Reporting, Recordkeeping, and Disclosure Requirements Associated with Regulation NN

Forms and Documents

Document Name	Status
RegNN_20120513_omb.pdf Supporting Statement A	2013-05-13

IC Document Collections

IC ID	Document Title	Status
206827	Reg NN - Disclosure	New
206826	Reg NN - Recordkeeping	New
206825	Reg NN - Reporting	New

ICR Details

OMB Control No: 7100-0353	ICR Reference No: 201305-7100-007
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: FRS	Agency Tracking No: Reg NN
Title: Reporting, Recordkeeping, and Disclosure Requirements Associated with Regulation NN
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/13/2013
	Date Received in OIRA: 05/13/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2016	36 Months From Approved
Responses	19	0	0
Time Burden (Hours)	6,870	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Federal Reserve has adopted a final rule to permit banking organizations under its supervision to engage in certain transactions in foreign currency with retail customers. The final rule also describes various requirements with which banking organizations must comply to conduct such transactions. On August 3, 2011, the Federal Reserve published a notice of proposed rulemaking in the Federal Register for public comment (76 FR 46652). The comment period expired on October 11, 2011. On April 9, 2013, the Federal Reserve published a notice of final rulemaking in the Federal Register (78 FR 21019). The final rule is effective on May 13, 2013.

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Authorizing Statute(s): US Code: 7 USC 2(c)(2)(E) Name of Law: Commodity Exchange Act
   US Code: 12 USC 248 Name of Law: Federal Reserve Act
   US Code: 12 USC 321 - 338 Name of Law: Federal Reserve Act
   US Code: 12 USC 1818 Name of Law: Federal Deposit Insurance Act
   US Code: 12 USC 3108 Name of Law: International Banking Act
   US Code: 5 USC 552(b)(4) Name of Law: Freedom of Information Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 124 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD79	Final or interim final rulemaking	78 FR 21019	04/09/2013

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 46652	08/03/2011
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 21019	04/09/2013
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Reg NN - Reporting
Reg NN - Recordkeeping
Reg NN - Disclosure

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	19	0	19	0	0	0
Annual Time Burden (Hours)	6,870	0	6,870	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 05/13/2013

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