Senior Financial Officer Survey
Senior Financial Officer Survey
Supporting Statement for the Senior Financial Officer Survey
(FR 2023, OMB No. 7100-0223)
Approval expires August 31, 2027
The Board uses the surveys in this collection to gather qualitative and limited quantitative information about liability management, the provision of financial services, and the functioning of key financial markets. Responses are obtained from a senior officer at each participating institution usually through an electronic submission. Although a survey may not be collected in a given year, the Board may conduct up to four surveys per year when informational needs arise and cannot be met from existing data sources. The survey does not have a fixed set of questions; each survey consists of a limited number of questions directed at topics of timely interest.
The FR 2023 is a voluntary survey. Section 2A of the Federal Reserve Act (FRA) requires that the Board and the Federal Open Market Committee (FOMC) maintain long-run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates (12 U.S.C. 225a). In addition, under section 12A of the FRA, the FOMC is required to implement regulations relating to the open market operations conducted by Federal Reserve Banks. Those transactions must be governed with a view to accommodating commerce and business and with regard to their bearing upon the general credit situation of the country (12 U.S.C. 263). Furthermore, Section 11 of the FRA authorizes the Board to require reports from each member bank as it may deem necessary and authorizes the Board to prescribe reports of liabilities and assets from insured depository institutions to enable the Board to discharge its responsibility to monitor and control monetary and credit aggregates (12 U.S.C. § 248(a)). The Board and the FOMC use the information obtained from the FR 2023 to help fulfill these obligations.
The questions asked on each survey will vary, so the ability of the Board to maintain the confidentiality of information collected must be determined on a case-by-case basis. It is likely that much of the information collected would constitute confidential financial information obtained from a person and would thus be protected from disclosure under exemption 4 to the Freedom of Information Act (FOIA) (5 U.S.C. 552(b)(4)). Exemption 8 of the FOIA, which protects information related to examination, operating, or condition reports prepared for the use of an agency supervising financial institutions, may also occasionally apply (5 U.S.C. 552(b)(8)).
Frequency: Up to four times a year.
Respondents: Domestic depository institutions and foreign banking organizations (or, if appropriate, other depository institutions, bank holding companies, or other financial entities).
Estimated number of respondents: 100.
Estimated average hours per response: 3 hours.
Estimated annual burden hours: 1,200 hours.