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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:
7100-0197
ICR Reference No:
202104-7100-002
Status:
Historical Active
Previous ICR Reference No:
202010-7100-004
Agency/Subagency:
FRS
Agency Tracking No:
FR BB
Title:
Reporting, Recordkeeping, and Disclosure Requirements Associated with Regulation BB
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
04/20/2021
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/20/2021
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2024
36 Months From Approved
04/30/2021
Responses
1,404
0
1,404
Time Burden (Hours)
75,116
0
75,116
Cost Burden (Dollars)
0
0
0
Abstract:
The Community Reinvestment Act (CRA) was enacted in 1977 and is implemented by Regulation BB - Community Reinvestment (12 CFR Part 228). The CRA directs the Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency (collectively, the agencies) to evaluate financial institutions’ (banks and savings associations) records of helping to meet the credit needs of their entire communities, including low- and moderate-income areas, consistent with the safe and sound operation of the institutions. The CRA is implemented through regulations issued by the agencies. The Board’s regulation applies to state member banks (SMBs).
Authorizing Statute(s):
US Code:
12 USC 2905
Name of Law: Community Reinvestment Act of 1977
US Code:
12 USC 248(a)(1)
Name of Law: Federal Reserve Act
US Code:
12 USC 325
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:
85 FR 80097
12/11/2020
30-day Notice:
Federal Register Citation:
Citation Date:
86 FR 16730
03/31/2021
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
12
IC Title
Form No.
Form Name
Disclosure Sections 228.43 and 228.44 Public file and public notice
Optional Recordkeeping Section 228.42(c) Consumer loan data
Optional Recordkeeping Section 228.42(c) Other loan data
Optional Reporting Section 228.25(b) Request for designation as a wholesale or limited purpose bank
Optional Reporting Section 228.27 Request for strategic plan approval
Optional Reporting Section 228.42(d) Affiliate lending data
Optional Reporting Section 228.42(e) Data on lending by a consortium or third party
Recordkeeping Section 228.42(a) Small business and small farm loan register
Reporting Section 228.42(b) Loan data Community development
Reporting Section 228.42(b) Loan data HMDA out of MSA
Reporting Section 228.42(b) Loan data Small business and small farm
Reporting Sections 228.41 and 228.42(g) Assessment area delineation
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
1,404
1,404
0
0
0
0
Annual Time Burden (Hours)
75,116
75,116
0
0
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Annual Cost to Federal Government:
$677,300
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.
Yes
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:
Jennifer Williams 202 452-2446 jennifer.l.williams@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:
04/20/2021
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