MONTHLY SURVEY ON THE AMOUNT OUTSTANDING IN IRA/KEOGH PLAN ACCOUNTS

Forms and Documents

Document Name	Status

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Document Title	Status
161515	MONTHLY SURVEY ON THE AMOUNT OUTSTANDING IN IRA/KEOGH PLAN ACCOUNTS Form	Migrated

ICR Details

OMB Control No: 7100-0164	ICR Reference No: 198202-7100-003
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: FRS	Agency Tracking No:
Title: MONTHLY SURVEY ON THE AMOUNT OUTSTANDING IN IRA/KEOGH PLAN ACCOUNTS
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/05/1982
	Date Received in OIRA: 02/02/1982
Terms of Clearance: This request for clearance has been approved for use through April 198 The FRB has requested a six-month survey of over 14,000 financial institutions to collect information on IRA/Keough time and savings deposits. Our understanding is that after six months, the FRB would attempt to establish a much smaller sample of institutions from which to collect the same information. Usually, a one-time universal survey is enough to assure the validity of a sample. We agree, however, that the uncertain nature of IRA/Keough accounts suggests the need for more frequent reporting by the much larger sample of 14,000+ institutions. But instead of approving six months of such reporting now, we have given authority for three months. If three months of reporting indicates that IRA activity is so sporadic that the Board can not establish a verifiable sample, we will consider another 3 month extension of the 14,000 institution report. But we may be imposing an unnecessary burden and cost on financial institutions if we assume from the start that the smaller sample can only be established after six months of the 14,000+ institution report. If the FRB requests the three-month extension, it should provide detailed evidence of the inability to create a small sample with the available data.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/1982	04/30/1982
Responses	42,600	0	0
Time Burden (Hours)	10,650	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: THESE DATA ARE USED TO MONITOR THE GROWTH OF DEPOSITS HELD IN IRA AND KEOGH PLAN ACCOUNTS FOR USE IN INTERPRETING THE MONETARY AGGREGATES.

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Authorizing Statute(s): None

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
MONTHLY SURVEY ON THE AMOUNT OUTSTANDING IN IRA/KEOGH PLAN ACCOUNTS	FR 2970

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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	42,600	0	0	42,600	0	0
Annual Time Burden (Hours)	10,650	0	0	10,650	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:

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

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

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

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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: 02/02/1982

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