The Board of Governors of the Federal Reserve System is seeking public comments on their proposal to extend an information collection exercise for another three years. This proposal pertains to the Notice of Proposed Declaration of Dividend, known as FR 1583, which requires certain savings associations to notify the Federal Reserve before declaring dividends. The Board is inviting feedback on whether this information collection is necessary, if the burden estimates are accurate, and how it can be improved. Comments need to be submitted by April 7, 2025.
Simple Explanation
The Federal Reserve wants to keep a rule that makes certain banks tell them when they plan to give out money to people who own shares in the bank. They want everyone to tell them if this rule is still needed or if it should be changed.