[Federal Register Volume 65, Number 23 (Thursday, February 3, 2000)]
[Notices]
[Pages 5349-5350]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-2341]


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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 collections 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 collections of information instruments are 
placed into OMB's

[[Page 5350]]

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 April 3, 2000.

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: The Recordkeeping and Disclosure Requirements in 
Connection with Regulation Z (Truth in Lending).
    Agency form number: unnum Reg Z.
    OMB control number: 7100-0199.
    Frequency: Event-generated.
    Reporters: State member banks.
    Annual reporting hours: 1,863,754 hours.
    Estimated average hours per response: Open-end credit: initial 
terms 2.5 minutes, change in terms 1 minute; Periodic statement 45 
seconds; Error resolution 15 minutes; Credit and charge card accounts: 
Advance disclosures 10 seconds, renewal notice 5 seconds, insurance 
notice 15 seconds; Home equity plans: advance disclosure 2 minutes, 
change in terms 2 minutes; Closed-end credit disclosures 6.4 minutes; 
Advertising 30 minutes.
    Number of respondents: 988. Small businesses are affected.
    General description of report: Title I of the Consumer Credit 
Protection Act (15 U.S.C. 1601 et seq.) authorizes the Board to issue 
regulations to carry out the provisions of the Consumer Credit 
Protection Act (15 U.S.C. 1604(a)). Since the Federal Reserve does not 
collect any information, no issue of confidentiality arises. 
Transaction-or account-specific disclosures and billing error 
allegations are not publicly available and are confidential between the 
creditor and consumer.
    Abstract: Regulation Z (12 CFR Part 226) implements the Truth in 
Lending Act (15 USC 1601 et seq.). The act and regulation ensure 
adequate disclosure of the costs and terms of credit to consumers on an 
event-generated basis. For open-end credit (revolving credit accounts), 
creditors are required to disclose information about the initial costs 
and terms and to provide periodic statements of account activity, 
notices of change in terms, and statements of rights concerning billing 
error procedures. The regulation also requires specific types of 
disclosures for credit and charge card accounts, and home equity plans. 
For closed-end loans (such as mortgage and installment loans) cost 
disclosures are required to be provided prior to consummation. Specific 
products trigger special disclosures, such as reverse mortgages, 
certain variable rate loans, and certain mortgages with rates and fees 
above a specific amount. Regulation Z also contains rules concerning 
credit advertising. Creditors are required to retain records as 
evidence of compliance with Regulation Z for twenty-four months 
(subpart D, section 226.25).

    Board of Governors of the Federal Reserve System, January 28, 
2000.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 00-2341 Filed 2-2-00; 8:45 am]
BILLING CODE 6210-01-P