Quarterly Report of Interest Rates on Selected Direct Consumer Installment Loans; Quarterly Report of Credit Card Plans

Forms and Documents

Document Name	Status
Form FR 2835 Quarterly Report of Interest Rates on Selected Direct Consumer Installment Loans Form	Modified
Form Quarterly Report o Quarterly Report of Credit Card Plans Form	Modified
FR2835_FR2835a_20150529_omb.pdf Supporting Statement A	2015-05-29

IC Document Collections

IC ID	Document Title	Status
36079	Quarterly Report of Interest Rates on Selected Direct Consumer Installment Loans Form	Modified
188319	Quarterly Report of Credit Card Plans Form	Modified

ICR Details

OMB Control No: 7100-0085	ICR Reference No: 201503-7100-008
Status: Historical Active	Previous ICR Reference No: 201205-7100-010
Agency/Subagency: FRS	Agency Tracking No: FR 2835; FR 2835a
Title: Quarterly Report of Interest Rates on Selected Direct Consumer Installment Loans; Quarterly Report of Credit Card Plans
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: 05/29/2015
	Date Received in OIRA: 05/29/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2018	36 Months From Approved	05/31/2015
Responses	800	0	800
Time Burden (Hours)	274	0	232
Cost Burden (Dollars)	0	0	0

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Abstract: The FR 2835 collects interest rates on loans for new vehicles and loans for other consumer goods and personal expenses from a sample of commercial banks. The FR 2835a collects interest rates, finance charges, and loan balances for credit card accounts, from a sample of commercial banks. The data from these reports help the Federal Reserve analyze current household financial conditions and the implications of these conditions for household spending and thus these data are a valuable input to the monetary policymaking process. The data are also used to create aggregate statistics on consumer loan terms that are published in the Federal Reserve's monthly statistical releases G.19, Consumer Credit, and G.20, Finance Companies. Some of the aggregates are used by the Federal Reserve in the calculation of the aggregate household debt service and financial obligations ratios for the Federal Reserve's quarterly Financial Obligations statistical release and by the Bureau of Economic Analysis to calculate interest paid by households as part of the National Income and Product Accounts.

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Authorizing Statute(s): US Code: 12 USC 225a Name of Law: Federal Reserve Act
   US Code: 12 USC 248(a) Name of Law: Federal Reserve Act
   US Code: 12 USC 263 Name of Law: Federal Reserve Act
   US Code: 12 USC 348a Name of Law: Federal Reserve Act
   US Code: 5 USC 552(b)(4) Name of Law: Freedom of Information Act
  

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
60-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 13001	03/12/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 30680	05/29/2015
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Quarterly Report of Credit Card Plans	Quarterly Report of Credit Card Plans	FR 2835a
Quarterly Report of Interest Rates on Selected Direct Consumer Installment Loans	FR 2835	Quarterly Report of Interest Rates on Selected Direct Consumer Installment Loans

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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	800	800	0	0	0	0
Annual Time Burden (Hours)	274	232	0	42	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 proposed revision to the FR 2835 would increase its estimated annual burden from 132 hours to 174 hours, an increase of 42 hours. The estimated average hours per response for the FR 2835 would increase from 0.22 hours to 0.29 hours associated with the proposed revisions.

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Annual Cost to Federal Government: $57,050

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

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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: 05/29/2015

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