FR2023_20180827_omb_B

Supporting Statement Part B for the
Senior Financial Officer Surveys
(FR 2023; OMB No. 7100-0223)
Summary
For all information collections that involve surveys or require a statistical methodology,
the Board of Governors of the Federal Reserve System (Board) is required to provide a complete
justification and explanation of the use of such a methodology. For collections that employ
surveys without such a methodology, the Board should be prepared to justify its decision not to
use statistical methods in any case where such methods might reduce burden or improve
accuracy of results.
Background
The Board uses Senior Financial Officer Surveys to obtain information about deposit
pricing and behavior, bank liability management, the provision of financial services, and reserve
management practices. Surveys conducted under the FR 2023 help pinpoint developing trends in
bank funding practices, enabling the Board to distinguish these trends from transitory
phenomena. The FR 2023 also complements other deposit reports that, by themselves, provide
limited insight into the causes of the changing behavior of deposit holders and depository
institutions. Moreover, the FR 2023 has given the Board the opportunity to follow periodic
developments in financial markets related to extraordinary events that are beyond the scope of
other reports. Before initiating a new survey, the Board would determine if the information to be
collected is available by other means or sources within the Federal Reserve System to avoid
duplication.
Both the frequency and the content of the Senior Financial Officer Surveys have been,
and will continue to be, determined by exigencies. The surveys do not have a fixed set of
questions; each survey consists of a limited number of both qualitative and quantitative questions
directed at topics of timely interest. To the extent possible, the Federal Reserve notifies
respondents in advance as to the topic(s) to be covered in an impending survey. In extraordinary
circumstances, when such notice is not possible, the decision to waive this advance notice
provision would be made only by Federal Reserve officials. The survey is generally completed
through electronic submission by a senior financial officer at each respondent bank. If they
prefer, banks also have the option of responding through a telephone interview conducted either
by a Reserve Bank officer or senior-level Federal Reserve Board staff member who has expertise
in the area of bank liability management, or by a Board staff member, as appropriate. The
surveys are voluntary.
Universe and Respondent Selection
The primary panel of respondents is identical to the U.S. commercial bank subset of
respondents for the Senior Loan Officer Opinion Survey (FR 2018; OMB No. 7100-0058) and

currently comprises 80 large, domestically chartered commercial banks.1 To ensure adequate
geographic coverage, the survey panel spans all Federal Reserve Districts. As of March 31,
2017, the assets of the panel banks totaled $11.8 trillion and accounted for about 69 percent of
the $17.0 trillion in total assets at domestically chartered institutions. The overlap between the
reporting panels of the FR 2018 and FR 2023 surveys aids the Board in interpreting the data
received.
The primary panel of large domestically chartered commercial banks would be
appropriate for most survey topics. In some situations, however, panels based on alternative
criteria may be more appropriate or may provide useful additional information. Consequently,
the Board may survey other types of respondents (such as other depository institutions, bank
holding companies, or other financial entities) in addition to the primary panel. For example, it
may be useful to survey foreign banking organizations to gain better insight into the demand for
reserves at these institutions, or institutional loan investors to gain a better understanding of the
syndicated loan market. This option enhances the potential scope and utility of the survey and is
consistent with the uses of the FR 2018. The surveys of optional panels would be conducted
either by the Reserve Banks or the Board, as appropriate.
Procedures for Collecting Information
The survey is generally completed through electronic submission by a senior financial
officer at each respondent bank. If they prefer, banks also have the option of responding through
a telephone interview conducted either by a Reserve Bank officer or senior-level Federal Reserve
Board staff member who has expertise in the area of bank liability management, or by a Board
staff member, as appropriate. Surveys are conducted as-needed on topics of timely interest, up to
four times a year.
Only aggregate survey results will be reported. While the sample will be chosen to
permit some inference into the general behavior of depository institutions or financial markets—
for example, as noted in footnote 1, the selected large institutions will provide a broad view of
the banking system—no formal stratification or “blow-up” factors will be used to directly
estimate for a fixed universe.
Methods to Maximize Response
Respondents will be sent email reminders requesting a response. This survey is not based
on statistical sampling, and no correction for non-response bias is necessary.

1

The Board tries to maintain the full authorized panel of 80 insured, domestically chartered commercial banks on
the FR 2018. The panel is heavily weighted towards large complex banking organizations, but also includes a fair
number of large and medium-sized regional banks, which allows for a greater diversity of responses and provides a
broader view of the banking system. In addition, the FR 2018 reporting panel also has a subset composed of large
U.S. branches and agencies of foreign banks. These institutions are not included in the primary FR 2023 panel
because most of their funding operations are in the wholesale, not retail, market or in their home countries.
However, should the need arise, U.S. branches and agencies could be surveyed as an optional panel.

2

Testing of Procedures
The survey procedures are very similar to those used in the long-standing FR 2018,
which has been conducted and published several times a year for many years.

3