Disclosure of Deposit Status

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
SPST_0168_final rule.doc	Supporting Statement A	Uploaded 2010-12-08	Available
Justification For No Change.doc	Justification for No Material/Nonsubstantive Change	Uploaded 2010-12-08	Available
10FinalNov15.pdf	Supplementary Document	Uploaded 2010-12-07	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
194690	Disclosure of Action Affecting Deposit Insurance Coverage		Unchanged
194689	NOW/IOLTA Disclosures		Unchanged
185748	SWEEP Accounts: Disclosure of Deposit Status		Unchanged

ICR Details

OMB Control No: 3064-0168	ICR Reference No: 201012-3064-002
Status: Historical Active	Previous ICR Reference No: 201009-3064-001
Agency/Subagency: FDIC	Agency Tracking No:
Title: Disclosure of Deposit Status
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: 02/16/2011
	Date Received in OIRA: 12/08/2010
Terms of Clearance: In the future, agency will submit collections that have been concluded upon by OMB as "comment filed on a proposed rule and continue" with ICR new collections and not ICR change requests which are limited to non-substantive changes.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2012	04/30/2012	04/30/2012
Responses	16,049	0	1,970
Time Burden (Hours)	197,342	0	84,710
Cost Burden (Dollars)	0	0	0

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Abstract: FDIC regulations require institutions, with regard to sweep account contracts and account statements reflecting sweep account balances, to prominently disclose whether swept funds are deposits within the meaning of 12 U.S.C. 1813(l). If the funds are not deposits, the institution must further disclose the status such funds would have if the institution failed--for example, general creditor status or secured creditor status. In addition, the FDIC is currently proposing, as the result of new unlimited temporary depository insurance coverage for qualifying noninterest-bearing transaction accounts pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, to implement new requirements that institutions disclose to depositors the deposit insurance status of funds held in such accounts as well as the change in coverage for funds held in NOW accounts and IOLTAs.

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Authorizing Statute(s): US Code: 12 USC 1821(e)(1), (8)(D)(i) Name of Law: Federal Deposit Insurance Act
   US Code: 12 USC 1823(c)(4), (e)(2) Name of Law: Federal Deposit Insurance Act
   US Code: 12 USC 1821(d)(1), (10)(C), (11) Name of Law: Federal Deposit Insurance Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 343 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3064-AD26	Final or interim final rulemaking	75 FR 60341	09/30/2010

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 3

table that charts list of burden

IC Title	Form No.	Form Name
NOW/IOLTA Disclosures
Disclosure of Action Affecting Deposit Insurance Coverage
SWEEP Accounts: Disclosure of Deposit Status

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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	16,049	1,970	0	14,079	0	0
Annual Time Burden (Hours)	197,342	84,710	0	112,632	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: Section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act amended the FDIC Act to provide full deposit insurance coverage (beyond the SMDIA), from December 21, 2010, through December 31, 2012, for the net amount held in in qualifying noninterest-bearing transaction accounts in all insured depository institutions. The program change of +112,632 hours is the result of proposed new disclosure requirements to ensure that depositors are aware of what types of accounts will be covered by the new temporary deposit insurance coverage.

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Annual Cost to Federal Government: $0

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? Yes

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]? Yes

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: 12/08/2010

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