FDIC Seeks Renewal of Bank Protection Act Paperwork
Published Date: 3/25/2025
Notice
Summary
The FDIC wants to renew its paperwork rules for insured state banks to keep up with the Bank Protection Act. Banks will keep tracking their security efforts, and the public can share thoughts by May 27, 2025. This keeps things safe without adding new costs or big changes.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Bank Protection Act Recordkeeping Continues
If you operate an FDIC-insured state nonmember bank, you must continue to keep written security programs and related records under the Bank Protection Act. The renewal covers specified recordkeeping (e.g., implementation: 9 respondents × 16 hours each = 144 hours; ongoing: 2,882 respondents × 6 hours each = 17,292 hours) with a total annual burden reported as 40,780 hours and a stated 9,670-hour decrease in burden.
Ombudsman Post-Exam Surveys Remain Voluntary
FDIC-supervised insured depository institutions may be asked to complete voluntary Ombudsman post-examination surveys (Forms 6600/58 and 6600/59). The notice reports 492 respondents for the Safety and Soundness survey (45 minutes each, 369 hours) and 329 respondents for the Consumer Compliance survey (45 minutes each, 247 hours), for a total annual burden of 616 hours and a stated 251-hour decrease in burden.
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