Justification Statement

Justification Statement for
Change in Supplementary Documents

The Financial Services Regulatory Relief Act of 2006, which was signed into law on October 13,
2006, eliminates certain insider lending reporting requirements imposed on insured depository
institutions and their insiders. As a result of this new legislation, the banking agencies need to
eliminate the related page of the reporting forms. The burden associated with these data are 15
minutes per quarter. As discussed by Steve Hanft with Mark Menchik, the agencies will advise
the public of the elimination of the reporting requirement in the final joint Federal Register
notice announcing proposed changes for 2007. In addition, the agencies will send a letter to
financial institutions informing them that the data do not need to be reported, effective for the
December 31, 2006 as-of date.
This submission covers only the requested change of –854 burden hours (elimination of the page
of the TFR related to insider lending reporting requirements).