Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 65044 [2020-22686]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 85, Number 199 (Wednesday, October 14, 2020)]
[Notices]
[Page 65044]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-22686]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting a proposal to extend for three years, without revision, the 
Consumer and Stakeholder Surveys (FR 3073; OMB No. 7100-0359).

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, Washington, DC 20551, (202) 
452-3829. Office of Management and Budget (OMB) Desk Officer--Shagufta 
Ahmed--Office of Information and Regulatory Affairs, Office of 
Management and Budget, New Executive Office Building, Room 10235, 725 
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.
    A copy of the Paperwork Reduction Act (PRA) OMB submission, 
including the reporting form and instructions, supporting statement, 
and other documentation will be placed into OMB's public docket files. 
These documents also are available on the Federal Reserve Board's 
public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance officer, 
whose name appears above.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the PRA to approve and assign OMB control numbers to 
collections of information conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. Copies 
of the PRA Submission, supporting statements, and approved collection 
of information instrument(s) are placed into OMB's public docket files.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of the Following Information Collection

    Report title: Consumer and Stakeholder Surveys.
    Agency form number: FR 3073.
    OMB control number: 7100-0359.
    Frequency: As needed.
    Respondents: Consumers and other stakeholders.
    Estimated number of respondents: Consumer quantitative surveys 
(medium): 3,000; consumer quantitative surveys (large): 6,000; consumer 
qualitative surveys: 50; stakeholder quantitative surveys: 1,500; 
stakeholder qualitative surveys: 50.
    Estimated average hours per response: Consumer quantitative surveys 
(medium): 0.25; consumer quantitative surveys (large): 0.4; consumer 
qualitative surveys: 1.5; stakeholder quantitative surveys: 0.25; 
stakeholder qualitative surveys: 1.5.
    Estimated annual burden hours: Consumer quantitative surveys 
(medium): 3,000; consumer quantitative surveys (large): 4,800; consumer 
qualitative surveys: 600; stakeholder quantitative surveys: 3,000; 
stakeholder qualitative surveys: 600; total: 12,000.
    General description of report: The surveys in this collection 
gather quantitative and qualitative information directly from 
individual consumers or households (consumer surveys) on consumer 
finance topics. This collection also gathers quantitative and 
qualitative information on current and emerging community economic 
issues from stakeholders (stakeholder surveys). Examples of 
stakeholders include community groups, community development 
organizations, nonprofit service providers, faith-based service 
organizations, public sector agencies, small business owners, health 
care organizations, food banks, K-12 public and private schools, 
community colleges, community development financial institutions, 
credit unions, banks, and other financial institutions and companies 
offering financial products and services. While these surveys are 
ongoing, the frequency and content of the questions may change 
depending on economic conditions, regulatory or legislative 
developments, as well as changes in technology, business practices, and 
other factors affecting consumers, stakeholders, and communities.
    Legal authorization and confidentiality: The FR 3073 is authorized 
by sections 2A and 12A of the Federal Reserve Act (FRA). Section 2A of 
the FRA requires that the Board and the Federal Open Market Committee 
(FOMC) ``maintain long run growth of the monetary and credit aggregates 
commensurate with the economy's long run potential to increase 
production, so as to promote effectively the goals of the maximum 
employment, stable prices, and moderate long-term interest rates.'' 
Under section 12A of the FRA, the FOMC is required to implement 
regulations relating to the open market operations conducted by Federal 
Reserve Banks ``with a view to accommodating commerce and business and 
with regard to their bearing upon the general credit situation of the 
country.'' The information collection under the FR 3073 is used to 
fulfill these obligations.
    In addition, the Board is responsible for implementing and drafting 
regulations and interpretations for various consumer protection laws. 
The information obtained from the FR 3073 may be used in support of the 
Board's development and implementation of regulatory provisions for 
these laws. Therefore, depending on the survey questions asked, the FR 
3073 may be authorized pursuant to the Board's authority under one or 
more of those consumer protection statutes.
    The ability of the Board to maintain the confidentiality of 
information provided by respondents to the FR 3073 surveys will have to 
be determined on a case-by-case basis depending on the type of 
information provided for a particular survey. Some of the information 
collected on the surveys may be protected from Freedom of Information 
Act (FOIA) disclosure by FOIA exemptions 4 and 6. Exemption 4 protects 
from disclosure trade secrets and commercial or financial information, 
while Exemption 6 protects information ``the disclosure of which would 
constitute a clearly unwarranted invasion of personal privacy.''
    Current actions: On July 21, 2020, the Board published a notice in 
the Federal Register (85 FR 44078) requesting public comment for 60 
days on the extension, without revision, of the FR 3073. The comment 
period for this notice expired on September 21, 2020. The Board did not 
receive any comments.

    Board of Governors of the Federal Reserve System, October 7, 
2020.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2020-22686 Filed 10-13-20; 8:45 am]
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