Activities and Investments of Insured State Banks

ICR 201901-3064-004

OMB: 3064-0111

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2019-01-31
Supplementary Document
2019-01-31
Supporting Statement A
2019-01-31
IC Document Collections
IC ID
Document
Title
Status
44175
Modified
ICR Details
3064-0111 201901-3064-004
Active 201511-3064-003
FDIC 3064-0111
Activities and Investments of Insured State Banks
Revision of a currently approved collection   No
Regular
Approved without change 03/04/2019
Retrieve Notice of Action (NOA) 01/31/2019
  Inventory as of this Action Requested Previously Approved
03/31/2022 36 Months From Approved 05/31/2019
23 0 110
184 0 880
0 0 0

Section 24 of the Federal Deposit Insurance (FDI Act), 12 U.S.C. 1831a, limits investments and other activities in which state banks may engage, as principal, to those permissible for national banks and those approved by the FDIC under procedures set forth in part 362 of the FDIC’s Rules and Regulations, 12 CFR part 362. With certain exceptions, section 24 of the FDI Act limits the activities and investments of state banks to those activities and investments that are permissible for national banks. In addition, the statute prohibits a state bank from directly engaging, as a principal, in any activity or investment that is not permissible for a national bank, or indirectly through a subsidiary in an activity or investment that is not permissible for a subsidiary of a national bank, unless such bank meets its minimum capital requirements and the FDIC determines that the activity or investment does not pose a significant risk to the Deposit Insurance Fund (DIF). The FDIC can make such a determination for exception by regulation or by order. Section 28(a), 12 USC 1831e, similarly limits the investments and activities of state savings associations and their service corporations to those permitted by federal savings associations and their service corporations, absent FDIC approval. Part 362 details the activities that state banks or their subsidiaries may engage in, under certain criteria and conditions and identifies the information that state banks must furnish to the FDIC in order to obtain the FDIC’s approval or non-objection. Part 362 also applies to the activities and investments of state savings associations and their subsidiaries.

US Code: 12 USC 1831a Name of Law: Federal Deposit Insurance Act
   US Code: 12 USC 1828(m) Name of Law: Federal Deposit Insurance Act
   US Code: 12 USC 1831e Name of Law: Federal Deposit Insurance Act
   US Code: 12 USC 1831w Name of Law: Federal Deposit Insurance Act
  
None

Not associated with rulemaking

  83 FR 55167 11/02/2018
84 FR 715 01/31/2019
No

1
IC Title Form No. Form Name
Activities and Investments of Insured State Banks

  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 23 110 0 0 -87 0
Annual Time Burden (Hours) 184 880 0 0 -696 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
    No
    No
No
No
No
Uncollected
Jennifer Jones 202 551-5776 [email protected]

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
01/31/2019


© 2024 OMB.report | Privacy Policy