When acting upon an initial Federal Reserve Membership Application (FR 2083/A/B/C) filed by a state-chartered bank, the Federal Reserve is required under section 9 of the Federal Reserve Act (FRA) to consider the financial condition of the applying bank, the general character of its management, and whether the corporate powers to be exercised are consistent with the FRA. The Federal Reserve uses the information collected through the application form, along with other Federal Reserve System-generated data, to determine whether the applicant bank meets the standards for approval. The information requested in the FR 2083/A/B/C application for membership is necessary for the Federal Reserve to be able to fulfill its responsibilities with respect to evaluating a state-chartered bank for membership.
The Federal Reserve Bank Stock Applications forms (FR 2030, FR 2030a, FR 2056, FR 2086, FR 2086a, and FR 2087) are used to fulfill the Board’s responsibilities under the FRA, Home Owners’ Loan Act, and Regulation I. These application forms must be used by a new or existing member bank (including a national bank or a CSA) to request the issuance, adjustments (related to a merger) in, or cancellation of Federal Reserve Bank stock. The application forms must contain certain certifications by the applicant as well as certain other financial and shareholder data that are needed by a Reserve Bank to process the request.
US Code:
12 USC 321
Name of Law: Federal Reserve Act
US Code:
12 USC 322
Name of Law: Federal Reserve Act
US Code:
12 USC 323
Name of Law: Federal Reserve Act
US Code:
12 USC 329
Name of Law: Federal Reserve Act
US Code:
12 USC 333
Name of Law: Federal Reserve Act
US Code:
12 USC 248(a)
Name of Law: Federal Reserve Act
US Code:
12 USC 1464a(c)
Name of Law: Home Owners’ Loan Act
US Code:
12 USC 222
Name of Law: Federal Reserve Act
US Code:
12 USC 282
Name of Law: Federal Reserve Act
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12 USC 287
Name of Law: Federal Reserve Act
US Code:
12 USC 288
Name of Law: Federal Reserve Act
The increase in total annual burden hours reflects an update to the respondent counts and standardizing the estimated average hours per response burden.
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:
(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;
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.