68068 Federal Register / Vol. 69, No. 225 / Tuesday, November 23, 2004 / Rules and Regulations
to any clearly identified Federal
candidates; or
(B) One or more clearly identified
non-Federal candidates and also refer to
candidates of a particular party or
associated with a particular issue, but
do not refer to any clearly identified
Federal candidates;
(iii) Public communications that refer
to one or more clearly identified Federal
candidates, regardless of whether there
is reference to a political party, but do
not refer to any clearly identified non-
Federal candidates; and
(iv) Public communications that refer
to a political party, and refer to one or
more clearly identified non-Federal
candidates, but do not refer to any
clearly identified Federal candidates.
(c) Method for allocating
administrative expenses, costs of
generic voter drives, and certain public
communications. Nonconnected
committees and separate segregated
funds shall pay their administrative
expenses, costs of generic voter drives,
and costs of public communications that
refer to any political party, as described
in paragraphs (b)(1)(i), (b)(1)(iii) or
(b)(1)(iv) of this section, with at least 50
percent Federal funds, as defined in 11
CFR 300.2(g).
* * * * *
(f) Payments for public
communications and voter drives that
refer to one or more clearly identified
Federal or non-Federal candidates.
Nonconnected committees and separate
segregated funds shall pay for the costs
of all public communications that refer
to one or more clearly identified
candidates, and voter drives that refer to
one or more clearly identified
candidates, as described in paragraphs
(b)(2)(i) and (b)(2)(ii) of this section, as
follows:
(1) The following shall be paid 100
percent from the Federal account of the
nonconnected committee or separate
segregated fund:
(i) Public communications that refer
to one or more clearly identified Federal
candidates, regardless of whether there
is reference to a political party, but do
not refer to any clearly identified non-
Federal candidates, as described in
paragraph (b)(2)(iii) of this section; and
(ii) Voter drives described in
paragraph (b)(2)(i) of this section.
(2) The following may be paid 100
percent from the non-Federal account of
the nonconnected committee or separate
segregated fund:
(i) Public communications that refer
to a political party and one or more
clearly identified non-Federal
candidates, but do not refer to any
clearly identified Federal candidates, as
described in paragraph (b)(2)(iv) of this
section; and
(ii) Voter drives described in
paragraph (b)(2)(ii) of this section.
(3) Notwithstanding 11 CFR
106.1(a)(i), public communications and
voter drives that refer to one or more
clearly identified Federal candidates
and one or more clearly identified non-
Federal candidates, regardless of
whether there is a reference to a
political party, including those that are
expenditures, independent expenditures
or in-kind contributions, shall be
allocated as follows:
(i) Public communications and voter
drives, other than phone banks, shall be
allocated based on the proportion of
space or time devoted to each clearly
identified Federal candidate as
compared to the total space or time
devoted to all clearly identified
candidates, or
(ii) Public communications and voter
drives that are conducted through
phone banks shall be allocated based on
the number of questions or statements
devoted to each clearly identified
Federal candidate as compared to the
total number of questions or statements
devoted to all clearly identified
candidates.
Dated: November 18, 2004.
Bradley A. Smith,
Chairman, Federal Election Commission.
[FR Doc. 04–25946 Filed 11–22–04; 8:45 am]
BILLING CODE 6715 –01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 327
RIN 3064–AC84
Deposit Insurance Assessments—
Certified Statements
AGENCY: Federal Deposit Insurance
Corporation.
ACTION: Final rule.
SUMMARY: The Federal Deposit
Insurance Corporation (FDIC) is
modernizing and simplifying its deposit
insurance assessment regulations
governing certified statements, to
provide regulatory burden relief to
insured depository institutions. Under
the final rule, insured institutions will
obtain their certified statements on the
Internet via the FDIC’s transaction-based
e-business Web site, FDICconnect.
Correct certified statements will no
longer be signed by insured institutions
or returned to the FDIC, and the
semiannual certified statement process
will be synchronized with the quarterly
invoice process. Two quarterly certified
statement invoices will comprise the
semiannual certified statement and
reflect the semiannual assessment
amount. If an insured institution agrees
with its quarterly certified statement
invoice, it will simply pay the assessed
amount and retain the invoice in its
own files. If it disagrees with the
quarterly certified statement invoice, it
will 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 will automatically
treat either as the insured institution’s
request for revision of its assessment
computation, eliminating the
requirement of a separate filing. In
addition, the FDIC will provide e-mail
notification each quarter to let
depository institutions know when their
quarterly certified statement invoices
are available on FDICconnect. An
institution that lacks Internet access will
be able request from the FDIC a one-year
renewable exemption from the use of
FDICconnect, during which it will
continue to receive quarterly certified
statement invoices by mail. With these
amendments, the time and effort
required to comply with the certified
statement process will be reduced, a
result of 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: This final rule will become
effective on March 1, 2005.
