80 FR 12061 - Proposed Data Collection; Comment Request
DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund Federal Register Volume 80, Issue 43 (March 5, 2015)
Community Development Financial Institutions Fund
Federal Register Volume 80, Issue 43 (March 5, 2015)
| Page Range | 12061-12062 | |
| FR Document | 2015-05057 |
[Federal Register Volume 80, Number 43 (Thursday, March 5, 2015)] [Notices] [Pages 12061-12062] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-05057] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Community Development Financial Institutions Fund Proposed Data Collection; Comment Request ACTION: Notice and request for comments. ----------------------------------------------------------------------- SUMMARY: The U.S. Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the Community Development Financial Institutions Fund (CDFI Fund), Department of the Treasury, is soliciting comments concerning the Annual Assessment Evaluation. This report form will be used to collect vital financial performance data, internal control, and investment impact measurement related information for institutions participating in the CDFI Bond Guarantee Program, consistent with the program's requirements for Compliance Management and Monitoring (CMM) and Portfolio Management and Loan Monitoring (PMLM), and pursuant to 12 CFR part 1808 (Interim Rule). The process for data collection and reporting is expected to take place via electronic submission to the CDFI Fund. Hard copies will also be accepted. The annual assessment evaluation reporting guidance for the CDFI Bond Guarantee Program may be obtained from the CDFI Bond Guarantee Program page of the CDFI Fund's Web site at http://www.cdfifund.gov. Unless otherwise defined in this notice, the capitalized terms herein are as defined in the Interim Rule. Please note that this proposed requirement would only apply to Eligible CDFI's participating in the CDFI Bond Guarantee Program and to Qualified Issuers that have issued Bonds under the Program in Fiscal Year 2015 or later. DATES: Written comments should be received on or before May 4, 2015 to be assured of consideration. These comments will be considered before the CDFI Fund submits a request for Office of Management and Budget (OMB) review of the data reporting forms described in this notice. ADDRESSES: Direct all comments to Lisa Jones, CDFI Bond Guarantee Program Manager, at the Community Development Financial Institutions Fund, U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20020, by email to [email protected], or by facsimile to (202) 508-0083. Please note this is not a toll free number. FOR FURTHER INFORMATION CONTACT: The Annual Assessment Evaluation may be obtained from the CDFI Bond Guarantee Program page of the CDFI Fund's Web site at http://www.cdfifund.gov/bond. Requests for additional information should be directed to Lisa Jones, CDFI Bond Guarantee Program Manager, at the Community Development Financial Institutions Fund, U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20020 or by email to [email protected]. SUPPLEMENTARY INFORMATION: Title: CDFI Bond Guarantee Program Reporting Forms. OMB Number: 1559-0044. Abstract: The purpose of the CDFI Bond Guarantee Program is to support CDFI lending by providing Guarantees for Bonds issued by Qualified Issuers as part of a Bond Issue for Eligible Community or Economic Development Purposes. The CDFI Bond Guarantee Program provides CDFIs with a new source of long-term capital and furthers the mission of the CDFI Fund to increase economic opportunity and promote community and economic development investments for underserved populations and in distressed communities in the United States. The CDFI Fund achieves its mission by promoting access to capital and local economic growth by investing in, supporting, and training CDFIs. The CDFI Fund held two-day application workshops on June 10-11, [[Page 12062]] 2014 in Washington, DC. During these workshops, representatives of the CDFI Bond Guarantee Program met with potential applicants regarding the FY 2013 Qualified Issuer and Guarantee Application requirements. Specifically, the workshops explored the financial structure of the program, including roles of the Qualified Issuer, Program Administrator, and Servicer; reporting requirements; and compliance- related activities. Although participants in these workshops expressed overall enthusiasm and support for conforming to the CDFI Fund's reporting process, they noted a lack of substantive data in this area and recommended that the CDFI Fund describe and specify its post- issuance information collection practices for the CDFI Bond Guarantee Program. In compliance with OMB Circular A-129, the CDFI Bond Guarantee Program will collect all necessary information to manage the portfolio effectively and track progress towards policy goals. The proposed reporting form will add significantly to the Department of the Treasury's review and impact analysis on the use of Bond Proceeds in underserved communities and support the CDFI Fund in proactively managing portfolio risks and performance. Risk detection and mitigation are crucial