Reporting and Recordkeeping Requirements Associated with Regulation W

Forms and Documents

Document Name	Status
FRW_20220412_omb.pdf Supporting Statement A	2022-04-12

IC Document Collections

IC ID	Document Title	Status
36362	Reporting Section 223.15(b)(4)	Modified
252581	Recordkeeping Section 223.42(g)(3)	New
252580	Recordkeeping Section 223.42(f)	New
188014	Reporting Section 223.43(b)	Modified
188013	Reporting Section 223.41(d)(2)	Modified
188012	Reporting Section 223.31(d)(4)	Modified

ICR Details

OMB Control No: 7100-0304	ICR Reference No: 202204-7100-002
Status: Active	Previous ICR Reference No: 201902-7100-012
Agency/Subagency: FRS	Agency Tracking No: FR W
Title: Reporting and Recordkeeping Requirements Associated with Regulation W
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/12/2022
	Date Received in OIRA: 04/12/2022
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2025	36 Months From Approved	04/30/2022
Responses	6	0	4
Time Burden (Hours)	28	0	24
Cost Burden (Dollars)	0	0	0

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Abstract: The information collections associated with the Board’s Regulation W - Transactions Between Member Banks and Their Affiliates (12 CFR Part 223) are triggered by specific events, and there are no associated reporting forms (the FR W designation is for internal purposes only). Filings are required from insured depository institutions and uninsured member banks (collectively, depository institutions) that seek to request certain exemptions from the requirements of sections 23A and 23B. The FR W is separate from the quarterly Holding Company Report of Insured Depository Institutions’ Section 23A Transactions with Affiliates (FR Y-8; OMB No. 7100-0126), which collects information on transactions between an insured depository institution and its affiliates that are subject to section 23A of the Federal Reserve Act.

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Authorizing Statute(s): US Code: 12 USC 371c(f) Name of Law: Federal Reserve Act
   US Code: 12 USC 371c-1(e) 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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 49031	09/01/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 70495	12/10/2021
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 6

IC Title	Form No.	Form Name
Recordkeeping Section 223.42(f)
Recordkeeping Section 223.42(g)(3)
Reporting Section 223.15(b)(4)
Reporting Section 223.31(d)(4)
Reporting Section 223.41(d)(2)
Reporting Section 223.43(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	6	4	0	2	0	0
Annual Time Burden (Hours)	28	24	0	4	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: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: The estimated total annual burden for the FR W is 24 hours, and would increase to 28 hours with the revisions. The Board estimates that the average hours per response for the two recordkeeping requirements would be 2 hours each.

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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: 04/12/2022

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