Transaction Account Guarantee Program Extension

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Justification for Nonmaterial Change 3064-0170.doc	Justification for No Material/Nonsubstantive Change	Uploaded 2010-04-13	Available
SPST_TAG Extension_NPR_June_30_2009.doc	Supporting Statement A	Uploaded 2009-07-01	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
189784	Disclosure to customers of TAG program guarantee extension		Modified
189783	Opt out of TAG program/Disclosure to customers of discontinuation of TAG program guarantee		Modified

ICR Details

OMB Control No: 3064-0170	ICR Reference No: 201003-3064-008
Status: Historical Active	Previous ICR Reference No: 200909-3064-003
Agency/Subagency: FDIC	Agency Tracking No:
Title: Transaction Account Guarantee Program Extension
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/19/2010
	Date Received in OIRA: 04/13/2010
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2012	09/30/2012	09/30/2012
Responses	13,449	0	7,109
Time Burden (Hours)	13,449	0	7,109
Cost Burden (Dollars)	0	0	0

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Abstract: This information collection arose from a final rule providing for a six-month extension, from December 31, 2009, to June 30, 2010, of the Transaction Account Guarantee component of the Temporary Liquidity Program (TLGP)(12 CFR Part 370). The rule allowed a one-time opt-out for participating institutions electing not to participate in the extension. Institutions opting out were required to provide customer disclosures that excess funds in transaction accounts would no longer be guaranteed under the TAG program after December 31, 2009. In addition, for those institutions electing to continue their participation in the program, existing disclosures containing a termination date of December 31, 2009, for the transaction account guarantee needed to be updated to reflect the new termination date of June 30, 2010. The FDIC Board of Directors, on April 13, 2010, approved a second extension of the TAG program for a six-month period, to December 31, 2010, with the option for an additional 12-month extension without further rulemaking if it determines that such an extension is warranted. This second extension allows the same opportunity for opt-out and imposes the same disclosure requirements as the first extension.

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Authorizing Statute(s): US Code: 12 USC 1819(a) Tenth Name of Law: Federal Deposit Insurance Act
   US Code: 12 USC 1821(d)(1) Name of Law: Federal Deposit Insurance Act
   US Code: 12 USC 1823(c)(4)(G) Name of Law: Federal Deposit Insurance Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3064-AD37	Final or interim final rulemaking	74 FR 45093	09/01/2009

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

table that charts list of burden

IC Title	Form No.	Form Name
Disclosure to customers of TAG program guarantee extension
Opt out of TAG program/Disclosure to customers of discontinuation of TAG program guarantee

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ICR Summary of Burden

table that charts list of burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	13,449	7,109	0	6,340	0	0
Annual Time Burden (Hours)	13,449	7,109	0	6,340	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The burden adjustment of +6340 hours is the result of a 6-month extension of the TAG Program, from June 30, 2010, to December 31, 2010, and the opportunity for currently participating institutions to request authorization to opt out of the extension. Institutions electing to opt out must disclose to customers that excess funds in noninterest-bearing transaction accounts will no longer be guaranteed, effective July 1, 2010. Institutions electing to participate in the program extension may have to update existing disclosures to reflect a new termination date of December 31, 2010.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 04/13/2010

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