The Prompt Corrective Action (PCA)
provisions of section 38 of the Federal Deposit Insurance Act
require or permit the FDIC and other federal banking agencies to
take certain supervisory actions when FDIC-insured institutions
fall within certain capital categories. They also restrict or
prohibit certain activities and require the submission of a capital
restoration plan when an insured institution becomes
undercapitalized. Various provisions of the statute and the FDIC’s
implementing regulations require the prior approval of the FDIC
before an FDIC-supervised institution, or certain insured
depository institutions, can engage in certain activities, or allow
the FDIC to make exceptions to restrictions that would otherwise be
imposed. This collection of information consists of the
applications that are required to obtain the FDIC’s prior approval
to engage in these activities.
US Code:
12
USC 1831o Name of Law: Federal Deposit Insurance Act
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:
(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;
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.