1550.0105.Supporting.Statement

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Supporting Statement

Community Reinvestment Act Sunshine

OMB Control No. 1550-0105

A. Justification

1. Circumstances and Need

These information collections are required under section 711 of the Gramm-Leach-Bliley Act (GLB Act), Public Law No. 106-102. This section requires certain agreements that are in fulfillment of the Community Reinvestment Act of 1977 (CRA) to be disclosed to the public and the appropriate Federal banking agencies. This section also institutes an annual reporting requirement to the agencies concerning these agreements. These requirements apply to insured depository institutions and their affiliates, as well as nongovernmental entities or persons that enter into covered agreements with such entities. OTS’s regulations implementing these requirements are found at 12 CFR 533.4, 533.6, and 533.7.

2. Use of Information Collected

Public disclosure of covered agreements will enable the public to know which insured depository institutions, affiliates, and nongovernmental entities and persons enter into such agreements, as well as the terms of the agreements. This information will assist interested members of the public in assessing whether the parties are fulfilling their agreements. To the extent that the Federal banking agencies may make annual reports available to the public, the reports will further assist the public in making such an assessment. These reports may also provide information useful to the Federal banking agencies such as helping the agencies more fully understand the role that these agreements play in the fulfillment of CRA responsibilities by the institutions they regulate.

3. Use of Technology to Reduce Burden

Each institution is free to use any technology that is reasonable and appropriate for its circumstances.

4. Efforts to Identify Duplication

The collections of information are unique and cover the institution’s particular circumstances. No duplication exists.

5. Minimizing the Burden on Small Banks

The information collections do not impose any significant burden beyond that required by the statute. Because of the statutory requirements, there are no significant alternatives that minimize burden on small institutions.

6. Consequences of Less Frequent Collections

The collections in the regulation closely follow the Act. OTS would be in violation of this law if the information were collected less frequently.

7. Special Circumstances

These information collections are conducted in a manner consistent with the requirements of 5 CFR Part 1320.

8. Consultation with Persons Outside the Agency

Notice of the intent to renew these information collections was published in the Federal Register on May 28, 2010 (75 FR 30107). OTS has not received any comments.

9. Payment or Gift to Respondents

OTS does not provide any payment or gift to respondents.

10. Confidentiality

Certain information is unavailable to the public, including (i) information exempt from disclosure by statute or executive order; (ii) information contained in or related to examination, operating, or condition reports prepared for agency use; and (iii) privileged information related to the business, personal, or financial affairs of any person furnished in confidence.

11. Questions of a Sensitive Nature

No questions of a sensitive nature are involved.

12. Estimates of Annualized Hour Burden and Associated Cost

The burden estimates for these information collections are as follows:

	Number of respondents	Estimated annual frequency	Estimated response time	Estimated annual burden hours
Disclosure burden for IDI and affiliates
Covered agreements to public	5	8	1	40
Copy of agreement to agency List of agreements to agency	5 5	8 8	1 1	40 40
Agreements relating to activities of CRA affiliates	5	8	1	40
Reporting burden for IDI and affiliates
Annual report	5	1	4	20
Filing NGEP annual report	1	1	1	1
Disclosure burden for NGEP
Covered agreements to public	1	1	1	1
Copy of agreement to agency	1	1	1	1
Reporting burden for NGEP
Annual report	1	1	4	4
Total				187

13. Capital/Start-up and Operation/Maintenance Costs

Institutions, their affiliates, and nongovernmental entities or persons that are parties to a covered agreement should be able to use readily available equipment to comply with the information collections contained in the regulations.

14. Annualized cost to the Federal Government

Not applicable.

15. Reason for Change in Burden

The overall decrease of 252 burden hours (from 439 to 187) reflects a decrease in the number of respondents – IDIs (from 12 to 5).

16. Publication

The Agencies have no plans to publish any data for statistical purposes.

17. Display of Expiration Dates

Not applicable.

18. Exceptions to Certification

Not applicable.

B. STATISTICAL METHODS

Not applicable.