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:
7100-0061
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
Retrieve Notice of Action (NOA)
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
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.
Authorizing Statute(s):
US Code:
12 USC 248(a)(2)
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:
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
Number of Information Collection (IC) in this ICR:
4
IC Title
Form No.
Form Name
Prime Rate Supplement to Survey of Terms of Lending
FR 2028S
Prime Rate Supplement to Survey of Terms of Lending
Small Business Lending Survey
FR 2028D
Small Business Lending Survey
Small Business Lending Survey (First Time only)
FR 2028D
Small Business Lending Survey
Survey of Terms of Bank Lending to Farmers
FR 2028B
Survey of Terms of Bank Lending to Farmers
Survey of Terms of Business Lending
FR 2028A
Survey of Terms of Business Lending
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.
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
Agency Contact:
Mark Tokarski 202-452-5241 Mark.E.Tokarski@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:
07/31/2017
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