FDIC Yawns Through Paperwork Renewal Comment Request
Published Date: 3/25/2025
Notice
Summary
The FDIC wants to renew some important paperwork collections that businesses and banks fill out. They’re asking for your thoughts by April 24, 2025, to make sure these forms stay useful and not too time-consuming. No big changes or costs are expected, just a smooth renewal to keep things running right.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
Mortgage Loan Originator Registration Requirement
Employees who act as mortgage loan originators at FDIC‑supervised institutions must register with the Nationwide Mortgage Licensing System and Registry and institutions must maintain written policies and procedures. The FDIC estimates the total annual burden for this collection is 90,435 hours.
Contractor Paperwork Renewal and Burden
If you are a private-sector contractor or vendor doing business with the FDIC, the agency is renewing acquisition-related forms you must fill out. The renewal keeps current requirements in place and the FDIC estimates a combined total annual paperwork burden of 13,326 hours for these forms.
Privacy Notices and Consumer Opt-Outs Continue
Insured State nonmember banks must continue to provide initial and annual privacy notices, opt-out notices, and maintain related records under the Gramm-Leach-Bliley Act. The FDIC estimates these collections impose 42,498 total annual burden hours on institutions and states that consumer opt-out burden is de minimis.
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