The Report is used to gather information about individuals when the FDIC is required to evaluate the general character and financial condition of persons who will be involved in the management or control of financial institutions.
US Code:
12 USC 1816
Name of Law: Federal Deposit Insurance Act
US Code:
12 USC 1817(j)
Name of Law: Federal Deposit Insurance Act
US Code:
12 USC 1815(a)
Name of Law: Federal Deposit Insurance Act
There have been fewer reports processed annually, from 1769 reports to 619 reports, resulting in a reduction in burden from 7076 hours to 2476 hours. This is due to the severe economic downturn and the consequential impact on the banking industry,
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.