activities for the long-term operation and viability of the CDFI Bond Guarantee Program. The Department of the Treasury's authority to collect this information and the specified data collection areas and parameters are consistent with the annual and periodic financial reporting requirements for the CDFI Bond Guarantee Program as defined in 12 CFR 1808.619. The CDFI Fund currently utilizes its Community Investment Impact System (CIIS), which collects data from CDFIs that have received monetary awards from the CDFI Fund through several of its other programs. CDFI Program and Native American CDFI Assistance Program (NACA Program) awardees are required to report total portfolio and financial data for three years. However, there is no standardized data on the full universe of Certified CDFIs, especially unregulated loan funds that do not have award reporting history. Moreover, non-regulated Certified CDFIs frequently utilize disparate accounting methodologies and report certain data points, such as borrower defaults and delinquencies, in ways that are difficult to compare across organizations. Nonprofit Certified CDFIs are yet more difficult to compare due to the variety of reporting options available to nonprofit institutions under generally accepted accounting principles. This report, in addition to the previously proposed reports of the CDFI Bond Guarantee Program, addresses this challenge in standardized data collection and allows Certified CDFIs to: (i) Demonstrate the ability to deploy long-term debt successfully with reporting requirements similar to those required of regulated financial institutions; (ii) provide a mechanism for accurately assessing Certified CDFI credit risk; and (iii) provide capital markets with a record of accomplishment on which to base future lending and investment. Current Actions: New Collection. Type of Review: Regular Review. Affected Public: Certified CDFIs and Qualified Issuers. Estimated Number Certified CDFI Respondents: 10. Estimated Annual Time per Certified CDFI Respondent: 25 hours. Estimated Number of Qualified Issuer Respondents: 10. Estimated Annual Time per Qualified Issuer Respondent: 50 hours. Estimated Total Annual Burden Hours: 750 hours. Requests for Comments: Comments submitted in response to this notice will be summarized and/or included in the request for Office of Management and Budget approval. All comments will become a matter of public record and may be published on the CDFI Fund Web site at http://www.cdfifund.gov. Comments are invited on: (a) Whether the collection of information is consistent with the stated background and proposed use necessary for the proper performance of the functions of the CDFI Fund; (b) the accuracy of the CDFI Fund's estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of technology; and (e) estimates of operational or maintenance costs to provide information. The CDFI Fund specifically requests comments concerning the following questions: (1) Will the annual assessment be effective in evaluating Qualified Issuers or are there other alternatives by which Qualified Issuers could be assessed? (2) Should Qualified Issuers have the ability to conduct the annual assessment for Eligible CDFIs, provided that they have the appropriate qualifications? (3) Is there additional information or instruction that the CDFI Fund can provide to clarify the expectations associated with the annual assessment evaluation? (4) What are the appropriate steps for the CDFI Fund to take in the event that the annual assessment completed by the third party vendor fails to adequately evaluate a participant's performance on the expected criteria? Authority: 12 CFR 1808. Dated: February 26, 2015. Annie Donovan, Director, Community Development Financial Institutions Fund. [FR Doc. 2015-05057 Filed 3-4-15; 8:45 am] BILLING CODE 4810-70-P
![Federal Register / Vol. 80, No. 43 / Thursday, March 5, 2015 / Notices 12061
Greenkraft to more quickly begin selling should be used primarily during Bond Guarantee Program page of the
vehicles which will allow the company daylight hours. CDFI Fund’s Web site at http://
to begin realizing revenues from vehicle In accordance with 49 U.S.C. www.cdfifund.gov. Unless otherwise
sales. The revenues from these vehicle 30113(b)(3)(B)(iii), Greenkraft is granted defined in this notice, the capitalized
sales will allow Greenkraft to continue NHTSA Temporary Exemption No. EX terms herein are as defined in the
to employee individuals involved in the 15–01 from paragraph S10 of FMVSS Interim Rule. Please note that this
manufacture and sale of these vehicles. No. 108. The exemption shall be proposed requirement would only apply
We note that prospective purchasers effective from the date on which notice to Eligible CDFI’s participating in the
will be notified that the vehicle is of this decision is published in the CDFI Bond Guarantee Program and to
exempted from the requirements in Federal Register until December 31, Qualified Issuers that have issued Bonds
paragraph S10 of FMVSS No. 108, 2015, as indicated in the DATES section under the Program in Fiscal Year 2015
Lamps, Reflective Devices, and of this document. or later.
