Report of Selected Money Market Rates

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form FR 2420 Report of Selected Money Market Rates (Significant banking organizations)	Form	New	Available
Form FR 2420 Report of Selected Money Market Rates (International Banking Facilities)	Form	New	Repair queued
FR2420_20150902_omb.pdf	Supporting Statement A	Uploaded 2015-09-02	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
217203	Report of Selected Money Market Rates (Significant banking organizations)	Form	New
217202	Report of Selected Money Market Rates (International Banking Facilities)	Form	New
208358	Report of Selected Money Market Rates (U.S. branches and agencies of foreign banks)	Other-Draft Form 2016	Modified
208356	Report of Selected Money Market Rates (Commercial banks and thrifts)	Other-Draft Form 2015	Modified

ICR Details

OMB Control No: 7100-0357	ICR Reference No: 201506-7100-007
Status: Historical Active	Previous ICR Reference No: 201506-7100-006
Agency/Subagency: FRS	Agency Tracking No: FR 2420
Title: Report of Selected Money Market Rates
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/02/2015
	Date Received in OIRA: 09/02/2015
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2018	36 Months From Approved	02/28/2017
Responses	58,750	0	40,750
Time Burden (Hours)	89,950	0	47,500
Cost Burden (Dollars)	0	0	0

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Abstract: The FR 2420 is a transaction-based report that collects daily liability data on federal funds, Eurodollar transactions, and certificates of deposits (CDs) from (1) domestically chartered commercial banks and thrifts that have $26 billion or more in total assets and (2) U.S. branches and agencies of foreign banks with total third-party assets of $900 million or more. The FR 2420 data are used in the analysis of current money market conditions and will allow the Federal Reserve Bank of New York (FRBNY) to calculate and publish interest rate statistics for selected money market instruments.

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Authorizing Statute(s): US Code: 12 USC 248(a)(2) Name of Law: Federal Reserve Act
   US Code: 12 USC 324 Name of Law: Federal Reserve Act
   US Code: 12 USC 3105(c)(2) Name of Law: International Banking Act
   US Code: 5 USC 552(b)(4) Name of Law: Freedom of Information Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 18620	04/07/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 42803	07/20/2015
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 4

table that charts list of burden

IC Title	Form No.	Form Name
Report of Selected Money Market Rates (Commercial banks and thrifts)	FR 2420	Report of Selected Money Market Rates
Report of Selected Money Market Rates (International Banking Facilities)	FR 2420	Report of Selected Money Market Rates
Report of Selected Money Market Rates (Significant banking organizations)	FR 2420	Report of Selected Money Market Rates
Report of Selected Money Market Rates (U.S. branches and agencies of foreign banks)	FR 2420	Report of Selected Money Market Rates

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ICR Summary of Burden

table that charts list 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	58,750	40,750	0	18,000	0	0
Annual Time Burden (Hours)	89,950	47,500	0	42,450	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: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: The current annual reporting burden for the FR 2420 is estimated to be 47,500 hours. The annual reporting burden for the proposed FR 2420 would be 89,950 hours, an increase of 42,450 hours. The estimated average hours per response for commercial banks and thrifts, U.S. branches and agencies of foreign banks, and significant banking organizations would increase to 1.8 hours based on the proposed changes. The estimated average hours per response for IBFs would be 1 hour based on the proposed changes.

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Annual Cost to Federal Government: $399,200

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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

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: 09/02/2015

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