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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
7100-0036
ICR Reference No:
200702-7100-004
Status:
Historical Active
Previous ICR Reference No:
200702-7100-002
Agency/Subagency:
FRS
Agency Tracking No:
FFIEC 031 and FFIEC 041
Title:
Consolidated Reports of Condition and Income
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
03/29/2007
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/14/2007
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2010
36 Months From Approved
03/31/2009
Responses
3,620
0
3,620
Time Burden (Hours)
184,692
0
183,787
Cost Burden (Dollars)
0
0
0
Abstract:
State member banks are required to file detailed schedules of assets, liabilities, and capital accounts in the form of a condition report and summary statement; detailed schedule of operating income and expense, sources and disposition of income, and changes in equity capital are reported. Data are used for supervisory and monetary policy purposes.
Authorizing Statute(s):
US Code:
12 USC 324
Name of Law: Federal Reserve Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
71 FR 63848
10/31/2006
30-day Notice:
Federal Register Citation:
Citation Date:
72 FR 7121
02/14/2007
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Consolidated Reports of Condition and Income
FFIEC041, FFIEC031
Consolidated Reports of Condition and Income for a Bank with Domestic and Foreign Offices
,
Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only
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
3,620
3,620
0
0
0
0
Annual Time Burden (Hours)
184,692
183,787
0
905
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 Board, FDIC, and OCC (agencies) propose (1) to replace certain information submitted for deposit insurance assessment purposes with the information described in amendments to Part 327 of the FDICs regulations, (2) to revise the information on time deposits,(3) to collect certain data on fair value measurements from those institutions that choose, under generally accepted accounting principles, to apply a fair value option to one or more financial instruments and one or more classes of servicing assets and liabilities and from certain institutions that submit data on trading assets and liabilities, (4) to add a data item to capture the change in the fair value of liabilities under the fair value option that is attributable to a change in a banks own creditworthiness for purposes of measuring a banks regulatory capital, (5) to add certain data items on 1 4 family residential mortgages with terms that allow for negative amortization, and (6) to clarify the instructions for assets serviced for others by explicitly stating that such servicing includes the servicing of loan participations.
Annual Cost to Federal Government:
$1,288,415
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
Uncollected
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Cindy Ayouch 202-452-2204 cynthia.m.ayouch@frb.gov
Common Form ICR:
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:
(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:
02/14/2007
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