Report of Selected Money Market Rates

Forms and Documents

Document Name	Status
Form FR 2420 Significant banking organizations Form	Removed
Form FR 2420 International Banking Facilities Form	Modified
Form FR 2420 U.S. branches and agencies of foreign banks Form	Removed
Form FR 2420 Commercial banks, savings associations, U.S. branches and agencies of foreign banks, and significant banking organizations Form	Modified
FR2420_20220321_omb.pdf Supporting Statement A	2022-03-21

IC Document Collections

IC ID	Document Title	Status
217203	Significant banking organizations Form	Removed
217202	International Banking Facilities Form	Modified
208358	U.S. branches and agencies of foreign banks Form	Removed
208356	Commercial banks, savings associations, U.S. branches and agencies of foreign banks, and significant banking organizations Form	Modified

ICR Details

OMB Control No: 7100-0357	ICR Reference No: 202203-7100-007
Status: Active	Previous ICR Reference No: 202203-7100-006
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: 03/21/2022
	Date Received in OIRA: 03/21/2022
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2025	36 Months From Approved	03/31/2022
Responses	64,500	0	64,500
Time Burden (Hours)	111,675	0	100,700
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 purchased, selected borrowings from non-exempt entities, Eurodollar transactions, and time deposits and certificates of deposits (CDs) from (1) domestically chartered commercial banks and savings associations that have $18 billion or more in total assets as well as those that have total assets above $5 billion but less than $18 billion and meet the activity threshold, (2) U.S. branches and agencies of foreign banks with total third-party assets of $2.5 billion or more, and (3) significant banking organizations that are active participants in money markets. The FR 2420 also collects daily data on Eurodollar transactions from International Banking Facilities (IBFs) of the above-referenced institutions. The FR 2420 data are used in the publication of the Effective Federal Funds Rate (EFFR) and Overnight Bank Funding Rate (OBFR) and in analysis of current money market conditions.

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Authorizing Statute(s): US Code: 12 USC 248(a) Name of Law: Federal Reserve Act
   US Code: 12 USC 3105(c) Name of Law: International Banking Act of 1978
  

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:
	86 FR 23971	05/05/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 3539	01/24/2022
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 2

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

	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	64,500	64,500	0	0	0	0
Annual Time Burden (Hours)	111,675	100,700	0	10,975	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 estimated total annual burden for the FR 2420 is 100,700 hours, and would increase to 111,675 with the revisions. The Board estimates that the average hours per response would increase by 0.2 hours for commercial banks, savings associations, U.S. branches and agencies of foreign banks, and significant banking organizations; and increase by 0.1 hours for IBFs.

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Annual Cost to Federal Government: $549,400

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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? No

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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: 03/21/2022

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