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:
7100-0277
ICR Reference No:
201606-7100-003
Status:
Historical Active
Previous ICR Reference No:
201506-7100-008
Agency/Subagency:
FRS
Agency Tracking No:
FR 3033p; FR 3033s
Title:
Census of Finance Companies; Survey of Finance Companies
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:
04/27/2017
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/27/2017
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2020
36 Months From Approved
04/30/2018
Responses
17,200
0
16,000
Time Burden (Hours)
9,800
0
8,000
Cost Burden (Dollars)
0
0
0
Abstract:
This information collection includes both the Census of Finance Companies (FR 3033p) and the Survey of Finance Companies (FR 3033s). The data collected from this survey would be used to benchmark the consumer and business finance series collected on the monthly Domestic Finance Company Report of Consolidated Assets and Liabilities (FR 2248; OMB No. 7100-0005) and to increase the Board’s understanding of an important part of the financial system. The first stage of the quinquennial, the FR 3033p was implemented in June 2015 and was sent to all companies that met the criteria developed to identify the potential universe of domestic finance companies. An accurate census was required to form a representative sample of finance companies, to which a more detailed survey would be sent. The census gathered limited information including total assets, areas of specialization, and information on the corporate structure of the companies. The Board identified approximately 40,000 firms to which the census was sent. From the universe of finance companies determined by the FR 3033p, a stratified random sample of 3,000 finance companies was drawn for the FR 3033s. The survey would be sent in March 2016 and collect detailed information, as of December 31, 2015, from both assets and liability sides of the respondents’ balance sheets, along with income and expenses, the number of accounts and offices, and the small-business credit they extend, if any.
Authorizing Statute(s):
US Code:
12 USC 225a
Name of Law: Federal Reserve Act
US Code:
12 USC 263
Name of Law: Federal Reserve Act
US Code:
12 USC 355-59
Name of Law: Federal Reserve 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:
81 FR 1421
01/12/2016
30-day Notice:
Federal Register Citation:
Citation Date:
81 FR 15109
03/21/2016
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
2
IC Title
Form No.
Form Name
Census of Finance Companies
FR 3033p
Census of Finance Companies
Survey of Finance Companies
FR 3033s
Survey of Finance Companies
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
17,200
16,000
0
1,200
0
0
Annual Time Burden (Hours)
9,800
8,000
0
1,800
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 total reporting burden for FR 3033p is estimated to be 8,000 hours. Based on an estimated response rate of 40 percent, approximately 1,200 of the 3,000 finance companies would complete the FR 3033s. The total reporting burden for FR 3033s is estimated to be 1,800 hours. The total annual burden for the FR 3033 information collection is estimated to increase from 8,000 hours to 9,800 hours.
Annual Cost to Federal Government:
$256,000
Does this IC contain surveys, censuses, or employ statistical methods?
Yes
Part B of Supporting Statement
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:
Kaitlin Merritt 202 452-3752 kaitlin.m.merritt@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:
04/27/2017
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