31922 Federal Register / Vol. 69, No. 110 / Tuesday, June 8, 2004 / Proposed Rules
II. * * *
B. Objectives. * * *
4. Ensure the proper disposal of consumer
information in a manner consistent with the
disposal of customer information.
III. * * *
C. Manage and Control Risk. * * *
4. Develop, implement, and maintain, as
part of your information security program,
appropriate measures to properly dispose of
consumer information in a manner consistent
with the disposal of customer information, in
accordance with each of the requirements in
this paragraph III.
* * * * *
G. Implement the Standards. * * *
3. Effective date for measures relating to
the disposal of consumer information. You
must satisfy these Guidelines with respect to
the proper disposal of consumer information
by [This date will be 90 days after the date
of publication in the Federal Register of a
final rule].
4. Exception for existing agreements with
service providers relating to the disposal of
consumer information. Notwithstanding the
requirement in paragraph III.G.3., your
existing contracts with your service providers
with regard to any service involving the
disposal of consumer information must
comply with these Guidelines by [This date
will be one year after the date of publication
in the Federal Register of a final rule].
PART 571—FAIR CREDIT REPORTING
7. The authority citation for part 571
continues to read as follows:
Authority: 12 U.S.C. 1462a, 1463, 1464,
1467a, 1828, 1831p–1, 1881–1884; 15 U.S.C.
1681s and 1681w; 15 U.S.C. 6801 and
6805(b)(1).
8. Add a new subpart I to read as
follows:
Subpart I—Duties of Users of Consumer
Reports Regarding Identity Theft
Sec.
571.80–571.82 [Reserved]
571.83 Disposal of consumer information.
Subpart I—Duties of Users of
Consumer Reports Regarding Identity
Theft
§ 571.80–571.82 [Reserved]
§ 571.83 Disposal of consumer
information.
(a) In general. You must properly
dispose of any consumer information
that you maintain or otherwise possess
in accordance with the Interagency
Guidelines Establishing Standards for
Safeguarding Customer Information, as
set forth in appendix B to part 570 of
this chapter.
(b) Rule of construction. Nothing in
this section shall be construed to:
(i) Require you to maintain or destroy
any record pertaining to a consumer that
is not imposed under any other law; or
(ii) Alter or affect any requirement
imposed under any other provision of
law to maintain or destroy such a
record.
Dated: April 27, 2004.
By the Office of Thrift Supervision.
James E. Gilleran,
Director.
[FR Doc. 04–12317 Filed 6–7–04; 8:45 am]
BILLING CODE 4810 –33–P; 6210 –01–P; 6714 –01–P;
6720–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 327
RIN 3064–AC84
Deposit Insurance Assessments—
Certified Statements
AGENCY: Federal Deposit Insurance
Corporation.
ACTION: Notice of proposed rulemaking
with request for comment.
SUMMARY: The Federal Deposit
Insurance Corporation (FDIC) proposes
to modernize and simplify its deposit
insurance assessment regulations
governing certified statements, to
provide regulatory burden relief to
insured depository institutions. Under
the proposal, insured institutions would
be required to obtain their certified
statements on the Internet via the FDIC’s
transaction-based e-business website,
FDICconnect. Correct certified
statements would no longer be signed or
returned to the FDIC. The semiannual
certified statement process would be
synchronized with the present quarterly
invoice process. Two quarterly certified
statement invoices would comprise the
semiannual certified statement and
reflect the semiannual assessment
amount. If an insured institution agrees
with its quarterly certified statement
invoice, it would simply pay the
assessed amount and retain the invoice
in its own files. If it disagrees with the
quarterly certified statement invoice, it
would either amend its report of
condition or similar report (to correct
data errors) or amend its quarterly
certified statement invoice (to correct
calculation errors). The FDIC would
automatically treat either as the insured
institution’s request for revision of its
assessment computation, eliminating
the requirement of a separate filing.
These proposed changes, which would
reduce the time and effort required to
comply with the certified statement
process, result from the FDIC’s ongoing
program under the Economic Growth
and Regulatory Paperwork Reduction
Act (EGRPRA) to provide regulatory
burden relief to insured depository
institutions.
DATES: Comments must be submitted on
or before August 9, 2004.
ADDRESSES: Interested parties are
invited to submit written comments to
the FDIC by any of the following
methods:
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• Agency Web site: http://
www.fdic.gov/regulations/laws/federal/
propose.html. Follow the instructions
for submitting comments on the FDIC
Web site.