Associated Equipment. Under 49 CFR (49 U.S.C. 30113; delegations of DATES: Written comments should be
555.9(b), a manufacturer of an exempted authority at 49 CFR 1.95) received on or before May 4, 2015 to be
vehicle must affix securely to the Issued in Washington, DC, on February 25, assured of consideration. These
windshield or side window of each 2015 under authority delegated in 49 CFR comments will be considered before the
exempted vehicle a label containing a part 1.95. CDFI Fund submits a request for Office
statement that the vehicle conforms to Mark R. Rosekind, of Management and Budget (OMB)
all applicable FMVSSs in effect on the Administrator. review of the data reporting forms
date of manufacture ‘‘except for [FR Doc. 2015–05101 Filed 3–4–15; 8:45 am] described in this notice.
Standard Nos. [listing the standards by BILLING CODE 4910–59–P ADDRESSES: Direct all comments to Lisa
number and title for which an Jones, CDFI Bond Guarantee Program
exemption has been granted] exempted Manager, at the Community
pursuant to NHTSA Exemption No. __ DEPARTMENT OF THE TREASURY Development Financial Institutions
__.’’ This label notifies prospective Fund, U.S. Department of the Treasury,
purchasers about the exemption and its Community Development Financial 1500 Pennsylvania Avenue NW.,
subject. Under § 555.9(c), this Institutions Fund Washington, DC 20020, by email to
information must also be included on bgp@cdfi.treas.gov, or by facsimile to
the vehicle’s certification label. Proposed Data Collection; Comment (202) 508–0083. Please note this is not
Request a toll free number.
E. Agency Decision
Notice and request for
ACTION: FOR FURTHER INFORMATION CONTACT: The
In consideration of the foregoing, we comments. Annual Assessment Evaluation may be
conclude that granting the requested obtained from the CDFI Bond Guarantee
exemption from the requirements in SUMMARY: The U.S. Department of the Program page of the CDFI Fund’s Web
paragraph S10 of FMVSS No. 108, Treasury, as part of its continuing effort site at http://www.cdfifund.gov/bond.
Lamps, Reflective Devices, and to reduce paperwork and respondent Requests for additional information
Associated Equipment, would facilitate burden, invites the general public and should be directed to Lisa Jones, CDFI
the development or field evaluation of other federal agencies to take this Bond Guarantee Program Manager, at
a low-emission vehicle, and would not opportunity to comment on proposed the Community Development Financial
unreasonably lower the safety or impact and/or continuing information Institutions Fund, U.S. Department of
protection level of that vehicle if the collections, as required by the the Treasury, 1500 Pennsylvania
vehicle is marketed as a commercial Paperwork Reduction Act of 1995, Avenue NW., Washington, DC 20020 or
vehicle for use during day light hours. Public Law 104–13 (44 U.S.C. by email to bgp@cdfi.treas.gov.
Marketing the 1061 and 1083 models for 3506(c)(2)(A)). Currently, the SUPPLEMENTARY INFORMATION:
any purpose that would entail Community Development Financial Title: CDFI Bond Guarantee Program
substantial use at night is not consistent Institutions Fund (CDFI Fund), Reporting Forms.
with this temporary exemption. We Department of the Treasury, is soliciting OMB Number: 1559–0044.
