Agency Information Collection Activities; Submission for OMB Review; Comment Request; Departmental Offices, 58436-58437 [2022-20780]

Agencies

• DEPARTMENT OF THE TREASURY

[Federal Register Volume 87, Number 185 (Monday, September 26, 2022)]
[Notices]
[Pages 58436-58437]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-20780]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Departmental Offices

AGENCY: Departmental Offices, Department of the Treasury.

ACTION: Notice.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other federal agencies to comment on proposed or continuing 
information collections, as required by the Paperwork Reduction Act of 
1995.

DATES: Comments should be received on or before October 26, 2022 to be 
assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
    Copies of the submissions may be obtained from Melody Braswell by 
emailing [email protected], calling (202) 622-1035, or viewing the 
entire information collection request at www.reginfo.gov.

SUPPLEMENTARY INFORMATION: 
    Title: Emergency Capital Investment Program Initial Supplemental 
Report and Quarterly Supplemental Report.
    OMB Control Number: 1505-0275.
    Type of Review: Revision of a currently approved collection.
    Description: Authorized by the Consolidated Appropriations Act, 
2021, the Emergency Capital Investment Program (ECIP) was created to 
encourage low- and moderate-income community financial institutions to 
augment their efforts to support small businesses and consumers in 
their communities. Under the program, Treasury will provide 
approximately $8.75 billion in capital directly to depository 
institutions that are certified Community Development Financial 
Institutions (CDFIs) or minority depository institutions (MDIs) to, 
among other things, provide loans, grants, and forbearance for small 
businesses, minority-owned businesses, and consumers, especially in 
low-income and underserved communities, that may be disproportionately 
impacted by the economic effects of the COVID-19 pandemic.
    ECIP capital is eligible for a reduction in the dividend or 
interest rate payable on the instruments depending on the increase in 
lending by the recipients of the capital (Recipients) within minority, 
rural, and urban low-income and underserved communities and to low- and 
moderate-income borrowers over a baseline amount of lending. Recipients 
are required to submit an Initial Supplemental Report and quarterly 
reports to determine their increase in lending to the specified 
targeted communities over the baseline and therefore their 
qualification for rate reductions on the dividend or interest rates 
payable on the ECIP instruments. In addition, these reports will 
collect data necessary for Treasury and other oversight bodies to 
evaluate program outcomes over time. Treasury uses the Initial 
Supplemental Report to establish a baseline amount of qualified 
lending.
    Treasury proposes to continue use of this form to collect 
additional or restated data on a Recipient's amount of baseline 
lending, such as in connection with mergers, acquisitions, or other 
business combinations. Instructions may be modified from time to time 
to accommodate these uses. Treasury proposes to use the Quarterly 
Supplemental Report to collect the information required to establish a

[[Page 58437]]

Recipient's increase in lending. The Quarterly Supplemental Report has 
two components: (1) schedules which must be completed each quarter that 
collect data on activity for the preceding quarter and (2) schedules 
that collect data on the preceding four quarters of activity that are 
submitted annually. There are separate schedules and instructions for 
insured depository institutions, bank holding companies, and savings 
and loan holding companies; and credit unions.
    Quarterly Report Schedules: Recipients of ECIP investments will be 
required to submit two schedules on a quarterly basis. Schedule A--
Summary Qualified Lending is used to collect the Qualified Lending and 
Deep Impact Lending, as defined in the Glossary in the Instructions to 
the Quarterly Supplemental Report, of a Recipient for a given quarter. 
Schedule A is therefore used to establish the growth in a Recipient's 
Qualified Lending over its baseline Qualified Lending for the purposes 
of calculating the payment rate on the ECIP preferred shares or 
subordinated debt issued by the Recipient. Schedule B--Disaggregated 
Qualified Lending is used to present further detail on the composition 
of the Participant's Qualified and Deep Impact Lending.
    Annual Report Schedules: Annually, Recipients will report on up to 
ten (10) additional schedules, depending on the origination activity 
that took place during the prior year. Schedule C--Additional 
Demographic Data on Qualified Lending collects additional demographic 
data on certain categories of Qualified Lending and Deep Impact 
Lending. Schedule D--Additional Place-based Data on Qualified Lending 
collects additional geographic data on certain categories of Qualified 
Lending and Deep Impact Lending.
    Forms: Initial Supplemental Report and Instructions, Quarterly 
Supplemental Report Instructions and Schedules.
    Affected Public: Recipients of investments through the Emergency 
Capital Investment Program.
    Estimated Number of Respondents: 190 (5 for the Initial 
Supplemental Report; 185 for the Quarterly Supplemental Report).
    Frequency of Response: Initial Supplemental Report--One time 
annually; Quarterly Supplemental Report--Four times annually for 
Schedules A and B, Annually for Schedules C and D.
    Estimated Total Number of Annual Responses: Initial Supplemental 
Report--5; Quarterly Supplemental Report--740 for Schedules A & B and 
185 for Schedule C and D.
    Estimated Time per Response: 8 hours annually for the Initial 
Supplemental Report; 40 hours annually for the Quarterly Supplemental 
Report Schedules A & B + 120 hours for Schedules C & D.
    Estimated Total Annual Burden Hours: 29,640.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and included in the request for Office of Management 
and Budget approval. All comments will become a matter of public 
record. Comments are invited on: (a) whether the collection of 
information is necessary for the proper performance of the functions of 
the agency, including whether the information shall have practical 
utility; (b) the accuracy of the agency's estimate of the burden of the 
collection of information; (c) ways to enhance the quality, utility, 
and clarity of the information to be collected; (d) ways to minimize 
the burden of the collection of information on respondents, including 
through the use of technology; and (e) estimates of capital or start-up 
costs and costs of operation, maintenance, and purchase of services 
required to provide information.
    In addition, Treasury seeks comments on the following:
    1. For the Quarterly Supplemental Report, Treasury is considering 
updating the datasets used to identify certain place-based targeted 
communities periodically, based on availability. For example, from time 
to time, updated Area Median Income data is published by the Census 
Bureau or other relevant data sources. Recipients would be required to 
use this new data in order to classify originations going forward. How 
frequently should Treasury update this data--never, annually, every 
five years, some other time period? Treasury anticipates that a 
transition period would be implemented each time such reference data is 
updated. Would a one-year transition period be sufficient?
    2. Treasury welcomes comments on sources of data through which 
origination data requested by ECIP is already reported to the federal 
government and for which Treasury may determine that collection of the 
data by the Quarterly Supplemental Report represents a duplication of 
reporting.
    3. Are there additional data points that Treasury should consider 
collecting, in addition to those proposed?
    4. Treasury seeks comments on the instructions or other guidance 
that would be helpful to Recipients to better understand their 
reporting obligations on the Initial Supplemental Report or Quarterly 
Supplemental Report.
    Authority: 44 U.S.C. 3501 et seq.

Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2022-20780 Filed 9-23-22; 8:45 am]
BILLING CODE 4810-AK-P