Standard 7(a) Loan Guaranty Processing Center (LGPC) Emergency Catch-up Pilot, 9028-9029 [2014-03323]
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9028
Federal Register / Vol. 79, No. 31 / Friday, February 14, 2014 / Notices
NASDAQ–2014–013, and should be
submitted on or before March 7, 2014.
FOR FURTHER INFORMATION CONTACT:
FOR FURTHER INFORMATION CONTACT:
Order Extending Temporary
Exemptions Under the Securities
Exchange Act of 1934 in Connection
With the Revision of the Definition of
‘‘Security’’ To Encompass SecurityBased Swaps, and Request for
Comment
Justine Alston, Financial Analyst, 202–
205–7623, Justin.alston@sba.gov, or
Curtis B. Rich, Management Analyst,
202–205–7030, curtis.rich@sba.gov.
SUPPLEMENTARY INFORMATION: Small
Business Administration (SBA) has
established a loan program, the
immediate Disaster Assistance Program,
(IDAP) to assist small businesses
affected by a federally declared disaster
or economic disaster. The program will
provide guaranteed loan through 7(a)
lenders participating in IDAP to cover
the short time frame between the data of
the disaster damage and a small
business. This requested information,
which will be provided by the affected
small businesses and IDAP participating
lenders, will be used to determine
eligibility for an IDAP loan and
participation in the program.
Justin Alston, Financial Analyst, 202–
401–8234, Justin.alston@sba.gov, or
Curtis B. Rich, Management Analyst,
202–205–7030, curtis.rich@sba.gov.
SUPPLEMENTARY INFORMATION: The
purpose of this data collection is to
monitor loan payment information on
SBA loan portfolios arising from the
Immediate Disaster Assistance Program.
This exercise will involve monthly
updates on the payments received by
lenders from small businesses that have
received funding through this guaranty
program. The Agency looks to better
manage the program’s effectiveness by
having lenders provide this form of
periodic reporting to SBA.
February 5, 2014.
Summary of Information Collection
Correction
In notice document 2014–02834,
appearing on pages 7731–7735 in the
issue of Monday, February 10, 2014,
make the following correction:
On page 7731, in the second column,
the date, which was inadvertently
omitted from the document heading, is
added to read as set forth above.
Title: Immediate Disaster Assistance
Loan Program Application and
Eligibility.
Description of Respondents: IDAP
participating lenders.
Total Estimated Annual Responses:
984.
Total Estimated Annual Hour Burden:
543.
[FR Doc. C1–2014–02834 Filed 2–13–14; 8:45 am]
Curtis B. Rich,
Management Analyst.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–03250 Filed 2–13–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–71485; File No. S7–27–11]
BILLING CODE 1505–01–D
BILLING CODE P
SMALL BUSINESS ADMINISTRATION
SMALL BUSINESS ADMINISTRATION
Data Collection Available for Public
Comments
60-day notice and request for
comments.
ACTION:
mstockstill on DSK4VPTVN1PROD with NOTICES
18 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
17:47 Feb 13, 2014
Jkt 232001
60-day notice and request for
comments.
ACTION:
The Small Business
Administration (SBA) intends to request
approval, from the Office of
Management and Budget (OMB) for the
collection of information described
below. The Paperwork Reduction Act
(PRA) of 1995, 44 U.S.C. Chapter 35
requires federal agencies to publish a
notice in the Federal Register
concerning each proposed collection of
information before submission to OMB,
and to allow 60 days for public
comment in response to the notice. This
notice complies with that requirement.
DATES: Submit comments on or before
April 15, 2014.
ADDRESSES: Send all comments to
Justine Alston, Financial Analyst, Office
of Financial Assistance, Small Business
Administration, 409 3rd Street, 8th
Floor, Washington, DC 20416.
SUMMARY:
The Small Business
Administration (SBA) intends to request
approval, from the Office of
Management and Budget (OMB) for the
collection of information described
below. The Paperwork Reduction Act
(PRA) of 1995, 44 U.S.C. Chapter 35
requires federal agencies to publish a
notice in the Federal Register
concerning each proposed collection of
information before submission to OMB,
and to allow 60 days for public
comment in response to the notice. This
notice complies with that requirement.
DATES: Submit comments on or before
April 15, 2014.
ADDRESSES: Send all comments to Justin
Alston, Financial Analyst, Office of
Financial Assistance, Small Business
Administration, 409 3rd Street, 8th
Floor, Washington, DC 20416.
SUMMARY:
PO 00000
Frm 00092
Fmt 4703
Title: Guaranteed Disaster Assistance
Program.
Description of Respondents: Lenders
who received funding through this
guaranty program.
Total Estimated Annual Responses:
5,604.
Total Estimated Annual Hour Burden:
467.
