SUPPORTING STATEMENT
QUARTERLY CERTIFIED STATEMENT INVOICE FOR DEPOSIT
INSURANCE ASSESSMENT
(OMB No. 3064‑0057)
INTRODUCTION
The FDIC is requesting OMB to approve for three years an extension of the collection of information captioned above. The FDIC is also requesting approval to change the name of the collection from Certified Statement for Semiannual Deposit Insurance Assessment to Quarterly Certified Statement Invoice for Deposit Insurance Assessment to reflect the fact that that deposit insurance assessment invoices are issued on a quarterly as opposed to a semiannual basis. The current clearance for the collection expires December 31, 2016.
The FDIC collects assessments on a quarterly basis. Each assessment is based on the institution's quarterly report of condition for the prior calendar quarter. The FDIC collects the quarterly payments by means of direct debits through the Automated Clearing House network. The collection dates for the first period of any given year (January through June) are June 30 and September 30 of the current year. The collection dates for the second period (July through December) are December 30 of the current year and March 30 of the following year. The information collection consists of recordkeeping associated with reviews by officials of the insured institutions to confirm that the assessment data are accurate and, in cases of inaccuracy, submission of corrected data.
A. JUSTIFICATION
1. Circumstances and Need
The FDIC collects assessments from insured institutions pursuant to section 7 of the Federal Deposit Insurance Act ("FDI Act"), 12 U.S.C. section 1817(c), to assure that the Deposit Insurance Fund (“DIF”) is adequately capitalized. The Quarterly Certified Statement Invoice provides insured institutions with an accounting of the FDIC’s assessment and collection.
2. Use of Information Collected
The information contained in the certification is used exclusively by the FDIC to identify an institution and the amount to be paid.
3. Use of Technology to Reduce Burden
Burden-reducing procedures permit the automated invoicing and direct debit of assessments. The Certified Statement contains confidential information relating to the risk classification of the institution. Insured depository institutions access their quarterly certified statement invoices in electronic form via the FDIC’s e-business website FDICconnect, a secure channel to the insured institutions. Correct invoices need not be signed or returned to the FDIC.
4. Effort to Identify Duplication
The certification is not available in any other form or place. If Internet access poses a hardship to some institutions, an alternative form of access may be provided by the FDIC.
5. Minimizing the Burden on Small Depository Institutions
All insured institutions, large and small, are subject to the same requirements.
6. Consequence of Less Frequent Collections
Less frequent collection would be inconsistent with the statutory requirement for certification.
7. Special Circumstances
None.
8. Consultation With Persons Outside the FDIC
The deposit insurance assessment system, including the Certified Statement, was developed through extensive consultation with stakeholders, and established through notice-and-comment rulemaking. The FDIC published a notice in the Federal Register seeking comment for a 60-day period on renewal of this information collection on September 22, 2016 (81 FR 65643). No comments were received.
9. Payment or Gift to Respondents
None.
10. Confidentiality
The risk rate classification of an insured financial institution is confidential.
11. Information of a Sensitive Nature
None.
12. Estimates of Hour Burden and Annualized Cost to Respondents
Number of respondents: 6,081
Number of annual responses per respondent: 4
Average Time per Response: 20 minutes
Total estimated annual burden: 8,108 hours
Cost @ $30/hour: $ 243,240
13. Capital and Start-up/Operations and Maintenance
No burden or cost.
14. Estimated Annual Cost to the Federal Government
None.
15. Reason for Change in Burden
The change in burden is due to a reduction in FDIC’s estimate of the number of respondents.
16. Publication
The information collected is for internal FDIC use only and is not published. Aggregate assessment information is published in financial reports.
17. Display of Expiration Date
None.
18. Exceptions to Certification
None.
B. STATISTICAL METHODS
Not applicable.
| File Type | application/msword |
| File Modified | 2016-12-05 |
| File Created | 2016-12-05 |