Quarterly Report of Interest Rates on Selected Direct Consumer Installment Loans; Quarterly Report of Credit Card Plans

ICR 202103-7100-010

OMB: 7100-0085

Federal Form Document

Forms and Documents
Document
Name
Status
Form
Modified
Form
Modified
Supporting Statement B
2021-05-19
Supporting Statement A
2021-05-19
IC Document Collections
IC ID
Document
Title
Status
36079 Modified
188319 Modified
ICR Details
7100-0085 202103-7100-010
Active 201805-7100-004
FRS FR 2835; FR 2835a
Quarterly Report of Interest Rates on Selected Direct Consumer Installment Loans; Quarterly Report of Credit Card Plans
Extension without change of a currently approved collection   No
Delegated
Approved without change 05/19/2021
Retrieve Notice of Action (NOA) 05/19/2021
  Inventory as of this Action Requested Previously Approved
05/31/2024 36 Months From Approved 05/31/2021
800 0 800
274 0 274
0 0 0

The FR 2835 collects interest rates on loans for new vehicles and loans for other consumer goods and personal expenses from a sample of commercial banks and the FR 2835a collects interest rates, finance charges, and loan balances for credit card accounts from a sample of commercial banks. The data from these reports help the Board analyze current household financial conditions and the implications of these conditions for household spending and, as such, these data provide valuable input to the monetary policymaking process. The data are also used to create aggregate statistics on consumer loan terms that are published in the Federal Reserve’s monthly statistical releases G.19 Consumer Credit and G.20 Finance Companies, and in the Federal Reserve Bulletin. Some of the aggregates are used by the Board in the calculation of the aggregate household debt service and financial obligations ratios for the Federal Reserve’s quarterly Financial Obligations statistical release and by the Bureau of Economic Analysis to calculate interest paid by households as part of the National Income and Product Accounts.

US Code: 12 USC 248(a) Name of Law: Federal Reserve Act
   US Code: 12 USC 225a Name of Law: Federal Reserve Act
  
None

Not associated with rulemaking

  85 FR 73707 11/19/2020
86 FR 16362 03/29/2021
Yes

2
IC Title Form No. Form Name
FR 2835 FR 2835 Quarterly Report of Interest Rates on Selected Direct Consumer Installment Loans
FR 2835a FR 2835a Quarterly Report of Credit Card Plans

  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 800 800 0 0 0 0
Annual Time Burden (Hours) 274 274 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$64,600
Yes Part B of Supporting Statement
    Yes
    No
No
No
No
No
Richard Palmer 202 502-8438 [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.
05/19/2021


© 2024 OMB.report | Privacy Policy