SWEEP Accounts: Disclosure of Deposit Status

Forms and Documents

Document Name	Status
ESS Supporting_Statement.SWEEPS.doc Supporting Statement A	2009-02-03

IC Document Collections

IC ID	Document Title	Status
185748	SWEEP Accounts: Disclosure of Deposit Status	Modified

ICR Details

OMB Control No: 3064-0168	ICR Reference No: 200902-3064-001
Status: Historical Active	Previous ICR Reference No: 200807-3064-004
Agency/Subagency: FDIC	Agency Tracking No:
Title: SWEEP Accounts: Disclosure of Deposit Status
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/08/2009
	Date Received in OIRA: 02/04/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2012	36 Months From Approved
Responses	1,970	0	0
Time Burden (Hours)	84,710	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The term “Sweep Accounts” generally refers to contractual, automated transfers of funds by insured depository institutions from a deposit account to a non-deposit account or investment vehicle. The FDIC is adopting new regulations requiring institutions, with regard to sweep account contracts and account statements reflecting sweep account balances, to prominently disclose whether swept funds are deposits within the meaning of 12 U.S.C. 1813(l). If the funds are not deposits, the institution must further disclose the status such funds would have if the institution failed--for example, general creditor status or secured creditor status.

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Authorizing Statute(s): US Code: 12 USC 1821(d)(1), (10)(C), (11) Name of Law: Federal Deposit Insurance Act
   US Code: 12 USC 1821(e)(1), (8)(D)(i) Name of Law: Federal Deposit Insurance Act
   US Code: 12 USC 1823(c)(4), (e)(2) Name of Law: Federal Deposit Insurance Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3064-AD26	Final or interim final rulemaking	73 FR 41170	07/17/2008

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 41170	07/17/2008
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 5797	02/02/2009
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
SWEEP Accounts: Disclosure of Deposit Status

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	1,970	0	0	1,970	0	0
Annual Time Burden (Hours)	84,710	0	0	84,710	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The FDIC is adopting new regulations requiring institutions, with regard to sweep account contracts and account statements reflecting sweep account balances, to prominently disclose whether swept funds are deposits within the meaning of 12 U.S.C. 1813(l). If the funds are not deposits, the institution must further disclose the status such funds would have if the institution failed--for example, general creditor status or secured creditor status.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? Yes

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 02/04/2009

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