[Federal Register Volume 85, Number 108 (Thursday, June 4, 2020)]
[Notices]
[Pages 34448-34449]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-12068]
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of
Temporary Approval by the Board Under Delegated Authority and
Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Temporary approval of information collection, request for
comment.
-----------------------------------------------------------------------
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
has temporarily revised the Reporting Requirements Associated with
Emergency Lending Under Section 13(3) (FR A; OMB No. 7100-0373),
pursuant to the authority delegated to the Board by the Office of
Management and Budget (OMB).
DATES: Comments must be submitted on or before August 3, 2020.
ADDRESSES: You may submit comments, identified by FR A, by any of the
following methods:
Agency website: https://www.federalreserve.gov/. Follow
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
Email: [email protected]. Include the OMB
number in the subject line of the message.
FAX: (202) 452-3819 or (202) 452-3102.
Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
All public comments are available from the Board's website at
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as
submitted, unless modified for technical reasons or to remove
personally identifiable information at the commenter's request.
Accordingly, comments will not be edited to remove any identifying or
contact information. Public comments may also be viewed electronically
or in paper in Room 146, 1709 New York Avenue NW, Washington, DC 20006,
between 9:00 a.m. and 5:00 p.m. on weekdays. For security reasons, the
Board requires that visitors make an appointment to inspect comments.
You may do so by calling (202) 452-3684. Upon arrival, visitors will be
required to present valid government-issued photo identification and to
submit to security screening in order to inspect and photocopy
comments.
Additionally, commenters may send a copy of their comments to the
Office of Management and Budget (OMB) Desk Officer--Shagufta Ahmed--
Office of Information and Regulatory Affairs, Office of Management and
Budget, New Executive Office Building, Room 10235, 725 17th Street NW,
Washington, DC 20503, or by fax to (202) 395-6974.
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of
the Chief Data Officer, Board of Governors of the Federal Reserve
System, Washington, DC 20551, (202) 452-3829. OMB Desk Officer--
Shagufta Ahmed--Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Room 10235, 725
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.
A copy of the Paperwork Reduction Act (PRA) OMB submission,
including the reporting form and instructions, supporting statement,
and other documentation will be placed into OMB's public docket files.
These documents also are available on the Federal Reserve Board's
public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance officer,
whose name appears above.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the PRA to approve and assign OMB control numbers to
collections of information conducted or sponsored by the Board. In
exercising this delegated authority, the Board is directed to take
every reasonable step to solicit comment. In determining whether to
approve a collection of information, the Board will consider all
comments received from the public and other agencies. Pursuant to its
delegated authority, the Board may temporarily approve a revision to a
collection of information, without providing opportunity for public
comment, if the Board determines that a change in an existing
collection must be instituted quickly and that public participation in
the approval process would defeat the purpose of the collection or
substantially interfere with the Board's ability to perform its
statutory obligation.
As discussed below, the Board has made certain temporary revisions
to the FR A information collection. The Board's delegated authority
requires that the Board, after temporarily approving a collection,
publish a notice soliciting public comment. Therefore, the Board is
also inviting comment on a proposal to extend the FR A information
collection for three years, with these revisions.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Board's functions, including whether the
information has practical utility;
b. The accuracy of the Board's estimate of the burden of the
proposed information collection, including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Board
should modify the proposal.
Approval Under OMB Delegated Authority of the Temporary Revision of the
Following Information Collection
Report title: Reporting Requirements Associated with Emergency
Lending Under Section 13(3).
Agency form number: FR A.
OMB control number: 7100-0373.
Frequency: Event-generated.
Respondents: Entities or persons borrowing under an emergency
lending program or facility established pursuant to section 13(3) of
the Federal Reserve Act.
Estimated number of respondents: FR A-1: 8,290; FR A-2: 6,449; FR
A-3: 13,526.
Estimated average hours per response: FR A-1: 8 hours; FR A-2: 40
hours; FR A-3, Lender per-loan certifications: 2 hours; Borrower
certifications: 8 hours.
Estimated annual burden hours: 419,283.
General description of report: The Board's Regulation A (12 CFR
part 201)
[[Page 34449]]
establishes policies and procedures with respect to emergency lending
under section 13(3) of the Federal Reserve Act, as required by sections
1101 and 1103 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act. Regulation A requires that borrowers make two
certifications in order to participate in any emergency lending
authorized under section 13(3). These certifications, designated in
this information collection as FR A-1, include that the borrowers are
not insolvent and that they cannot obtain adequate credit
accommodation.
In addition to these certifications, the Board may establish
additional certification requirements for an individual emergency
lending facility. The second part of the FR A information collection,
FR A-2, pertains to reporting requirements associated with individual
facilities that are related to requirements of the Coronavirus Aid,
Relief, and Economic Security Act (CARES Act). The third part of FR A,
designated as FR A-3, pertains to reporting requirements specific to
the Main Street Expanded Loan Facility, the Main Street New Loan
Facility, and the Main Street Priority Loan Facility (collectively, the
``Main Street Lending Program'').
Legal authorization and confidentiality: The FR A is authorized
pursuant to section 13(3) of the Federal Reserve Act, which sets out
requirements for emergency lending. The obligation to respond is
required to obtain a benefit.
The information collected under FR A may be kept confidential under
exemption 4 of the Freedom of Information Act, which protects
commercial or financial information obtained from a person that is
privileged or confidential.
Current actions: The Board is revising part FR A-3 of the FR A
information collection to reflect additional reporting requirements
that were established for the three facilities of the Main Street
Lending Program. Participating Main Street Lending Program lenders and
borrowers are required to submit certifications related to the
eligibility of the borrowers, lenders, and loans for the program and
for the specific facility. In addition, the FR A respondent counts are
being revised down to reflect a more accurate estimate. An updated
methodology for estimating burden has also been used, resulting in a
decrease in average hours per response and slight increase in annual
frequency.
Detailed Discussion of Public Comments: On March 2, 2020, the Board
published a notice in the Federal Register (85 FR 12295) requesting
public comment for 60 days on the extension, without revision, of the
FR A. One comment was received; it did not address aspects of the
information collection as described in 5 CFR 1320.8(d). On May 15,
2020, following the temporary approval of separate revisions to this
information collection, the Board published a Federal Register notice
(85 FR 29447) requesting public comment for 60 days on those temporary
revisions. Comments in response to both of these requests for comment
are expected to be considered, along with any comments received in
response to this request for comment.
Board of Governors of the Federal Reserve System, June 1, 2020.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2020-12068 Filed 6-3-20; 8:45 am]
BILLING CODE 6210-01-P