Agency Information Collection Activities: Proposed Collection; Comment Request

FEDERAL DEPOSIT INSURANCE CORPORATION

Agency Information Collection Activities: Proposed Collection;

Comment Request

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice and request for comment.

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SUMMARY: The FDIC, as part of its continuing effort to reduce paperwork

and respondent burden, invites the general public and other Federal

agencies to take this opportunity to comment on proposed and/or

continuing information collections, as required by the Paperwork

Reduction Act of 1995 (44 U.S.C. chapter 35). Currently, the FDIC is

soliciting comments concerning the following collections of information

titled: (1) Procedures for Monitoring Bank Secrecy Act Compliance; (2)

Application to Participate in a Conversion Transaction; (3) Application

for Waiver of Prohibition on Receipt of Brokered Deposits by Adequately

Capitalized Insured Depository Institutions, Registration of Deposit

Brokers; (4) Notice of Branch Closure and (5) Real Estate Lending

Standards.

DATES: Comments must be submitted on or before July 20, 1998.

ADDRESSES: Interested parties are invited to submit written comments to

Tamara R. Manly, Management Analyst (Regulatory Analysis), (202) 898-

7453, Office of the Executive Secretary, Room 4058, Attention:

Comments/OES, Federal Deposit Insurance Corporation, 550 17th Street

N.W., Washington, D.C. 20429. All comments should refer to the OMB

control number. Comments may be hand-delivered to the guard station at

the rear of the 17th Street Building (located on F Street), on business

days between 7:00 a.m. and 5:00 p.m. [FAX number (202) 898-3838;

Internet address: [email protected]].

A copy of the comments may also be submitted to the OMB desk

officer for the FDIC: Alexander Hunt, Office of Information and

Regulatory Affairs, Office of Management and Budget, New Executive

Office Building, Room 3208, Washington, D.C. 20503.

FOR FURTHER INFORMATION CONTACT: Tamara R. Manly, at the address

identified above.

SUPPLEMENTARY INFORMATION:

Proposal to renew the following currently approved collections of

information:

1. Title: Procedures for Monitoring Bank Secrecy Act Compliance.

OMB Number: 3064-0087.

Frequency of Response: On occasion.

Affected Public: Any financial institution complying with the

requirements of the Bank Secrecy Act.

Estimated Number of Respondents: 8,400.

Estimated Time per Response: .5 hours.

Estimated Total Annual Burden: 4,200 hours.

General Description of Collection: 12 CFR 326 requires all insured

nonmenber banks to establish and maintain procedures designed to assure

and monitor their compliance with the requirements of the Bank Secrecy

Act (31 U.S.C. 5311 et seq.) and the implementing regulations

promulgated thereunder by the Department of Treasury at 31 CFR 103.

2. Title: Application to Participate in a Conversion Transaction.

OMB Number: 3064-0098.

Frequency of Response: On occasion.

Affected Public: Any depository institution participating in a

conversion transaction.

Estimated Number of Respondents: 10.

Estimated Time per Response: 3 hours.

Estimated Total Annual Burden: 30 hours.

General Description of Collection: Section 5(d) of the Federal

Deposit Insurance Act (12 U.S.C. 1815(d)) provides that no insured

depository institution may participate in a conversion transaction

without the prior approval of the FDIC and that entrance and exit fees

shall be assessed to the participating institutions. The FDIC

implements this statutory requirement by requiring depository

institutions wishing to participate in conversion transactions to

submit a letter application to obtain FDIC approval.

3. Title: Application for Waiver of Prohibition on Receipt of

Brokered Deposits by Adequately Capitalized Insured Depository

Institutions, Registration of Deposit Brokers.

OMB Number: 3064-0099.

Frequency of Response: On occasion.

Affected Public: Any insured depository institution seeking a

waiver to the prohibition on the acceptance of brokered deposits.

Estimated Number of Respondents: 175.

Estimated Time per Response: 2.2.

Estimated Total Annual Burden: 385 hours.

General Description of Collection: Section 29 of the Federal

Deposit Insurance Act prohibits undercapitalized insured depository

institutions from accepting, renewing, or rolling over any brokered

deposits.

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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. Section 29A requires

notification by deposit brokers of their activity and authorizes the

imposition of certain recordkeeping and reporting requirements.

4. Title: Notice of Branch Closure.

OMB Number: 3064-0109.

Frequency of Response: As needed.

Affected Public: Any financial institution that proposes to close a

branch.

Estimated Number of Respondents: 1,050.

Estimated Time per Response: 1.333 hours.

Estimated Total Annual Burden: 1,400 hours.

General Description of Collection: Section 42 of the Federal

Deposit Insurance Act mandates that an institution that proposes to

close a branch notify its primary Federal regulator no later than 90

days prior to the closing. The statue also provides that a notice be

posted on the premises of the branch for the 30-day period immediately

prior to the closing and that the customers be notified in a mailing at

least 90 days prior to the closing. Each insured depository institution

is required to adopt policies for branch closings.

5. Title: Real Estate Lending Standards.

OMB Number: 3064-0112.

Frequency of Response: As needed.

Affected Public: Any financial institution engaging in real estate

lending.

Estimated Number of Respondents: 7,400.

Estimated Time per Response: 20 hours.

Estimated Total Annual Burden: 148,000 hours.

General Description of Collection: Institutions will use real

estate lending policies to guide their lending operations in a manner

that is consistent with safe and sound banking practices and

appropriate to their size, nature and scope of their operations. These

policies should address certain lending considerations, including loan-

to-value limits, loan administration policies, portfolio

diversification standards, and documentation, approval and reporting

requirements.

Request for Comment

Comments are invited on: (a) Whether the collection of information

is 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 collection,

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 information

collection on respondents, including through the use of automated

collection techniques or other forms of information technology.

At the end of the comment period, the comments and recommendations

received will be analyzed to determine the extent to which the

collection should be modified prior to submission to OMB for review and

approval. Comments submitted in response to this notice also will be

summarized or included in the FDIC's requests to OMB for renewal of

this collection. All comments will become a matter of public record.

Dated at Washington, DC, this 14th day of May 1998.

Federal Deposit Insurance Corporation.

Robert E. Feldman,

Executive Secretary.

[FR Doc. 98-13382 Filed 5-19-98; 8:45 am]

BILLING CODE 6714-01-M