Industrial Banks and Industrial Loan Companies

Forms and Documents

Document Name	Status
SPST-0213 Final Rule ILC - 2-24-2021.pdf Supporting Statement A	2021-02-24

IC Document Collections

IC ID	Document Title	Status
244514	Contingency Plan	Unchanged
244513	Maintain records to assess the risks to the industrial bank and to the DIF	Unchanged
244512	Annual report on the Covered Company and its subsidiaries, and such other reports as the FDIC may request	Unchanged
244511	Annual update of listing of all of the company's subsidiaries	Unchanged
244510	Initial listing of all of the company's subsidiaries	Unchanged

ICR Details

OMB Control No: 3064-0213	ICR Reference No: 202012-3064-002
Status: Received in OIRA	Previous ICR Reference No: 202011-3064-001
Agency/Subagency: FDIC	Agency Tracking No: 3064-0213
Title: Industrial Banks and Industrial Loan Companies
Type of Information Collection: Existing collection in use without an OMB Control Number	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 02/24/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	17	0
Time Burden (Hours)	457	0
Cost Burden (Dollars)	0	0

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Abstract: The Federal Deposit Insurance Corporation (FDIC) is requesting approval to establish a new information collection comprised of reporting and recordkeeping requirements contained in a final rulemaking on “Parent Companies of Industrial Banks and Industrial Loan Companies.” The final rule imposes reporting and recordkeeping requirements under the Paperwork Reduction Act for each industrial bank subject to the rule and its Covered Company, as such term is defined in 12 CFR section 354.2.

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Authorizing Statute(s): US Code: 12 USC 1811 et seq. 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-AF31	Final or interim final rulemaking	86 FR 10703	02/23/2021

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 5

IC Title	Form No.	Form Name
Initial listing of all of the company's subsidiaries
Annual update of listing of all of the company's subsidiaries
Annual report on the Covered Company and its subsidiaries, and such other reports as the FDIC may request
Maintain records to assess the risks to the industrial bank and to the DIF
Contingency Plan

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ICR Summary of Burden

	Total Request	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	17	0	0	17	0	0
Annual Time Burden (Hours)	457	0	0	457	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: Given the continuing evolution in the use of the industrial bank charter, the unique nature of applications seeking to establish de novo industrial banks, and the legitimate considerations raised by interested parties—both in support of and opposed to the industrial bank charter—the FDIC believes that the final rule formalizing and strengthening the FDIC’s existing supervisory processes and policies that apply to parent companies of industrial banks that are not subject to Federal consolidated supervision is timely and appropriate. The final rule and the information collected under the final rule provides interested parties with transparency regarding the FDIC’s practices when making determinations on filings involving industrial banks.

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Annual Cost to Federal Government:

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

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

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

Is this ICR related to the Pandemic Response? No

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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: 02/24/2021

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