Rules and Regulations. Notice, request for comment

Agency: Board of Governors of the Federal Reserve System
Action: Notice, request for comment
Citation: FR Doc. 2024-04887

Summary

The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, with revision, the Senior Financial Officer Surveys (FR 2023; OMB No. 7100-0223).

Dates

Comments must be submitted on or before May 6, 2024.

Supplementary Information

On June 15, 1984, OMB delegated to the Board authority under the Paperwork Reduction Act (PRA) to approve and assign OMB control numbers to collections of information conducted or sponsored by the Board. In exercising this delegated authority, the Board is directed to take every reasonable step to solicit comment. In determining whether to approve a collection of information, the Board will consider all comments received from the public and other agencies. During the comment period for this proposal, a copy of the proposed PRA OMB submission, including the draft reporting form and instructions, supporting statement (which contains more detail about the information collection and burden estimates than this notice), and other documentation, will be made available on the Board's public website at https://www.federalreserve.gov/apps/reportingforms/home/review or may be requested from the agency clearance officer, whose name appears above. Final versions of these documents will be made available at https://www.reginfo.gov/public/do/PRAMain, if approved. Request for Comment on Information Collection Proposal The Board invites public comment on the following information collection, which is being reviewed under authority delegated by the OMB under the PRA. Comments are invited on the following: a. Whether the proposed collection of information is necessary for the proper performance of the Board's functions, including whether the information has practical utility; b. The accuracy of the Board's estimate of the burden of the proposed information collection, including the validity of the methodology and assumptions used; c. Ways to enhance the quality, utility, and clarity of the information to be collected; d. Ways to minimize the burden of information collection on respondents, including through the use of automated collection techniques or other forms of information technology; and e. Estimates of capital or startup costs and costs of operation, maintenance, and purchase of services to provide information. At the end of the comment period, the comments and recommendations received will be analyzed to determine the extent to which the Board should modify the proposal. Proposal Under OMB Delegated Authority To Extend for Three Years, With Revision, the Following Information Collection Collection title: Senior Financial Officer Surveys. Collection identifier: FR 2023. OMB control number: 7100-0223. General description of collection: The Board uses the surveys in this collection to gather qualitative and limited quantitative information about liability management, the provision of financial services, and the functioning of key financial markets from a selection of up to 80 large commercial banks and other depository institutions (or, if appropriate, from other major financial market participants). This voluntary survey is completed by a senior officer at each respondent institution. 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. Proposed revisions: The Board proposes to revise the FR 2023 by increasing the panel size from 80 to 100 and changing the method of collection from email to an online survey tool. An example of an online survey tool is a software platform by Qualtrics, a commercial experience management company that is a Federal Reserve vendor. The larger panel size is intended to obtain more data from relatively smaller depository institutions (those with between $1 billion and $50 billion in total assets). Compared to the current data collection method (an emailed Excel spreadsheet), use of an online tool would enhance the survey with interactive features (such as posing follow-up questions based on respondent inputs), improved automated safeguards against data quality risks, workflow efficiency features such as response tracking and version control, and usability on mobile devices. These revisions would be effective on September 1, 2024. Frequency: Up to four times a year. Respondents: Domestic depository institutions and foreign banking organizations. Total estimated number of respondents: 100. Total estimated change in burden: 240. Total estimated annual burden hours: 1,200. 1 1 More detailed information regarding this collection, including more detailed burden estimates, can be found in the OMB Supporting Statement posted at https://www.federalreserve.gov/apps/reportingforms/home/review. On the page displayed at the link, you can find the OMB Supporting Statement by referencing the collection identifier, FR 2023. Board of Governors of the Federal Reserve System, March 4, 2024. Michele Taylor Fennell, Deputy Associate Secretary of the Board. [FR Doc. 2024-04887 Filed 3-6-24; 8:45 am]