Insured financial institutions must provide quarterly reports of condition and income to the appropriate regulatory for supervisory, surveillance, regulatory, research, insurance assessment and informational purposes.
US Code:
12 USC 1817(a)
Name of Law: Federal Deposit Insurance Act
PL: Pub.L. 109 - 351 601 Name of Law: Financial Services Regulatory Relief Act of 2006
The change in burden associated with this submission is caused by two factors: (a) a net decrease in the number of reporting institutions supervised by the FDIC, and (b) the changes to the Call Reports that are the subject of this submission.
Currently, there are 5,199 FDIC-supervised banks submitting quarterly Call Reports. This number is 35 less than previously reported (5,234 previously versus 5,199 now). The other proposed revisions include the reporting of new data items, but many of these revisions will generally affect a limited number of banks on an ongoing basis. Thus, the FDIC estimates that the overall effect of the proposed reporting revisions across the range of banks under its supervision would be an average increase of nearly one hour per response.
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.