Application for Membership for the Community Advisory Council

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form FR 1401 Application for Membership for the Community Advisory Council	Form and Instruction	New	Available
FR1401_20160524_omb.pdf	Supporting Statement A	Uploaded 2016-05-24	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
220561	Application for Membership for the Community Advisory Council	Form and Instruction	New

ICR Details

OMB Control No: 7100-0371	ICR Reference No: 201603-7100-006
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: FRS	Agency Tracking No: FR 1401
Title: Application for Membership for the Community Advisory Council
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/24/2016
	Date Received in OIRA: 05/24/2016
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2019	36 Months From Approved
Responses	1,100	0	0
Time Burden (Hours)	1,100	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Community Advisory Council (CAC) was established to provide information, advice, and recommendations to the Federal Reserve on policy matters and issues affecting consumers and communities. The Application would be used to obtain information about the experience and qualification of persons seeking to be considered for CAC membership. The Application for Membership would collect a candidate’s contact information, current employment, areas of expertise, a resume, which typically includes information about employment history, education, and training, and a statement explaining why they are interested in serving on the CAC and what they believe are their primary qualifications. Candidates could voluntarily elect to provide additional information to support their application, such as copies of publications or letters of recommendation.

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Authorizing Statute(s): US Code: 12 USC 225a Name of Law: Federal Reserve Act
   US Code: 12 USC 244 Name of Law: Federal Reserve 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 73765	11/25/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 11564	03/04/2016
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Application for Membership for the Community Advisory Council	FR 1401	Application for Membership for the Community Advisory Council

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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	1,100	0	0	1,100	0	0
Annual Time Burden (Hours)	1,100	0	0	1,100	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: In January 2015, the Board created the CAC as an advisory committee to the Board on issues affecting consumers and communities. The CAC comprises a diverse group of experts and representatives of consumer and community development organizations and interests, including from such fields as affordable housing, community and economic development, small business, and asset and wealth building. CAC members meet semiannually with the members of the Board in Washington, DC to provide a range of perspectives on the economic circumstances and financial services needs of consumers and communities, with a particular focus on the concerns of low- and moderate-income consumers and communities. The CAC complements the Board’s other advisory councils – the Community Depository Institutions Advisory Council (CDIAC) and the Federal Advisory Council (FAC) – whose members represent depository institutions. The CAC serves as a mechanism to gather feedback and perspectives on a wide range of policy matters and emerging issues of interest to the Board of Governors and aligns with the Federal Reserve’s mission and current responsibilities. These responsibilities include, but are not limited to, banking supervision and regulatory compliance (including the enforcement of consumer protection laws), systemic risk oversight and monetary policy decision-making, and, in conjunction with the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC), responsibility for implementation of the Community Reinvestment Act (CRA). The Federal Reserve considered CAC candidates during 2015 by soliciting Statements of Interest that allowed individuals to submit whatever information that they determined, in their sole discretion, was appropriate. The type and amount of information submitted by applicants varied significantly. The proposed Application for Membership would provide a structure for candidates’ submissions, standardize the process, and allow the Board to evaluate candidates more efficiently.

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Annual Cost to Federal Government: $0

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: 05/24/2016

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