[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