Regulation H requires state member
banks planning to make community development or public welfare
investments to comply with the Regulation H notification
requirements: (1) If the investment does not require prior Board
approval, a written notice must be sent to the appropriate Federal
Reserve Bank; (2) if certain criteria are not met, and requires
prior Board approval, a request for approval must be sent to the
appropriate Federal Reserve Bank; and, (3) if the Board orders
divestiture, but the bank cannot divest within the established time
limit, a request or requests for extension of the divestiture
period must be submitted to the appropriate Federal Reserve
Bank.
US Code:
12
USC 338a Name of Law: Federal Reserve Act
US Code:
5 USC 552(b)(4)(8) Name of Law: Freedom of Information Act
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:
(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;
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.