Notification and Assignment by Insured to Financial Institution of Medium Term Export Credit Insurance Policy

Forms and Documents

Document Name	Status
Form EIB 94-08 Notification & Assignment by Insured to Financial Institution of Medium Term Credit Insurance Policy Form and Instruction	New
Supporting_Statement_EIB_94-08[1].doc Supporting Statement A	2012-04-02

IC Document Collections

IC ID	Document Title	Status
201797	Notification & Assignment by Insured to Financial Institution of Medium Term Credit Insurance Policy Form and Instruction	New

ICR Details

OMB Control No: 3048-0040	ICR Reference No: 201203-3048-001
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: EXIMBANK	Agency Tracking No: EIB 94-08
Title: Notification and Assignment by Insured to Financial Institution of Medium Term Export Credit Insurance Policy
Type of Information Collection: Existing collection in use without an OMB Control Number	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 03/30/2012
OIRA Conclusion Action: Approved with change	Conclusion Date: 05/08/2012
	Date Received in OIRA: 03/02/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2012	6 Months From Approved
Responses	50	0	0
Time Burden (Hours)	5	0	0
Cost Burden (Dollars)	1,626	0	0

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Abstract: The Export-Import Bank of the United States (Ex-Im Bank) pursuant to the Export Import Bank Act of 1945, as amended (12 USC 635, et seq), facilitates the finance of export of U.S. goods and services. By neutralizing the effect of export credit insurance and guarantees offered by foreign governments and by absorbing credit risks that the private sector will not accept, Ex-Im Bank enables U.S. exporters to complete fairly in foreign markets on the basis of price and product. This collection of information is necessary, pursuant to 12 USC Sec. 635 (a) (1), to determine eligibility of the export for Ex-Im Bank assistance. This form enables Ex-Im Bank to transfer the duties and obligations of an insured exporter's medium term insurance policy to the financial institution providing financing to the exporter. These details are necessary for identifying the participating entities and documenting their agreement to transferring aforementioned duties and obligations.

Emergency Justfication: Ex-Im Bank is requesting an emergency approval of Ex-Im Bank form EIB 94-08, Notification And Assignment By Insured To Financial Institution Of Medium Term Export Credit Insurance Policy. Ex-Im Bank’s exporter policy holders, along with the financial institution providing it with financing, provide this form to Ex-Im Bank. The form transfers the duties and obligations of the insured exporter to the financial institution. It also provides certifications to the financial institution and Ex-Im Bank that the financed export transaction results in a valid, enforceable, and performing debt obligation. Exporter policy holders need this form to obtain financing for their medium term export sales. Ex-Im Bank believes that EIB 94-08 requires emergency approval in order to continue operation of its medium term program for U.S. exporters. Ex-Im Bank developed the referenced form to facilitate exporter efforts to obtain financing of exports sold on a medium term basis. Financial institutions require certifications that they are financing an eligible Ex-Im Bank supported export and that they have the rights to ensure that this support is provided. Many exporters are do not have the financial resources to maintain a medium term loan for their own account or believe funds can be better utilized in other areas. The ability to finance medium term sales, provides the funds necessary to enable additional exports. Lack of an emergency approval of this form would greatly restrict our ability to support many of the export sales made by U.S. businesses. Without this form, it would not be possible for financial institutions to obtain sufficient comfort to provide funding to our exporter policy holders. This would adversely impact Ex-Im Bank’s ability to finance small business exporters and its overall mission to support U.S. exports and maintain U.S. jobs. Accordingly, Ex-Im Bank requests emergency approval of EIB 94-08 in order to continue operation of this important export program.

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Authorizing Statute(s): US Code: 12 USC 635 Name of Law: Export Import Bank Act of 1945
  

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:
	77 FR 55	03/21/1012
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
Notification & Assignment by Insured to Financial Institution of Medium Term Credit Insurance Policy	EIB 94-08	Notification and Assignment by Insured to Financial Institution of Medium Term Export Credit Insurance Policy

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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	50	0	0	50	0	0
Annual Time Burden (Hours)	5	0	0	5	0	0
Annual Cost Burden (Dollars)	1,626	0	0	1,626	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 change in burden is due to the fact that EIB 94-08 is a form that Ex-Im Bank has been using without OMB approval.

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Annual Cost to Federal Government: $1,763

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: 03/02/2012

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