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, Legal
Division, (202) 898–3801, Federal
Deposit Insurance Corporation, 550 17th
Street, NW., Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
I. Background
On June 8, 2004, the FDIC published
in the Federal Register, for a 60-day
comment period, a notice of proposed
rulemaking with request for comment
on the proposed amendments to section
327.2, the certified statement regulation.
(69 FR 31922). The comment period
closed on August 9, 2004. The FDIC
received 22 comment letters, one from
a trade organization (Independent
Community Bankers of America) and 21
from depository institutions. Seventeen
of the commenters generally supported
the proposal and the remaining five
generally opposed, although in varying
VerDate jul<14>2003 17:18 Nov 22, 2004 Jkt 205001 PO 00000 Frm 00016 Fmt 4700 Sfmt 4700 E:\FR\FM\23NOR1.SGM 23NOR1
to any clearly identified Federal
candidates; or
(B) One or more clearly identified
non-Federal candidates and also refer to
candidates of a particular party or
associated with a particular issue, but
do not refer to any clearly identified
Federal candidates;
(iii) Public communications that refer
to one or more clearly identified Federal
candidates, regardless of whether there
is reference to a political party, but do
not refer to any clearly identified non-
Federal candidates; and
(iv) Public communications that refer
to a political party, and refer to one or
more clearly identified non-Federal
candidates, but do not refer to any
clearly identified Federal candidates.
(c) Method for allocating
administrative expenses, costs of
generic voter drives, and certain public
communications. Nonconnected
committees and separate segregated
funds shall pay their administrative
expenses, costs of generic voter drives,
and costs of public communications that
refer to any political party, as described
in paragraphs (b)(1)(i), (b)(1)(iii) or
(b)(1)(iv) of this section, with at least 50
percent Federal funds, as defined in 11
CFR 300.2(g).
* * * * *
(f) Payments for public
communications and voter drives that
refer to one or more clearly identified
Federal or non-Federal candidates.
Nonconnected committees and separate
segregated funds shall pay for the costs
of all public communications that refer
to one or more clearly identified
candidates, and voter drives that refer to
one or more clearly identified
candidates, as described in paragraphs
(b)(2)(i) and (b)(2)(ii) of this section, as
follows:
(1) The following shall be paid 100
percent from the Federal account of the
nonconnected committee or separate
segregated fund:
(i) Public communications that refer
to one or more clearly identified Federal
candidates, regardless of whether there
is reference to a political party, but do
not refer to any clearly identified non-
Federal candidates, as described in
paragraph (b)(2)(iii) of this section; and
(ii) Voter drives described in
paragraph (b)(2)(i) of this section.
(2) The following may be paid 100
percent from the non-Federal account of
the nonconnected committee or separate
segregated fund:
(i) Public communications that refer
to a political party and one or more
clearly identified non-Federal
candidates, but do not refer to any
clearly identified Federal candidates, as
described in paragraph (b)(2)(iv) of this
section; and
(ii) Voter drives described in
paragraph (b)(2)(ii) of this section.
(3) Notwithstanding 11 CFR
106.1(a)(i), public communications and
voter drives that refer to one or more
clearly identified Federal candidates
and one or more clearly identified non-
Federal candidates, regardless of
whether there is a reference to a
political party, including those that are
expenditures, independent expenditures
or in-kind contributions, shall be
allocated as follows:
(i) Public communications and voter
drives, other than phone banks, shall be
allocated based on the proportion of
space or time devoted to each clearly
identified Federal candidate as
compared to the total space or time
devoted to all clearly identified
candidates, or
(ii) Public communications and voter
drives that are conducted through
phone banks shall be allocated based on
the number of questions or statements
devoted to each clearly identified
Federal candidate as compared to the
total number of questions or statements
devoted to all clearly identified
candidates.
Dated: November 18, 2004.
Bradley A. Smith,
Chairman, Federal Election Commission.
