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
Reason for Change in Burden
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 4,955 FDIC-supervised banks submitting quarterly Call Reports. This number is 155 less than previously reported (5,110 previously versus 4,955 now). The other proposed revisions that are the subject of this submission include changes in the reporting frequency for certain existing reporting requirements as well as the reporting of new or revised data items, but several of these latter revisions will 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 approximately one and one half hours per response. The analysis of the change in burden is as follows:
Currently approved burden 765,069 hours
Revisions to reporting frequency and
content of report (program change) +29,929 hours
Adjustment (change in use) -23,207 hours
Requested (new) burden: 771,791 hours
Net change in burden: +6,722 hours
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.