Regulation H - Membership of State
Banking Institutions in the Federal Reserve System requires state
member banks planning to make community development or public
welfare investments to comply with the following Regulation H
notification requirements: If the investment does not require prior
Board approval per 12 CFR 208.22(b), a written notice must be sent
to the appropriate Federal Reserve Bank per 12 CFR 208.22(c). If
the investment does require prior Board approval per 12 CFR
208.22(d), a request for approval must be sent to the appropriate
Federal Reserve Bank. 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 per 12 CFR
208.22(e).
US Code:
12
USC 338a Name of Law: Federal Reserve 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.