60-Day PRA Notice - Innovation Pilot Programs - 84 FR 59808 (Nov 6 2019)

59808

Federal Register / Vol. 84, No. 215 / Wednesday, November 6, 2019 / Notices

FEDERAL DEPOSIT INSURANCE
CORPORATION
Agency Information Collection
Activities: Proposed Collection;
Comment Request Re: Information
Collection for Innovation Pilot
Programs (NEW)
Federal Deposit Insurance
Corporation (FDIC).
ACTION: Notice and request for comment.
AGENCY:

The FDIC seeks to continue
its engagement and collaboration with
innovators in the financial, nonfinancial, and technology sectors to,
among other things, identify, develop
and promote technology-driven
innovations among community and
other banks in a manner that ensures the
safety and soundness of FDICsupervised and insured institutions. An
innovation pilot program framework can
provide a regulatory environment in
which the FDIC, in conjunction with
individual proposals collected from
innovators, including banks, will
provide tailored regulatory and
supervisory assistance, when
appropriate, to facilitate the testing of
innovative and advanced technologies,
products, services, systems, or activities.
The FDIC invites the general public,
including persons who may have an
interest in participating in innovation
pilot programs and other Federal
agencies, to comment on the agency’s
collection of pilot program proposals by
innovators, as required by the
Paperwork Reduction Act of 1995. At
the end of the comment period, any
comments and recommendations
received will be reviewed to determine
the extent to which the collection of
proposals should be modified prior to
the submission to the Office of
Management and Budget (OMB) for
review and approval.
DATES: Comments must be submitted on
or before January 6, 2020.
ADDRESSES: Interested parties are
invited to submit written comments to
the FDIC by any of the following
methods:
• https://www.FDIC.gov/regulations/
laws/federal/notices.html.
• https://www.regulations.gov.
• Email: [email protected]. Include
the name of the collection in the subject
line of the message.
• Mail: Jennifer Jones, Counsel, MB–
3105, Federal Deposit Insurance
Corporation, 550 17th Street NW,
Washington, DC 20429.
• Hand Delivery: Comments may be
hand-delivered to the guard station at
the rear of the above address located on
SUMMARY:

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F Street NW, on business days between
7:00 a.m. and 5:00 p.m., EST.
All comments should reference
‘‘Information Collection for Innovation
Pilot Programs.’’ A copy of the
comments may also be submitted to the
OMB desk officer for the FDIC: Office of
Information and Regulatory Affairs,
Office of Management and Budget, New
Executive Office Building, Washington,
DC 20503.
FOR FURTHER INFORMATION CONTACT:
Jennifer Jones, Counsel, at the FDIC
mailing address above or by phone at
202–898–6768.
SUPPLEMENTARY INFORMATION:
Proposal for the Following New
Collection of Information
1. Title: Information Collection for
Innovation Pilot Programs.
OMB Number: 3064–NEW.
Form Number: None.
Affected Public: FDIC-supervised
institutions (state-chartered banks and
savings institutions that are not
members of the Federal Reserve System)
and innovative companies that partner
or plan to partner, or provide services to
such institutions.
Estimated Number of Respondents:
50.
Estimated Total Annual Burden:
3,000 hours.
General Description of Collection: The
FDIC seeks to engage and collaborate
with innovators in the financial, nonfinancial, and technology sectors to,
among other things, identify, develop
and promote technology-driven
innovations among community and
other banks in a manner that ensures the
safety and soundness of FDICsupervised and insured institutions. An
innovation pilot program framework
will provide a regulatory environment
in which the FDIC, in conjunction with
individual proposals collected from
innovators, including banks, will
provide tailored regulatory and
supervisory assistance, when
appropriate, to facilitate the testing of
innovative and advanced technologies,
products, services, systems, or activities.
While greater detail and the
parameters of a planned innovation
pilot program framework will be
separately announced at a later date,
innovators (banks and firms in
partnership with banks) will be invited
to voluntarily propose time-limited pilot
programs, which will be collected and
considered by the FDIC on a case-bycase basis. Innovators may request to
participate by submitting proposals
during a set time period for
submissions. Applicants will propose
the design and parameters of the pilot

