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
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.