Recordkeeping and Disclosure Requirements Associated with Regulation O

Forms and Documents

Document	Type	Status	Availability
FRO_20240328_omb.pdf	Supporting Statement A	Uploaded 2024-03-28	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
243795	Disclosure Section 215.9		Modified
243793	Recordkeeping Sections 215.8 and 215.9		Modified

ICR Details

OMB Control No: 7100-0382	ICR Reference No: 202403-7100-008
Status: Active	Previous ICR Reference No: 202103-7100-012
Agency/Subagency: FRS	Agency Tracking No: FR O
Title: Recordkeeping and Disclosure Requirements Associated with Regulation O
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: 03/28/2024
Retrieve Notice of Action (NOA)	Date Received in OIRA: 03/28/2024
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2027	36 Months From Approved	03/31/2024
Responses	6,099	0	3,140
Time Burden (Hours)	21,932	0	9,420
Cost Burden (Dollars)	0	0	0

---

Abstract: The Board’s Regulation O - Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks (12 CFR Part 215) governs any extension of credit made by a member bank to an insider of the member bank, of any company of which the member bank is a subsidiary, and of any other subsidiary of that company. Insiders include executive officers, directors, principal shareholders, and any related interest of such person. Consistent with statute, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) have issued regulations generally requiring the depository institutions that they supervise to comply with Regulation O. Regulation O prohibits extensions of credit to insiders unless they are made on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions by the bank with other persons who are not employed by the bank and do not involve more than the normal risk of repayment or present other unfavorable features, limits extensions of credit by a member bank to individual insiders and to all insiders, requires a member bank’s board of directors to approve certain large extensions of credit, and sets forth recordkeeping and disclosure requirements.

---

Authorizing Statute(s): US Code: 12 USC 375a Name of Law: Federal Reserve Act
   US Code: 12 USC 1817(k) Name of Law: Federal Deposit Insurance Act
   US Code: 12 USC 375b Name of Law: Federal Reserve Act
   US Code: 12 USC 248(a) Name of Law: Federal Reserve Act
   US Code: 12 USC 324 Name of Law: Federal Reserve Act
  

Citations for New Statutory Requirements: None

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 66843	09/28/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 12340	02/16/2024
Did the Agency receive public comments on this ICR? No

---

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

IC Title	Form No.	Form Name
Disclosure Section 215.9
Recordkeeping Sections 215.8 and 215.9

---

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	6,099	3,140	0	2,959	0	0
Annual Time Burden (Hours)	21,932	9,420	0	12,512	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The current estimated total annual burden for the FR O is 9,420 hours, and would increase to 21,932 hours. The revisions would result in an increase of 12,512 hours. While the revision did not substantively increase burden for any institution, the administrative change did result in a larger reported burden as indicated.

---

Annual Cost to Federal Government: $0

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.     No

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

---

Common Form ICR:  No

---

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: 03/28/2024

---