Curtis B. Rich,
Management Analyst.
[FR Doc. 2014–03321 Filed 2–13–14; 8:45 am]
BILLING CODE P
[FR Doc. 2014–03319 Filed 2–13–14; 8:45 am]
Data Collection Available for Public
Comments.
Summary of Information Collection
Sfmt 4703
SMALL BUSINESS ADMINISTRATION
Standard 7(a) Loan Guaranty
Processing Center (LGPC) Emergency
Catch-up Pilot
Small Business Administration.
Notice of Regulatory Waiver for
Standard 7(a) Loan Guaranty Processing
Center (LGPC) Emergency Catch-up
Pilot.
AGENCY:
ACTION:
During the first quarter of
Fiscal Year 2014, SBA waived an
Agency regulation applicable to the 7(a)
Business Loan Program for the Standard
7(a) Loan Guaranty Processing Center
(LGPC) Emergency Catch-up Pilot
(Pilot). Specifically, SBA waived the
regulation setting forth SBA’s criteria for
establishing borrower creditworthiness
and assuring repayment through the
consideration of nine elements. The
Pilot consisted of a streamlined review
process for qualified 7(a) loan
applications to address the backlog of
unprocessed applications at the LGPC
created by the government shutdown in
October 2013. This Notice explains the
actions SBA undertook and the reasons
for the Pilot.
DATES: The waiver was effective for
qualified applications submitted to the
SUMMARY:
E:\FR\FM\14FEN1.SGM
14FEN1
Federal Register / Vol. 79, No. 31 / Friday, February 14, 2014 / Notices
LGPC from October 1, 2013 through
December 3, 2013.
FOR FURTHER INFORMATION CONTACT: John
A. Miller, Director, Office of Financial
Program Operations, U.S. Small
Business Administration, 409 Third
Street SW., Washington, DC 20416;
(202) 619–0647.
SUPPLEMENTARY INFORMATION: SBA
implemented a temporary pilot called
the LGPC Emergency Catch-up Pilot that
consisted of a streamlined review
process to address the backlog of
unprocessed 7(a) loan applications at
the LGPC created by the government
shutdown in a manner that expedited
delivery of capital to small businesses.
1. Background
Due to the lapse in appropriations
beginning on October 1, 2013, the LGPC
accumulated a backlog of unprocessed
7(a) loan applications that would have
taken an estimated 6 to 8 weeks to
review under the normal review
process. SBA estimated that
implementation of the streamlined
review process would make it possible
for the LGPC to review the unprocessed
inventory in 3 to 4 weeks in a manner
that did not further delay the delivery
of capital to small businesses and did
not increase SBA’s risk. SBA
determined the streamlined review
performed under the Pilot would have
a negligible effect on potential improper
payments and defaults, as it allowed the
LGPC to match resources to risk by
focusing on higher-risk, high-dollar
applications. Any potential increased
risk to SBA was mitigated through a
robust quality control review process
whereby loans chosen by statistically
valid, random sampling underwent full
quality control reviews.
mstockstill on DSK4VPTVN1PROD with NOTICES
2. Standard 7(a) Loan Guaranty
Processing Center (LGPC) Emergency
Catch-up Pilot
Overview
The streamlined review consisted of
(1) a review to verify the completeness
of the application package to ensure the
LGPC had all required forms signed and
completed, the lender’s credit
memorandum, and all other applicable
supporting documentation; (2) a full
eligibility review; and (3) a minimum
threshold credit score. For purposes of
the LGPC Emergency Catch-up Pilot, the
credit score was used as a decision tool
to assess borrower repayment ability in
lieu of analyzing each of the required
elements set forth in 13 CFR 120.150.
The credit score utilized was FICO’s
LiquidCredit, which is calculated based
on a combination of consumer credit
bureau data, business bureau data,
VerDate Mar<15>2010
17:47 Feb 13, 2014
Jkt 232001
borrower financial data, and application
data, and is used industry-wide in the
small business lending industry. The
LiquidCredit Score has been in use at
the LGPC since 2007 and is the credit
scoring model used for SBA’s Small
Loan Advantage (SLA) Program. The
minimum credit score required for an
application to qualify for streamlined
review was based on the lower end of
SBA’s current risk profile and was the
minimum score currently used for SLA
applications.
Standard 7(a), SLA, and Certified
Lender Program (CLP) loan applications
of $350,000 or less with LiquidCredit
scores equal to or greater than 140
received in the LGPC from October 1,
2013 through December 3, 2013
qualified for the streamlined review
process. The following applications did
not qualify for the Pilot and underwent
the standard review currently followed
in the LGPC: (1) CAPLine applications;
(2) Community Advantage applications;
(3) applications that had credit scores
below the minimum threshold score of
140; and (4) applications from lenders
with unsatisfactory performance, as
determined by the Office of Credit Risk
Management (OCRM).
