Existing collection in use without an OMB Control Number
36 Months From Approved
Due to Congress authorizing VA to
require a prospective fiduciary to obtain a surety bond as a part
of the certification process of a prospective fiduciary, VA is
requiring fiduciaries to submit proof of adequate bonding with
annual accounting to facilitate its oversight responsibility as
mandated. RIN 2900-AR11, Fiduciary Bond, does not use a form to
collect this information. However, the amended information request
is made by VA field fiduciary personnel. They make the request
either verbally or by letter that informs the fiduciary to submit
the original bond certificate or the contractual agreement between
the fiduciary and the bonding company as proof of adequate bonding.
This amended collection of information is required to fulfill VA
requirements mandated by Congress, for oversight of fiduciaries.
The VA Fiduciary Program would not be able to provide adequate
oversight of certain fiduciaries appointed to receive VA benefits
in excess of $25,000 on behalf of a beneficiary without proof that
surety bonds are in place to protect these funds.
The previous request didn't
have any burden approved as there isn't a form to collect
information. Hence, the reason why ROCIS is assuming this is an
increase. However, as there were reported to be 10000 respondents
in recent years, this amendment will result in a decrease from
these reported respondents in the amount shown above.