1550-0023 (Justification Statement for Change in Supplementary Docs3)

Justification Statement for
Change in Supplementary Documents

The Financial Services Regulatory Relief Act of 2006, which was signed into law on October 13,
2006, eliminates certain insider lending reporting requirements imposed on insured depository
institutions and their insiders. As a result of this new legislation, the banking agencies need to
eliminate the appropriate page of these reporting forms. The burden associated with these data
are 15 minutes per quarter. As discussed by the FRB with Alex Hunt, the agencies will advise
the public of the elimination of the reporting requirement in the final Federal Register notice
announcing the proposed changes for 2007. In addition, the agencies will send a letter to
financial institutions informing them that the data do not need to be reported effective for the
December 31, 2006 as-of date. Emergency review is necessary in order to make the change
effective for the December 31, 2006 report date.