SBA will track and monitor the
quality control review results for use in
future analysis to measure the
effectiveness of the Pilot. SBA also will
track and monitor the loans approved
under the Pilot for future analysis in
comparing default rates of loans
approved under the Pilot to similarly
sized loans approved under normal
review procedures in the same
timeframe to determine the effectiveness
of the Pilot.
Regulatory Waivers
Pursuant to the authority provided to
SBA under 13 CFR 120.3 to suspend,
modify or waive certain regulations in
establishing and testing pilot loan
initiatives for a limited period of time,
SBA has waived 13 CFR 120.150, which
defines SBA’s lending criteria for
establishing borrower creditworthiness
and assuring repayment through the
consideration of nine elements. The
waiver of this regulation for loans
processed under the Pilot allowed for
streamlined reviews of qualifying
applications utilizing FICO’s
LiquidCredit Score as a decision tool to
assess borrower repayment ability.
All provisions of the Small Business
Act applicable to the 7(a) loan program
apply to loans made under this Pilot.
Unless waived or modified by this
Notice, all regulations applicable to the
7(a) loan program apply to loans made
under this Pilot. All standard operating
procedures applicable to the 7(a) loan
PO 00000
Frm 00093
Fmt 4703
Sfmt 4703
9029
program that are not superseded by any
provision of this Notice apply to loans
made under this Pilot.
Authority: 15 U.S.C. 636(a)(25) and 13
CFR 120.3.
Dated: February 10, 2014.
Jeanne A. Hulit,
Acting Administrator.
[FR Doc. 2014–03323 Filed 2–13–14; 8:45 am]
BILLING CODE 8025–01–P
DEPARTMENT OF STATE
[Public Notice 8630]
Culturally Significant Objects Imported
for Exhibition Determinations:
‘‘Richard Wilson and the
Transformation of European
Landscape Painting’’ Exhibition
Notice is hereby given of the
following determinations: Pursuant to
the authority vested in me by the Act of
October 19, 1965 (79 Stat. 985; 22 U.S.C.
2459), Executive Order 12047 of March
27, 1978, the Foreign Affairs Reform and
Restructuring Act of 1998 (112 Stat.
2681, et seq.; 22 U.S.C. 6501 note, et
seq.), Delegation of Authority No. 234 of
October 1, 1999, Delegation of Authority
No. 236–3 of August 28, 2000 (and, as
appropriate, Delegation of Authority No.
257 of April 15, 2003), I hereby
determine that the objects to be
included in the exhibition ‘‘Richard
Wilson and the Transformation of
European Landscape Painting’’
imported from abroad for temporary
exhibition within the United States, are
of cultural significance. The objects are
imported pursuant to loan agreements
with the foreign owners or custodians.
I also determine that the exhibition or
display of the exhibit objects at the Yale
Center for British Art, New Haven, CT,
from on or about March 6, 2014, until
on or about June 1, 2014, and at possible
additional exhibitions or venues yet to
be determined, is in the national
interest. I have ordered that Public
Notice of these Determinations be
published in the Federal Register.
SUMMARY:
For
further information, including a list of
the exhibit objects, contact Julie
Simpson, Attorney-Adviser, Office of
the Legal Adviser, U.S. Department of
State (telephone: 202–632–6467). The
mailing address is U.S. Department of
State, SA–5, L/PD, Fifth Floor (Suite
5H03), Washington, DC 20522–0505.
FOR FURTHER INFORMATION CONTACT:
E:\FR\FM\14FEN1.SGM
14FEN1
]]>Agencies
[Federal Register Volume 79, Number 31 (Friday, February 14, 2014)]
[Notices]
[Pages 9028-9029]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-03323]
-----------------------------------------------------------------------
SMALL BUSINESS ADMINISTRATION
Standard 7(a) Loan Guaranty Processing Center (LGPC) Emergency
Catch-up Pilot
AGENCY: Small Business Administration.
ACTION: Notice of Regulatory Waiver for Standard 7(a) Loan Guaranty
Processing Center (LGPC) Emergency Catch-up Pilot.
-----------------------------------------------------------------------
SUMMARY: During the first quarter of Fiscal Year 2014, SBA waived an
Agency regulation applicable to the 7(a) Business Loan Program for the
Standard 7(a) Loan Guaranty Processing Center (LGPC) Emergency Catch-up
Pilot (Pilot). Specifically, SBA waived the regulation setting forth
SBA's criteria for establishing borrower creditworthiness and assuring
repayment through the consideration of nine elements. The Pilot
consisted of a streamlined review process for qualified 7(a) loan
applications to address the backlog of unprocessed applications at the
LGPC created by the government shutdown in October 2013. This Notice
explains the actions SBA undertook and the reasons for the Pilot.