[FR Doc. 04–25946 Filed 11–22–04; 8:45 am]
BILLING CODE 6715 –01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 327
RIN 3064–AC84
Deposit Insurance Assessments—
Certified Statements
AGENCY: Federal Deposit Insurance
Corporation.
ACTION: Final rule.
SUMMARY: The Federal Deposit
Insurance Corporation (FDIC) is
modernizing and simplifying its deposit
insurance assessment regulations
governing certified statements, to
provide regulatory burden relief to
insured depository institutions. Under
the final rule, insured institutions will
obtain their certified statements on the
Internet via the FDIC’s transaction-based
e-business Web site, FDICconnect.
Correct certified statements will no
longer be signed by insured institutions
or returned to the FDIC, and the
semiannual certified statement process
will be synchronized with the quarterly
invoice process. Two quarterly certified
statement invoices will comprise the
semiannual certified statement and
reflect the semiannual assessment
amount. If an insured institution agrees
with its quarterly certified statement
invoice, it will simply pay the assessed
amount and retain the invoice in its
own files. If it disagrees with the
quarterly certified statement invoice, it
will 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 will automatically
treat either as the insured institution’s
request for revision of its assessment
computation, eliminating the
requirement of a separate filing. In
addition, the FDIC will provide e-mail
notification each quarter to let
depository institutions know when their
quarterly certified statement invoices
are available on FDICconnect. An
institution that lacks Internet access will
be able request from the FDIC a one-year
renewable exemption from the use of
FDICconnect, during which it will
continue to receive quarterly certified
statement invoices by mail. With these
amendments, the time and effort
required to comply with the certified
statement process will be reduced, a
result of 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: This final rule will become
effective on March 1, 2005.
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, Legal
Division, (202) 898–3801, Federal
Deposit Insurance Corporation, 550 17th
Street, NW., Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
I. Background
On June 8, 2004, the FDIC published
in the Federal Register, for a 60-day
comment period, a notice of proposed
rulemaking with request for comment
on the proposed amendments to section
327.2, the certified statement regulation.
(69 FR 31922). The comment period
closed on August 9, 2004. The FDIC
received 22 comment letters, one from
a trade organization (Independent
Community Bankers of America) and 21
from depository institutions. Seventeen
of the commenters generally supported
the proposal and the remaining five
generally opposed, although in varying
VerDate jul<14>2003 17:18 Nov 22, 2004 Jkt 205001 PO 00000 Frm 00016 Fmt 4700 Sfmt 4700 E:\FR\FM\23NOR1.SGM 23NOR1
68069Federal Register / Vol. 69, No. 225 / Tuesday, November 23, 2004 / Rules and Regulations
1 The June 30 Call Report/TFR data is not
available electronically until after the July 31
payment date; similarly, the December 31 Call
Report/TFR data is not available electronically until
after the January 31 payment date.
2 The ‘‘invoice’’ is the first quarterly installment
sent each semiannual period; the ‘‘certified
statement’’ is the invoice for the second quarterly
installment.
3 Collection has been and will continue to be
accomplished via Automated Clearing House (ACH)
direct debit of the account designated by the
institution for that purpose. Like the invoice and
certified statement (which were mailed about two
weeks prior to the ACH payment/settlement date),
quarterly certified statement invoices will be made
available on FDICconnect approximately 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 based on the deposit
data reflected on the invoice and certified
statements. Under the final rule, the FICO rate will
be based on the deposit data reflected on the two
quarterly certified statement invoices made
available each semiannual period. To ensure timely
collection of adequate funds for FICO, institutions
will continue to pay the original amount due; any
appropriate adjustments, plus interest, will be part
of a subsequent quarterly assessment collection.
degrees. Eleven commenters addressed
the question of e-mail notice, all of them
favoring the courtesy notification
suggested by the FDIC. An alternative
form of delivery for institutions without
Internet access was requested by four
commenters. The following is a
discussion of the amendments to section
327.2 and the comments received.
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 every
insured depository institution every
semiannual period. Each institution was
required to transcribe manually on this
form the deposit data culled from its
two prior Call Reports/Thrift Financial
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 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 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.
Under the present system, 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.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.
Institutions are required to sign and
return the certified statement to the
FDIC, while the first installment invoice
was subject to neither requirement.
