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

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
FRA_20210119_omb_emergency.pdf	Supporting Statement A	Uploaded 2021-01-19	Missing upstream

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
245373	Disclosure Main Street Lending Program		New
244338	Reporting Main Street Lending Program Certifications Borrowers Nonprofit organizations		Unchanged
241771	Reporting Main Street Lending Program Certifications Borrowers For-profit businesses		Unchanged
241770	Reporting Main Street Lending Program Certifications Lenders		Modified
241769	Reporting CARES Act Certifications		Modified
225771	Reporting Regulation A Certifications		Modified

ICR Details

OMB Control No: 7100-0373	ICR Reference No: 202012-7100-002
Status: Historical Active	Previous ICR Reference No: 202010-7100-017
Agency/Subagency: FRS	Agency Tracking No: FR A
Title: Reporting and Disclosure 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: 01/19/2021
OIRA Conclusion Action: Approved without change	Conclusion Date: 01/28/2021
Retrieve Notice of Action (NOA)	Date Received in OIRA: 01/19/2021
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2021	6 Months From Approved	05/31/2021
Responses	21,026	0	25,599
Time Burden (Hours)	257,305	0	312,656
Cost Burden (Dollars)	0	0	0

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Abstract: 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.

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. 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.

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Authorizing Statute(s): US Code: 12 USC 343(3) 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

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 6

table that charts list of burden

IC Title	Form No.	Form Name
Disclosure Main Street Lending Program
Reporting CARES Act Certifications
Reporting Main Street Lending Program Certifications Borrowers For-profit businesses
Reporting Main Street Lending Program Certifications Borrowers Nonprofit organizations
Reporting Main Street Lending Program Certifications Lenders
Reporting Regulation A Certifications

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ICR Summary of Burden

table that charts list 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	21,026	25,599	0	-4,573	0	0
Annual Time Burden (Hours)	257,305	312,656	0	-55,351	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: 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.

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Annual Cost to Federal Government: $83,100

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: 01/19/2021

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