[Federal Register: October 15, 1999 (Volume 64, Number 199)]
[Notices]               
[Page 55926]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr15oc99-77]                         

=======================================================================
-----------------------------------------------------------------------

FEDERAL DEPOSIT INSURANCE CORPORATION

 
Agency Information Collection Activities: Submission for OMB 
Review; Comment Request

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice of information collection to be submitted to OMB for 
review and approval under the Paperwork Reduction Act of 1995.

-----------------------------------------------------------------------

SUMMARY: In accordance with requirements of the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.), the FDIC hereby gives notice that it 
plans to submit to the Office of Management and Budget (OMB) a request 
for OMB review and approval of the information collection system 
described below.
    Type of Review: Revision of a currently approved collection.
    Title: External Auditing.
    OMB Number: 3064-0113.
    Estimate of Annual Burden:
    Insured Institutions with assets of $500 million or more (already 
approved by OMB).
      Number of Respondents: 420.
      Number of Responses per Respondent: 3.
      Total Annual Responses: 1,260.
      Hours per Response: 32.
      Total Annual Burden Hours: 40,320.
    Insured Institutions with assets less than $500 million (proposed 
revision to be submitted to OMB).
      Number of Respondents: 5,478.
      Number of Responses per Respondent: 3.
      Total Annual Responses: 16,434.
      Hours per Response: 1/4 hour for the recordkeeping response, 1/4 
hour for the first reporting response, and 1/4 hour for the second 
reporting response x 5,478 Respondents.
      Total Annual Burden: 1,370 recordkeeping and 2,740 reporting = 
4,110 hours.
    Expiration Date of Current OMB Clearance: November 30, 2000.
    OMB: Alexander T. Hunt, (202) 395-7860, Office of Management and 
Budget, Office of Information and Regulatory Affairs, Washington, DC 
20503.
    FDIC: Steven F. Hanft (202) 898-3907, Office of the Executive 
Secretary, Room F-4062, Federal Deposit Insurance Corporation, 550 17th 
Street NW, Washington, DC 20429.
    Comments: Comments on this collection of information are welcome 
and should be submitted on or before November 15, 1999 to both the OMB 
reviewer and the FDIC contact listed above.

ADDRESSES: Information about this submission, including copies of the 
proposed collection of information, may be obtained by calling or 
writing the FDIC contact listed above.

SUPPLEMENTARY INFORMATION: The FDIC's regulations at 12 CFR 363 
establish annual independent audit and reporting requirements for 
financial institutions with assets of $500 million or more. The 
requirements, which have been approved by OMB under control number 
3064-0113, include an annual report on their financial statements, 
recordkeeping about management deliberations regarding external 
auditing and reports about changes in auditors. The FDIC is now 
preparing to ask OMB to approve revising the collection to cover 
financial institutions with assets less than $500 million on a 
voluntary basis. The information collected will be used to facilitate 
early identification of problems in financial management at financial 
institutions.

Federal Deposit Insurance Corporation.

    Dated: October 12, 1999.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 99-27010 Filed 10-14-99; 8:45 am]
BILLING CODE 6714-01-P