[Federal Register Volume 77, Number 201 (Wednesday, October 17, 2012)]
[Notices]
[Page 63831]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-25508]
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EXPORT-IMPORT BANK
[Public Notice 2012-0531]
Agency Information Collection Activities: Comment Request
AGENCY: Export-Import Bank of the U.S.
ACTION: Submission for OMB Review and Comments Request.
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Form Title: EIB 92-53 Small Business Multi-Buyer Export Credit
Insurance Policy Enhanced Assignment of Policy Proceeds.
SUMMARY: The Export-Import Bank of the U.S. (Ex-Im Bank) pursuant to
the Export-Import Bank Act of 1945, as amended (12 U.S.C. 635, et
seq.), facilitates the finance of export of U.S. goods and services. By
neutralizing the effect of export credit insurance and guarantees
offered by foreign governments and by absorbing credit risks that the
private sector will not accept, Ex-Im Bank enables U.S. exporters to
compete fairly in foreign markets on the basis of price and product.
This collection of information is used by exporters to convey legal
rights to, and describe the duties and obligations that have to be met
by their financial institution lender in order to share insurance
policy proceeds from Ex-Im Bank approved insurance claims.
The changes that were made to this agreement include language
clarifications and changes to the descriptions of the rights and
obligations of the parties to the agreement. The changes were made to
provide clarity and specificity for exporters/lenders based on issues
that have arisen through either exporter/lender inquiries or
interpretations made during processing of claims. The language of the
existing agreement frequently results in improper documentation by our
lender partners which increases claim processing times and causes
significant resource burdens to Ex-Im Bank. The language in the
existing agreement also creates the potential for fraud, resulting in
losses to Ex-Im Bank. Recent changes to the Ex-Im Bank Charter (12
U.S.C. 635(i)(2)(i) and a-6(b)) mandate that Ex-Im Bank must develop
practices to identify, prevent and monitor for potential fraud.
Therefore changes to the agreement were required to comply with this
mandate and protect the U.S. taxpayer from fraud related loss. In
addition, the changes to this agreement protect Ex-Im Bank's lender
partners who are parties to the agreement, allowing us to maintain our
relationships with our lender partners, and fulfill our agency mission
to finance exports (through our lender partners) and create jobs. Due
to the Ex-Im Bank Charter mandate to reduce fraud, the changes in the
form need to be immediately disseminated to exporters/lenders so that
they can change practices where needed, especially where documentation
of export transactions is involved.
This application can be viewed at www.exim.gov/pub/pending/EIB92-53.PDF.
DATES: Comments should be received on or before December 17, 2012 to be
assured of consideration.
ADDRESSES: Comments may be submitted through www.regulations.gov or
mailed to Walter Kosciow, Export Import Bank of the United States, 811
Vermont Ave. NW., Washington, DC 20571.
SUPPLEMENTARY INFORMATION:
Titles and Form Number: EIB 92-53 Small Business Multi-Buyer Export
Credit Insurance Policy Enhanced Assignment of Policy Proceeds.
OMB Number: 3048-XXXX.
Type of Review: New.
Need and Use: The form represents the exporter's directive to Ex-Im
Bank to whom and where the insurance proceeds should be sent, and also
describes the duties and obligations that have to be met by the
financial institution in order to share in the policy proceeds. The
form is typically part of the documentation required by financial
institution lenders in order to provide financing of an exporter's
foreign accounts receivable. Foreign accounts receivable insured by Ex-
Im Bank represent stronger collateral to secure the financing. By
recording which policyholders have completed this form, Ex-Im Bank is
able to determine how many of its exporter policyholders require Ex-Im
Bank insurance policies to support lender financing.
Affected Public: This form affects entities involved in the export
of U.S. goods and services.
Estimated respondents per year........... 110.
Frequency of Responses................... yearly.
Estimated hours per response............. 15 minutes.
Estimated annual burden hours............ 27.5 hours.
Reviewing time in hours.................. 1 hour.
Responses per year....................... 110.
Review time per year..................... 110 hours.
Average wages per hour................... $32.50.
Average cost per year.................... $3,575.00.
Benefits and Overhead.................... 28%--$1000.
Total Government Cost.................... $4,575.00.
The annual cost to the Government would be $4,575.00.
Sharon A. Whitt,
Agency Clearance Officer.
[FR Doc. 2012-25508 Filed 10-16-12; 8:45 am]
BILLING CODE 6690-01-P