Emergency Clearance Letter - Prepaid Assessments Rule

FDII

Federal Deposit Insurance Corporation
Legal Division

550 17th Street NW, Washington, D,C, 20429-9990

November 5, 2009
Ms. Shagufta Ahmed
OMB Desk Officer
Offce of Management and Budget
New Executive Office Building
Washington, DC 20503
Dear Ms. Ahmed:

The Federal Deposit Insurance Corporation ("FDIC") is seeking emergency review by
November 12,2009, of

the Paperwork Reduction Act requirements contained in a final rule,

the FDIC's Deposit Insurance
Fund, to pay for projected insured institution failures, the FDIC, pursuant to 12 U.S.C. § 1817(b),
is amending 12 C.F.R. Part 327 to require insured institutions to prepay their estimated quarterly
risk-based assessments for the fourth quarter of2009, and for all of 2010,2011, and 2012. The
prepaid assessment for these periods will be collected on December 30,2009, along with each
institution's regular, quarterly, risk-based deposit insurance assessment for the third quarter of
2009. Insured institutions that are not exempted in advance by the FDIC may request an
exemption, and institutions that are exempted in advance may request that they not be exempted.

Prepaid Assessments. In order to replenish the liquid assets of

The Prepaid Assessments Rule is expected to be approved by the FDIC Board of
Directors on November 12,2009, applications for exemption or non-exemption are due by
December 1, and the FDIC expects to notify applicants of its decisions as to exemption or nonexemption by December 15,2009. The prepaid assessments are due December 30,2009.
Therefore, it is imperative this Rule be implemented immediately upon approval by the FDIC's
Directors. We apologize for the time constraints; however, the FDIC has determined
Board of
that this request is dictated by the exigencies of

the current situation.

In compliance with the requirements of 5 CFR 1320.12, the FDIC has further determined
that the Prepaid Assessments Rule is consistent with the FDIC's mission to maintain the stability
of and public confidence in the national's financial system. The FDIC plans to follow this
emergency request with a request through normal clearance procedures and, in that process, will
fully consider comments on minimizing burden.
Thank you for your consideration of this request.
Sincerely,

##-

Robert E. Feldman

Executive Secretary