Disclosure of Deposit Status

Forms and Documents

Document Name	Status
30 day 77 FR 24204.pdf Supplementary Document	2012-04-23
60 day 77 FR 5802.pdf Supplementary Document	2012-04-23
Final 2012 SPST 3064 0168.doc Supporting Statement A	2012-04-23
Justification For No Change.doc Justification for No Material/Nonsubstantive Change	2010-12-08
10FinalNov15.pdf Supplementary Document	2010-12-07

IC Document Collections

IC ID	Document Title	Status
194690	Disclosure of Action Affecting Deposit Insurance Coverage	Modified
194689	NOW/IOLTA Disclosures	Removed
185748	SWEEP Accounts: Disclosure of Deposit Status	Modified

ICR Details

OMB Control No: 3064-0168	ICR Reference No: 201201-3064-001
Status: Historical Active	Previous ICR Reference No: 201012-3064-002
Agency/Subagency: FDIC	Agency Tracking No:
Title: Disclosure of Deposit Status
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/01/2012
	Date Received in OIRA: 04/24/2012
Terms of Clearance: This collection is approved until April 1, 2013. The requirements in this ICR are due to expire on 12/31/2012; however, after OIRA consultation with the FDIC, we have granted authority of this ICR for the first quarter of calendar year 2013, in case the reporting requirements for IDIs cannot successfully conclude by end of 2012. This approval recognizes that a deposit status may change close to the end of December, 2012 and this time period allows the IDIs covered under this ICR to complete their disclosure requirements. If necessary, FDIC and OIRA can revisit this ICR in April of 2013.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2013	36 Months From Approved	07/31/2012
Responses	9,196	0	16,049
Time Burden (Hours)	33,106	0	197,342
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 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
   US Code: 12 USC 1821(e)(1), (8)(D)(i) 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
60-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 5802	02/06/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 24204	04/23/2012
Did the Agency receive public comments on this ICR? No

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

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

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ICR Summary 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	9,196	16,049	0	-6,249	-604	0
Annual Time Burden (Hours)	33,106	197,342	0	-49,992	-114,244	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The present figures for sweep account disclosures (section 360.8) are more closely aligned than previously with the FDIC's experience. The NOW/IOLTA disclosures (section 330.16(c)(2) were a one-time only requirement, and have been completed. For the disclosure of action affecting deposit insurance coverage (section 330.16(c)(3), the number of hours estimated to be required for this response has been lowered in the belief that the learning curve associated with the initial disclosure no longer exists, and institutions can provide the disclosure more efficiently.

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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: 04/24/2012

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