[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