Notice2024-03214
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
February 16, 2024
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, with revision, the Recordkeeping and Disclosure Requirements Associated with Regulation O (FR O; OMB No. 7100-0382).
Full Text
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<title>Federal Register, Volume 89 Issue 33 (Friday, February 16, 2024)</title>
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[Federal Register Volume 89, Number 33 (Friday, February 16, 2024)]
[Notices]
[Page 12340]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-03214]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, with revision, the
Recordkeeping and Disclosure Requirements Associated with Regulation O
(FR O; OMB No. 7100-0382).
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of
the Chief Data Officer, Board of Governors of the Federal Reserve
System, <a href="/cdn-cgi/l/email-protection#c0aeb5a8a1eea5acada1a7a8b2a1a2a980a6b2a2eea7afb6"><span class="__cf_email__" data-cfemail="315f4459501f545d5c50565943505358715743531f565e47">[email protected]</span></a>, (202) 452-3884.
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Room 10235, 725
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to collections of information conducted or
sponsored by the Board. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. The OMB inventory, as well as copies of the
PRA Submission, supporting statements (which contain more detailed
information about the information collections and burden estimates than
this notice), and approved collection of information instrument(s) are
available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents
are also available on the Federal Reserve Board's public website at
<a href="https://www.federalreserve.gov/apps/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a> or may
be requested from the agency clearance officer, whose name appears
above.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, With Revision, of the Following Information Collection
Collection title: Recordkeeping and Disclosure Requirements
Associated with Regulation O.
Collection identifier: FR O.
OMB control number: 7100-0382.
Date: March 18, 2024.
General description of collection: The Board's Regulation O--Loans
to Executive Officers, Directors, and Principal Shareholders of Member
Banks (12 CFR part 215) governs any extension of credit made by a
member bank to an executive officer, director, or principal shareholder
of the member bank, of any company of which the member bank is a
subsidiary, and of any other subsidiary of that company. Regulation O
prohibits extensions of credit to insiders unless they are made on
substantially the same terms (including interest rates and collateral)
as those prevailing at the time for comparable transactions by the bank
with other persons who are not employed by the bank and do not involve
more than the normal risk of repayment or present other unfavorable
features. In addition, Regulation O limits extensions of credit by a
member bank to individual insiders and to all insiders, requires a
member bank's board of directors to approve certain large extensions of
credit, and sets forth recordkeeping and disclosure requirements.
Frequency: Event-generated.
Respondents: Insured depository institutions and uninsured member
banks.
Total estimated number of respondents: 6,099.
Total estimated change in burden: 12,512.
Total estimated annual burden hours: 21,932.\1\
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\1\ More detailed information regarding this collection,
including more detailed burden estimates, can be found in the OMB
Supporting Statement posted at <a href="https://www.federalreserve.gov/apps/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a>. On the page displayed at the link, you
can find the OMB Supporting Statement by referencing the collection
identifier, FR O.
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Current actions: On September 28, 2023, the Board published a
notice in the Federal Register (88 FR 66843) requesting public comment
for 60 days on the extension, with revision, of the FR O. The FR O PRA
clearance currently only lists member banks as respondents. The Board
proposed to revise the FR O PRA clearance to reflect that the
information collections included in Regulation O, by operation of
statute, apply in practice to all insured depository institutions,
regardless of whether they are member banks. This revision would be
solely an administrative law matter, and would not actually impose new
requirements on any institutions. While the proposed revision would not
substantively increase burden for any institution, the administrative
change would result in a larger reported burden of 21,932 hours. The
comment period for this notice expired on November 27, 2023. The Board
did not receive any comments. The revisions will be implemented as
proposed.
Board of Governors of the Federal Reserve System, February 12,
2024.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2024-03214 Filed 2-15-24; 8:45 am]
BILLING CODE 6210-01-P
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