FDIC Yawns: Please Comment on Our Same Old Paperwork
Published Date: 1/23/2025
Notice
Summary
The FDIC is asking the public and businesses to help by commenting on renewing some important paperwork collections they use to keep things running smoothly. This affects private companies and aims to keep information up-to-date without adding extra hassle. Comments are due by March 24, 2025, so don’t miss your chance to weigh in!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
FDIC Contracting Paperwork Burden
If you are a private-sector contractor or vendor that wants to do business with the FDIC, you must submit various FDIC acquisition forms and certifications. The FDIC estimates the total annual burden for these acquisition-related information collections at 13,326 hours. Comments on renewing this collection are due by March 24, 2025.
Mortgage Originator Registration Requirement
Employees of FDIC-supervised institutions who engage in mortgage loan origination must register with the Nationwide Mortgage Licensing System and Registry and institutions must keep written policies and procedures. The FDIC estimates the annual burden for this registration and related recordkeeping at 90,435 hours.
Privacy Notices and Consumer Opt-Outs
Insured State nonmember banks must provide privacy notices and opt-out mechanisms for consumers under the Gramm-Leach-Bliley Act. The FDIC estimates total annual burden for these privacy-related collections at 42,498 hours, including drafting initial disclosure notices and providing annual notices and opt-out notices.
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Key Dates
Department and Agencies
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