FR2023_20240826_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 bank
reserve management practices, deposit pricing and behavior, liability management, provision of
financial services, and use of Federal Reserve liquidity facilities. 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. In recent years, the Board has conducted two
surveys per year, but it may conduct up to four surveys per year when significant informational
needs arise that cannot be met from existing data sources. 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 by email 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. Surveys are completed by
senior officers at respondent institutions. Survey questions are sent to, and replies received from,
respondents via email. Follow-up telephone responses may be conducted, as necessary.
Universe and Respondent Selection
The FR 2023 panel is comprised of up to 80 large institutions, which include domestic
depository institutions and foreign banking organizations. The panel of firms for each ad hoc
survey in this collection is selected based on asset size, significance of presence in markets and
activities that are the subject of the survey (e.g. overnight unsecured wholesale funding markets,
reserve balance holdings), and responsiveness to previous collections.

This panel of large institutions is 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 credit unions 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.
Procedures for Collecting Information
The survey is generally completed through electronic submission by a senior financial
officer at each respondent bank. The survey questions are sent to senior financial officers by
email with an MS Excel template. Respondents send back a populated MS Excel workbook, but
follow-up calls may occur if clarification is needed on responses. 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 asneeded on topics of timely interest, up to four times a year. Only aggregate survey results will be
reported.
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.
Testing of Procedures
There are no testing of procedures for this information collection.

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