Small Dollar Loan Program

Forms and Documents

Document Name	Status
Small Dollar Loan Program Application Form and Instruction	Modified
1559-0051 SS - Small Dollar Loan Program 2022-03-21.docx Supporting Statement A	2022-03-21

IC Document Collections

IC ID	Document Title	Status
246863	Small Dollar Loan Program Application Form and Instruction	Modified

ICR Details

OMB Control No: 1559-0051	ICR Reference No: 202203-1559-001
Status: Received in OIRA	Previous ICR Reference No: 202104-1559-002
Agency/Subagency: TREAS/CDFIF	Agency Tracking No:
Title: Small Dollar Loan Program
Type of Information Collection: Reinstatement without change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 03/21/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	100	0
Time Burden (Hours)	6,800	0
Cost Burden (Dollars)	0	0

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Abstract: The Small Dollar Loan Program was authorized by Title XII – Improving Access to Mainstream Financial Institutions Act of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (P.L. 111-203), which amended The Community Development Banking and Financial Institutions Act of 1994 to include the Small Dollar Loan Program (12 U.S.C. § 4719). Through the Small Dollar Loan Program, the CDFI Fund provides grants for loan loss reserves and technical assistance to enable award recipients to establish and maintain small dollar loan programs to address the issues of expanding consumer access to mainstream financial institutions and providing alternatives to high-cost small dollar loans. The Small Dollar Loan Program is also intended to enable award recipients to help unbanked and underbanked populations build credit, access affordable capital, and allow greater access into the mainstream financial system. In December 2019, the President signed the Consolidated Appropriations Act, 2020 (P.L. 116-93), which appropriated $5 million of the CDFI Fund’s total $262 million appropriations. An additional $8.5 million was appropriated for the Small Dollar Loan Program with enactment of the Consolidated Appropriations Act, 2021 (P.L. 116-260), which was signed into law December 2020 and provided the CDFI Fund with total appropriations of $270 million. Funds from these two appropriations measures were used to launch and administer the inaugural round of the Small Dollar Loan Program by September 30, 2021.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 Title XII Name of Law: Improving Access to Mainstream Financial Institutions Act
  

Citations for New Statutory Requirements: PL: Pub.L. 116 - 93 Title I Name of Law: Consolidated Appropriations Act, 2020

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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:
	86 FR 54787	10/04/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 16089	03/21/2022
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Small Dollar Loan Program Application	N/A	FY 2022 Small Dollar Loan Program Application Instructions

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ICR Summary of Burden

	Total Request	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	100	0	0	100	0	0
Annual Time Burden (Hours)	6,800	0	0	6,800	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: This OMB Control Number is being reinstated in preparation for an additional round of funding for the Small Dollar Loan Program. Burden estimates have been increased from those that were approved previously to reflect the expected interest in the program given experience from the prior round of funding.

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Annual Cost to Federal Government: $0

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? 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: 03/21/2022

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