation Policies

OMB Number: 3064-0175.

Forms: None.

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

Burden Estimate:

--This is a summary of a Federal Register article originally published on the page number listed below--

Notice and request for comment.

Citation: "88 FR 28549"

Document Number: "OMB No. 3064-0140; -0175"

Federal Register Page Number: "28549"

"Notices"