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

ICR 202006-7100-007

OMB: 7100-0373

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2020-06-12
ICR Details
7100-0373 202006-7100-007
Historical Active 202005-7100-005
FRS FR A
Reporting Requirements Associated with Emergency Lending Under Section 13(3)
Revision of a currently approved collection   No
Emergency 06/12/2020
Approved without change 06/12/2020
Retrieve Notice of Action (NOA) 06/12/2020
  Inventory as of this Action Requested Previously Approved
12/31/2020 6 Months From Approved 11/30/2020
33,740 0 31,256
419,282 0 1,032,134
0 0 0

The FR A comprises the following three parts: • Regulation A Certifications (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, • CARES Act Certifications (FR A-2) pertains to reporting requirements associated with implementation of requirements under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and • Main Street Lending Program Certifications (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). Participating Main Street Lending Program lenders and borrowers are required to submit certifications related to the eligibility of the borrowers, lenders, and loans for the program and for the specific facility.
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.

US Code: 12 USC 343(3) Name of Law: Federal Reserve Act
  
None

Not associated with rulemaking

No

  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 33,740 31,256 0 2,484 0 0
Annual Time Burden (Hours) 419,282 1,032,134 0 -612,852 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
Yes
Miscellaneous Actions
The estimated total annual burden for the FR A is 1,032,134 hours, and will decrease to 419,282 hours with the revisions. For the FR A-1, the estimated number of respondents will decrease by 2,991. For the FR A-3 lender certifications, the frequency will increase by 1.36 and the estimated hours per response would decrease by 149.

$83,100
No
    No
    No
No
No
No
Yes
Brenda Simms 202 475-6340 [email protected]

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
06/12/2020


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