The Gramm-Leach-Bliley Act (GLBA)
amended the Federal Deposit Insurance Act (FDI Act) by adding a new
section 48, entitled “CRA Sunshine Requirements.” Section 48
imposes disclosure and reporting requirements on IDIs, their
affiliates, and nongovernmental entities or persons (NGEP) that
enter into written agreements that (1) are made in fulfillment of
the Community Reinvestment Act of 1977 (CRA) and (2) involve funds
or other resources of an IDI or affiliate with an aggregate value
of more than $10,000 in a year, or loans with an aggregate
principal value of more than $50,000 in a year. Section 48 excludes
from the disclosure and reporting requirements any CRA-related
agreement between an IDI or its affiliate, on the one hand, and an
NGEP, on the other hand, if the NGEP has not contacted the IDI, its
affiliate, or a Federal banking agency concerning the CRA
performance of the IDI. The GLBA directed the Board, as well as the
other federal banking agencies, to issue consistent and comparable
regulations to implement the requirements of section 48 of the FDI
Act. In 2001, the agencies promulgated substantially identical
regulations, which interpret the scope of written agreements that
are subject to the statute and implement the disclosure and
reporting requirements of section 48. The Board’s Regulation G
implements the provisions of the GLBA requiring both IDIs and NGEPs
to make a copy of any covered agreement available to the public and
the appropriate Federal banking agency, and to file an annual
report with each appropriate Federal banking agency regarding the
use of funds under such agreement for that fiscal year. In
addition, each calendar quarter, an IDI and its affiliates must
provide to the appropriate Federal banking agency a list of all
covered agreements entered into during that quarter or a copy of
the covered agreements.
Jennifer Williams 202 452-2446
jennifer.l.williams@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.
FRG_20191122_omb.pdf
Reporting Section 207.6(d)(1)(i) IDI and affiliates Copy of agreements to agency