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program tests, as well as any tailored
regulatory and supervisory assistance
needed from the FDIC. Collected
proposals will be assessed, prioritized
and identified for testing, either on their
own or as part of a subject-area focused
grouping of pilot programs.
The FDIC anticipates that proposals
will involve cutting-edge innovations
and novel approaches or applications
involving a banking product, service,
system, or activity that benefits and can
lead to better outcomes for consumers
through, for example, an increased
range of products and services, reduced
costs, or improved access to financial
services, or that decreases operational,
risk management, or compliance costs
for insured depository institutions.
Accepted pilot programs may be
conducted and monitored concurrently
with a number of pilot programs
selected in a given cohort with limited
participants. Subject-area groupings
could include pilot programs that match
a general theme or product area of great
promise or particular interest to the
banking sector or the FDIC. This may be
announced in advance of the collection
or afterwards if multiple pilot programs
proposals are found to share key
attributes or defining characteristics
(e.g., similar product concept; banks of
certain size; like customer focus).
Proposals will be collected from
FDIC-supervised institutions (statechartered banks and savings institutions
that are not members of the Federal
Reserve System), who may submit a
pilot program proposal individually or
together with companies that provide or
aim to provide technologically driven
products, services, or systems through
direct contractual arrangements,
partnerships, or joint ventures (this
includes third-party service providers).
Proposals may also be collected from
innovators that are not themselves
FDIC-supervised institutions and do not
have a partnering institution but who
may submit a pilot program proposal;
however, the nonbank will be eligible to
receive only a preliminary nonobjection to its proposal conditioned on
later submission (and collection) of the
proposal in partnership with an FDICsupervised institution.
The collection will be limited by
eligibility for consideration. FDICsupervised institutions that wish to
participate in a pilot program must: (1)
Have a demonstrated record of engaging
in appropriate risk management; (2) be
well-capitalized; (3) be well-rated for
compliance and safety and soundness;
and (4) not have significant pending
supervisory or enforcement actions (or
significant regulatory investigations).
Other firms seeking to participate in a

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Federal Register / Vol. 84, No. 215 / Wednesday, November 6, 2019 / Notices
pilot program must: (1) Be a U.S.
domicile; (2) conduct all pilot program
banking activity (products and services)
through an FDIC-supervised institution
partner; and (3) not involve persons
who have been convicted of any
criminal offense involving dishonesty,
breach of trust, or money laundering.
Request for Comment
Comments are invited on: (a) Whether
the collection of information is
necessary for the proper performance of
the FDIC’s functions, including whether
the information has practical utility; (b)
the accuracy of the estimate of the
burden of the information collection,
including the validity of the
methodology and assumptions used; (c)
ways to enhance the quality, utility, and
clarity of the information to be
collected; and (d) ways to minimize the
burden of the collection of information
on respondents, including through the
use of automated collection techniques
or other forms of information
technology. All comments will become
a matter of public record.
Federal Deposit Insurance Corporation.
Annmarie H. Boyd,
Assistant Executive Secretary.
[FR Doc. 2019–24209 Filed 11–5–19; 8:45 am]
BILLING CODE 6714–01–P

FEDERAL MARITIME COMMISSION
[DOCKET NO. 19–08]

Possible Revocation of Passenger
Vessel Operator Performance
Certificate No. P1397 Great Northern &
Southern Navigation Co., LLC dba
French America Line; Order Granting
Hearing and Directing Great Northern
& Southern Navigation Co. LLC dba
French America Line To Show Cause
Pursuant to 46 CFR 540.8(c) the
Federal Maritime Commission grants a
hearing and directs respondent Great
Northern & Southern Navigation Co.,
LLC DBA French America Line, a
certified passenger vessel operator, to
show cause why its Performance
Certificate should not be revoked for
cause.
Based on information provided to it,
the Commission’s Bureau of
Enforcement makes the following
allegations:
Statement of Facts Constituting Basis
for Commission Action
1. Great Northern & Southern
Navigation Co., LLC dba French
America Line (French America Line or
FAL) is a Louisiana Limited Liability
Company.

