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 last page of these reporting forms. The burden associated with these data are 15 minutes per quarter. As discussed by the banking agencies with their OMB desk officer, the agencies will advise the public of the elimination of the reporting requirement in the final Federal Register notice announcing the 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.
| File Type | application/msword |
| File Title | The Financial Services Regulatory Relief Act of 2006, which was signed into law on October 13, 2006, eliminates certain insider |
| Author | shanft |
| Last Modified By | shanft |
| File Modified | 2006-12-08 |
| File Created | 2006-12-08 |