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:
1559-0051
ICR Reference No:
202104-1559-002
Status:
Historical Active
Previous ICR Reference No:
Agency/Subagency:
TREAS/CDFIF
Agency Tracking No:
Title:
Small Dollar Loan Program
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Emergency
Approval Requested By:
04/16/2021
OIRA Conclusion Action:
Approved without change
Conclusion Date:
04/16/2021
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/16/2021
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2021
6 Months From Approved
Responses
50
0
0
Time Burden (Hours)
750
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
The Small Dollar Loan Program is a new program, authorized by Title XII – Improving Access to Mainstream Financial Institutions Act of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (P.L. 111-203), which amended The Community Development Banking and Financial Institutions Act of 1994 to include the Small Dollar Loan Program (12 U.S.C. § 4719). Through the Small Dollar Loan Program, the CDFI Fund provides grants for loan loss reserves and technical assistance to enable award recipients to establish and maintain small dollar loan programs to address the issues of expanding consumer access to mainstream financial institutions and providing alternatives to high-cost small dollar loans. The Small Dollar Loan Program is also intended to enable award recipients to help unbanked and underbanked populations build credit, access affordable capital, and allow greater access into the mainstream financial system.
Emergency Justfication:
The Community Development Financial Institutions Fund (CDFI Fund) requests emergency processing of a new information collection request for the Small Dollar Loan Program Application. In December 2019, the President signed the Consolidated Appropriations Act, 2020 (CAA 2020)(P.L. 116-93), which appropriated $5 million of the CDFI Fund’s total $262 million appropriations to launch and administer the inaugural round of the Small Dollar Loan Program by September 30, 2021. In order to comply with statutory deadlines to award funding in fiscal year (FY) 2021, it is not possible to follow standard procedures for public notice and comment. The Small Dollar Loan Program Application will facilitate the collection of information required to review applications and make award determinations and disbursements expeditiously to enable selected Certified Community Development Financial Intuitions (CDFIs) to establish and maintain small dollar loan programs. The Small Dollar Loan Program is a new program, authorized by Title XII – Improving Access to Mainstream Financial Institutions Act of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (P.L. 111-203), which amended The Community Development Banking and Financial Institutions Act of 1994 to include the Small Dollar Loan Program (12 U.S.C. § 4719). Though authorized in 2010, the program did not receive appropriations until passage of the CAA 2020. Through the Small Dollar Loan Program, the CDFI Fund will provide grants for loan loss reserves and technical assistance to enable award recipients to establish and maintain small dollar loan programs to address the issues of expanding consumer access to mainstream financial institutions and providing alternatives to high-cost small dollar loans. The Small Dollar Loan Program is also intended to enable award recipients to help unbanked and underbanked populations build credit, access affordable capital, and allow greater access into the mainstream financial system. The application information collections are under statutory mandates. To reduce burden, the application has been tailored to leverage data that already exists at the CDFI Fund to the maximum extent practicable. The CDFI Fund will collect only the additional data that is necessary. Given the timelines required to solicit and review applications and make disbursements by the statutory deadline of September 30, 2021, the CDFI Fund needs to publish the SDLP application on April 22, 2021. As such, the CDFI Fund is requesting that OMB act on this request by April 16, 2021. The CDFI Fund also requests a waiver of the requirement to publish a federal Register Notice during the period of OMB review due to the short review period.
Authorizing Statute(s):
PL:
Pub.L. 111 - 203 Title XII
Name of Law: Improving Access to Mainstream Financial Institutions Act
Citations for New Statutory Requirements:
PL: Pub.L. 116 - 93 Title I Name of Law: Consolidated Appropriations Act, 2020
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Small Dollar Loan Program Application
N/A
FY 2021 Small Dollar Loan Program Application Instructions
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
50
0
50
0
0
0
Annual Time Burden (Hours)
750
0
750
0
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
This is a request for a new OMB control number, due to new statute.
Annual Cost to Federal Government:
$0
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.
No
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:
Tanya McInnis 202 653-0309 mcinnist@cdfi.treas.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:
04/16/2021
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