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2. According to records submitted to
the Commission’s Bureau of
Certification and Licensing (BCL),
French America Line is said to maintain
its principal offices at 700 Churchill
Parkway, Avondale, LA 70094.
3. BCL records identify the principal
of French America Line as Christopher
Kyte, Chairman, and Manager Duane
Kendall Grigsby (Ken Grigsby) as Chief
Operating Officer.
4. Christopher Kyte has provided BCL
with his address as 883 Island Drive,
Suite 214, Alameda, CA 94502.
5. BCL records identify David
Christopher Tidmore as Registered
Agent for service of process for FAL.
6. Louisiana Secretary of State records
also identify David Christopher Tidmore
as Registered Agent for service of
process for FAL, located at 3104 Roberta
St. Metarie, LA 70003.
7. On October 4, 2016, FAL entered
into an Escrow Agreement with
KeyBank, N.A. for the purposes of
providing proof of Financial
Responsibility for Indemnification of
Passengers in the Event of
Nonperformance.
8. Upon receipt of the escrow
agreement, BCL issued Performance
Certificate No. P–1397 effective October
5, 2016.
9. French America Line is a
Certificant operating as a passenger
vessel operator (PVO) pursuant to
Certificate (Performance) No. P–1397
since October 2016.
10. On October 26, 2016, FAL’s sole
vessel, the LOUISIANE, suffered a
sanitary system failure, requiring FAL to
cancel multiple sailings.
11. The escrow agreement requires
FAL to submit weekly recomputations
of unearned passenger revenue and
refunds, and are used to adjust the
amount in the escrow account
accordingly.
12. The escrow agreement requires
FAL submit audit reports that attest to
the veracity of unearned passenger
revenue recomputations on a quarterly
basis.
13. The 2016 4th Quarter Independent
Audit for October, November, and
December was not received on or before
the due date of February 14, 2017.
14. The 2017 1st, 2nd, and 3rd
Quarter Independent Audits were not
received on or before the due dates of
May 15, 2017, August 14, 2017, and
November 14, 2017, respectively.
15. The Louisiana Secretary of State
web page indicates that, on September
21, 2017, FAL changed its name to
‘‘Great Northern & Southern Navigation
Co LLC French America Line’’ from
‘‘Great Northern & Southern Navigation

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59809

Co., LLC’’. FAL failed to notify the
Commission of this change.
16. By email correspondence dated
December 22, 2017 to Tajuanda
Singletary, Ken Grigsby requested
information about the audit process and
what FAL needed to provide.
17. Tajuanda Singletary responded to
Ken Grigsby by email January 3, 2018
with paragraph 8 of the escrow
agreement which detailed the
requirements for the independent audit.
18. By correspondence emailed
January 25, 2018 to FAL, BCL sent a
notification letter to FAL of the
Commission’s intent to conduct a
review of Unearned Passenger Revenue
pursuant to 46 CFR part 540.
19. In the January 25, 2018 letter to
FAL, BCL requested various financial
documents to be submitted by February
1, 2018.
20. By correspondence emailed
January 29, 2018 to BCL, Christopher
Kyte requested a two-week extension to
provide the documents. BCL granted
extension to February 9, 2018.
21. The documents requested in the
notice of review letter were not received
by February 9, 2018. On February 12,
2018 BCL emailed Christopher Kyte,
again requesting the documents.
22. The 2017 4th Quarter Independent
Audit for October, November, and
December was not received on or before
the due date of February 14, 2018.
23. By correspondence emailed
February 21, 2018 to FAL, BCL again
requested the documentation named in
the January 25, 2018 notice of review
letter that was not submitted by the
February 9, 2018 extended deadline.
24. The 2018 1st Quarter Independent
Audit for January, February, and March
was not received on or before the due
date of May 15, 2018.
25. By correspondence emailed May
18, 2018 to FAL, BCL notified FAL that
it was not in compliance with the
escrow agreement and gave a deadline
of June 1, 2018 to come into compliance
with the escrow agreement and provide
BCL with the required reports, weekly
recomputation certificates, statement of
good standing with the state of
Louisiana, and provide the current
operating address of FAL.
26. By correspondence emailed May
31, 2018 to BCL, FAL responded to the
May 18, 2018 notification stating that
FAL remained at the same operating
address of 700 Churchill Parkway,
Avondale, LA 70094. FAL also
requested an extension to submit the
requested documents.
27. On June 6, 2018, BCL granted
FAL’s request for a deadline extension
until June 30, 2018.

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