Foreign banks are required to obtain
the prior approval of the Board to establish a branch, agency, or
representative office; to establish or acquire ownership or control
of a commercial lending company in the United States; or to change
the status of any existing office in the United States. The Board
uses the information to determine, in part, whether to approve the
application and, subsequently, the information is used to supervise
foreign banking organizations with offices in the United
States.
US Code:
12
USC 3105 Name of Law: International Banking Act
US Code: 12
USC 3107 Name of Law: International Banking Act
US Code: 12
USC 3108 Name of Law: International Banking Act
The current annual reporting
burden for the FR K-2 is estimated to be 490 hours. The current
burden estimate is based on the number of responses received during
a typical year. The annual burden for the revised FR K-2 is
estimated to increase slightly to 504 hours.
$0
No
Yes
No
No
No
No
Uncollected
Scott Farmer 202-452-2253
Scott.W.Farmer@frb.gov
No
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.