Notice2022-03472
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
February 17, 2022
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, without revision, the Domestic Finance Company Report of Consolidated Assets and Liabilities (FR 2248; OMB No. 7100-0005).
Full Text
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<title>Federal Register, Volume 87 Issue 33 (Thursday, February 17, 2022)</title>
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[Federal Register Volume 87, Number 33 (Thursday, February 17, 2022)]
[Notices]
[Pages 9053-9054]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-03472]
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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, without revision, the
Domestic Finance Company Report of Consolidated Assets and Liabilities
(FR 2248; OMB No. 7100-0005).
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 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.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
[[Page 9054]]
authority under the Paperwork Reduction Act (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, Without Revision, of 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 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).
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Current Actions: On November 4, 2021, the Board published a notice
in the Federal Register (86 FR 608019) requesting public comment for 60
days on the extension, without revision, of the Domestic Branch
Application. The comment period for this notice expired on January 3,
2022. The Board did not receive any comments.
Board of Governors of the Federal Reserve System, February 14,
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-03472 Filed 2-16-22; 8:45 am]
BILLING CODE 6210-01-P
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