Survey of Small Business and Farm Lending

Forms and Documents

Document Name	Status
Form FR 2028D Small Business Lending Survey Form	Modified
Form FR 2028S Prime Rate Supplement to Survey of Terms of Lending Form	Modified
Form FR 2028B Survey of Terms of Bank Lending to Farmers Form	Modified
FR2028_20200721_omb.pdf Supporting Statement A	2020-07-21

IC Document Collections

IC ID	Document Title	Status
227734	Small Business Lending Survey Form	Modified
185215	Prime Rate Supplement to Survey of Terms of Lending Form	Modified
185214	Survey of Terms of Bank Lending to Farmers Form	Modified

ICR Details

OMB Control No: 7100-0061	ICR Reference No: 202007-7100-005
Status: Active	Previous ICR Reference No: 202001-7100-011
Agency/Subagency: FRS	Agency Tracking No: FR 2028
Title: Survey of Small Business and Farm Lending
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/21/2020
	Date Received in OIRA: 07/21/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2023	36 Months From Approved	07/31/2020
Responses	3,592	0	3,592
Time Burden (Hours)	6,276	0	3,888
Cost Burden (Dollars)	0	0	0

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Abstract: The Survey of Small Business and Farm Lending (SSBFL) comprises of the following three reports: * Survey of Terms of Bank Lending to Farmers (FR 2028B), * Prime Rate Supplement of Survey of Terms of Lending (FR 2028S), and * Small Business Lending Survey (FR 2028D). The SSBFL (previously the Survey of Terms of Lending) collects unique information concerning price and certain nonprice terms of loans made to businesses and farmers each quarter (February, May, August, and November). 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 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.

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Authorizing Statute(s): US Code: 12 USC 248(a)(2) Name of Law: Federal Reserve Act
  

Citations for New Statutory Requirements: None

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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
60-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 12298	03/02/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 44079	07/21/2020
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Survey of Terms of Bank Lending to Farmers	FR 2028B	Survey of Terms of Bank Lending to Farmers
Prime Rate Supplement to Survey of Terms of Lending	FR 2028S	Prime Rate Supplement to Survey of Terms of Lending
Small Business Lending Survey	FR 2028D	Small Business Lending Survey

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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	3,592	3,592	0	0	0	0
Annual Time Burden (Hours)	6,276	3,888	0	2,388	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: The estimated total annual burden for the FR 2028 reports is 3,888 hours and would increase to 6,276 hours with the proposed revisions. Based on initial feedback received from senior officers at the six banks that provided comments on the FR 2028D survey instrument in 2017, the estimated average hours per response for the proposed FR 2028D was calculated at 1.5 hours. However, feedback from respondents after the implementation of the survey indicated that the average hours per response was 6 hours. The estimated burden for the revised FR 2028D survey is 3 hours. As a result, the net reporting burden would increase 2,388 hours.

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Annual Cost to Federal Government: $311,960

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.     Yes

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? No

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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: 07/21/2020

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