View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
7100-0085
ICR Reference No:
201503-7100-008
Status:
Historical Active
Previous ICR Reference No:
201205-7100-010
Agency/Subagency:
FRS
Agency Tracking No:
FR 2835; FR 2835a
Title:
Quarterly Report of Interest Rates on Selected Direct Consumer Installment Loans; Quarterly Report of Credit Card Plans
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:
05/29/2015
Retrieve Notice of Action (NOA)
Date Received in OIRA:
05/29/2015
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2018
36 Months From Approved
05/31/2015
Responses
800
0
800
Time Burden (Hours)
274
0
232
Cost Burden (Dollars)
0
0
0
Abstract:
The FR 2835 collects interest rates on loans for new vehicles and loans for other consumer goods and personal expenses from a sample of commercial banks. The FR 2835a collects interest rates, finance charges, and loan balances for credit card accounts, from a sample of commercial banks. The data from these reports help the Federal Reserve analyze current household financial conditions and the implications of these conditions for household spending and thus these data are a valuable input to the monetary policymaking process. The data are also used to create aggregate statistics on consumer loan terms that are published in the Federal Reserve's monthly statistical releases G.19, Consumer Credit, and G.20, Finance Companies. Some of the aggregates are used by the Federal Reserve in the calculation of the aggregate household debt service and financial obligations ratios for the Federal Reserve's quarterly Financial Obligations statistical release and by the Bureau of Economic Analysis to calculate interest paid by households as part of the National Income and Product Accounts.
Authorizing Statute(s):
US Code:
12 USC 225a
Name of Law: Federal Reserve Act
US Code:
12 USC 248(a)
Name of Law: Federal Reserve Act
US Code:
12 USC 263
Name of Law: Federal Reserve Act
US Code:
12 USC 348a
Name of Law: Federal Reserve Act
US Code:
5 USC 552(b)(4)
Name of Law: Freedom of Information Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
80 FR 13001
03/12/2015
30-day Notice:
Federal Register Citation:
Citation Date:
80 FR 30680
05/29/2015
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
2
IC Title
Form No.
Form Name
Quarterly Report of Credit Card Plans
Quarterly Report of Credit Card Plans
FR 2835a
Quarterly Report of Interest Rates on Selected Direct Consumer Installment Loans
FR 2835
Quarterly Report of Interest Rates on Selected Direct Consumer Installment Loans
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
800
800
0
0
0
0
Annual Time Burden (Hours)
274
232
0
42
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:
No
Burden Reduction Due to:
Short Statement:
The proposed revision to the FR 2835 would increase its estimated annual burden from 132 hours to 174 hours, an increase of 42 hours. The estimated average hours per response for the FR 2835 would increase from 0.22 hours to 0.29 hours associated with the proposed revisions.
Annual Cost to Federal Government:
$57,050
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
Agency Contact:
Lois Lawrence 202-452-2984 Lois.D.Lawrence@frb.gov
Common Form ICR:
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:
(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:
05/29/2015
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