The Board of Governors of the Federal Reserve System is inviting public comments on their proposal to extend, for three years, the current reporting, recordkeeping, and disclosure requirements as specified under Regulation NN. This regulation pertains to retail foreign exchange transactions carried out by various banking institutions. Specifically, they are seeking feedback on the necessity and utility of this information collection, the accuracy of their burden estimates, and ways to improve the quality and efficiency of the data collection process. Comments must be submitted by April 7, 2025, and all received comments will be open for public viewing.
Simple Explanation
The Federal Reserve is asking people to share their thoughts on a plan to keep some banking rules for three more years. They want to know if these rules are helpful and how they can collect information better.