When acting upon an initial Federal
Reserve Membership Application (FR 2083/A/B/C) 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 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. The information requested in
the FR 2083/A/B/C 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 Bank Stock Applications forms (FR 2030, FR 2030a,
FR 2056, FR 2086, FR 2086a, and FR 2087) are used to fulfill the
Board’s responsibilities under the FRA, Home Owners’ Loan Act, and
Regulation I. These application forms must be used by a new or
existing member bank (including a national bank or a CSA) to
request the issuance, adjustments (related to a merger) in, or
cancellation of Federal Reserve Bank stock. The application forms
must contain certain certifications by the applicant as well as
certain other financial and shareholder data that are needed by a
Reserve Bank to process the request.
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
US Code: 12
USC 248(a) Name of Law: Federal Reserve Act
US Code: 12
USC 1464a(c) Name of Law: Home Owners’ Loan Act
US Code: 12
USC 222 Name of Law: Federal Reserve Act
US Code: 12
USC 282 Name of Law: Federal Reserve Act
US Code: 12
USC 287 Name of Law: Federal Reserve Act
US Code: 12
USC 288 Name of Law: Federal Reserve Act
The increase in total annual
burden hours reflects an update to the respondent counts and
standardizing the estimated average hours per response burden.
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.