Part 18 requires the preparation of an annual disclosure statement and specifies how it must be made available. The regulation details the required elements of the disclosure statement and permits a bank to supplement its annual disclosure statement with an optional narrative. It also requires that a national bank promptly furnish its annual disclosure statement upon request.
The regulation applies to approximately 1,290 national banks and 48 Federal branches and agencies. Most banks will use their Call Reports or information prepared for annual reports as their disclosure material.
This program of periodic financial disclosure is necessary, not only to facilitate informed decision making by existing and potential customers and investors, but also to improve public understanding of, and confidence in, the financial condition of individual national banks and the national banking system. Financial disclosure also reduces the likelihood that the market will overreact to incomplete information.
US Code:
12 USC 161
Name of Law: Federal Deposit Insurance Act
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:
(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;
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.
1557-0182 4-26-13.docx
Disclosure of Financial and Other Information By National Banks - 12 CFR 18