DATES: The waiver was effective for qualified applications submitted to
the
[[Page 9029]]
LGPC from October 1, 2013 through December 3, 2013.
FOR FURTHER INFORMATION CONTACT: John A. Miller, Director, Office of
Financial Program Operations, U.S. Small Business Administration, 409
Third Street SW., Washington, DC 20416; (202) 619-0647.
SUPPLEMENTARY INFORMATION: SBA implemented a temporary pilot called the
LGPC Emergency Catch-up Pilot that consisted of a streamlined review
process to address the backlog of unprocessed 7(a) loan applications at
the LGPC created by the government shutdown in a manner that expedited
delivery of capital to small businesses.
1. Background
Due to the lapse in appropriations beginning on October 1, 2013,
the LGPC accumulated a backlog of unprocessed 7(a) loan applications
that would have taken an estimated 6 to 8 weeks to review under the
normal review process. SBA estimated that implementation of the
streamlined review process would make it possible for the LGPC to
review the unprocessed inventory in 3 to 4 weeks in a manner that did
not further delay the delivery of capital to small businesses and did
not increase SBA's risk. SBA determined the streamlined review
performed under the Pilot would have a negligible effect on potential
improper payments and defaults, as it allowed the LGPC to match
resources to risk by focusing on higher-risk, high-dollar applications.
Any potential increased risk to SBA was mitigated through a robust
quality control review process whereby loans chosen by statistically
valid, random sampling underwent full quality control reviews.
2. Standard 7(a) Loan Guaranty Processing Center (LGPC) Emergency
Catch-up Pilot
Overview
The streamlined review consisted of (1) a review to verify the
completeness of the application package to ensure the LGPC had all
required forms signed and completed, the lender's credit memorandum,
and all other applicable supporting documentation; (2) a full
eligibility review; and (3) a minimum threshold credit score. For
purposes of the LGPC Emergency Catch-up Pilot, the credit score was
used as a decision tool to assess borrower repayment ability in lieu of
analyzing each of the required elements set forth in 13 CFR 120.150.
The credit score utilized was FICO's LiquidCredit, which is calculated
based on a combination of consumer credit bureau data, business bureau
data, borrower financial data, and application data, and is used
industry-wide in the small business lending industry. The LiquidCredit
Score has been in use at the LGPC since 2007 and is the credit scoring
model used for SBA's Small Loan Advantage (SLA) Program. The minimum
credit score required for an application to qualify for streamlined
review was based on the lower end of SBA's current risk profile and was
the minimum score currently used for SLA applications.
Standard 7(a), SLA, and Certified Lender Program (CLP) loan
applications of $350,000 or less with LiquidCredit scores equal to or
greater than 140 received in the LGPC from October 1, 2013 through
December 3, 2013 qualified for the streamlined review process. The
following applications did not qualify for the Pilot and underwent the
standard review currently followed in the LGPC: (1) CAPLine
applications; (2) Community Advantage applications; (3) applications
that had credit scores below the minimum threshold score of 140; and
(4) applications from lenders with unsatisfactory performance, as
determined by the Office of Credit Risk Management (OCRM).
SBA will track and monitor the quality control review results for
use in future analysis to measure the effectiveness of the Pilot. SBA
also will track and monitor the loans approved under the Pilot for
future analysis in comparing default rates of loans approved under the
Pilot to similarly sized loans approved under normal review procedures
in the same timeframe to determine the effectiveness of the Pilot.
Regulatory Waivers
Pursuant to the authority provided to SBA under 13 CFR 120.3 to
suspend, modify or waive certain regulations in establishing and
testing pilot loan initiatives for a limited period of time, SBA has
waived 13 CFR 120.150, which defines SBA's lending criteria for
establishing borrower creditworthiness and assuring repayment through
the consideration of nine elements. The waiver of this regulation for
loans processed under the Pilot allowed for streamlined reviews of
qualifying applications utilizing FICO's LiquidCredit Score as a
decision tool to assess borrower repayment ability.
All provisions of the Small Business Act applicable to the 7(a)
loan program apply to loans made under this Pilot. Unless waived or
modified by this Notice, all regulations applicable to the 7(a) loan
program apply to loans made under this Pilot. All standard operating
procedures applicable to the 7(a) loan program that are not superseded
by any provision of this Notice apply to loans made under this Pilot.
Authority: 15 U.S.C. 636(a)(25) and 13 CFR 120.3.
Dated: February 10, 2014.
Jeanne A. Hulit,
Acting Administrator.
[FR Doc. 2014-03323 Filed 2-13-14; 8:45 am]
BILLING CODE 8025-01-P
