Notice2022-25704
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Departmental Offices Information Collection Requests
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 25, 2022
Issuing agencies
Treasury Department
Abstract
The Department of the Treasury will submit the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on these requests.
Full Text
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<title>Federal Register, Volume 87 Issue 226 (Friday, November 25, 2022)</title>
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[Federal Register Volume 87, Number 226 (Friday, November 25, 2022)]
[Notices]
[Pages 72593-72594]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-25704]
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DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Departmental Offices Information Collection
Requests
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Notice.
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SUMMARY: The Department of the Treasury will submit the following
information collection requests to the Office of Management and Budget
(OMB) for review and clearance in accordance with the Paperwork
Reduction Act of 1995, on or after the date of publication of this
notice. The public is invited to submit comments on these requests.
DATES: Comments should be received on or before December 27, 2022 to be
assured of consideration.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
Copies of the submissions may be obtained from Melody Braswell by
emailing <a href="/cdn-cgi/l/email-protection#b5e5e7f4f5c1c7d0d4c6c0c7cc9bd2dac3"><span class="__cf_email__" data-cfemail="c090928180b4b2a5a1b3b5b2b9eea7afb6">[email protected]</span></a>, calling (202) 622-1035, or viewing the
entire information collection request at <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
SUPPLEMENTARY INFORMATION:
Title: Emergency Capital Investment Program Initial Supplemental
Report and Quarterly Supplemental Report.
OMB Control Number: 1505-0275.
Type of Review: Revision of a currently approved collection.
Description: Authorized by the Consolidated Appropriations Act,
2021, the Emergency Capital Investment Program (ECIP) was created to
encourage low- and moderate-income community financial institutions to
augment their efforts to support small businesses and consumers in
their communities.
Under the program, Treasury will provide approximately $8.75
billion in capital directly to depository institutions that are
certified Community Development Financial Institutions (CDFIs) or
minority depository institutions (MDIs) to, among other things, provide
loans, grants, and forbearance for small businesses, minority-owned
businesses, and consumers, especially in low-income and underserved
communities, that may be disproportionately impacted by the economic
effects of the COVID-19 pandemic.
ECIP capital is eligible for a reduction in the dividend or
interest rate payable on the instruments depending on the increase in
lending by the recipients of the capital (Recipients) within minority,
rural, and urban low-income and underserved communities and to low- and
moderate-income borrowers over a baseline amount of lending. Recipients
are required to submit an Initial Supplemental Report and quarterly
reports to determine their increase in lending to the specified
targeted communities over the baseline and therefore their
qualification for rate reductions on the dividend or interest rates
payable on the ECIP instruments. In addition, these reports will
collect data necessary for Treasury and other oversight bodies to
evaluate program outcomes over time.
Treasury uses the Initial Supplemental Report to establish a
baseline amount of qualified lending. Treasury proposes to continue use
of this form to collect additional or restated data on a Recipient's
amount of baseline lending, such as in connection with mergers,
acquisitions, or other business combinations. Instructions may be
modified from time to time to accommodate these uses.
Treasury proposes to use the Quarterly Supplemental Report to
collect the information required to establish a Recipient's increase in
lending. The Quarterly Supplemental Report has two components: (1)
schedules which must be completed each quarter that collect data on
activity for the preceding quarter and (2) schedules that collect data
on the preceding four quarters of activity that are submitted annually.
There are separate schedules and instructions for insured depository
institutions, bank holding companies, and savings and loan holding
companies; and credit unions.
Quarterly Report Schedules: Recipients of ECIP investments will be
required to submit two schedules on a quarterly basis. Schedule A--
Summary Qualified Lending is used to collect the Qualified Lending and
Deep Impact Lending, as defined in the Glossary in the Instructions to
the Quarterly Supplemental Report, of a Recipient for a given quarter.
Schedule A is therefore used to establish the growth in a Recipient's
Qualified Lending over its baseline Qualified Lending for the purposes
of calculating the payment rate on the ECIP preferred shares or
subordinated debt issued by the Recipient. Schedule B--Disaggregated
Qualified Lending is used to present further detail on the composition
of the Participant's Qualified and Deep Impact Lending.
Annual Report Schedules: Annually, Recipients will report on up to
ten (10) additional schedules, depending on the origination activity
that took place during the prior year. Schedule C--Additional
Demographic Data on Qualified Lending collects additional
[[Page 72594]]
demographic data on certain categories of Qualified Lending and Deep
Impact Lending. Schedule D--Additional Place-based Data on Qualified
Lending collects additional geographic data on certain categories of
Qualified Lending and Deep Impact Lending.
Forms: Initial Supplemental Report and Instructions, Quarterly
Supplemental Report Instructions and Schedules.
Affected Public: Recipients of investments through the Emergency
Capital Investment Program.
Estimated Number of Respondents: 190 (5 for the Initial
Supplemental Report; 185 for the Quarterly Supplemental Report).
Frequency of Response: Initial Supplemental Report--One time
annually; Quarterly Supplemental Report--Four times annually for
Schedules A and B, Annually for Schedules C and D.
Estimated Total Number of Annual Responses: Initial Supplemental
Report--5; Quarterly Supplemental Report--740 for Schedules A & B and
185 for Schedule C and D.
Estimated Time per Response: 8 hours annually for the Initial
Supplemental Report; 40 hours annually for the Quarterly Supplemental
Report Schedules A & B + 120 hours for Schedules C & D.
Estimated Total Annual Burden Hours: 29,640.
Request for Comments: Comments submitted in response to this notice
will be summarized and included in the request for Office of Management
and Budget approval. All comments will become a matter of public
record. Comments are invited on: (a) whether the collection of
information is necessary for the proper performance of the functions of
the agency, including whether the information shall have practical
utility; (b) the accuracy of the agency's estimate of the burden of the
collection of information; (c) ways to enhance the quality, utility,
and clarity of the information to be collected; (d) ways to minimize
the burden of the collection of information on respondents, including
through the use of technology; and (e) estimates of capital or start-up
costs and costs of operation, maintenance, and purchase of services
required to provide information.
In addition, Treasury seeks comments on the following:
1. For the Quarterly Supplemental Report, Treasury is considering
updating the datasets used to identify certain place-based targeted
communities periodically, based on availability. For example, from time
to time, updated Area Median Income data is published by the Census
Bureau or other relevant data sources. Recipients would be required to
use this new data in order to classify originations going forward. How
frequently should Treasury update this data--never, annually, every
five years, some other time period? Treasury anticipates that a
transition period would be implemented each time such reference data is
updated. Would a one-year transition period be sufficient?
2. Treasury welcomes comments on sources of data through which
origination data requested by ECIP is already reported to the federal
government and for which Treasury may determine that collection of the
data by the Quarterly Supplemental Report represents a duplication of
reporting.
3. Are there additional data points that Treasury should consider
collecting, in addition to those proposed?
4. Treasury seeks comments on the instructions or other guidance
that would be helpful to Recipients to better understand their
reporting obligations on the Initial Supplemental Report or Quarterly
Supplemental Report.
Authority: 44 U.S.C. 3501 et seq.
Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2022-25704 Filed 11-23-22; 8:45 am]
BILLING CODE 4810-AK-P
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