Management Official Interlocks

ICR 201910-3064-002

OMB: 3064-0118

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2019-10-11
IC Document Collections
ICR Details
3064-0118 201910-3064-002
Active 201906-3064-002
FDIC 3064-0118
Management Official Interlocks
Revision of a currently approved collection   No
Regular
Approved without change 11/18/2019
Retrieve Notice of Action (NOA) 10/11/2019
  Inventory as of this Action Requested Previously Approved
11/30/2022 36 Months From Approved 11/30/2020
12 0 3
42 0 21
0 0 0

The FDIC’s Management Official Interlocks regulation, 12 CFR 348, which implements the Depository Institutions Management Interlocks Act (DIMIA), 12 U.S.C. 3201–3208, generally prohibits bank management officials from serving simultaneously with two unaffiliated depository institutions or their holding companies but allows the FDIC to grant exemptions in appropriate circumstances. Consistent with DIMIA, the FDIC’s Management Official Interlocks regulation has an application requirement requiring information specified in the FDIC’s procedural regulation. The rule also contains a notification requirement. The agencies propose to raise the major assets prohibition thresholds to $10 billion to account for changes in the United States banking market since the current thresholds were established in 1996. The agencies also propose three alternative approaches for increasing the thresholds based on market changes or inflation. Increasing the major assets prohibition thresholds would relieve certain depository organizations below the adjusted thresholds from having to ask the agencies for an exemption from the major assets prohibition.

US Code: 12 USC 5301 et seq. Name of Law: Dodd-Frank Wall Street Reform And Consumer Protection Act
   US Code: 12 USC 3201-3208 Name of Law: Depository Institution Management Interlocks Act
  
US Code: 12 USC 5301 et seq. Name of Law: Dodd-Frank Wall Street Reform And Consumer Protection Act

3064-AE57 Final or interim final rulemaking 84 FR 54465 10/10/2019

No

2
IC Title Form No. Form Name
Management Official Interlocks - Reporting
Management Officials Interlocks - Recordkeeping

  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 12 3 0 0 9 0
Annual Time Burden (Hours) 42 21 0 0 21 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
    No
    No
No
No
No
Uncollected
Manuel Cabeza 202 898-3781 mcabeza@fdic.gov

  No

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.
10/11/2019


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