• E-mail: comments@FDIC.gov.
Include ‘‘Part 327—Certified
Statements’’ in the subject line of the
message.
• Mail: Robert E. Feldman, Executive
Secretary, Attention: Comments/Legal
ESS, Federal Deposit Insurance
Corporation, 550 17th Street, NW.,
Washington, DC 20429.
• Hand Delivery/Courier: Comments
may be hand-delivered to the guard
station located at the rear of the FDIC’s
17th Street building (accessible from F
Street) on business days between 7 a.m.
and 5 p.m.
Instructions: All submissions received
must include the agency name and use
the title ‘‘Part 327—Certified
Statements.’’ The FDIC may post
comments on its Internet site at: http:/
/www.fdic.gov/regulations/laws/federal/
propose.html. Comments may be
inspected and photocopied in the FDIC
Public Information Center, Room 100,
801 17th Street, NW., Washington, DC,
between 9 a.m. and 4:30 p.m. on
business days.
FOR FURTHER INFORMATION CONTACT:
Steve Wagoner, Senior Assessment
Specialist, Division of Finance, (202)
416–7152; Linda A. Abood, Supervisory
IT Specialist, Division of Information
Resources Management, (703) 516–1202;
or Christopher Bellotto, Counsel, (202)
898–3801, Legal Division, Federal
Deposit Insurance Corporation, 550 17th
Street, NW., Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
The FDIC is proposing to amend 12
CFR 327.2 to modernize and simplify
the certified statement process and to
reduce the regulatory burden on insured
depository institutions under its
ongoing EGRPRA program. At present,
the FDIC issues to each insured
depository institution two deposit
insurance invoices each semiannual
period. The second invoice received
during the semiannual period is the
certified statement. An insured
VerDate jul<14>2003 14:19 Jun 07, 2004 Jkt 203001 PO 00000 Frm 00010 Fmt 4702 Sfmt 4702 E:\FR\FM\08JNP1.SGM 08JNP1
II. * * *
B. Objectives. * * *
4. Ensure the proper disposal of consumer
information in a manner consistent with the
disposal of customer information.
III. * * *
C. Manage and Control Risk. * * *
4. Develop, implement, and maintain, as
part of your information security program,
appropriate measures to properly dispose of
consumer information in a manner consistent
with the disposal of customer information, in
accordance with each of the requirements in
this paragraph III.
* * * * *
G. Implement the Standards. * * *
3. Effective date for measures relating to
the disposal of consumer information. You
must satisfy these Guidelines with respect to
the proper disposal of consumer information
by [This date will be 90 days after the date
of publication in the Federal Register of a
final rule].
4. Exception for existing agreements with
service providers relating to the disposal of
consumer information. Notwithstanding the
requirement in paragraph III.G.3., your
existing contracts with your service providers
with regard to any service involving the
disposal of consumer information must
comply with these Guidelines by [This date
will be one year after the date of publication
in the Federal Register of a final rule].
PART 571—FAIR CREDIT REPORTING
7. The authority citation for part 571
continues to read as follows:
Authority: 12 U.S.C. 1462a, 1463, 1464,
1467a, 1828, 1831p–1, 1881–1884; 15 U.S.C.
1681s and 1681w; 15 U.S.C. 6801 and
6805(b)(1).
8. Add a new subpart I to read as
follows:
Subpart I—Duties of Users of Consumer
Reports Regarding Identity Theft
Sec.
571.80–571.82 [Reserved]
571.83 Disposal of consumer information.
Subpart I—Duties of Users of
Consumer Reports Regarding Identity
Theft
§ 571.80–571.82 [Reserved]
§ 571.83 Disposal of consumer
information.
(a) In general. You must properly
dispose of any consumer information
that you maintain or otherwise possess
in accordance with the Interagency
Guidelines Establishing Standards for
Safeguarding Customer Information, as
set forth in appendix B to part 570 of
this chapter.
(b) Rule of construction. Nothing in
this section shall be construed to:
(i) Require you to maintain or destroy
any record pertaining to a consumer that
is not imposed under any other law; or
(ii) Alter or affect any requirement
imposed under any other provision of
law to maintain or destroy such a
record.
Dated: April 27, 2004.
By the Office of Thrift Supervision.
James E. Gilleran,
Director.
