Notice2021-16147
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 29, 2021
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, with revision, the Reporting and Disclosure Requirements Associated with Emergency Lending Under Section 13(3) (FR A; OMB No. 7100-0373). The FR A received a temporary six-month clearance on January 28, 2021. This action is to extend that clearance for three years.
Full Text
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<title>Federal Register, Volume 86 Issue 143 (Thursday, July 29, 2021)</title>
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[Federal Register Volume 86, Number 143 (Thursday, July 29, 2021)]
[Notices]
[Page 40842]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-16147]
[[Page 40842]]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, with revision, the
Reporting and Disclosure Requirements Associated with Emergency Lending
Under Section 13(3) (FR A; OMB No. 7100-0373). The FR A received a
temporary six-month clearance on January 28, 2021. This action is to
extend that clearance for three years.
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.
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.
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. Board-
approved collections of information are incorporated into the official
OMB inventory of currently approved collections of information. The OMB
inventory, as well as copies of the PRA Submission, supporting
statements, and approved collection of information instrument(s) are
available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents
are also available on the Federal Reserve Board's public website at
<a href="https://www.federalreserve.gov/apps/reportforms/review.aspx">https://www.federalreserve.gov/apps/reportforms/review.aspx</a> or may be
requested from the agency clearance officer, whose name appears above.
Final Approval under OMB Delegated Authority of the Extension for
Three Years, With Revision, of the Following Information Collection:
Report title: Reporting and Disclosure 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: 4,914; FR A-2: 3,073; FR
A-3: 12,150; FR A-4: 5.
Estimated average hours per response: FR A-1: 8; FR A-2: 40; FR A-
3, Lender per-loan certifications: 2; FR A-3, Borrower certifications:
8; FR A-4: 1.
Estimated annual burden hours: 257,305.
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''). The fourth part of FR A, designated as the FR A-4, pertains
to a disclosure requirement for Paycheck Protection Program (PPP)
borrowers seeking to reduce the calculation of existing outstanding and
undrawn available debt to participate in 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: On March 3, 2021, following the temporary approval
of a fourth set of revisions to the FR A, the Board published a Federal
Register notice (86 FR 12465) requesting public comment for 60 days on
those temporary revisions. The comment period for this notice expired
on May 3, 2021. The Board did not receive any comments. There are no
proposed changes to the reporting or disclosure requirements, and the
burden hours remain the same.
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. On August 21, 2020, following the
temporary approval of a third set of revisions to the FR A, the Board
published a Federal Register notice (85 FR 51715) requesting public
comment for 60 days on those temporary revisions. On March 3, 2021,
following the temporary approval of a fourth set of revisions to the FR
A, the Board published a Federal Register notice (86 FR 12465)
requesting public comment for 60 days on those temporary revisions. No
further comments were received.
Board of Governors of the Federal Reserve System, July 23, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-16147 Filed 7-28-21; 8:45 am]
BILLING CODE 6210-01-P
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