Statement of Purpose for an Extension of Credit Secured by Margin Stock

Forms and Documents

Document Name	Status
Form FR U-1 Statement of Purpose for an Extension of Credit Secured by Margin Stock Form and Instruction	Modified
FRU-1_200711_83c.pdf Justification for No Material/Nonsubstantive Change	2007-11-09

IC Document Collections

IC ID	Document Title	Status
36121	Statement of Purpose for an Extension of Credit Secured by Margin Stock Form and Instruction	Modified

ICR Details

OMB Control No: 7100-0115	ICR Reference No: 200711-7100-008
Status: Historical Active	Previous ICR Reference No: 200503-7100-005
Agency/Subagency: FRS	Agency Tracking No: FR U-1
Title: Statement of Purpose for an Extension of Credit Secured by Margin Stock
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/11/2007
	Date Received in OIRA: 12/11/2007
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2008	03/31/2008	03/31/2008
Responses	519,825	0	906,936
Time Burden (Hours)	88,370	0	154,179
Cost Burden (Dollars)	0	0	0

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Abstract: The Securities Exchange Act of 1934 ('34 Act) authorizes the Federal Reserve to regulate securities credit issued by banks, brokers and dealers, and other lenders. The purpose statement is a recordkeeping requirement for banks, brokers and dealers, and other lenders, respectively, to document the purpose of their loans secured by margin stock.

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Authorizing Statute(s): US Code: 15 USC 78g Name of Law: Securities Exchange Act of 1934
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Statement of Purpose for an Extension of Credit Secured by Margin Stock	FR U-1	Statement of Purpose for an Extension of Credit Secured by Margin Stock

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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	519,825	906,936	0	0	-387,111	0
Annual Time Burden (Hours)	88,370	154,179	0	0	-65,809	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: Decrease in burden hours reflects an update to the method of estimating the number of respondents and the annual frequency. This purpose statement is used by creditors as an internal documentation tool and is not submitted to the Federal Reserve. The estimated number of respondents is derived from the 2007 U.S. Census Bureau's Statistical Abstract of the United States and information obtained from the Financial Industry Regulatory Authority. The annual frequency is based on an approximate number of new and renewed loans secured by margin stock.

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Annual Cost to Federal Government: $0

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]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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: 12/11/2007

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