Supporting Statement
OMB 1550-0005
Page
SUPPORTING STATEMENT
FOR
Interagency Charter and Federal Deposit Insurance Application
OMB CONTROL NO. 1550-0005
A. JUSTIFICATION
1. Circumstances and Need
Organizers of a Federal savings association must file an Interagency Charter and Federal Deposit Insurance Application for permission to organize with the Office of Thrift Supervision (“OTS”). The submission is required to establish a Federal savings association or a Federal savings bank, and the issuance of a Federal charter, pursuant to 12 C.F.R. Parts 543 and 552.
The applicant shall publish notice no earlier than seven days before and no later than the date of filing of the application. The applicant publishes a notice(s) in accordance with requirements set forth in 12 C.F.R. Subpart B, Publication Requirements, Sections 516.50, 516.60, 516.70, and 516.80.
2. Use of Information Collected
OTS analyzes each information collection to determine whether to approve the proposed application for a Federal charter.
3. Use of Technology to Reduce Burden
Currently, this information collection is not amenable to reduction through improved technology.
4. Efforts to Identify Duplication
There is no information requested on the forms that is collected by OTS in any other way.
5. Minimizing the Burden on Small Firms
The statutory provisions do not provide for OTS to distinguish a respondent by the size of its business. Collection of the information required is essential, regardless of the size of the entity involved.
6. Consequences of Less Frequent Collection
It would be impossible for OTS to evaluate the proposed application if the required information were not provided.
7. Special Circumstances
The information collection, under certain circumstances, requires additional copies of the filings than specified in 5 C.F.R. 1320.5 The additional copies are necessary for OTS to fulfill its obligation to distribute copies to other regulatory agencies such as the Department of Justice, State regulatory agencies, and the Federal Reserve Board.
8. Consultation with Persons Outside the OTS
Notice of intent to revise this information collection was published in the Federal Register, Vol. 75, page 74770, on December 1, 2010. OTS has not received any public comments.
9. Payment of Respondents
OTS provides no payment or gift to respondents.
10. Confidentiality
Certain information is not available to the public including, among other things: 1) information exempt from disclosure by statute or executive order; 2) information contained or related to examination, operating, or condition reports prepared for agency use; and 3) privileged information related to the business or financial affairs of any person which is furnished in confidence.
11. Information of a Sensitive Nature
There are no questions of a sensitive nature.
12. Estimate of Annual Hour Burden
The total annual hour burden to the respondents is estimated at 625 representing 5 submissions at 125 hours. The total annual cost to the respondents for preparation of the submissions is estimated at $123,750 representing total annual submission of 5. The filing fees and publication costs raise the total cost associated with the submissions to $125,875 as shown below.
Number of Standard Hourly Burden Annual
Description Respondents X Rate X Hours* = Cost = Total
Professional 5 $ 40 112.5 $ 22,500
Support (publication 5 $ 20 12.5 $ 1,250
Filing Fees 5 $ 20,000 $100,000 = $123,750
Support 1 20 1 $ 20
Filing Fees
$2,100
x 1 $ 2,100 $ 2,120
Total $125,870
13. Estimate of Annual Cost
There are no startup costs associated with this information collection.
14. Estimate of Annualized Cost to Government
The cost to review these applications is partially offset by the filing fee.
15. Reason for Change in Burden
OTS is citing a decrease in the inventory in the amount of 5,000 hours. This is an adjustment due to a reduction in respondents.
16. Publication
Not applicable.
17. Expiration Date
Not applicable.
18. Exceptions
There are no exceptions to the certification on OMB Form 83-I.
B. COLLECTION OF INFORMATION EMPLOYING STATISTICAL METHODS
Not applicable.
| File Type | application/msword |
| File Title | SUPPORTING STATEMENT FOR SAVINGS AND LOAN |
| Author | Nadine Washington |
| Last Modified By | Ira Mills |
| File Modified | 2011-02-07 |
| File Created | 2010-10-01 |