[Federal Register Volume 86, Number 40 (Wednesday, March 3, 2021)]
[Notices]
[Pages 12465-12466]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-04362]


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FEDERAL RESERVE SYSTEM


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

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Temporary approval of information collection, request for 
comment.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
has temporarily revised the Reporting and Disclosure Requirements 
Associated with Emergency Lending, pursuant to the authority delegated 
to the Board by the Office of Management and Budget (OMB).

DATES: Comments must be submitted on or before May 3, 2021.

ADDRESSES: You may submit comments, identified by FR A, 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 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. Pursuant to its 
delegated authority, the Board may temporarily approve a revision to a 
collection of information, without providing opportunity for public 
comment, if the Board determines that a change in an existing 
collection must be instituted quickly and that public participation in 
the approval process would defeat the purpose of the collection or 
substantially interfere with the Board's ability to perform its 
statutory obligation.
    As discussed below, the Board has made certain temporary revisions 
to the FR A information collection. The Board's delegated authority 
requires that the Board, after temporarily approving a collection, 
publish a notice soliciting public comment. Therefore, the Board is 
also inviting comment on a proposal to extend the FR A information 
collection for three years, with these revisions.
    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. 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.

[[Page 12466]]

Approval Under OMB Delegated Authority of the Temporary 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: The Board is revising the FR A information 
collection to address information collection requirements related to 
borrowers under the Main Street Lending Program, who participate in the 
PPP. Participating borrowers seeking to reduce the calculation of 
``existing outstanding and undrawn available debt'' for purposes of 
determining the maximum allowable loan amount under the Main Street 
Lending Program must provide its eligible lender either with the Small 
Business Administration form it has already completed and submitted to 
its PPP lender (which may be the same lender), or must complete and 
submit a Board form to its Main Street lender during the Main Street 
loan underwriting process, as applicable. The FR A respondent counts 
for all parts of the information collection are being revised to 
reflect updated estimates of lender participation in the Main Street 
Lending Program.
    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. Comments in response to all of those 
requests for comment are expected to be considered, along with any 
comments received in response to this request for comment.

    Board of Governors of the Federal Reserve System, February 26, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-04362 Filed 3-2-21; 8:45 am]
BILLING CODE 6210-01-P