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OMB Control No: 7100-0382	ICR Reference No: 202009-7100-005
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: FRS	Agency Tracking No: FR O
Title: Recordkeeping and Disclosure Requirements Associated with Regulation O
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR: No
Type of Review Request: Emergency	Approval Requested By: 10/23/2020
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/09/2020
	Date Received in OIRA: 10/23/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2021	6 Months From Approved
Responses	3,140	0	0
Time Burden (Hours)	9,420	0	0
Cost Burden (Dollars)	0	0	0

Abstract: The Board’s Regulation O - Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks (12 CFR Part 215) governs any extension of credit made by a member bank to an executive officer, director, or principal shareholder of the member bank, of any company of which the member bank is a subsidiary, and of any other subsidiary of that company. It prohibits such extensions of credit unless they are made on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions by the bank with other persons who are not employed by the bank and do not involve more than the normal risk of repayment or present other unfavorable features. Sections 215.8 and 215.9 of Regulation O contain recordkeeping and disclosure requirements on member banks.

Emergency Justfication: The delegation of authority to the Board from OMB that permits the Board to approve collections of information under the Paperwork Reduction Act includes the authority to temporarily approve a collection of information without seeking public comment. To exercise this authority, the Board must determine that a new collection of information or a change to an existing collection must be instituted quickly and that public participation in the approval process would substantially interfere with the Board’s ability to perform its statutory obligation. Following the temporary approval of an information collection, the Board must conduct a normal delegated review of the collection within six months, including publishing in the Federal Register a notice seeking public comment. The Board has temporarily approved the collections of information contained within Regulation O. The Board has determined that this collection of information must be instituted quickly and that public participation in the approval process would defeat the purpose of the collection of information, as the Board’s ability to perform its statutory duties would be diminished if the Board were unable to enforce the collections of information contained within Regulation O due to possible noncompliance with the Paperwork Reduction Act.

Authorizing Statute(s): US Code: 12 USC 375b Name of Law: Federal Reserve Act
   US Code: 12 USC 248(a) Name of Law: Federal Reserve Act
   US Code: 12 USC 324 Name of Law: Federal Reserve Act
   US Code: 12 USC 1817(k) Name of Law: Federal Deposit Insurance Act

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AF88	Final or interim final rulemaking	85 FR 22345	04/22/2020

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Disclosure Section 215.9
Recordkeeping Sections 215.8 and 215.9

ICR Summary of Burden

	Total Approved	Change Due to Agency Discretion
Annual Number of Responses	3,140	3,140
Annual Time Burden (Hours)	9,420	9,420
Annual Cost Burden (Dollars)	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: This is a new collection. The estimated total annual burden for the FR O is 9,420 hours. The estimated number of respondents is based on the current total of member banks, and the time per response is based on a broad estimate of how long it is expected to take to fulfill each requirement.

Annual Cost to Federal Government:

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

Agency Contact: Robert Dahl 202 622-3119 Robert.Dahl@do.treas.gov

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