[FR Doc. 04–12317 Filed 6–7–04; 8:45 am]
BILLING CODE 4810 –33–P; 6210 –01–P; 6714 –01–P;
6720–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 327
RIN 3064–AC84
Deposit Insurance Assessments—
Certified Statements
AGENCY: Federal Deposit Insurance
Corporation.
ACTION: Notice of proposed rulemaking
with request for comment.
SUMMARY: The Federal Deposit
Insurance Corporation (FDIC) proposes
to modernize and simplify its deposit
insurance assessment regulations
governing certified statements, to
provide regulatory burden relief to
insured depository institutions. Under
the proposal, insured institutions would
be required to obtain their certified
statements on the Internet via the FDIC’s
transaction-based e-business website,
FDICconnect. Correct certified
statements would no longer be signed or
returned to the FDIC. The semiannual
certified statement process would be
synchronized with the present quarterly
invoice process. Two quarterly certified
statement invoices would comprise the
semiannual certified statement and
reflect the semiannual assessment
amount. If an insured institution agrees
with its quarterly certified statement
invoice, it would simply pay the
assessed amount and retain the invoice
in its own files. If it disagrees with the
quarterly certified statement invoice, it
would either amend its report of
condition or similar report (to correct
data errors) or amend its quarterly
certified statement invoice (to correct
calculation errors). The FDIC would
automatically treat either as the insured
institution’s request for revision of its
assessment computation, eliminating
the requirement of a separate filing.
These proposed changes, which would
reduce the time and effort required to
comply with the certified statement
process, result from the FDIC’s ongoing
program under the Economic Growth
and Regulatory Paperwork Reduction
Act (EGRPRA) to provide regulatory
burden relief to insured depository
institutions.
DATES: Comments must be submitted on
or before August 9, 2004.
ADDRESSES: Interested parties are
invited to submit written comments to
the FDIC by any of the following
methods:
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• Agency Web site: http://
www.fdic.gov/regulations/laws/federal/
propose.html. Follow the instructions
for submitting comments on the FDIC
Web site.
• E-mail: comments@FDIC.gov.
Include ‘‘Part 327—Certified
Statements’’ in the subject line of the
message.
• Mail: Robert E. Feldman, Executive
Secretary, Attention: Comments/Legal
ESS, Federal Deposit Insurance
Corporation, 550 17th Street, NW.,
Washington, DC 20429.
• Hand Delivery/Courier: Comments
may be hand-delivered to the guard
station located at the rear of the FDIC’s
17th Street building (accessible from F
Street) on business days between 7 a.m.
and 5 p.m.
Instructions: All submissions received
must include the agency name and use
the title ‘‘Part 327—Certified
Statements.’’ The FDIC may post
comments on its Internet site at: http:/
/www.fdic.gov/regulations/laws/federal/
propose.html. Comments may be
inspected and photocopied in the FDIC
Public Information Center, Room 100,
801 17th Street, NW., Washington, DC,
between 9 a.m. and 4:30 p.m. on
business days.
FOR FURTHER INFORMATION CONTACT:
Steve Wagoner, Senior Assessment
Specialist, Division of Finance, (202)
416–7152; Linda A. Abood, Supervisory
IT Specialist, Division of Information
Resources Management, (703) 516–1202;
or Christopher Bellotto, Counsel, (202)
898–3801, Legal Division, Federal
Deposit Insurance Corporation, 550 17th
Street, NW., Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
The FDIC is proposing to amend 12
CFR 327.2 to modernize and simplify
the certified statement process and to
reduce the regulatory burden on insured
depository institutions under its
ongoing EGRPRA program. At present,
the FDIC issues to each insured
depository institution two deposit
insurance invoices each semiannual
period. The second invoice received
during the semiannual period is the
certified statement. An insured
VerDate jul<14>2003 14:19 Jun 07, 2004 Jkt 203001 PO 00000 Frm 00010 Fmt 4702 Sfmt 4702 E:\FR\FM\08JNP1.SGM 08JNP1
31923Federal Register / Vol. 69, No. 110 / Tuesday, June 8, 2004 / Proposed Rules
1 The June 30 Call Report/TFR data was not
available electronically until after the July 31
payment date; similarly, the December 31 Call
Report/TFR data was not available electronically
until after the January 31 payment date.
