Overview
Title
Agency Information Collection Activities: Proposed Collection Renewal; Comment Request
Agencies
ELI5 AI
The FDIC wants to know what people think about renewing some forms they use, which helps them follow the rules. People can share what they think until April 24, 2025.
Summary AI
The Federal Deposit Insurance Corporation (FDIC) has published a notice requesting public comments on the renewal of several information collections related to its operations. These collections involve various forms required from businesses and banks that work with the FDIC, such as contractors and government securities brokers. The document lays out the burden estimates and describes the types of data collected, ensuring they comply with laws like the Paperwork Reduction Act. Interested parties have until April 24, 2025, to submit their feedback, which will be considered part of the public record.
Abstract
The FDIC, as part of its obligations under the Paperwork Reduction Act of 1995, invites the general public and other Federal agencies to take this opportunity to comment on the request to renew the existing information collections described below (OMB Control No. 3064-0072; -0093; -0111; -0136; and -0171). The notices of proposed renewal for these information collections were previously published in the Federal Register on January 23, 2025, allowing for a 60-day comment period.
Keywords AI
Sources
AnalysisAI
The document from the Federal Deposit Insurance Corporation (FDIC) is a formal notice requesting public comments on the intention to renew certain information collections that are part of its operational procedures. Under the Paperwork Reduction Act of 1995, the FDIC needs to justify and seek comments on the continued need for the information it collects from various stakeholders, such as contractors, government securities brokers, and financial institutions. The deadline for submitting comments is April 24, 2025.
Key Points of the Document
The notice details several specific information collections, each associated with specific regulations and forms. These include acquisition services for FDIC contractors, government securities broker activities, bank and savings institution investments, consumer financial information privacy, and registration requirements for mortgage loan originators. The document mentions estimated "burden hours," which refer to the time and effort required by stakeholders to comply with these reporting requirements.
Issues and Concerns
One significant issue with the document is the complex language and regulatory jargon used, particularly in the "General Description of Collection" sections. This complexity can hinder comprehension for those without a background in law or finance, potentially limiting informed public participation. While the document outlines reductions in burden hours for some collections, it provides only vague explanations linked to economic fluctuations, lacking specific detail that would enhance transparency.
Moreover, the document does not clarify how public comments will be used in the decision-making process, leaving it uncertain how stakeholder feedback will influence any revisions to these information collection requirements.
Impact on the Public and Stakeholders
For the general public, the impact of this document may seem minimal on the surface, yet it affects how governmental agencies like the FDIC interact with financial and commercial sectors, potentially influencing the overall cost and efficiency of these operations. For businesses and financial institutions interacting with the FDIC, these collections are significant as they require resource commitments to fulfill reporting obligations, which affect operational costs and administrative workloads.
Specifically, businesses that frequently handle government contracting or financial institutions engaged in securities and mortgage lending might experience a notable impact. A streamlined or burdensome information process strongly affects these stakeholders by either improving efficiency or increasing compliance costs. On a positive note, the collection of feedback suggests a willingness to adapt and possibly ease unnecessary burdens, provided stakeholder comments are sufficiently considered.
Conclusion
In conclusion, while the FDIC's document reflects its commitment to regulatory compliance and information transparency, its complexity and lack of clear engagement channels for feedback might deter broader stakeholder participation. Greater clarity in explaining changes in reporting obligations and how public input will be used could improve transparency and stakeholder engagement, ultimately leading to more effective policy decisions.
Issues
• The language used in the document is somewhat complex, particularly in the 'General Description of Collection' sections, which may make it difficult for laypersons to fully comprehend the details without background knowledge in regulatory or financial contexts.
• The document text assumes a level of familiarity with FDIC procedures, the Paperwork Reduction Act, and the specific forms involved, which might not be appropriate for all potential commenters.
• No clear explanations are provided for the decrease in burden hours for 'Acquisition Services Information Requirements' and 'Registration of Mortgage Loan Originators' beyond referring to economic fluctuations. More detail could improve transparency.
• Some sections, such as the 'Burden Estimate' for each collection, lack specific quantitative details or explanations that might help understand the significance of changes in burden hours.
• There is minimal inclusion of information on how feedback from the comments will be evaluated or used in the decision-making process, which could improve stakeholder engagement through clearer processes.