The Federal Reserve has adopted a final rule to permit banking organizations under its supervision to engage in certain transactions in foreign currency with retail customers. The final rule also describes various requirements with which banking organizations must comply to conduct such transactions. On August 3, 2011, the Federal Reserve published a notice of proposed rulemaking in the Federal Register for public comment (76 FR 46652). The comment period expired on October 11, 2011. On April 9, 2013, the Federal Reserve published a notice of final rulemaking in the Federal Register (78 FR 21019). The final rule is effective on May 13, 2013.
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.