Foreign banks are required to obtain the prior approval of the Board to establish a branch, agency, or representative office; to establish or acquire ownership or control of a commercial lending company in the United States; or to change the status of any existing office in the United States. The Board uses the information to determine, in part, whether to approve the application and, subsequently, the information is used to supervise foreign banking organizations with offices in the United States.
US Code:
12 USC 3105
Name of Law: International Banking Act
US Code:
12 USC 3107
Name of Law: International Banking Act
US Code:
12 USC 3108
Name of Law: International Banking Act
The current annual reporting burden for the FR K-2 is estimated to be 490 hours. The current burden estimate is based on the number of responses received during a typical year. The annual burden for the revised FR K-2 is estimated to increase slightly to 504 hours.
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.
Form FR K-2 International Applications and Prior Notifications under Subpart B of Regulation K
FRK2_20180723_omb.pdf
International Applications and Prior Notifications under Subpart B of Regulation K