Overview
Title
Proposed Agency Information Collection Activities; Comment Request
Agencies
ELI5 AI
The Board of Governors of the Federal Reserve wants people to share their thoughts on making sure the forms used by companies who want to buy or become savings banks are easy and not too tough; they're asking for ideas on how to make filling out these forms better by February 2025.
Summary AI
The Federal Reserve Board is seeking public comments on a proposal to extend an application process for three years. This application is for entities that want to become savings and loan holding companies or acquire savings associations. The public is invited to provide feedback on the necessity and efficiency of the information collection process, ways to improve it, and how to minimize the burden on those who need to fill it out. The deadline for submitting comments is February 4, 2025.
Abstract
The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision, the Application to Become a Savings and Loan Holding Company or to Acquire a Savings Association or Savings and Loan Holding Company (FR LL-10(e); OMB No. 7100-0336).
Keywords AI
Sources
AnalysisAI
The document under review is a formal notice from the Board of Governors of the Federal Reserve System, which seeks public input on a proposal. The proposal involves extending, for three additional years, an application process required for those interested in becoming savings and loan holding companies or acquiring savings associations. This extension does not introduce any modifications to the current process, but it opens the floor for feedback on its necessity and the utility of collecting such information. Public comments are solicited regarding various aspects of the process, including its efficiency, potential improvements, and minimizing its burden. Comments must be submitted by February 4, 2025.
General Summary
The Federal Reserve Board invites public engagement on the proposal concerning the Application to Become a Savings and Loan Holding Company or to Acquire a Savings Association or Savings and Loan Holding Company. It highlights the specific data collection process, identified as FR LL-10(e), and extends its approval for three more years. The document outlines methods for submitting comments and encourages stakeholders to evaluate the practical utility of the information collection and suggest improvements.
Significant Issues and Concerns
While the document welcomes feedback, it raises several issues. One notable omission is the lack of historical examples illustrating how collected information has been utilized, which could enhance the quality of public feedback. Technical jargon, such as references to "section 10(e) of the Home Owners' Loan Act" and "Regulation LL," is used without accompanying explanations, potentially limiting comprehension for a broader audience. Furthermore, the document does not elaborate on the methodology for burden estimates, posing a challenge for reviewers attempting to assess this aspect's accuracy. Concerns about potential financial or operational impacts on small entities, which might be affected, are also not addressed, leaving a gap in understanding potential repercussions for these stakeholders.
Impact on the Public
Broadly, the document aims to engage the public in discussions about regulatory practices, reflecting transparency in the Federal Reserve's operations. By inviting comments, the Board is providing an opportunity for individuals and organizations to influence how financial institutions are formed or acquire each other. This could empower the public to participate in shaping a significant part of the financial regulatory landscape. However, the complexity and technical nature of the document might act as a barrier to participation for individuals without specialized knowledge.
Impact on Specific Stakeholders
For entities considering becoming or acquiring savings and loan holding companies, this document and the opportunity for input might hold particular significance. These stakeholders are directly impacted by the application process and could benefit from any resulting improvements or reductions in procedural burdens. However, small entities may find themselves at a disadvantage if potential financial or operational impacts are not adequately addressed, which could dissuade them from partaking in what might seem like an arduous and complex request for input.
In conclusion, while the Federal Reserve Board aims to solicit valuable public feedback through this document, providing additional context and details could significantly enhance engagement and the quality of responses received.
Issues
• The document invites public comment on the necessity and utility of the information collection, but it does not provide specific examples of how the collected information has been used in the past, which might help respondents provide informed feedback.
• The document uses several technical terms and references to regulations (e.g., 'FR LL-10(e)', 'section 10(e) of the Home Owners’ Loan Act', and 'Regulation LL') without providing explanations or context that might make it accessible to a broader audience.
• The methodology and assumptions used for estimating the burden of the proposed information collection are not detailed in the document, which might make it difficult for respondents to assess the accuracy of these estimates.
• The document does not specify if there could be any financial or operational impacts on small entities that might be respondents, which might be a point of concern for potential commenters.