[Federal Register Volume 67, Number 83 (Tuesday, April 30, 2002)]
[Notices]
[Pages 21240-21241]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-10623]


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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 the 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 proposals.

    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 collections, 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 July 1, 2002.

ADDRESSES: Comments may be mailed to Ms. Jennifer J. Johnson, 
Secretary, Board of Governors of the Federal Reserve System, 20th 
Street and Constitution Avenue, N.W., Washington, DC 20551. However, 
because paper mail in the Washington area and at the Board of Governors 
is subject to delay, please consider submitting your comments by e- 
mail to [email protected], or faxing them to the Office 
of the Secretary at 202-452-3819 or 202-452-3102. Comments addressed to 
Ms. Johnson may also be delivered to the Board's mail facility in the 
West Courtyard between 8:45 a.m. and 5:15 p.m., located on 21st Street 
between Constitution Avenue and C Street, N.W. Members of the public 
may inspect comments in Room MP-500 between 9:00 a.m. and 5:00 p.m. on 
weekdays pursuant to 261.12, except as provided in 261.14, of the 
Board's Rules Regarding Availability of Information, 12 CFR 261.12 and 
261.14.
    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, Federal Reserve Board Clearance Officer (202-452-
3829), Division of Research and Statistics, Board of Governors of the 
Federal Reserve System, Washington, DC 20551. Telecommunications Device 
for the Deaf

[[Page 21241]]

(TDD) users may contact (202-263-4869), Board of Governors of the 
Federal Reserve System, Washington, DC 20551.

Proposals to approve under OMB delegated authority the extension 
for three years, without revision, of the following reports:

    1. Report title: The Ongoing Intermittent Survey of Households
    Agency form number: FR 3016
    OMB control number: 7100-0150
    Frequency: on occasion
    Reporters:. households and individuals
    Annual reporting hours: 390 hours
    Estimated average hours per response: 3.92 minutes
    Number of respondents: 500
    Small businesses are not affected.
    General description of report: This information collection is 
voluntary (12 U.S.C. 225a, 263, and 15 U.S.C. 1691b). No issue of 
confidentiality normally arises because names and any other 
characteristics that would permit personal identification of 
respondents are not reported to the Board. However, exemption 6 of the 
Freedom of Information Act (5 U.S.C. 552(b)(6)) would exempt this 
information from disclosure.
    Abstract: The Federal Reserve uses this voluntary survey to obtain 
household-based information specifically tailored to the Federal 
Reserve's policy, regulatory, and operational responsibilities. The 
University of Michigan's Survey Research Center (SRC) includes survey 
questions on behalf of the Federal Reserve in an addendum to their 
regular monthly Survey of Consumer Attitudes and Expectations. The SRC 
conducts the survey by telephone with a sample of 500 households and 
includes questions of special interest to Board staff intermittently, 
as needed. The frequency and content of the questions depend on 
changing economic, regulatory, and legislative developments.
    2. Report title: The Recordkeeping and Disclosure Requirement in 
Connection with Regulation M (Consumer Leasing)
    Agency form number: Reg M
    OMB control number: 7100-0202
    Frequency: on occasion
    Reporters: consumer lessors
    Annual reporting hours: 11,160 hours disclosures; and 19 hours 
advertising
    Estimated average hours per response: 18 minutes disclosures; and 
25 minutes advertising
    Number of respondents: 310
    Small businesses are affected.
    General description of report: This information collection is 
mandatory sections 105(a) and 187 of TILA (15 U.S.C. Secs.  1604(a) and 
1667f) is not given confidential treatment.
    Abstract: The Consumer Leasing Act and Regulation M are intended to 
provide consumers with meaningful disclosures about the costs and terms 
of leases for personal property. The disclosures enable consumers to 
compare the terms for a particular lease with those for other leases 
and, when appropriate, to compare lease terms with those for credit 
transactions. The act and regulation also contain rules about 
advertising consumer leases and limit the size of balloon payments in 
consumer lease transactions. The information collection pursuant to 
Regulation M is triggered by specific events. All disclosures must be 
provided to the lessee prior to the consummation of the lease and when 
the availability of consumer leases on particular terms is advertised.
    3. Report title: The Recordkeeping and Disclosure Requirement in 
Connection with Regulation DD (Truth in Savings)
    Agency form number: Reg DD
    OMB control number: 7100-0271
    Frequency: Account disclosures, 500; change in terms notices, 
1,130; prematurity notices, 1,015; disclosures on periodic statements, 
12; and advertising, 12
    Reporters: state member banks
    Annual reporting hours: 146,644 hours
    Estimated average hours per response: Account disclosures, 1.5 
minutes; change in terms notices, 1 minute; prematurity notices, 1 
minute; disclosures on periodic statements, 8 hours; and advertising, 
30 minutes
    Number of respondents: 976
    Small businesses are affected.
    General description of report: This information collection is 
mandatory. Section 269 of the Truth in Savings Act (12 U.S.C. Sec.  
4308) authorizes the Board to issue regulations to carry out the 
provisions of the Act. Since the Federal Reserve does not collect any 
information, the information collection is not given confidential 
treatment.
    Abstract: The Truth in Savings Act and Regulation DD require 
depository institutions to disclose yields, fees, and other terms 
concerning deposit accounts to consumers at account opening, upon 
request, and when changes in terms occur. Depository institutions that 
provide periodic statements are required to include information about 
fees imposed, interest earned, and the annual percentage yield earned 
during those statement periods. The act and regulation mandate the 
methods by which institutions determine the account balance on which 
interest is calculated. They also contain rules about advertising 
deposit accounts.

    Board of Governors of the Federal Reserve System, April 25, 
2002.
Robert deV. Frirson,
Deputy Secretary of the Board.
[FR Doc. 02-10623 Filed 4-29-02; 8:45 am]
BILLING CODE 6210-01-S