Reporting and Disclosure
Requirements Associated with Emergency Lending Under Section
13(3)
Revision of a currently approved collection
No
Emergency
01/19/2021
01/19/2021
Requested
Previously Approved
6 Months From Approved
05/31/2021
21,026
25,599
257,305
312,656
0
0
This information collection comprises
the following four 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), • 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), Main Street Priority Loan Facility (MSPLF),
Nonprofit Organization Expanded Loan Facility (NOELF), and
Nonprofit Organization New Loan Facility (NONLF) (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, and • Main Street
Lending Program Disclosure (FR A-4) pertains to disclosure
requirements associated with Main Street borrowers who participate
in the Paycheck Protection Program (PPP). Participating borrowers
seeking to reduce their outstanding debt calculations under the
Main Street Lending Program are required to complete and submit one
of two forms to their Main Street lender.
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. The FR A information collection is being
revised to reflect the new form and a disclosure requirement.
Revisions also include updated estimates of Main Street Lending
Program lender participation.
US Code:
12
USC 343(3) Name of Law: Federal Reserve Act
The estimated total annual
burden for the FR A is 312,656 hours, and will decrease to 257,305
hours with the revisions. For FR A-1, FR A-2, and FR A-3, the
estimated number of lender participants in each part will decrease
by 1,050.
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.
FRA_20210119_omb_emergency.pdf
Disclosure Main Street Lending Program