Under the present process, if an
institution agrees with the information
on the first installment invoice, it takes
no action other than to fund the
designated assessment account
sufficiently to allow the direct debit of
the account. At most institutions, an
officer reviews the first installment
invoice before authorizing payment by
comparing the deposit data on the
invoice to the amounts reported by the
institution on its corresponding Call
Report/TAR, reconciling any
adjustments from prior assessment
periods as noted on the back of the
invoice, verifying the rate multiplier
used and the ACH account information,
and spot checking mathematical
calculations. If the institution disagrees
with the information on the first
installment invoice, the institution is
required by regulation (12 CFR
327.3(h)), to file a request for revision of
its assessment computation if it wished
to change its assessment payment,
which in practice was usually done to
obtain a refund.
If an institution agrees with the
second installment invoice (the certified
statement), in addition to ensuring that
the designated account is adequately
funded and payment is authorized, an
officer of the institution is required to
certify the accuracy of the statement and
return it to the FDIC. Generally, this
process involves checking the restated
first invoice data again, as well as
checking the data for the second half of
the semiannual period. The institution
has to return its certified statement
(usually by mail) signed by an officer,
not later than the second quarterly
payment date of the semiannual period
(i.e., certified statements must be
returned by March 30 for the January–
VerDate jul<14>2003 17:18 Nov 22, 2004 Jkt 205001 PO 00000 Frm 00017 Fmt 4700 Sfmt 4700 E:\FR\FM\23NOR1.SGM 23NOR1
1 The June 30 Call Report/TFR data is not
available electronically until after the July 31
payment date; similarly, the December 31 Call
Report/TFR data is not available electronically until
after the January 31 payment date.
2 The ‘‘invoice’’ is the first quarterly installment
sent each semiannual period; the ‘‘certified
statement’’ is the invoice for the second quarterly
installment.
3 Collection has been and will continue to be
accomplished via Automated Clearing House (ACH)
direct debit of the account designated by the
institution for that purpose. Like the invoice and
certified statement (which were mailed about two
weeks prior to the ACH payment/settlement date),
quarterly certified statement invoices will be made
available on FDICconnect approximately 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 based on the deposit
data reflected on the invoice and certified
statements. Under the final rule, the FICO rate will
be based on the deposit data reflected on the two
quarterly certified statement invoices made
available each semiannual period. To ensure timely
collection of adequate funds for FICO, institutions
will continue to pay the original amount due; any
appropriate adjustments, plus interest, will be part
of a subsequent quarterly assessment collection.
degrees. Eleven commenters addressed
the question of e-mail notice, all of them
favoring the courtesy notification
suggested by the FDIC. An alternative
form of delivery for institutions without
Internet access was requested by four
commenters. The following is a
discussion of the amendments to section
327.2 and the comments received.
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 every
insured depository institution every
semiannual period. Each institution was
required to transcribe manually on this
form the deposit data culled from its
two prior Call Reports/Thrift Financial
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 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 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.
Under the present system, 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.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.
Institutions are required to sign and
return the certified statement to the
FDIC, while the first installment invoice
was subject to neither requirement.
Under the present process, if an
institution agrees with the information
on the first installment invoice, it takes
no action other than to fund the
designated assessment account
sufficiently to allow the direct debit of
the account. At most institutions, an
officer reviews the first installment
invoice before authorizing payment by
comparing the deposit data on the
invoice to the amounts reported by the
institution on its corresponding Call
Report/TAR, reconciling any
adjustments from prior assessment
periods as noted on the back of the
invoice, verifying the rate multiplier
used and the ACH account information,
and spot checking mathematical
calculations. If the institution disagrees
with the information on the first
installment invoice, the institution is
required by regulation (12 CFR
327.3(h)), to file a request for revision of
its assessment computation if it wished
to change its assessment payment,
which in practice was usually done to
obtain a refund.
If an institution agrees with the
second installment invoice (the certified
statement), in addition to ensuring that
the designated account is adequately
funded and payment is authorized, an
officer of the institution is required to
certify the accuracy of the statement and
return it to the FDIC. Generally, this
process involves checking the restated
first invoice data again, as well as
checking the data for the second half of
the semiannual period. The institution
has to return its certified statement
(usually by mail) signed by an officer,
not later than the second quarterly
payment date of the semiannual period
(i.e., certified statements must be
returned by March 30 for the January–
VerDate jul<14>2003 17:18 Nov 22, 2004 Jkt 205001 PO 00000 Frm 00017 Fmt 4700 Sfmt 4700 E:\FR\FM\23NOR1.SGM 23NOR1