Reporting Requirements Associated with Emergency Lending Under Section 13(3)

Forms and Documents

Document Name	Status
FRA_20200511_omb_emergency.pdf Supporting Statement A	2020-05-11

IC Document Collections

IC ID	Document Title	Status
241771	Reporting Main Street Lending Program certifications Borrowers	New
241770	Reporting Main Street Lending Program certifications Lenders	New
241769	Reporting CARES Act certifications	New
225771	Reporting Regulation A certifications	Modified

ICR Details

OMB Control No: 7100-0373	ICR Reference No: 202005-7100-005
Status: Historical Active	Previous ICR Reference No: 202005-7100-004
Agency/Subagency: FRS	Agency Tracking No: FR A
Title: Reporting Requirements Associated with Emergency Lending Under Section 13(3)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 05/11/2020
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/11/2020
	Date Received in OIRA: 05/11/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2020	6 Months From Approved	09/30/2020
Responses	31,256	0	5
Time Burden (Hours)	1,032,134	0	40
Cost Burden (Dollars)	0	0	0

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Abstract: The first part of the FR A, the FR A-1, pertains to reporting requirements resulting from Regulation A - Extensions of Credit by Federal Reserve Banks (12 CFR Part 201), which sets out the Board’s policies and procedures with respect to emergency lending under section 13(3) of the Federal Reserve Act (section 13(3)). When an individual emergency lending facility is established by the Board, the Board may impose additional information collections. In this regard, the second part of the FR A, the FR A-2, pertains to reporting requirements associated with implementation of requirements under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The third part of the FR A, the FR A-3, pertains to reporting requirements specific to the Main Street Expanded Loan Facility (MSELF), Main Street New Loan Facility (MSNLF), and Main Street Priority Loan Facility (MSPLF) (collectively, the Main Street Lending Program).

Emergency Justfication: The delegation of authority to the Board from OMB that permits the Board to approve collections of information under the Paperwork Reduction Act includes the authority to temporarily approve a collection of information without seeking public comment. To exercise this authority, the Board must determine that a change to an existing collection must be instituted quickly and that public participation in the approval process would substantially interfere with the Board’s ability to perform its statutory obligation. Following the temporary approval of an information collection, the Board will conduct a normal delegated review of the collection within six months, including publishing in the Federal Register a notice seeking public comment. In response to recent economic disruptions and volatility in U.S. financial markets caused by the spread of Coronavirus Disease 2019 (COVID-19), the Board temporarily revised the FR A.

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Authorizing Statute(s): US Code: 12 USC 343(3) Name of Law: Federal Reserve Act
  

Citations for New Statutory Requirements: PL: Pub.L. 116 - 136 4019 Name of Law: Coronavirus Aid, Relief, and Economic Security Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 4

IC Title	Form No.	Form Name
Reporting Regulation A certifications
Reporting CARES Act certifications
Reporting Main Street Lending Program certifications Lenders
Reporting Main Street Lending Program certifications Borrowers

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	31,256	5	31,251	0	0	0
Annual Time Burden (Hours)	1,032,134	40	1,032,094	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Yes

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 05/11/2020

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