Federal Reserve Membership Application

OMB Control No: 7100-0046	ICR Reference No: 201912-7100-010
Status: Active	Previous ICR Reference No: 201912-7100-006
Agency/Subagency: FRS	Agency Tracking No: FR 2083, FR 2083A, FR 2083B, and FR 2083C
Title: Federal Reserve Membership Application
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/09/2019
Retrieve Notice of Action (NOA)	Date Received in OIRA: 12/09/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2022	36 Months From Approved	06/30/2020
Responses	16	0	16
Time Burden (Hours)	64	0	64
Cost Burden (Dollars)	0	0	0

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Abstract: A state-chartered bank may become a member of the Federal Reserve System by filing an application and having the Board determine that the bank meets the statutory standards for membership. National banks automatically become members of the Federal Reserve System upon being chartered by the Office of the Comptroller of the Currency (OCC). When acting upon an initial Federal Reserve membership application filed by a state-chartered bank, the Federal Reserve is required under section 9 of the Federal Reserve Act (FRA) to consider the financial condition of the applying bank, the general character of its management, and whether the corporate powers to be exercised are consistent with the FRA. The other relevant criteria established by the statute and by regulation include the adequacy of capital, financial history and condition, future earnings prospects, and the convenience and needs of the community or communities to be served. Information requested of a new or existing state-chartered bank applying for Federal Reserve membership (such as deposits and earnings projections, proposed premises, and the background of proposed bank officials) is not available from any source other than the applicant. The information requested in the FR 2083 application for membership is necessary for the Federal Reserve to be able to fulfill its responsibilities with respect to evaluating a state-chartered bank for membership. The Federal Reserve uses the information collected through the application form, along with other Federal Reserve System-generated data, to determine whether the applicant bank meets the standards for approval.

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Authorizing Statute(s): US Code: 12 USC 321 Name of Law: Federal Reserve Act    US Code: 12 USC 322 Name of Law: Federal Reserve Act    US Code: 12 USC 323 Name of Law: Federal Reserve Act    US Code: 12 USC 329 Name of Law: Federal Reserve Act    US Code: 12 USC 333 Name of Law: Federal Reserve Act

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 26415	06/06/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 47513	09/10/2019
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title Form No. Form Name Federal Reserve Membership Application FR 2083, FR 2083A, FR 2083B, and FR 2083C Federal Reserve Membership Application

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	16	16	0	0	0	0
Annual Time Burden (Hours)	64	64	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

Agency Contact: Kaitlin Chiarelli 571 372-4529 [email protected]

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Common Form ICR:  No

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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:
		(a) It is necessary for the proper performance of agency functions;
		(b) It avoids unnecessary duplication;
		(c) It reduces burden on small entities;
		(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
		(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
		(f) It indicates the retention periods for recordkeeping requirements;
		(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
			(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;
		(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
		(i) It uses effective and efficient statistical survey methodology (if applicable); and
		(j) It makes appropriate use of information technology.
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.
Certification Date: 12/09/2019

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