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:
202007-7100-005
Status:
Historical Active
Previous ICR Reference No:
202001-7100-011
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:
07/21/2020
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/21/2020
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
07/31/2023
36 Months From Approved
07/31/2020
Responses
3,592
0
3,592
Time Burden (Hours)
6,276
0
3,888
Cost Burden (Dollars)
0
0
0
Abstract:
The Survey of Small Business and Farm Lending (SSBFL) comprises of the following three reports: * Survey of Terms of Bank Lending to Farmers (FR 2028B), * Prime Rate Supplement of Survey of Terms of Lending (FR 2028S), and * Small Business Lending Survey (FR 2028D). The SSBFL (previously the Survey of Terms of Lending) collects unique information concerning price and certain nonprice terms of loans made to businesses and farmers each quarter (February, May, August, and November). The FR 2028B collects detailed data on individual loans funded during the first full business week of the mid-month of each quarter and the FR 2028S collects the prime interest rate for each day of the survey week from FR 2028B respondents. The FR 2028D provides focused and enhanced information on small business lending including rates, terms, credit availability, and reasons for their changes. The FR 2028D collects quarterly average quantitative data on terms of small business loans and qualitative information on changes and the reasons for changes in the terms of lending. From these sample SSBFL data, estimates of the terms of business loans and farm loans extended are constructed. The aggregate estimates for business loans are published in the Federal Reserve Bank of Kansas City’s quarterly release, Small Business Lending Survey, and aggregate estimates for farm loans are published in the 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:
85 FR 12298
03/02/2020
30-day Notice:
Federal Register Citation:
Citation Date:
85 FR 44079
07/21/2020
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
3
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
Survey of Terms of Bank Lending to Farmers
FR 2028B
Survey of Terms of Bank Lending to Farmers
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
3,592
3,592
0
0
0
0
Annual Time Burden (Hours)
6,276
3,888
0
2,388
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 estimated total annual burden for the FR 2028 reports is 3,888 hours and would increase to 6,276 hours with the proposed revisions. Based on initial feedback received from senior officers at the six banks that provided comments on the FR 2028D survey instrument in 2017, the estimated average hours per response for the proposed FR 2028D was calculated at 1.5 hours. However, feedback from respondents after the implementation of the survey indicated that the average hours per response was 6 hours. The estimated burden for the revised FR 2028D survey is 3 hours. As a result, the net reporting burden would increase 2,388 hours.
Annual Cost to Federal Government:
$311,960
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
Yes
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
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?
No
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:
07/21/2020
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