Overview
Title
Agency Information Collection Activities: Proposed Collection Renewal; Comment Request
Agencies
ELI5 AI
The Federal Deposit Insurance Corporation (FDIC) wants to hear what people think about keeping some important forms and information from banks. They want to make sure these forms are helpful and not too hard to fill out. People can send their thoughts to the FDIC by March 24, 2025.
Summary AI
The Federal Deposit Insurance Corporation (FDIC) is seeking public feedback on the renewal of certain information collections as part of its duties under the Paperwork Reduction Act of 1995. These collections involve various forms and information requirements for businesses and banks, related to their activities, investments, and privacy practices. The FDIC encourages comments on the necessity and utility of these collections, as well as ways to improve and reduce the burden of the information gathering process. Feedback must be submitted by March 24, 2025, through the FDIC's website, email, mail, or hand delivery.
Abstract
The FDIC, as part of its obligations under the Paperwork Reduction Act of 1995 (PRA), invites the general public and other Federal agencies to take this opportunity to comment on the renewal of the existing information collections described below (OMB Control No. 3064-0072, -0093, -0111, -0136, and -0171).
Keywords AI
Sources
AnalysisAI
The document from the Federal Deposit Insurance Corporation (FDIC) is a public notice seeking input on the renewal of certain information collections under the Paperwork Reduction Act of 1995. The agency is responsible for overseeing these collections, which involve various forms and submissions from businesses, banks, and other stakeholders. These processes are vital for maintaining the FDIC's functions in regulating and ensuring financial stability.
General Overview
The notice outlines the need for comments on five specific information collections, each identified by its unique OMB control number. These details cover various areas, such as acquisition services, government securities, bank activities, consumer financial privacy, and mortgage loan originator registration. Comments from the public and other agencies are encouraged to be submitted by March 24, 2025, and can be sent through different methods, including online submission, email, or traditional mail.
Significant Issues and Concerns
One of the primary concerns is the lack of detailed explanation regarding changes in the estimated burden hours for some collections. While the document notes increases or decreases in burden, it does not clarify what factors contribute to these changes. For example, while referencing economic fluctuations, the document leaves readers without a detailed understanding of how these affect information burdens.
Another area that could benefit from clarity is the discussion on the "Privacy of Consumer Financial Information." The document mentions a "de minimis burden on consumers to opt out" but does not elaborate on what this entails or how it was assessed. Readers might find it challenging to grasp the full implications without more information.
Impact on the Public and Stakeholders
The document potentially impacts a wide range of stakeholders, including private businesses, banks, and consumers. By renewing and possibly modifying the information collection requirements, the FDIC aims to streamline the processes while ensuring compliance with necessary regulations. For businesses and banks, these collections determine how they engage in financial activities and report relevant information, impacting operational and compliance efforts.
For consumers, particularly in the context of privacy regulations, the clarity and accessibility of the collection processes could influence their understanding and control over personal financial information. Any reduction in administrative burdens could benefit these stakeholders by reducing time and resources spent on compliance.
Potential Significance
The FDIC's call for comments suggests a willingness to address and improve information collection practices. However, the public might lack an understanding of how their feedback will be utilized and the consequences of not participating in the comment process. Enhanced transparency regarding the potential outcomes of public input could incentivize more stakeholders to engage.
In conclusion, while the document underscores the formal requirements and protocols for public and sectoral information submissions, it leaves some questions unanswered regarding the reasons for administrative changes and the tangible effects these might have. As such, ensuring a robust public response requires a clear understanding of these processes and their implications.
Issues
• The document does not provide specific details about why there is a decrease or increase in burden hours for certain collections, which could be unclear to some readers.
• The language used to describe the collection 'Privacy of Consumer Financial Information' and its relation to economic fluctuations and regulation P could be clarified for better understanding.
• The document mentions 'de minimis burden on consumers to opt out' without elaborating on how this is determined, which may be unclear to readers.
• The summary section does not explicitly state the impact or significance of renewing these information collections, which could provide better context for readers.
• While the document invites public comment, it does not outline the potential consequences of not responding or how the comments will be used, which could be useful information for stakeholders.