Notice2021-23803
Proposed Agency Information Collection Activities; Comment Request
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
November 4, 2021
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision, FR 2248-Domestic Finance Company Report of Consolidated Assets and Liabilities.
Full Text
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<title>Federal Register, Volume 86 Issue 211 (Thursday, November 4, 2021)</title>
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[Federal Register Volume 86, Number 211 (Thursday, November 4, 2021)]
[Notices]
[Pages 60819-60821]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-23803]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
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[[Page 60820]]
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, without
revision, FR 2248-Domestic Finance Company Report of Consolidated
Assets and Liabilities.
DATES: Comments must be submitted on or before January 3, 2022.
ADDRESSES: You may submit comments, identified by FR 2248, by any of
the following methods:
<bullet> Agency website: <a href="https://www.federalreserve.gov/">https://www.federalreserve.gov/</a>. Follow
the instructions for submitting comments at <a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#d6a4b3b1a5f8b5b9bbbbb3b8a2a596b0b3b2b3a4b7baa4b3a5b3a4a0b3f8b1b9a0"><span class="__cf_email__" data-cfemail="cbb9aeacb8e5a8a4a6a6aea5bfb88badaeafaeb9aaa7b9aeb8aeb9bdaee5aca4bd">[email protected]</span></a>. Include the OMB
number 7100-0005 or FR-2248 in the subject line of the message.
<bullet> FAX: (202) 452-3819 or (202) 452-3102.
<bullet> 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
<a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a> 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 confidential
business information, identifying information, 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 for the Federal
Reserve Board, 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.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (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.
During the comment period for this proposal, a copy of the proposed
PRA OMB submission, including the draft reporting form and
instructions, supporting statement, and other documentation, will be
made available on the 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
versions of these documents will be made available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>, if approved.
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.
Proposal Under OMB Delegated Authority To Extend for Three Years,
Without Revision, the Following Information Collection
Report title: Domestic Finance Company Report of Consolidated
Assets and Liabilities.
Agency form number: FR 2248.
OMB control number: 7100-0005.
Frequency: Monthly, quarterly, as needed.
Respondents: Finance companies.\1\
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\1\ Finance companies include companies in which 50 percent or
more of assets are held in any of the following types of loan or
lease assets: (1) Liens on real estate, defined as outstanding
balances on loans or leases, for any purpose, secured by liens on
real estate; (2) loans and leases not secured by real estate, such
as business loans and leases, defined as outstanding balances on
loans and on leases for commercial and industrial purposes to sole
proprietorships, partnerships, corporations, and other business
enterprises; or consumer loans and leases defined as outstanding
balances on loans and on leases for household, family, and other
personal expenditures.
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Estimated number of respondents: Monthly, 150; Quarterly, 150;
Addendum; 150.
Estimated average minutes per response: Monthly, 20; Quarterly, 30;
Addendum, 10.
Estimated annual burden hours: Monthly, 400; Quarterly, 300;
Addendum; 50.
General description of report: The FR 2248 is collected monthly as
of the last calendar day of the month from a stratified sample \2\ of
finance companies. Each monthly report collects balance sheet data on
major categories of consumer and business credit receivables and on
major short-term liabilities. For quarter-end months (March, June,
September, and December), additional asset and liability items are
collected to provide a full balance sheet. A supplemental section
collects data on securitized assets. Board staff may ask either
quantitative or qualitative questions through the use of a special
addendum section no more than twice per year. The data are used to
construct universe estimates of finance company holdings, which are
published in the monthly statistical releases Finance Companies (G.20)
and Consumer Credit (G.19) and in the quarterly statistical release
Financial Accounts of the United States (Z.1).\3\
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\2\ Potential universe of respondents is identified by the
quinquennial Census of Finance Companies (FR 3033p) and Survey of
Finance Companies (FR 3033s) (OMB No. 7100-0277). More details can
be found in the OMB supporting statement.
\3\ See <a href="https://www.federalreserve.gov/econresdata/statisticsdata.htm">https://www.federalreserve.gov/econresdata/statisticsdata.htm</a>.
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Legal authorization and confidentiality: The FR 2248 is authorized
by sections 2A and 12A of the Federal Reserve Act (FRA). Section
[[Page 60821]]
2A of the FRA requires that the Board and the Federal Open Market
Committee (FOMC) maintain long-run growth of the monetary and credit
aggregates commensurate with the economy's long run potential to
increase production, so as to promote effectively the goals of maximum
employment, stable prices, and moderate long-term interest rates.\4\
Section 12A of the FRA further requires the FOMC to implement
regulations relating to the open market operations conducted by Federal
Reserve Banks with a view to accommodating commerce and business and
with regard to their bearing upon the general credit situation of the
country.\5\ The Board and FOMC use the information obtained through the
FR 2248 to discharge these responsibilities. The FR 2248 is voluntary.
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\4\ 12 U.S.C. 225a.
\5\ 12 U.S.C. 263.
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Although the Board releases aggregate data derived from the FR 2248
in the monthly G.20 and G.19 statistical releases, and in the quarterly
Z.1 statistical release, individual finance company information
provided by each respondent is generally treated as confidential.
Information collected on the FR 2248 is likely to constitute nonpublic
commercial or financial information, which is both customarily and
actually treated as private by the respondent. Accordingly, such
information may be kept confidential by the Board pursuant to exemption
4 of the Freedom of Information Act.\6\ If it should be determined that
any information collected on the FR 2248 must be released, respondents
would be notified.
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\6\ 5 U.S.C. 552(b)(4).
Board of Governors of the Federal Reserve System, October 27,
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-23803 Filed 11-3-21; 8:45 am]
BILLING CODE 6210-01-P
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