2 The term ‘‘invoice’’ will be used to refer to the
invoice for the first quarterly installment; the term
‘‘certified statement’’ will be used to refer to the
invoice for the second quarterly installment.
3 The mailing date is about two weeks prior to the
ACH payment/settlement date. The FDIC also
collects Financing Corporation (FICO) assessments
pursuant to the same statutory requirements that
govern FDIC deposit insurance assessments. The
FICO rate is established based on the deposit data
reflected on the invoice and certified statements. To
ensure timely collection of adequate funds for
FICO, institutions pay the original amount due, and
any appropriate adjustments, plus interest, are part
of a subsequent quarterly assessment collection.
institution must certify the accuracy of
the information on the certified
statement—by signing it—and return it
to the FDIC. If the information is
incorrect, the institution must amend
the certified statement, return it to the
FDIC, and file a separate request for
revision of assessment computation in
order to change the amount of an
assessment payment.
Under the proposal, the two quarterly
invoices—each to be called a quarterly
certified statement invoice—would
together comprise the semiannual
certified statement. Insured institutions
would download their quarterly
certified statement invoices directly
from the FDIC’s e-business Web site,
FDICconnect. If, after reviewing the
data, the institution believes its
quarterly certified statement invoice is
correct, it would no longer be required
to sign or return the invoice to the FDIC.
Instead, an insured institution would
pay the amount specified on the invoice
and retain it in the institution’s files.
Disagreements with quarterly certified
statement invoices would be handled
with greater ease. If an institution
believes the report of condition or
similar report (Call Report or Thrift
Financial Report (TFR)) data used on a
quarterly certified statement invoice is
not correct, the institution would amend
its Call Report/TFR (as it does now); if
an institution believes the Call Report/
TFR data on the invoice is correct, but
the calculation of the assessment
amount is incorrect, the institution
would amend the invoice to show the
desired change, sign it, and return it to
the FDIC within the specified
timeframe. Either way, the FDIC would
automatically treat the institution’s
action as a request for revision of
assessment computation under section
327.3(h), and the present need for the
institution to file a separate request for
revision under the FDIC’s regulations
would be eliminated. With these
changes, the regulatory burden in the
assessment process would be reduced
for the benefit of insured depository
institutions. The FDIC would benefit as
well, by significantly reducing staff time
required for administering the risk-
based assessment system and
assessment billing and collection
process.
I. Background
Under section 7(c) of the Federal
Deposit Insurance Act (FDI Act or Act)
(12 U.S.C. 1817(c)) insured depository
institutions are required to file a
certified statement with the FDIC for
each semiannual deposit insurance
assessment period, containing such
information as the FDIC ‘‘may require
for determining the institution’s
semiannual assessment.’’ 12 U.S.C.
1817(c)(1)(A). The FDI Act also provides
that the certified statement ‘‘shall * * *
be in such form and set forth such
supporting information as the Board of
Directors shall prescribe * * *’’ 12
U.S.C. 1817(c)(1)(B)(i). In this way, the
Act vests in the FDIC discretion to
prescribe the information contained in,
as well as the form of, semiannual
certified statements. As a result of the
FDIC’s exercise of this discretion over a
period of years, the certified statement
process has evolved in response to
advances in collection procedures and
data processing technology.
Prior to 1995, the FDIC mailed a blank
certified statement form to each insured
depository institution each semiannual
period. Each institution was required to
transcribe manually on this form the
deposit data culled from its two prior
Call Reports/TFRs and to calculate its
assessment payment. The assessment
was paid for the entire semiannual
period one month after the beginning of
the semiannual period (i.e., January 31
and July 31). An officer of the
institution was required to certify the
accuracy of that information by signing
the form, which was then returned to
the FDIC along with the institution’s
check for the assessment amount. Under
this system almost all of the certified
statements were returned to the FDIC
each semiannual period, but about 10
percent of the certified statements
received contained mistakes, due in part
to simple transpositions of figures and
mathematical errors that required
correction and revision.
The FDIC revised the process for
collecting deposit insurance
assessments—adopting the present
system of quarterly payments in 1994
and implementing it in March of 1995.
