[Federal Register Volume 85, Number 224 (Thursday, November 19, 2020)]
[Notices]
[Pages 73707-73708]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-25581]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, without 
revision, the Quarterly Report of Interest Rates on Selected Direct 
Consumer Installment Loans and the Quarterly Report of Credit Card 
Plans.

DATES: Comments must be submitted on or before January 19, 2021.

ADDRESSES: You may submit comments, identified by FR 2835 or FR 2835a, 
by any of the following methods:
     Agency website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include the OMB 
number in the subject line of the message.
     Fax: (202) 452-3819 or (202) 452-3102.
     Mail: Ann E. Misback, Secretary, Board of Governors of the 
Federal Reserve System, 20th Street and Constitution Avenue NW, 
Washington, DC 20551.
    All public comments are available from the Board's website at 
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as 
submitted, unless modified for technical reasons or to remove 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any identifying or 
contact information. Public comments may also be viewed electronically 
or in paper in Room 146, 1709 New York Avenue NW, Washington, DC 20006, 
between 9:00 a.m. and 5:00 p.m. on weekdays. For security reasons, the 
Board requires that visitors make an appointment to inspect comments. 
You may do so by calling (202) 452-3684. Upon arrival, visitors will be 
required to present valid government-issued photo identification and to 
submit to security

[[Page 73708]]

screening in order to inspect and photocopy comments.
    Additionally, commenters may send a copy of their comments to the 
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.

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.

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. In 
exercising this delegated authority, the Board is directed to take 
every reasonable step to solicit comment. In determining whether to 
approve a collection of information, the Board will consider all 
comments received from the public and other agencies.
    A copy of the Paperwork Reduction Act (PRA) OMB submission, 
including the reporting form and instructions, supporting statement, 
and other documentation will be available at https://www.reginfo.gov/public/do/PRAMain, if approved. These documents will also be made 
available on the 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.

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Board's functions, including whether the 
information has practical utility;
    b. The accuracy of the Board's estimate of the burden of the 
proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    e. Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Board 
should modify the proposal.

Proposal Under OMB Delegated Authority To Extend for Three Years, 
Without Revision, the Following Information Collection

    Report title: Quarterly Report of Interest Rates on Selected Direct 
Consumer Installment Loans and Quarterly Report of Credit Card Plans.
    Agency form number: FR 2835; FR 2835a.
    OMB control number: 7100-0085.
    Frequency: Quarterly.
    Respondents: Commercial banks.
    Estimated number of respondents: FR 2835: 150; FR 2835a: 50.
    Estimated average hours per response: FR 2835: .29; FR 2835a: .50.
    Estimated annual burden hours: FR 2835: 176; FR 2835a: 100.
    General description of report: The FR 2835 collects information 
from a sample of commercial banks on interest rates charged on loans 
for new vehicles and loans for other consumer goods and personal 
expenses. The FR 2835a collects information on two measures of credit 
card interest rates from a sample of commercial banks with $1 billion 
or more in credit card receivables and a representative group of 
smaller issuers. The data from these reports help the Board analyze 
current household financial conditions and the implications of these 
conditions for household spending and, as such, these data provide 
valuable input to the monetary policymaking process.
    Legal authorization and confidentiality: The FR 2835 and the FR 
2835a are authorized by sections 2A and 11 of the Federal Reserve Act 
(``FRA''). Section 2A of the FRA requires that the Board and the 
Federal Open Market Committee 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 maximum employment, stable prices, and moderate long-term 
interest rates.\1\ Section 11 of the FRA authorizes the Board to 
require reports from each member bank as it may deem necessary and 
authorizes the Board to prescribe reports of liabilities and assets 
from insured depository institutions to enable the Board to discharge 
its responsibility to monitor and control monetary and credit 
aggregates.\2\ The obligation to respond to both the FR 2835 and FR 
2835a is voluntary.
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    \1\ 12 U.S.C. 225a.
    \2\ 12 U.S.C. 248(a).
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    Most of the information collected through the FR 2835 is not 
considered confidential; however, to the extent narrative information 
submitted to explain large fluctuations in reported data contains 
nonpublic commercial or financial information, which is both 
customarily and actually treated as private by the respondent, such 
information may be kept confidential pursuant to exemption 4 of the 
Freedom of Information Act (FOIA).\3\ Individual respondent data 
collected through the FR 2835a may be considered confidential pursuant 
to FOIA exemption 4 to the extent the response contains nonpublic 
commercial or financial information, which is both customarily and 
actually treated as private by the respondent.\4\
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    \3\ 5 U.S.C. 552(b)(4).
    \4\ 5 U.S.C. 552(b)(4).

    Board of Governors of the Federal Reserve System, November 16, 
2020.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2020-25581 Filed 11-18-20; 8:45 am]
BILLING CODE 6210-01-P