FRG_20221130_omb

Supporting Statement for the
Reporting and Disclosure Requirements Associated with Regulation G
(FR G; OMB No. 7100-0299)
Summary
The Board of Governors of the Federal Reserve System (Board), under authority
delegated by the Office of Management and Budget (OMB), has extended for three years,
without revision, the Reporting and Disclosure Requirements Associated with Regulation G
(FR G; OMB No. 7100-0299).1 Regulation G - Disclosure and Reporting of CRA-Related
Agreements (12 CFR Part 207) implements section 711 of the Gramm-Leach-Bliley Act
(GLBA),2 which requires insured depository institutions (IDIs), affiliates of IDIs, and
nongovernmental entities or persons (NGEPs) to disclose written agreements entered into in
connection with fulfillment of the Community Reinvestment Act (CRA).3 The Board accounts
for the financial institution paperwork burden associated with Regulation G only for Boardsupervised institutions. Other federal banking agencies account for the paperwork burden
imposed in connection with entities for which they have administrative enforcement authority. 4
The estimated total annual burden for the FR G is 25 hours.
Background and Justification
GLBA amended the Federal Deposit Insurance Act (FDI Act) by adding a new section
48, entitled “CRA Sunshine Requirements.” Section 48 imposes disclosure and reporting
requirements on IDIs, their affiliates, and NGEPs that enter into written agreements that (1) are
made in fulfillment of the CRA and (2) involve cash payments, grants, or other considerations
from an IDI or affiliate with an aggregate value of more than $10,000 in a calendar year or loans
with an aggregate principal value of more than $50,000 in a calendar year. Section 48 excludes
from the disclosure and reporting requirements any CRA-related agreement between an IDI or its
affiliate, on the one hand, and an NGEP, on the other hand, if the NGEP has not contacted the
IDI, an IDI affiliate, or a federal banking agency concerning the CRA performance of the IDI.
GLBA directed the Board, as well as the other federal banking agencies, to issue
consistent and comparable regulations to implement the requirements of section 48 of the FDI
Act. In 2001, the federal banking agencies promulgated substantially identical regulations, which
interpret the scope of written agreements that are subject to the statute (covered agreements) and
implement the disclosure and reporting requirements of section 48. 5 The Board’s Regulation G
implements the provisions of GLBA requiring both IDIs and NGEPs to make a copy of any
covered agreement available to the public and the appropriate federal banking agency and to file
an annual report with each appropriate agency regarding the use of funds or other resources
1

There is no formal reporting form for this collection of information (the FR G designation is for internal purposes
only.)
2
Codified at 12 U.S.C. § 1831y.
3
12 U.S.C. § 2901 et seq.
4
The other federal banking agencies are the Office of the Comptroller of the Currency (OCC) (OMB
No.1557-0219) and Federal Deposit Insurance Corporation (FDIC) (OMB No. 3064-0139).
5
12 CFR 35 (OCC); 12 CFR 207 (Board); 12 CFR 346 (FDIC).

under such covered agreement for that fiscal year. In addition, each calendar quarter, an IDI and
its affiliates must provide to the appropriate federal banking agency copies of all covered
agreements entered into during that quarter or a list of the covered agreements. This information
is not available from other sources.
Description of Information Collection
Regulation G contains the following reporting and disclosure requirements for IDIs, their
affiliates, and NGEPs.
Reporting Requirements for IDIs and Affiliates
Section 207.6(d)(1) – Reporting of covered agreements by an IDI or affiliate to the
relevant supervisory agency
Within 60 days of the end of each calendar quarter, each IDI and affiliate must provide
each relevant supervisory agency with:
(1) A copy of each covered agreement entered into by the IDI or affiliate during the
calendar quarter, and in the event the IDI or affiliate proposes the withholding of any
confidential or proprietary information contained in the covered agreement in accordance
with section 207.6(b)(2) of Regulation G, the IDI or affiliate must also provide a public
version of the covered agreement with an explanation justifying the exclusions or
(2) A list of all covered agreements entered into by the IDI or affiliate during the calendar
quarter. The list must contain: the name and address of each IDI or affiliate that is a party
to the covered agreement; the name and address of each NGEP that is a party to the
covered agreement; the date the covered agreement was entered into; the estimated total
value of all payments, fees, loans, and other considerations to be provided by the IDI or
affiliate under the covered agreement; and the date the covered agreement terminates.6
This requirement applies only to covered agreements entered into on or after November
12, 1999.
Reporting Requirements for NGEPs
Section 207.6(c)(1) – Reporting by NGEPs of covered agreements to the relevant
supervisory agency
Each NGEP that is a party to a covered agreement must provide a complete copy of the
covered agreement within 30 days of receiving a request from the relevant supervisory agency,
and in the event the NGEP proposes the withholding of any confidential or proprietary
information contained in the covered agreement in accordance with section 207.6(b)(2) the
NGEP must also provide a public version of the agreement with an explanation justifying the
6

