Overview
Title
Agency Information Collection Activities: Proposed Collection Renewal; Comment Request
Agencies
ELI5 AI
The FDIC wants to hear from people about some forms they use to collect information. They ask if the forms are useful, if they take too long to fill out, and how they can make them better.
Summary AI
The Federal Deposit Insurance Corporation (FDIC) is seeking public comments on renewing existing information collections as part of the Paperwork Reduction Act. These collections include the Mutual-to-Stock Conversion of State Savings Banks, Unauthorized Access to Customer Information, and Furnisher Information Accuracy and Integrity (FACTA 312). The FDIC wants input on the necessity, burden estimates, and possible improvements to these collections by May 21, 2025. They emphasize that all comments will be publicly recorded.
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. 3064-0117; -0145; and -0161). The notices of proposed renewal for these information collections were previously published in the Federal Register on March 4, 2025, allowing for a 60-day comment period.
Keywords AI
Sources
AnalysisAI
The document published by the Federal Deposit Insurance Corporation (FDIC) in the Federal Register involves a request for public comments on the renewal of several information collections. These collections are in accordance with the Paperwork Reduction Act of 1995, which requires federal agencies to seek public feedback on the information they gather from the public. The information collections under consideration include topics like the conversion of mutual state savings banks to stock form, unauthorized access to customer information, and the accuracy and integrity of consumer information provided to reporting agencies.
General Summary
The FDIC aims to collect public opinions on whether these collections of information are necessary for their operations and how they could enhance or streamline the process. The deadline for submitting comments is May 21, 2025. Comments can be submitted via several methods such as email, mail, or hand delivery. Additionally, all comments will become public records, ensuring transparency in the process.
Significant Issues and Concerns
One concern arising from the document is the omission of an explanation as to how the FDIC will use the comments they receive. While inviting feedback is crucial, understanding the implication of that feedback is essential for public confidence in the process. Another issue is the lack of specific detail on the burden estimates for each information collection, which appears to lack transparency regarding how these estimates were calculated.
Furthermore, there is a noticeable increase in the estimated burden hours for certain collections, particularly "Unauthorized Access to Customer Information" and "Furnisher Information Accuracy and Integrity (FACTA 312)." The document attributes these increases to economic fluctuation but does not clearly explain what specific economic factors are influencing these changes.
The inclusion of a hand delivery option for submitting comments may also be seen as outdated, given the current digital era where most people prefer online submissions.
Impact on the Public
For the general public, the document underscores an opportunity for civic engagement and participation in shaping FDIC's regulatory processes. If utilized well, public comments can influence how information is gathered, reducing unnecessary burdens and enhancing efficiency.
Impact on Specific Stakeholders
The stakeholders most affected by this document include insured state savings associations, state nonmember banks, and consumers whose information is reported to consumer agencies. For such stakeholders, the outcomes and changes resulting from this comment process may directly impact their operations, compliance requirements, and potential administrative workload.
The document also has implications for consumers, particularly in the area of data protection and integrity. Ensuring that information collected about them is accurate and handled with integrity is vital in maintaining trust in financial systems. However, any changes that result in increased administrative processes could eventually impact customer experiences negatively if not managed effectively.
By addressing the issues highlighted and welcoming substantive feedback, the FDIC may cultivate more efficient processes that better serve both financial institutions and the public.
Issues
• The document includes a comment request inviting the public to provide input; however, it does not explicitly state how the comments will be used or if there will be any follow-up after reviewing the comments.
• The burden estimates for each collection are mentioned, but the specific metrics or calculations used to arrive at these estimates are not clearly detailed, potentially lacking transparency.
• The document lacks a detailed explanation of how the increase in burden hours for 'Notice Regarding Unauthorized Access to Customer Information' and 'Furnisher Information Accuracy and Integrity (FACTA 312)' contributes to its goals.
• The provision for 'Hand Delivery' of comments could be seen as outdated or impractical for many modern users who would prefer digital submission options.
• The phrase 'economic fluctuation' in the description of the increase in burden hours for the 'Furnisher Information Accuracy and Integrity (FACTA 312)' collection is vague and does not clarify what economic factors are contributing to increased responses.
• The document contains references to 'printed pages' (16681, 16682) which are not relevant in a digital context and could cause confusion.