Mar 7 -- The Board of Governors of the Federal Reserve System (Board) invites comment by May 6, 2024 on a proposal to extend for three years, with revision, the Senior Financial Officer Surveys (FR 2023).
The Board uses the surveys in this collection to gather qualitative and limited quantitative information about liability management, the provision of financial services, and the functioning of key financial markets from a selection of up to 80 large commercial banks and other depository institutions (or, if appropriate, from other major financial market participants). This voluntary survey is completed by a senior officer at each respondent institution. In recent years, the Board has conducted two surveys per year, but it may conduct up to four surveys per year when significant informational needs arise that cannot be met from existing data sources.
The Board proposes to revise the FR 2023 by increasing the panel size from 80 to 100 and changing the method of collection from email to an online survey tool. An example of an online survey tool is a software platform by Qualtrics, a commercial experience management company that is a Federal Reserve vendor. The larger panel size is intended to obtain more data from relatively smaller depository institutions (those with between $1 billion and $50 billion in total assets). Compared to the current data collection method (an emailed Excel spreadsheet), use of an online tool would enhance the survey with interactive features (such as posing follow-up questions based on respondent inputs), improved automated safeguards against data quality risks, workflow efficiency features such as response tracking and version control, and usability on mobile devices. These revisions would be effective on September 1, 2024.
SFOS:
https://www.federalreserve.gov/data/sfos/may-2023-senior-financial-officer-survey.htm
Draft supporting statement:
https://www.federalreserve.gov/apps/reportingforms/Download/DownloadAttachment?guid=3D962C6B-5132-4C60-9970-C9A1FBCE48E0
FRN:
https://www.federalregister.gov/d/2024-04887
