[Federal Register Volume 64, Number 112 (Friday, June 11, 1999)]
[Notices]
[Pages 31586-31587]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-14827]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: Background. Notice is hereby given of the final approval of a
proposed information collection by the Board of Governors of the
Federal Reserve System (Board) under OMB delegated authority, as per 5
CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the
Public). 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 instrument(s) 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.
FOR FURTHER INFORMATION CONTACT:
Chief, Financial Reports Section--Mary M. West--Division of Research
and Statistics, Board of Governors of the Federal Reserve System,
Washington, DC 20551 (202-452-3829).
OMB Desk Officer--Alexander T. Hunt--Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 3208, Washington, DC 20503 (202-395-7860).
Final approval under OMB delegated authority of 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 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
[[Page 31587]]
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, June 7, 1999.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 99-14827 Filed 6-10-99; 8:45a.m.]
Billing Code 6210-01-F
