[Federal Register Volume 60, Number 212 (Thursday, November 2, 1995)]
[Notices]
[Pages 55714-55715]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-27194]
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FEDERAL RESERVE SYSTEM
Agency Forms Under Review
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice.
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BACKGROUND: On June 15, 1984, the Office of Management and Budget (OMB)
delegated to the Board of Governors of the Federal Reserve System
(Board) its approval authority under the Paperwork Reduction Act of
1995, as per 5 CFR 1320.16, to approve of and assign OMB control
numbers to collection of information requests and requirements
conducted or sponsored by the Board under conditions set forth in 5 CFR
1320 Appendix A.1. The Federal Reserve may not conduct or sponsor, and
the respondent is not required to respond to, an information collection
that has been extended, revised, or implemented on or after October 1,
1995, unless it displays a currently valid OMB control number. Board-
approved collections of information will be incorporated into the
official OMB inventory of currently approved collections of
information. A copy of the OMB 83-I and supporting statement and the
approved collection of information instrument(s) will be placed into
OMB's public docket files. The following information collections, which
are being handled under this delegated authority, have received initial
Board approval and are hereby published for comment. At the end of the
comment period, the proposed information collection, along with an
analysis of comments and recommendations received, will be submitted to
the Board for final approval under OMB delegated authority. Comments
are invited on:
(a) whether the proposed collection of information is necessary for
the proper performance of the Federal Reserve's functions; including
whether the information has practical utility;
(b) the accuracy of the Federal Reserve's estimate of the burden of
the proposed information collection, including the validity of the
methodology and assumptions used;
(c) ways to enhance the quality, utility, and clarity of the
information to be collected; and
[[Page 55715]]
(d) ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology.
DATES: Comments must be submitted on or before January 2, 1996.
ADDRESSES: Comments, which should refer to the OMB control number (or
Agency form number in the case of a new information collection that has
not yet been assigned an OMB number), should be addressed to Mr.
William W. Wiles, Secretary, Board of Governors of the Federal Reserve
System, 20th and C Streets, N.W., Washington, DC 20551, or delivered to
the Board's mail room between 8:45 a.m. and 5:15 p.m., and to the
security control room outside of those hours. Both the mail room and
the security control room are accessible from the courtyard entrance on
20th Street between Constitution Avenue and C Street, N.W. Comments
received may be inspected in room M-P-500 between 9:00 a.m. and 5:00
p.m., except as provided in section 261.8 of the Board's Rules
Regarding Availability of Information, 12 CFR 261.8(a).
A copy of the comments may also be submitted to the OMB desk
officer for the Board: Milo Sunderhauf, Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 3208, Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT: A copy of the Paperwork Reduction Act
Submission (OMB 83-I), supporting statement, and other documents that
will be placed into OMB's public docket files once approved may be
requested from the agency clearance officer, whose name appears
below.Mary M. McLaughlin, Federal Reserve Board Clearance Officer (202-
452-3829), Division of Research and Statistics, Board of Governors of
the Federal Reserve System, Washington, DC 20551. For the hearing
impaired only, Telecommunications Device for the Deaf (TDD) Dorothea
Thompson (202-452-3544), Board of Governors of the Federal Reserve
System, Washington, DC 20551.
Proposal to approve under OMB delegated authority the extension,
without revision, of the following reports:
1. Report title: Disclosure Requirements in Connection with
Regulation CC to implement the Expedited Funds Availability Act
Agency form number: None
OMB control number: 7100-0235
Frequency: Event-generated
Reporters: State member banks
Annual reporting hours: 171,900
Estimated average hours per response: Notice of exceptions, Case by
case hold notice, or Notice to potential customers upon request: 3
minutes; Notice posted where consumers make deposits: 15 minutes;
Notice of changes in policy: 20 hours; and Annual notice of new ATMs: 5
hours.
Number of respondents: 975
Small businesses are affected.
General description of report: This information collection is
mandatory (12 U.S.C. Sec. 4008). No issue of confidentiality under the
Freedom of Information Act arises.
Abstract: The third party disclosure requirements are intended to
alert consumers about their financial institutions' check-hold policies
and to help prevent unintentional (and costly) overdrafts. Most
disclosures must be made within one banking day of the triggering
event. Disclosures resulting from a policy change must be made thirty
days before action is taken, or within thirty days if the action makes
funds available more quickly. Model forms, clauses, and notices are
appended to the regulation to provide guidance.
The Board's Regulation CC applies to all depository institutions,
not just state member banks. However, under Paperwork Reduction Act
regulations, the Federal Reserve accounts for the burden of the
paperwork associated with the regulation only for state member banks.
Other agencies account for the Regulation CC paperwork burden on their
respective constituencies.
2. Report title: Recordkeeping and Disclosure Requirements in
Connection with Regulation DD (Truth in Savings)
Agency form number: None
OMB control number: 7100-0271
Frequency: Event-generated
Reporters: State member banks
Annual reporting hours: 1,447,225
Estimated average hours per response: Complete account disclosures: 5
minutes; Subsequent change in terms notice, Subsequent prematurity
notice, or Periodic statement: 1 minute; and Advertising: 1 hour.
Number of respondents: 975
Small businesses are affected.
General description of report: This information collection is
mandatory (12 U.S.C. Sec. 4308). No issue of confidentiality under the
Freedom of Information Act arises.
Abstract: Regulation DD implements the Truth in Savings Act (12
U.S.C. Sec. 4301 et seq). The act and regulation require depository
institutions to disclose information such as fees and rates that apply
to deposit accounts. Depository institutions that provide periodic
statements are required to include information about fees imposed,
interest earned, and the annual percentage yield (APY) during those
statement periods. The substantive requirements of the act and
regulation mandate the methods by which institutions determine the
balance on which interest is calculated. Rules dealing with
advertisements for deposit accounts are also included in the
regulation. Model clauses and sample forms are appended to the
regulation to provide guidance. Depository institutions are required to
retain records as evidence of compliance.
The Board's Regulation DD applies to all depository institutions,
not just state member banks. However, under Paperwork Reduction Act
regulations, the Federal Reserve accounts for the burden of the
paperwork associated with the regulation only for state member banks.
Other agencies account for the Regulation DD paperwork burden on their
respective constituencies.
This extension of authority under the Paperwork Reduction Act has
no bearing on the pending rulemaking related to the method of APY
calculation.
3. Report title: Recordkeeping Requirements in Associated with the
Real Estate Lending Standards Regulation (12 CFR 208.51)
Agency form number: None
OMB control number: 7100-0261
Frequency: Annual
Reporters: State member banks
Annual reporting hours: 39,000
Estimated average hours per response: 40
Number of respondents: 975
Small businesses are affected.
General description of report: This information collection is
mandatory (12 U.S.C. Sec. 1828(o)). No issue of confidentiality under
the Freedom of Information Act normally arises.
Abstract: This information collection is a recordkeeping
requirement contained in the Board's Regulation H (12 CFR 208.51) that
implements section 304 of the Federal Deposit Insurance Corporation
Improvement Act of 1991 (FDICIA). The requirement is to adopt and
maintain a written real estate lending policy. There is no formal
reporting form and the information is not submitted to the Federal
Reserve.
Board of Governors of the Federal Reserve System,October 27,
1995
William W. Wiles,
Secretary of the Board.
[FR Doc. 95-27194 Filed 11-1-95; 8:45 am]
BILLING CODE 6210-01-F
