The Board of Governors of the Federal Reserve System has proposed to extend the Reporting Requirements for Regulation TT for another three years without any changes. They are seeking public comments on this proposal, particularly on whether the information is necessary, the accuracy of burden estimates, and ways to improve the information collection process. The regulation involves collecting fees from certain large financial institutions to cover the Board's supervisory and regulatory responsibilities. The Federal Reserve is accepting comments until April 7, 2025, and these comments will help determine if any modifications to the proposal are needed.
Simple Explanation
The people in charge of the country's money system want to keep collecting information from big banks to make sure they follow the rules. They want to know what people think about this idea, and everyone can share their thoughts until April 7, 2025.