59 FR 67153 (Dec. 29, 1994). As part of
this changeover to the current
automated invoicing and collection
system, the FDIC assumed responsibility
for ‘‘filling out’’ the certified statement
and calculating each institution’s
deposit insurance assessment. The
information used by the FDIC in
completing certified statements is
derived from institutions’ Call Reports/
TFRs, and is stored by the FDIC
electronically. Because the June and
December Call Report/TFR data was not
available electronically until after the
next semiannual payment date,1 the
FDIC instituted the practice of collecting
semiannual assessments in two
quarterly installments to facilitate FDIC
preparation of assessment forms for
insured institutions.
Accordingly, since 1995, the
semiannual assessment has been
collected in two quarterly installments;
the sum of these installments equals an
institution’s semiannual assessment.
Each quarterly installment is based on
deposit data contained in one of the two
quarterly Call Reports/TFRs submitted
by the institution during the previous
semiannual period. Under section
7(a)(3) of the FDI Act (12 U.S.C.
1817(a)(3)), reports of condition must
contain a declaration by an officer of the
institution, and a signed attestation by
two other institution officers, that the
information set forth is true and correct.
The FDIC computes the amount of
each quarterly installment by retrieving
the relevant electronic data from the
Call Report/TFR for each institution.
Once computed, the FDIC sends each
insured institution an invoice for the
first semiannual installment, and, three
months later, a certified statement for
the second installment. The invoice and
the certified statement 2 are each mailed
about two weeks prior to the actual
collection of each respective
installment; collection is accomplished
via Automated Clearing House (ACH)
direct debit of the account designated by
the institution for that purpose.3
The invoice and the certified
statement differ in two essential
respects. The invoice contains the data,
assessment computation, and amount
due for the first installment of the
semiannual period only. The certified
statement, however, contains more than
just the data, assessment computation,
and amount due for the second
installment of the semiannual period. It
also restates the first installment
information and combines the two sets
of information into a semiannual
presentation. In addition, the second
installment invoice—the certified
statement—contains a signature block
and must be signed and returned to the
FDIC, while the first installment invoice
is subject to neither requirement. Under
the current process, if the institution
VerDate jul<14>2003 14:19 Jun 07, 2004 Jkt 203001 PO 00000 Frm 00011 Fmt 4702 Sfmt 4702 E:\FR\FM\08JNP1.SGM 08JNP1
1 The June 30 Call Report/TFR data was not
available electronically until after the July 31
payment date; similarly, the December 31 Call
Report/TFR data was not available electronically
until after the January 31 payment date.
2 The term ‘‘invoice’’ will be used to refer to the
invoice for the first quarterly installment; the term
‘‘certified statement’’ will be used to refer to the
invoice for the second quarterly installment.
3 The mailing date is about two weeks prior to the
ACH payment/settlement date. The FDIC also
collects Financing Corporation (FICO) assessments
pursuant to the same statutory requirements that
govern FDIC deposit insurance assessments. The
FICO rate is established based on the deposit data
reflected on the invoice and certified statements. To
ensure timely collection of adequate funds for
FICO, institutions pay the original amount due, and
any appropriate adjustments, plus interest, are part
of a subsequent quarterly assessment collection.
institution must certify the accuracy of
the information on the certified
statement—by signing it—and return it
to the FDIC. If the information is
incorrect, the institution must amend
the certified statement, return it to the
FDIC, and file a separate request for
revision of assessment computation in
order to change the amount of an
assessment payment.
Under the proposal, the two quarterly
invoices—each to be called a quarterly
certified statement invoice—would
together comprise the semiannual
certified statement. Insured institutions
would download their quarterly
certified statement invoices directly
from the FDIC’s e-business Web site,
FDICconnect. If, after reviewing the
data, the institution believes its
quarterly certified statement invoice is
correct, it would no longer be required
to sign or return the invoice to the FDIC.
Instead, an insured institution would
pay the amount specified on the invoice
and retain it in the institution’s files.
Disagreements with quarterly certified
statement invoices would be handled
with greater ease. If an institution
believes the report of condition or
similar report (Call Report or Thrift
Financial Report (TFR)) data used on a
quarterly certified statement invoice is
not correct, the institution would amend
its Call Report/TFR (as it does now); if
an institution believes the Call Report/
TFR data on the invoice is correct, but
the calculation of the assessment
amount is incorrect, the institution
would amend the invoice to show the
desired change, sign it, and return it to
the FDIC within the specified
timeframe. Either way, the FDIC would
automatically treat the institution’s
action as a request for revision of
assessment computation under section
327.3(h), and the present need for the
institution to file a separate request for
revision under the FDIC’s regulations
would be eliminated. With these
changes, the regulatory burden in the
assessment process would be reduced
for the benefit of insured depository
institutions. The FDIC would benefit as
well, by significantly reducing staff time
required for administering the risk-
based assessment system and
assessment billing and collection
process.