further conclude that granting this comments concerning the Annual Abstract: The purpose of the CDFI
exemption is in the public interest and Assessment Evaluation. This report Bond Guarantee Program is to support
consistent with the objectives of the form will be used to collect vital CDFI lending by providing Guarantees
Safety Act subject to the conditions financial performance data, internal for Bonds issued by Qualified Issuers as
described above. We would like to control, and investment impact part of a Bond Issue for Eligible
emphasize that this exemption from measurement related information for Community or Economic Development
FMVSS No. 108, Lamps, Reflective institutions participating in the CDFI Purposes. The CDFI Bond Guarantee
Devices, and Associated Equipment is Bond Guarantee Program, consistent Program provides CDFIs with a new
limited to paragraph S10 of that with the program’s requirements for source of long-term capital and furthers
standard. Any vehicle manufactured or Compliance Management and the mission of the CDFI Fund to
sold under this exemption must Monitoring (CMM) and Portfolio increase economic opportunity and
conform to all other applicable Management and Loan Monitoring promote community and economic
requirements of FMVSS No. 108. This (PMLM), and pursuant to 12 CFR part development investments for
mstockstill on DSK4VPTVN1PROD with NOTICES
exemption is limited to 120 CNG fueled 1808 (Interim Rule). The process for underserved populations and in
vehicles. In addition, this exemption is data collection and reporting is distressed communities in the United
conditioned on Greenkraft’s marketing expected to take place via electronic States. The CDFI Fund achieves its
the exempted vehicles as commercial submission to the CDFI Fund. Hard mission by promoting access to capital
vehicles for use during day light hours. copies will also be accepted. The annual and local economic growth by investing
As part of these efforts, Greenkraft assessment evaluation reporting in, supporting, and training CDFIs.
should ensure that potential purchasers guidance for the CDFI Bond Guarantee The CDFI Fund held two-day
are informed that the exempted vehicles Program may be obtained from the CDFI application workshops on June 10–11,
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![12062 Federal Register / Vol. 80, No. 43 / Thursday, March 5, 2015 / Notices
2014 in Washington, DC. During these report, in addition to the previously (4) What are the appropriate steps for
workshops, representatives of the CDFI proposed reports of the CDFI Bond the CDFI Fund to take in the event that
Bond Guarantee Program met with Guarantee Program, addresses this the annual assessment completed by the
potential applicants regarding the FY challenge in standardized data third party vendor fails to adequately
2013 Qualified Issuer and Guarantee collection and allows Certified CDFIs to: evaluate a participant’s performance on
Application requirements. Specifically, (i) Demonstrate the ability to deploy the expected criteria?
the workshops explored the financial long-term debt successfully with Authority: 12 CFR 1808.
structure of the program, including roles reporting requirements similar to those
of the Qualified Issuer, Program required of regulated financial Dated: February 26, 2015.
Administrator, and Servicer; reporting institutions; (ii) provide a mechanism Annie Donovan,
requirements; and compliance-related for accurately assessing Certified CDFI Director, Community Development Financial
activities. Although participants in credit risk; and (iii) provide capital Institutions Fund.
these workshops expressed overall markets with a record of [FR Doc. 2015–05057 Filed 3–4–15; 8:45 am]
enthusiasm and support for conforming accomplishment on which to base BILLING CODE 4810–70–P
to the CDFI Fund’s reporting process, future lending and investment.
they noted a lack of substantive data in Current Actions: New Collection.
this area and recommended that the Type of Review: Regular Review. DEPARTMENT OF THE TREASURY
CDFI Fund describe and specify its post- Affected Public: Certified CDFIs and
issuance information collection Qualified Issuers. Internal Revenue Service
practices for the CDFI Bond Guarantee Estimated Number Certified CDFI
Respondents: 10. Proposed Collection; Comment for
Program.
In compliance with OMB Circular A– Estimated Annual Time per Certified Electronic Filing of Employment Tax
129, the CDFI Bond Guarantee Program CDFI Respondent: 25 hours. Family (94x) Returns
will collect all necessary information to Estimated Number of Qualified Issuer AGENCY: Internal Revenue Service (IRS),
manage the portfolio effectively and Respondents: 10. Treasury.
track progress towards policy goals. The Estimated Annual Time per Qualified
ACTION: Notice of inquiry, request for
proposed reporting form will add Issuer Respondent: 50 hours.