See also 12 CFR 207.6(d)(2)(i). If an insured depository institution or affiliate files a list of the covered agreements
entered into by the institution or affiliate pursuant to paragraph (d)(1)(ii) of this section, the institution or affiliate
must provide any relevant supervisory agency a complete copy and public version of any covered agreement
referenced in the list within 7 calendar days of receiving a request from the agency for a copy of the agreement.

2

exclusions. This requirement applies only to covered agreements entered into on or after
November 12, 1999.
Section 207.7(b) – Annual report required
Within six months after the end of the applicable fiscal year, each IDI or affiliate and
each NGEP that is a party to a covered agreement must file an annual report with each relevant
supervisory agency concerning the disbursement, receipt, and uses of funds or other resources
under the covered agreement.
An IDI or affiliate must file an annual report for any fiscal year in which it provides or
receives any payments, fees, or loans under a covered agreement or has data to report on loans,
investments, and services provided by a party to the covered agreement under the covered
agreement. An NGEP must file an annual report for any fiscal year in which the NGEP receives
or uses funds or other resources under the covered agreement. This requirement applies only to
covered agreements entered into on or after May 12, 2000.
Section 207.7(f)(2) – Alternative method of fulfilling annual reporting requirement
for an NGEP
An IDI or affiliate that receives an annual report from an NGEP with written instructions
to promptly forward the report to each relevant supervisory agency must file the report with each
relevant supervisory agency on behalf of the NGEP within 30 days of receipt.
Disclosure Requirements for IDIs and Affiliates
Section 207.4(b) – Disclosure of covered agreements relating to activities of CRA
affiliates
An IDI or affiliate that is a party to a covered agreement that concerns any activity of a
CRA affiliate 7 as defined in section 207.4(a) must, before the covered agreement is entered into,
notify each NGEP that is a party to the covered agreement that the covered agreement concerns a
CRA affiliate.
Disclosure Requirement for IDIs, Affiliates, and NGEPs
Section 207.6(b)(1) – Disclosure of covered agreements to the public
Each IDI or affiliate and each NGEP that enters into a covered agreement must promptly
make a copy of the covered agreement available to any individual or entity upon request.
A “CRA affiliate” of an insured depository institution is defined in section 207.11(c) as any company that is an
affiliate of an insured depository institution to the extent, and only to the extent, that the activities of the affiliate
were considered by the appropriate federal banking agency when evaluating the CRA performance of the institution
at its most recent CRA examination prior to the agreement. An insured depository institution or affiliate also may
designate any company as a CRA affiliate at any time prior to the time a covered agreement is entered into by
informing the NGEP that is a party to the agreement of such designation.
7

3

Respondent Panel
The FR G panel comprises state member banks and their subsidiaries; bank holding
companies; savings and loan holding companies; affiliates of bank holding companies and
savings and loan holding companies, other than banks, savings associations, and subsidiaries of
banks and savings associations; and NGEPs that enter into covered agreements with any of the
aforementioned entities.
Time Schedule for Information Collection
Information collection requirements under Regulation G are triggered by certain events,
and reports, notifications, or disclosures must be made within prescribed time periods as
discussed above.
Public Availability of Data
There is no data related to this information collection available to the public.
Legal Status
The reporting and disclosure requirements of Regulation G are authorized pursuant to the
Board’s authority to prescribe regulations to carry out the purposes of section 711 of GLBA
(12 U.S.C. § 1831y(h)(1)). The FR G reporting and disclosure requirements are mandatory.
The reporting and disclosure requirements of section 711 and Regulation G require
relevant parties to disclose covered agreements to the public.8 However, as explained in the
preamble to Regulation G, an entity subject to Regulation G may submit separate public and
complete versions of its covered agreements to the Board with a request for confidential
treatment for the complete version.9 As stated in the preamble, the Board would release only the
public version unless it received a request under the Freedom of Information Act (FOIA) for the
entirety of the CRA-related agreement.10
Regulation G states that in responding to a request for a covered agreement from an
individual or entity under the public disclosure provisions of section 711, an NGEP, insured
depository institution, or affiliate may withhold from the public information that the party
believes the relevant supervisory agency could withhold from disclosure under the FOIA.11
Information contained in covered agreements may be exempt from disclosure under exemption 4
of the FOIA, which protects nonpublic commercial or financial information, which is both
customarily and actually treated as private by the respondent (5 U.S.C. § 552(b)(4)). Information
contained in covered agreements may also be exempt from disclosure under exemption 6 of the
8

