[Federal Register Volume 85, Number 163 (Friday, August 21, 2020)]
[Notices]
[Pages 51715-51716]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-18372]
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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.
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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 October 20, 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: regs.comments@federalreserve.gov. 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.
[[Page 51716]]
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: 5,964; FR A-2: 4,123; FR
A-3: 13,200.
Estimated average hours per response: FR A-1: 8 hours; FR A-2: 40
hours; FR A-3, Lender per-loan certifications: 2 hours; FR A-3,
Borrower certifications: 8 hours.
Estimated annual burden hours: 312,656.
General description of report: The Board's Regulation A (12 CFR
part 201) 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,
the 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 the FR A-3, pertains to reporting
requirements specific to the Main Street Expanded Loan Facility, the
Main Street New Loan Facility, the Main Street Priority Loan Facility,
the Nonprofit Organization Expanded Loan Facility, and the Nonprofit
Organization New 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 the 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 the FR A information
collection to reflect the establishment of the Nonprofit Organization
Expanded Loan Facility and Nonprofit Organization New Loan Facility as
part of the Main Street Lending Program. Board staff have coordinated
with staff from Treasury and the Federal Reserve Banks to develop
certifications that borrowers and lenders will be required to complete
to participate in the NOELF and NONLF. These certifications are
substantially similar to the certifications that have been developed
for the other facilities in the Main Street Lending Program. Borrowers
and lenders will be required to certify that the participating
borrowers, lenders, and loans meet each of the eligibility requirements
of the specific facility. Borrowers will also be required to certify
that they have provided documentation to lenders related to certain
eligibility requirements. The FR A respondent counts for all parts of
the information collection are being revised to reflect these new
facilities and updated estimates of the Main Street Lending Program.
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 a first set of revisions to
the FR A, the Board published a Federal Register notice (85 FR 29447)
requesting public comment for 60 days on those temporary revisions. On
June 4, 2020, following the temporary approval of a second set of
revisions to the FR A, the Board published a Federal Register notice
(85 FR 34448) requesting public comment for 60 days on those temporary
revisions. Comments in response to all of those 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, August 17,
2020.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2020-18372 Filed 8-20-20; 8:45 am]
BILLING CODE 6210-01-P