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. This revision changes the reporting requirement to the daily average balance for TAG (Transaction Account Guarantee) charges, instead of the the balance for the TAG charges on the last day of the quarter, which fluctuates greatly.
US Code:
12 USC 1817(a)
Name of Law: Federal Deposit Insurance Act
The number of respondents has decreased from 4955 reporting quarterly for a total of 19,820 annual responses to 4880 reporting quarterly for a total of 19,520, a decrease in annual responses of 300. The previous burden was 771,791 hours. There is a decreased hourly burden estimate due to the change in number of respondents of -11,721, and an increase due to program change due to agency discretion of 14,484 hours for a new requested burden of 774,554, a net increase of 2763.
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.