[Federal Register Volume 80, Number 43 (Thursday, March 5, 2015)]
[Notices]
[Pages 12061-12062]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-05057]


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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Proposed Data Collection; Comment Request

ACTION: Notice and request for comments.

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SUMMARY: The U.S. 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 take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the Community Development Financial 
Institutions Fund (CDFI Fund), Department of the Treasury, is 
soliciting comments concerning the Annual Assessment Evaluation. This 
report form will be used to collect vital financial performance data, 
internal control, and investment impact measurement related information 
for institutions participating in the CDFI Bond Guarantee Program, 
consistent with the program's requirements for Compliance Management 
and Monitoring (CMM) and Portfolio Management and Loan Monitoring 
(PMLM), and pursuant to 12 CFR part 1808 (Interim Rule). The process 
for data collection and reporting is expected to take place via 
electronic submission to the CDFI Fund. Hard copies will also be 
accepted. The annual assessment evaluation reporting guidance for the 
CDFI Bond Guarantee Program may be obtained from the CDFI Bond 
Guarantee Program page of the CDFI Fund's Web site at http://www.cdfifund.gov. Unless otherwise defined in this notice, the 
capitalized terms herein are as defined in the Interim Rule. Please 
note that this proposed requirement would only apply to Eligible CDFI's 
participating in the CDFI Bond Guarantee Program and to Qualified 
Issuers that have issued Bonds under the Program in Fiscal Year 2015 or 
later.

DATES: Written comments should be received on or before May 4, 2015 to 
be assured of consideration. These comments will be considered before 
the CDFI Fund submits a request for Office of Management and Budget 
(OMB) review of the data reporting forms described in this notice.

ADDRESSES: Direct all comments to Lisa Jones, CDFI Bond Guarantee 
Program Manager, at the Community Development Financial Institutions 
Fund, U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW., 
Washington, DC 20020, by email to [email protected], or by facsimile 
to (202) 508-0083. Please note this is not a toll free number.

FOR FURTHER INFORMATION CONTACT: The Annual Assessment Evaluation may 
be obtained from the CDFI Bond Guarantee Program page of the CDFI 
Fund's Web site at http://www.cdfifund.gov/bond. Requests for 
additional information should be directed to Lisa Jones, CDFI Bond 
Guarantee Program Manager, at the Community Development Financial 
Institutions Fund, U.S. Department of the Treasury, 1500 Pennsylvania 
Avenue NW., Washington, DC 20020 or by email to [email protected].

SUPPLEMENTARY INFORMATION:
    Title: CDFI Bond Guarantee Program Reporting Forms.
    OMB Number: 1559-0044.
    Abstract: The purpose of the CDFI Bond Guarantee Program is to 
support CDFI lending by providing Guarantees for Bonds issued by 
Qualified Issuers as part of a Bond Issue for Eligible Community or 
Economic Development Purposes. The CDFI Bond Guarantee Program provides 
CDFIs with a new source of long-term capital and furthers the mission 
of the CDFI Fund to increase economic opportunity and promote community 
and economic development investments for underserved populations and in 
distressed communities in the United States. The CDFI Fund achieves its 
mission by promoting access to capital and local economic growth by 
investing in, supporting, and training CDFIs.
    The CDFI Fund held two-day application workshops on June 10-11,

[[Page 12062]]

