The FR A comprises the following three
parts: • Regulation A Certifications (FR A-1) pertains to reporting
requirements resulting from Regulation A - Extensions of Credit by
Federal Reserve Banks (12 CFR Part 201), which sets out the Board’s
policies and procedures with respect to emergency lending under
section 13(3) of the Federal Reserve Act (section 13(3)). When an
individual emergency lending facility is established by the Board,
the Board may impose additional information collections, • CARES
Act Certifications (FR A-2) pertains to reporting requirements
associated with implementation of requirements under the
Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and
• Main Street Lending Program Certifications (FR A-3) pertains to
reporting requirements specific to the Main Street Expanded Loan
Facility (MSELF), Main Street New Loan Facility (MSNLF), and Main
Street Priority Loan Facility (MSPLF) (collectively, the Main
Street Lending Program). Participating Main Street Lending Program
lenders and borrowers are required to submit certifications related
to the eligibility of the borrowers, lenders, and loans for the
program and for the specific facility.
The delegation of
authority to the Board from OMB that permits the Board to approve
collections of information under the Paperwork Reduction Act
includes the authority to temporarily approve a collection of
information without seeking public comment. To exercise this
authority, the Board must determine that a change to an existing
collection must be instituted quickly and that public participation
in the approval process would substantially interfere with the
Board’s ability to perform its statutory obligation. Following the
temporary approval of an information collection, the Board will
conduct a normal delegated review of the collection within six
months, including publishing in the Federal Register a notice
seeking public comment. The respondent counts for each part of the
FR A are being revised to reflect these new facilities (NOELF and
NONLF) and updated estimates of Main Street Lending Program lender
participation.
US Code:
12
USC 343(3) Name of Law: Federal Reserve Act
The estimated total annual
burden for the FR A is 419,282 hours, and will decrease to 312,656
hours with the revisions. For each part of the FR A, the estimated
number of lender participants will decrease by 2,326. The estimated
number of borrowers in FR A-3 will increase by 2,000 with the
addition of nonprofit organizations’ participation in the new
facilities.
$83,100
No
No
No
No
No
No
Yes
Brenda Simms 202 475-6340
brenda.simms@frb.gov
No
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:
(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;
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.