On August 23, 2013, the Federal Reserve published a final rule in the Federal Register (78 FR 52391). This final rule implements section 318 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which directs the Federal Reserve to collect assessments, fees, or other charges equal to the total expenses the Federal Reserve estimates are necessary or appropriate to carry out the supervisory and regulatory responsibilities of the Federal Reserve for bank holding companies and savings and loan holding companies with total consolidated assets of $50 billion or more and nonbank financial companies designated for Federal Reserve supervision by the Financial Stability Oversight Council.
Each assessed company would have thirty calendar days from June 30 or, for the 2012 assessment period, thirty calendar days from the Boardâs issuance of a notice of assessment for that assessment period, to submit a written statement to appeal the Boardâs determination (1) that the company is an assessed company or (2) of the companyâs total assessable assets. These reporting requirements are found in section 246.5(b) of the final rule.
US Code:
12 USC 248
Name of Law: Federal Reserve Act
PL: Pub.L. 111 - 203 124 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection 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.