The Board of Governors of the Federal Reserve System is asking for public comments on a proposal to continue collecting data for the Quarterly Report of Assets and Liabilities of Large Foreign Offices of U.S. Banks (form number FR 2502q) for three more years. This report, submitted quarterly by certain U.S. banks and financial companies with significant foreign branches, helps monitor these institutions' claims and liabilities overseas. The Board is particularly interested in comments about the necessity and usefulness of the information collected, the time it takes to do so, and the estimated costs involved. Comments must be submitted by April 5, 2021.
Simple Explanation
The Federal Reserve wants to keep asking big banks about their money overseas to make sure everything is okay. They want people to say if this is helpful or too much work by April 5, 2021.