Reporting and Recordkeeping Requirements Associated with Regulation L

Forms and Documents

Document Name	Status
FRL_20200522_omb.pdf Supporting Statement A	2020-05-22

IC Document Collections

IC ID	Document Title	Status
241964	Recordkeeping Sections 212.5(b) and 238.95(b)	New
241963	Reporting Sections 212.4(h)(1)(i) and 238.94(h)(1)(i)	New

ICR Details

OMB Control No: 7100-0378	ICR Reference No: 202005-7100-013
Status: Active	Previous ICR Reference No:
Agency/Subagency: FRS	Agency Tracking No: FR L
Title: Reporting and Recordkeeping Requirements Associated with Regulation L
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: 05/22/2020
	Date Received in OIRA: 05/22/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2023	36 Months From Approved
Responses	12	0	0
Time Burden (Hours)	40	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Depository Institution Management Interlocks Act (DIMIA) generally prohibits management officials from serving simultaneously with two unaffiliated depository institutions or their holding companies, but allows the Federal banking agencies, including the Board, to grant exemptions from such interlocks in certain circumstances. The FR L information collection accounts for the reporting and recordkeeping requirements associated with implementation of DIMIA.

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Authorizing Statute(s): US Code: 12 USC 1467a(b) and (g) Name of Law: Home Owners’ Loan Act
   US Code: 12 USC 3207 Name of Law: Depository Institution Management Interlocks Act
   US Code: 12 USC 1844(c) Name of Law: Bank Holding Company Act of 1956
   US Code: 12 USC 248(a) Name of Law: Federal Reserve Act
   US Code: 12 USC 324 Name of Law: Federal Reserve Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AF31	Final or interim final rulemaking	84 FR 54465	10/10/2019

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 604	01/31/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 54465	10/10/2019
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Reporting Sections 212.4(h)(1)(i) and 238.94(h)(1)(i)
Recordkeeping Sections 212.5(b) and 238.95(b)

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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	12	0	0	12	0	0
Annual Time Burden (Hours)	40	0	0	40	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: Although the Board previously included these reporting and recordkeeping requirements in the information collection under OMB control number 7100-0134, they were inadvertently omitted from recent clearances of that control number. The Board implemented a new information collection to account for these requirements.

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Annual Cost to Federal Government: $0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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]? No

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

Is this ICR related to the Pandemic Response? No

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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: 05/22/2020

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