The Board noted in the preamble to Regulation G that section 711 would require disclosure of some types of
information that an agency might normally withhold from disclosure under the FOIA and that the Board would not
keep information confidential under FOIA that a party would be required to disclose under section 711. Disclosure
and Reporting of CRA-Related Agreements, 66 FR 2052, 2066-2067 (January 10, 2001).
9
Id.
10
Id.
11
12 CFR 207.6(b)(2).

4

FOIA, which protects information about individuals in personnel and medical files the disclosure
of which “would constitute a clearly unwarranted invasion of personal privacy” (5 U.S.C. §
552(b)(6)), and under exemption 8 of the FOIA, which protects information contained in
“examination, operating, or condition reports” obtained in the bank supervisory process
(5 U.S.C. § 552(b)(8)).
Consultation Outside the Agency
There has been no consultation outside of the Federal Reserve System.
Public Comments
On July 26, 2022, the Board published an initial notice in the Federal Register (87 FR
44392) requesting public comment for 60 days on the extension, without revision, of the FR G.
The comment period for this notice expired on September 26, 2022. The Board did not receive
any comments. The Board adopted the extension, without revision, of the FR G as originally
proposed. On November 29, 2022, the Board published a final notice in the Federal Register (87
FR 73303).
Estimate of Respondent Burden
As shown in the table below, the estimated total annual burden for the FR G is 25 hours.
This estimate is an average based on the number of IDIs or their affiliates that reported covered
agreements to the Board from 2017 to 2020. The number of NGEP respondents is based upon an
assumption that one NGEP is a party to each covered agreement. These reporting and disclosure
requirements represent less than 1 percent of the Board’s total paperwork burden.

5

FR G
Reporting: IDI and affiliates
Section 207.6(d)(1)(i)
Copy of agreements to agency
Section 207.6(d)(1)(ii)
List of agreements to agency
Section 207.7(b)
Annual report
Section 207.7(f)(2)
Filing NGEP annual report
Reporting: NGEP
Section 207.6(c)(1)
Copy of agreements to agency
Section 207.7(b)
Annual report
Disclosure: IDI and affiliates
Section 207.6(b)(1)
Covered agreements to public
Section 207.4(b)
Agreements relating to activities
of CRA affiliates
Disclosure: NGEP
Section 207.6(b)(1)
Covered agreements to public

Estimated
number of
respondents12

Estimated
annual
frequency

Estimated
Estimated
average hours annual burden
per response
hours

1

2

1

2

1

2

1

2

1

1

4

4

1

1

1

1

2

1

1

2

2

1

4

8

1

2

1

2

1

2

1

2

2

1

1

2

Total

25

The estimated total annual cost to the public for the FR G is $1,511.13
Sensitive Questions
These collections of information contain no questions of a sensitive nature, as defined by
OMB guidelines.

12

Of these respondents, 2 NGEP and none of the IDI and affiliates respondents are considered small entities as
defined by the Small Business Administration (i.e., entities with less than $600 million in total assets),
https://www.sba.gov/document/support-table-size-standards. There are no special accommodations given to mitigate
the burden on small institutions.
13
Total cost to the public was estimated using the following formula: percent of staff time, multiplied by annual
burden hours, multiplied by hourly rates (30% Office & Administrative Support at $21, 45% Financial Managers at
$74, 15% Lawyers at $71, and 10% Chief Executives at $102). Hourly rates for each occupational group are the
(rounded) mean hourly wages from the Bureau of Labor Statistics (BLS), Occupational Employment and Wages,
May 2021, published March 31, 2022, https://www.bls.gov/news.release/ocwage.t01.htm. Occupations are defined
using the BLS Standard Occupational Classification System, https://www.bls.gov/soc/.

6

Estimate of Cost to the Federal Reserve System
The estimated cost to the Federal Reserve System for collecting and processing these
reports is negligible.

7