Estimated Total Annual Burden comments.
significantly to the Department of the
Treasury’s review and impact analysis Hours: 750 hours. SUMMARY: The Department of the
on the use of Bond Proceeds in Requests for Comments: Comments Treasury, as part of its continuing effort
underserved communities and support submitted in response to this notice will to reduce paperwork and respondent
the CDFI Fund in proactively managing be summarized and/or included in the burden, invites the general public and
portfolio risks and performance. Risk request for Office of Management and other Federal agencies to take this
detection and mitigation are crucial Budget approval. All comments will opportunity to comment on proposed
activities for the long-term operation become a matter of public record and and/or continuing information
and viability of the CDFI Bond may be published on the CDFI Fund collections, as required by the
Guarantee Program. The Department of Web site at http://www.cdfifund.gov. Paperwork Reduction Act of 1995,
the Treasury’s authority to collect this Comments are invited on: (a) Whether Public Law 104–13 (44 U.S.C.
information and the specified data the collection of information is 3506(c)(2)(A)). Currently, the IRS is
collection areas and parameters are consistent with the stated background soliciting comments concerning a free
consistent with the annual and periodic and proposed use necessary for the option for 94x filers.
financial reporting requirements for the proper performance of the functions of
DATES: Written comments should be
CDFI Bond Guarantee Program as the CDFI Fund; (b) the accuracy of the
received on or before May 4, 2015 to be
defined in 12 CFR 1808.619. CDFI Fund’s estimate of the burden of
assured of consideration.
The CDFI Fund currently utilizes its the collection of information; (c) ways to
Community Investment Impact System enhance the quality, utility, and clarity ADDRESSES: Direct all electronic
(CIIS), which collects data from CDFIs of the information to be collected; (d) comments to wi.94x.efile@irs.gov or
that have received monetary awards ways to minimize the burden of the written comments to Internal Revenue
from the CDFI Fund through several of collection of information on Service, SE:W:CAS:SP:IS, 5000 Ellin
its other programs. CDFI Program and respondents, including through the use Road, C4–223, Lanham, MD 20706.
Native American CDFI Assistance of technology; and (e) estimates of Please include the Federal Register
Program (NACA Program) awardees are operational or maintenance costs to Document number (FR Doc. 2015–
required to report total portfolio and provide information. xxxxx) in the subject line of your email
financial data for three years. However, The CDFI Fund specifically requests or correspondence.
there is no standardized data on the full comments concerning the following SUPPLEMENTARY INFORMATION:
universe of Certified CDFIs, especially questions: Title: Ways to increase the electronic
unregulated loan funds that do not have (1) Will the annual assessment be filing of employment tax returns,
award reporting history. Moreover, non- effective in evaluating Qualified Issuers specifically as it relates to a free option
regulated Certified CDFIs frequently or are there other alternatives by which for filers.
utilize disparate accounting Qualified Issuers could be assessed? Abstract: IRS Strategic Plan FY 2014–
methodologies and report certain data (2) Should Qualified Issuers have the 2017 is to ‘‘Expand the availability of
mstockstill on DSK4VPTVN1PROD with NOTICES
points, such as borrower defaults and ability to conduct the annual assessment electronic filing and provide easily
delinquencies, in ways that are difficult for Eligible CDFIs, provided that they accessible payment tools for all
to compare across organizations. have the appropriate qualifications? taxpayers.’’ The IRS performance goal is
Nonprofit Certified CDFIs are yet more (3) Is there additional information or to increase the e-file rate for business
difficult to compare due to the variety instruction that the CDFI Fund can returns from 40 percent to 50 percent by
of reporting options available to provide to clarify the expectations 2017. However the percentage of
nonprofit institutions under generally associated with the annual assessment employment tax returns filed
accepted accounting principles. This evaluation? electronically remains below the overall
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Document Created: 2015-12-18 12:09:22
Document Modified: 2015-12-18 12:09:22
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice and request for comments. | |
| Dates | Written comments should be received on or before May 4, 2015 to be assured of consideration. These comments will be considered before the CDFI Fund submits a request for Office of Management and Budget (OMB) review of the data reporting forms described in this notice. | |
| Contact | The Annual Assessment Evaluation may be obtained from the CDFI Bond Guarantee Program page of the CDFI Fund's Web site at http://www.cdfifund.gov/bond. Requests for additional information should be directed to Lisa Jones, CDFI Bond Guarantee Program Manager, at the Community Development Financial Institutions Fund, U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20020 or by email to [email protected] | |
| FR Citation | 80 FR 12061 |
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