Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 40842 [2021-16147]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 86, Number 143 (Thursday, July 29, 2021)]
[Notices]
[Page 40842]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-16147]



[[Page 40842]]

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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, with revision, the 
Reporting and Disclosure Requirements Associated with Emergency Lending 
Under Section 13(3) (FR A; OMB No. 7100-0373). The FR A received a 
temporary six-month clearance on January 28, 2021. This action is to 
extend that clearance for three years.

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.

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. The OMB 
inventory, as well as copies of the PRA Submission, supporting 
statements, and approved collection of information instrument(s) are 
available at https://www.reginfo.gov/public/do/PRAMain. These documents 
are also 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.
    Final Approval under OMB Delegated Authority of the Extension for 
Three Years, With Revision, of the Following Information Collection:
    Report title: Reporting and Disclosure Requirements Associated with 
Emergency Lending Under Section 13(3).
    Agency form number: FR A.
    OMB control number: 7100-0373.
    Frequency: Event-generated.
    Respondents: Entities or persons borrowing under an emergency 
lending program or facility established pursuant to section 13(3) of 
the Federal Reserve Act.
    Estimated number of respondents: FR A-1: 4,914; FR A-2: 3,073; FR 
A-3: 12,150; FR A-4: 5.
    Estimated average hours per response: FR A-1: 8; FR A-2: 40; FR A-
3, Lender per-loan certifications: 2; FR A-3, Borrower certifications: 
8; FR A-4: 1.
    Estimated annual burden hours: 257,305.
    General description of report: The Board's Regulation A (12 CFR 
part 201) establishes policies and procedures with respect to emergency 
lending under section 13(3) of the Federal Reserve Act, as required by 
sections 1101 and 1103 of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act. Regulation A requires that borrowers make two 
certifications in order to participate in any emergency lending 
authorized under section 13(3). These certifications, designated in 
this information collection as FR A-1, include that the borrowers are 
not insolvent and that they cannot obtain adequate credit 
accommodation.
    In addition to these certifications, the Board may establish 
additional certification requirements for an individual emergency 
lending facility. The second part of the FR A information collection, 
the FR A-2, pertains to reporting requirements associated with 
individual facilities that are related to requirements of the 
Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The 
third part of FR A, designated as the FR A-3, pertains to reporting 
requirements specific to the Main Street Expanded Loan Facility, the 
Main Street New Loan Facility, the Main Street Priority Loan Facility, 
the Nonprofit Organization Expanded Loan Facility, and the Nonprofit 
Organization New Loan Facility (collectively, the ``Main Street Lending 
Program''). The fourth part of FR A, designated as the FR A-4, pertains 
to a disclosure requirement for Paycheck Protection Program (PPP) 
borrowers seeking to reduce the calculation of existing outstanding and 
undrawn available debt to participate in the Main Street Lending 
Program.
    Legal authorization and confidentiality: The FR A is authorized 
pursuant to section 13(3) of the Federal Reserve Act, which sets out 
requirements for emergency lending. The obligation to respond is 
required to obtain a benefit.
    The information collected under the FR A may be kept confidential 
under exemption 4 of the Freedom of Information Act, which protects 
commercial or financial information obtained from a person that is 
privileged or confidential.
    Current actions: On March 3, 2021, following the temporary approval 
of a fourth set of revisions to the FR A, the Board published a Federal 
Register notice (86 FR 12465) requesting public comment for 60 days on 
those temporary revisions. The comment period for this notice expired 
on May 3, 2021. The Board did not receive any comments. There are no 
proposed changes to the reporting or disclosure requirements, and the 
burden hours remain the same.

Detailed Discussion of Public Comments

    On March 2, 2020, the Board published a notice in the Federal 
Register (85 FR 12295) requesting public comment for 60 days on the 
extension, without revision, of the FR A. One comment was received; it 
did not address aspects of the information collection as described in 5 
CFR 1320.8(d). On May 15, 2020, following the temporary approval of a 
first set of revisions to the FR A, the Board published a Federal 
Register notice (85 FR 29447) requesting public comment for 60 days on 
those temporary revisions. On June 4, 2020, following the temporary 
approval of a second set of revisions to the FR A, the Board published 
a Federal Register notice (85 FR 34448) requesting public comment for 
60 days on those temporary revisions. On August 21, 2020, following the 
temporary approval of a third set of revisions to the FR A, the Board 
published a Federal Register notice (85 FR 51715) requesting public 
comment for 60 days on those temporary revisions. On March 3, 2021, 
following the temporary approval of a fourth set of revisions to the FR 
A, the Board published a Federal Register notice (86 FR 12465) 
requesting public comment for 60 days on those temporary revisions. No 
further comments were received.

    Board of Governors of the Federal Reserve System, July 23, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-16147 Filed 7-28-21; 8:45 am]
BILLING CODE 6210-01-P