Survey of Small Business and Farm Lending

Forms and Documents

Document Name	Status
Form FR 2028A Survey of Terms of Business Lending Form	Removed
Form FR 2028D Small Business Lending Survey (First Time only) Form	New
Form FR 2028D Small Business Lending Survey Form	New
Form FR 2028S Prime Rate Supplement to Survey of Terms of Lending Form	Modified
Form FR 2028B Survey of Terms of Bank Lending to Farmers Form	Modified
FR2028_20170731_omb.pdf Supporting Statement A	2017-07-31

IC Document Collections

IC ID	Document Title	Status
36045	Survey of Terms of Business Lending Form	Removed
227735	Small Business Lending Survey (First Time only) Form	New
227734	Small Business Lending Survey Form	New
185215	Prime Rate Supplement to Survey of Terms of Lending Form	Modified
185214	Survey of Terms of Bank Lending to Farmers Form	Modified

ICR Details

OMB Control No: 7100-0061	ICR Reference No: 201707-7100-006
Status: Historical Active	Previous ICR Reference No: 201505-7100-002
Agency/Subagency: FRS	Agency Tracking No: FR 2028
Title: Survey of Small Business and Farm Lending
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/31/2017
	Date Received in OIRA: 07/31/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2020	36 Months From Approved	06/30/2018
Responses	3,990	0	4,860
Time Burden (Hours)	4,485	0	7,358
Cost Burden (Dollars)	0	0	0

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Abstract: The voluntary Survey of Terms of Lending (STL) is currently comprised of the following three reports: Survey of Terms of Business Lending (FR 2028A) Survey of Terms of Bank Lending to Farmers (FR 2028B) Prime Rate Supplement of the Survey of Terms of Lending (FR 2028S) The STL collects unique information concerning price and certain nonprice terms of loans made to businesses and farmers during the first full business week of the mid-month of each quarter (February, May, August, and November). The FR 2028A and FR 2028B collect detailed data on individual loans made during the survey week, and the FR 2028S collects the prime interest rate for each day of the survey from both FR 2028A and FR 2028B respondents. From these sample STL data, estimates of the terms of business loans and farm loans extended during the reporting week are constructed. The aggregate estimates for business loans are published in the quarterly E.2 statistical release, Survey of Terms of Business Lending, and aggregate estimates for farm loans are published in the E.15 statistical release, Agricultural Finance Databook.

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Authorizing Statute(s): US Code: 12 USC 248(a)(2) Name of Law: Federal Reserve Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 18759	04/21/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 31779	07/10/2017
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 4

IC Title	Form No.	Form Name
Small Business Lending Survey	FR 2028D	Small Business Lending Survey
Survey of Terms of Bank Lending to Farmers	FR 2028B	Survey of Terms of Bank Lending to Farmers
Prime Rate Supplement to Survey of Terms of Lending	FR 2028S	Prime Rate Supplement to Survey of Terms of Lending
Survey of Terms of Business Lending	FR 2028A	Survey of Terms of Business Lending
Small Business Lending Survey (First Time only)	FR 2028D	Small Business Lending Survey

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	3,990	4,860	0	-870	0	0
Annual Time Burden (Hours)	4,485	7,358	0	-2,873	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The current annual reporting burden for the STL reports is estimated to be 7,358 hours. The estimated average hours per response for the FR 2028B is unchanged at 1.4 hours and the proposed annual burden would be 1,400 hours. Based on feedback received from senior officers at the six banks that provided comments on the FR 2028D survey instrument, the estimated average hours per response for the FR 2028D would be 1.5 hours. With the exception of the first survey year, the proposed annual burden would be 2,388 hours. The estimated burden for the first survey of the data collection is 3.0 hours. Allowing the additional 1.5 hours for first-time respondent implementation cost would increase the proposed annual burden for the first survey year by 597 hours. As a result, the net reporting burden would decline 2,873 hours, from the current burden of 7,358 hours to 4,485.

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Annual Cost to Federal Government: $322,163

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 07/31/2017

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