Notice2023-12103
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
June 7, 2023
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 Survey of Small Business and Farm Lending (FR 2028; OMB No. 7100-0061).
Full Text
<html>
<head>
<title>Federal Register, Volume 88 Issue 109 (Wednesday, June 7, 2023)</title>
</head>
<body><pre>
[Federal Register Volume 88, Number 109 (Wednesday, June 7, 2023)]
[Notices]
[Pages 37249-37250]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-12103]
=======================================================================
-----------------------------------------------------------------------
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
Survey of Small Business and Farm Lending (FR 2028; OMB No. 7100-0061).
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, <a href="/cdn-cgi/l/email-protection#1d7368757c337871707c7a756f7c7f745d7b6f7f337a726b"><span class="__cf_email__" data-cfemail="8ae4ffe2eba4efe6e7ebede2f8ebe8e3caecf8e8a4ede5fc">[email protected]</span></a>, (202) 452-3884.
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
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 (which contain more detailed
information about the information collections and burden estimates than
this notice), 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/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</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
Collection title: Survey of Small Business and Farm Lending.
Collection identifier: FR 2028.
OMB control number: 7100-0061.
Effective Date: September 30, 2023, as of date with the
transmission period beginning on October 1, 2023, based on loan
activity over the third quarter 2023.
General description of collection: The Survey of Small Business and
Farm Lending (SSBFL) comprises the following three reports:
<bullet> Survey of Terms of Bank Lending to Farmers (FR 2028B)
<bullet> Prime Rate Supplement of Survey of Terms of Lending (FR 2028S)
<bullet> Small Business Lending Survey (FR 2028D)
The SSBFL collects unique information concerning price and certain
nonprice terms of loans made to businesses and farmers each quarter
(February, May, August, and November) from a sample of banks. The FR
2028B collects detailed data on individual loans funded during the
first full business week of the mid-month of each quarter, and the FR
2028S collects the prime interest rate for each day of the
[[Page 37250]]
survey week from FR 2028B respondents. The FR 2028D provides focused
and enhanced information on small business lending including rates,
terms, credit availability, and reasons for their changes. The FR 2028D
collects quarterly average quantitative data on terms of small business
loans and qualitative information on changes and the reasons for
changes in the terms of lending. From these sample SSBFL data,
estimates of the terms of business loans and farm loans extended are
constructed. The aggregate estimates for business loans are published
in the Federal Reserve Bank of Kansas City's quarterly release, Small
Business Lending Survey, and aggregate estimates for farm loans are
published in the statistical release, Agricultural Finance Databook.
Frequency: Quarterly.
Respondents: The FR 2028B and FR 2028S panels have an authorized
size of 250 domestically chartered commercial banks. The panel of banks
has been drawn from a random sample of banks stratified according to
farm loan volumes since 1989. The authorized panel for the FR 2028D
panel is 398 domestically chartered commercial banks. The size is based
on obtaining survey results with a 95% confidence level and 5% standard
error, allowing for a 10% nonresponse rate. The panel of banks is a
random sample of banks stratified according to the dollar volumes of
commercial and industrial loans with original amounts of $1,000,000 or
less.
Total estimated number of respondents:
FR 2028B--250.
FR 2028S--250.
FR 2028D--398.
Estimated average hours per response:
FR 2028B--1.4.
FR 2028S--0.1.
FR 2028D--2.8.
Total estimated change in burden: (318).
Total estimated annual burden hours: 5,958.\1\
---------------------------------------------------------------------------
\1\ More detailed information regarding this collection,
including more detailed burden estimates, can be found in the OMB
Supporting Statement posted at <a href="https://www.federalreserve.gov/apps/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a>. On the page displayed at the link, you
can find the OMB Supporting Statement by referencing the collection
identifier, FR 2028.
---------------------------------------------------------------------------
Current actions: On March 1, 2023, the Board published a notice in
the Federal Register (88 FR 12934) requesting public comment for 60
days on the extension, with revision, of the FR 2028. The Federal
Reserve proposed to revise the FR 2028D form and instructions, to be
effective for the September 30, 2023, as of date with the transmission
period beginning on October 1, 2023, based on loan activity over the
third quarter 2023. The proposed revisions would add clarity in
reporting instructions and requirements, improve data quality, and make
slight reductions in reporting burden. These changes include removing
items related to credit card lending and net drawdowns on lines of
credit. A question requesting information on how respondents define
small businesses for the purposes of small business lending would be
added. Additionally, three questions were modified to add open-ended
text fields offering respondents the opportunity to provide additional
information on reasons for changes in lending. Minor wording changes
are proposed to the form and instructions to add clarity to the survey
or address changes to the form. Additionally, minor changes are
proposed to the Frequently Asked Questions section to increase clarity
of form definitions. The comment period for this notice expired on May
1, 2023. The Board did not receive any comments. The revisions will be
implemented as proposed.
Board of Governors of the Federal Reserve System, June 1, 2023.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-12103 Filed 6-6-23; 8:45 am]
BILLING CODE 6210-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on June 7, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.