I. Background
Under section 7(c) of the Federal
Deposit Insurance Act (FDI Act or Act)
(12 U.S.C. 1817(c)) insured depository
institutions are required to file a
certified statement with the FDIC for
each semiannual deposit insurance
assessment period, containing such
information as the FDIC ‘‘may require
for determining the institution’s
semiannual assessment.’’ 12 U.S.C.
1817(c)(1)(A). The FDI Act also provides
that the certified statement ‘‘shall * * *
be in such form and set forth such
supporting information as the Board of
Directors shall prescribe * * *’’ 12
U.S.C. 1817(c)(1)(B)(i). In this way, the
Act vests in the FDIC discretion to
prescribe the information contained in,
as well as the form of, semiannual
certified statements. As a result of the
FDIC’s exercise of this discretion over a
period of years, the certified statement
process has evolved in response to
advances in collection procedures and
data processing technology.
Prior to 1995, the FDIC mailed a blank
certified statement form to each insured
depository institution each semiannual
period. Each institution was required to
transcribe manually on this form the
deposit data culled from its two prior
Call Reports/TFRs and to calculate its
assessment payment. The assessment
was paid for the entire semiannual
period one month after the beginning of
the semiannual period (i.e., January 31
and July 31). An officer of the
institution was required to certify the
accuracy of that information by signing
the form, which was then returned to
the FDIC along with the institution’s
check for the assessment amount. Under
this system almost all of the certified
statements were returned to the FDIC
each semiannual period, but about 10
percent of the certified statements
received contained mistakes, due in part
to simple transpositions of figures and
mathematical errors that required
correction and revision.
The FDIC revised the process for
collecting deposit insurance
assessments—adopting the present
system of quarterly payments in 1994
and implementing it in March of 1995.
59 FR 67153 (Dec. 29, 1994). As part of
this changeover to the current
automated invoicing and collection
system, the FDIC assumed responsibility
for ‘‘filling out’’ the certified statement
and calculating each institution’s
deposit insurance assessment. The
information used by the FDIC in
completing certified statements is
derived from institutions’ Call Reports/
TFRs, and is stored by the FDIC
electronically. Because the June and
December Call Report/TFR data was not
available electronically until after the
next semiannual payment date,1 the
FDIC instituted the practice of collecting
semiannual assessments in two
quarterly installments to facilitate FDIC
preparation of assessment forms for
insured institutions.
Accordingly, since 1995, the
semiannual assessment has been
collected in two quarterly installments;
the sum of these installments equals an
institution’s semiannual assessment.
Each quarterly installment is based on
deposit data contained in one of the two
quarterly Call Reports/TFRs submitted
by the institution during the previous
semiannual period. Under section
7(a)(3) of the FDI Act (12 U.S.C.
1817(a)(3)), reports of condition must
contain a declaration by an officer of the
institution, and a signed attestation by
two other institution officers, that the
information set forth is true and correct.
The FDIC computes the amount of
each quarterly installment by retrieving
the relevant electronic data from the
Call Report/TFR for each institution.
Once computed, the FDIC sends each
insured institution an invoice for the
first semiannual installment, and, three
months later, a certified statement for
the second installment. The invoice and
the certified statement 2 are each mailed
about two weeks prior to the actual
collection of each respective
installment; collection is accomplished
via Automated Clearing House (ACH)
direct debit of the account designated by
the institution for that purpose.3
The invoice and the certified
statement differ in two essential
respects. The invoice contains the data,
assessment computation, and amount
due for the first installment of the
semiannual period only. The certified
statement, however, contains more than
just the data, assessment computation,
and amount due for the second
installment of the semiannual period. It
also restates the first installment
information and combines the two sets
of information into a semiannual
presentation. In addition, the second
installment invoice—the certified
statement—contains a signature block
and must be signed and returned to the
FDIC, while the first installment invoice
is subject to neither requirement. Under
the current process, if the institution
VerDate jul<14>2003 14:19 Jun 07, 2004 Jkt 203001 PO 00000 Frm 00011 Fmt 4702 Sfmt 4702 E:\FR\FM\08JNP1.SGM 08JNP1