2014 in Washington, DC. During these workshops, representatives of the 
CDFI Bond Guarantee Program met with potential applicants regarding the 
FY 2013 Qualified Issuer and Guarantee Application requirements. 
Specifically, the workshops explored the financial structure of the 
program, including roles of the Qualified Issuer, Program 
Administrator, and Servicer; reporting requirements; and compliance-
related activities. Although participants in these workshops expressed 
overall enthusiasm and support for conforming to the CDFI Fund's 
reporting process, they noted a lack of substantive data in this area 
and recommended that the CDFI Fund describe and specify its post-
issuance information collection practices for the CDFI Bond Guarantee 
Program.
    In compliance with OMB Circular A-129, the CDFI Bond Guarantee 
Program will collect all necessary information to manage the portfolio 
effectively and track progress towards policy goals. The proposed 
reporting form will add significantly to the Department of the 
Treasury's review and impact analysis on the use of Bond Proceeds in 
underserved communities and support the CDFI Fund in proactively 
managing portfolio risks and performance. Risk detection and mitigation 
are crucial activities for the long-term operation and viability of the 
CDFI Bond Guarantee Program. The Department of the Treasury's authority 
to collect this information and the specified data collection areas and 
parameters are consistent with the annual and periodic financial 
reporting requirements for the CDFI Bond Guarantee Program as defined 
in 12 CFR 1808.619.
    The CDFI Fund currently utilizes its Community Investment Impact 
System (CIIS), which collects data from CDFIs that have received 
monetary awards from the CDFI Fund through several of its other 
programs. CDFI Program and Native American CDFI Assistance Program 
(NACA Program) awardees are required to report total portfolio and 
financial data for three years. However, there is no standardized data 
on the full universe of Certified CDFIs, especially unregulated loan 
funds that do not have award reporting history. Moreover, non-regulated 
Certified CDFIs frequently utilize disparate accounting methodologies 
and report certain data points, such as borrower defaults and 
delinquencies, in ways that are difficult to compare across 
organizations. Nonprofit Certified CDFIs are yet more difficult to 
compare due to the variety of reporting options available to nonprofit 
institutions under generally accepted accounting principles. This 
report, in addition to the previously proposed reports of the CDFI Bond 
Guarantee Program, addresses this challenge in standardized data 
collection and allows Certified CDFIs to: (i) Demonstrate the ability 
to deploy long-term debt successfully with reporting requirements 
similar to those required of regulated financial institutions; (ii) 
provide a mechanism for accurately assessing Certified CDFI credit 
risk; and (iii) provide capital markets with a record of accomplishment 
on which to base future lending and investment.
    Current Actions: New Collection.
    Type of Review: Regular Review.
    Affected Public: Certified CDFIs and Qualified Issuers.
    Estimated Number Certified CDFI Respondents: 10.
    Estimated Annual Time per Certified CDFI Respondent: 25 hours.
    Estimated Number of Qualified Issuer Respondents: 10.
    Estimated Annual Time per Qualified Issuer Respondent: 50 hours.
    Estimated Total Annual Burden Hours: 750 hours.
    Requests for Comments: Comments submitted in response to this 
notice will be summarized and/or included in the request for Office of 
Management and Budget approval. All comments will become a matter of 
public record and may be published on the CDFI Fund Web site at http://www.cdfifund.gov. Comments are invited on: (a) Whether the collection 
of information is consistent with the stated background and proposed 
use necessary for the proper performance of the functions of the CDFI 
Fund; (b) the accuracy of the CDFI Fund'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 operational or 
maintenance costs to provide information.
    The CDFI Fund specifically requests comments concerning the 
following questions:
    (1) Will the annual assessment be effective in evaluating Qualified 
Issuers or are there other alternatives by which Qualified Issuers 
could be assessed?
    (2) Should Qualified Issuers have the ability to conduct the annual 
assessment for Eligible CDFIs, provided that they have the appropriate 
qualifications?
    (3) Is there additional information or instruction that the CDFI 
Fund can provide to clarify the expectations associated with the annual 
assessment evaluation?
    (4) What are the appropriate steps for the CDFI Fund to take in the 
event that the annual assessment completed by the third party vendor 
fails to adequately evaluate a participant's performance on the 
expected criteria?

    Authority: 12 CFR 1808.

    Dated: February 26, 2015.
Annie Donovan,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2015-05057 Filed 3-4-15; 8:45 am]
 BILLING CODE 4810-70-P