[Federal Register Volume 86, Number 58 (Monday, March 29, 2021)]
[Notices]
[Pages 16362-16363]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-06377]


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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, without revision, the 
Quarterly Report of Interest Rates on Selected Direct Consumer 
Installment Loans and the Quarterly Report of Credit Card Plans (FR 
2835; FR 2835a; OMB No. 7100-0085).

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, Without Revision, of 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

[[Page 16363]]

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).
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    Current actions: On January 19, 2020, the Board published a notice 
in the Federal Register (85 FR 73707) requesting public comment for 60 
days on the extension, without revision, of the FR 2835 and FR 2835a. 
The comment period for this notice expired on January 19, 2021. The 
Board received one comment on the proposal from the Bureau of Economic 
Affairs (BEA). BEA strongly supports the continued collection of the 
information in the FR 2835 and FR 2835a.

    Board of Governors of the Federal Reserve System, March 23, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.

[FR Doc. 2021-06377 Filed 3-26-21; 8:45 am]
BILLING CODE 6210-01-P