Federal Register - July 8, 2021
Versione di testo Cosa è?Dateas è un sito indipendente non affiliato a entità governative. La fonte dei documenti PDF che pubblichiamo qui è l'entità governativa indicata in ciascuno di essi. Le versioni in testo sono trascrizioni che realizziamo per facilitare l'accesso e la ricerca di informazioni, ma possono contenere errori o non essere complete.
Source: Federal Register
36139
Federal Register / Vol. 86, No. 128 / Thursday, July 8, 2021 / Notices Burden Estimate:
SUMMARY OF ANNUAL BURDEN
Estimated number of respondents
Obligation to respond
Type of burden
Estimated frequency of responses
Estimated time per response
Frequency of response
Total annual estimated burden
Implementation Posting and removing provisional holds360.9c1 and 2.
Providing standard data format for deposit account and customer information360.9d1.
Notification of identity of person responsible for producing standard data downloads360.9c3.
Request for exemption from provisional hold requirements360.9c9.
Provide deposit account and customer information in required standard format360.9d3.
Request for extension of compliance deadline360.9e7.
Request for exemption360.9f
Recordkeeping
Mandatory
7
1
150
One time
1,050
Recordkeeping
Mandatory
7
1
110
One time
770
Reporting
Mandatory
7
1
8
One time
56
Reporting
Voluntary
1
1
20
On occasion
20
Reporting
Mandatory
7
1
40
On occasion
280
Reporting
Voluntary
1
1
20
On occasion
20
Reporting
Voluntary
1
1
20
On occasion
20
Total Implementation Burden
2,216
Notification of identity of person responsible for producing standard data downloads360.9c3.
Request for exemption from provisional hold requirements360.9c9.
Request for exemption360.9f
Test compliance with 360.9 cd pursuant to 360.9h.
Reporting
Mandatory
126
1
8
One time
1,008
Reporting
Voluntary
1
1
20
On occasion
20
Reporting
Reporting
Voluntary
Mandatory
1
40
1
1
20
80
On occasion
On occasion
20
3,200
Total Ongoing Burden
4,248
Total Estimated Annual Burden.
6,464
lotter on DSK11XQN23PROD with NOTICES1
Ongoing
General Description of Collection:
Upon the failure of an FDIC-insured depository institution, the FDIC is required to pay insured deposits as soon as possible. To do so, the FDIC must be able to quickly determine the total insured amount for each depositor. To make this determination, the FDIC must ascertain the balances of all deposit accounts owned by the same depositor in the same ownership capacity at a failed institution as of the day of failure.
The FDIC issued a regulation 12 CFR
360.9 Section 360.9 to modernize the process of determining the insurance status of each depositor in the event of failure of a covered institution. The FDIC requires institutions that are covered under Section 360.9 to have mechanisms in place that will automatically place a provisional hold on domestic and foreign deposit accounts, and sweep and automated credit account arrangements, in the event that a covered institution is close to failing. A provisional hold is defined in 12 CFR Section 360.9b6 as an effective restriction on access to some or all of a deposit or other liability account after the failure of an insured depository institution. Section 360.9
VerDate Sep<11>2014
16:47 Jul 07, 2021
Jkt 253001
also requires institutions to have in place practices and procedures for providing the FDIC, in a standard format upon the close of any days business, certain data on the accounts and customers of the institution, and to provide the FDIC with this information upon request. The purpose of these requirements is to allow the deposit and other operations of a covered institution to continue functioning on the day following failure, and to permit the FDIC to fulfill its legal requirement to promptly provide liquidity to depositors of a failed institution. This information also helps to ensure equitable treatment of depositors at different institutions, and helps to preserve the franchise value of a failed institution, thereby reducing costs to the FDIC in the event that a covered institution fails.
FDIC-insured depository institutions IDIs that are covered by Section 360.9
are defined in Section 360.9b1 as having at least $2 billion in deposits and either 1 250,000 or more deposit accounts, or 2 $20 billion or more in assets, regardless of the number of deposit accounts. IDIs that meet this criteria for two consecutive quarters qualify as covered institutions.
PO 00000
Frm 00065
Fmt 4703
Sfmt 4703
This information collection consists of eight distinct reporting and recordkeeping requirements ICs that impose annual burden on covered institutions. Three of these eight reporting requirements have an implementation component as well as an ongoing component: 1 Section 360.9c3 IC requirements C and H, below requires covered institutions to provide certain information to the FDIC
both while the institution is implementing the systems required under 360.9 IC requirement C and on an ongoing basis IC requirement H; 2.
Section 360.9c9 IC requirements D
and I, below permits institutions to request an exemption from certain requirements of Section 360.9.
Institutions could submit such requests either while they are implementing the systems required under Section 360.9
IC requirement D or after they are already in compliance with Section 360.9 IC requirement I; 3. Section 360.9f IC requirements G and J, below permits institutions to request an exemption from all of the requirements of Section 360.9 under certain conditions. Institutions could submit such requests either while they are
E:FRFM08JYN1.SGM
08JYN1
