[Federal Register Volume 64, Number 56 (Wednesday, March 24, 1999)]
[Notices]
[Pages 14245-14246]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-7144]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Proposed Collection;
Comment Request
AGENCY: Board of Governors of the Federal Reserve System
SUMMARY: 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, 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. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. Copies of the OMB 83-Is and supporting
statements and approved collection of information instruments are
placed into OMB's public docket files. 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.
Request for comment on information collection proposal.
The following information collection, which is being handled under
this delegated authority, has received initial Board approval and is
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 the
following:
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
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 May 24, 1999.
ADDRESSES: Comments, which should refer to the OMB control number or
agency form number, should be addressed to Jennifer J. Johnson,
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 261.14 of the Board's Rules Regarding Availability
of Information, 12 CFR 261.14(a).
A copy of the comments may also be submitted to the OMB desk
officer for the Board: Alexander T. Hunt, 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 proposed form and
instructions, 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. West, Chief, Financial Reports Section (202-452-3829),
Division of Research and Statistics, Board of Governors of the Federal
Reserve System, Washington, DC 20551. Telecommunications Device for the
Deaf (TDD) users may contact Diane Jenkins (202-452-3544), Board of
Governors of the Federal Reserve System, Washington, DC 20551.
Proposal to approve under OMB delegated authority the extension for
three years, without revision of the following report:
1. Report title: Disclosure Requirements in Connection with
Regulation CC to Implement the Expedited Funds Availability Act
Agency form number: unnum Reg CC
OMB control number: 7100-0235
Frequency: Event-generated
Reporters: State Member Banks
Annual reporting hours: 174,384 hours
Estimated average hours per response: Notice of exceptions, Case by
case hold
[[Page 14246]]
notice, or Notice to potential customers upon request: 3 minutes;
Notice posted where customers make deposits: 15 minutes; Notice of
changes in policy: 20 hours; and Annual notice of new ATMs: 5 hours.
Number of respondents: 989 state member banks
Small businesses are affected.
General description of report: This information collection is
mandatory (12 U.S.C. 4008). Because the Federal Reserve System does not
collect any information, no issue of confidentiality exists. If during
a compliance examination a violation of the Expedited Funds
Availability Act is noted, then the information regarding such
violation may be kept confidential (5 U.S.C. 552(b)(8)).
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 resulting from a policy change must be made thirty days
before actions is taken, or within thirty days if the action makes
funds available more quickly. Model forms, clauses, and notices are
appended to the regulations 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.
Board of Governors of the Federal Reserve System, March 18,
1999.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 99-7144 Filed 3-23-99; 8:45 am]
BILLING CODE 6210-01-F
