[Federal Register Volume 67, Number 136 (Tuesday, July 16, 2002)]
[Notices]
[Pages 46675-46676]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-17760]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

SUMMARY:

[[Page 46676]]

Background

    Notice is hereby given of the final approval of proposed 
information collection(s) 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: Federal Reserve Board Clearance 
Officer--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--Joseph F. Lackey --Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10238, Washington, DC 20503 (202-395-7316).

Final Approval Under OMB Delegated Authority of 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: Disclosures, 11,160 hours; and Advertising, 
19 hours
    Estimated average hours per response: Disclosures, 18 minutes; and 
Advertising, 25 minutes
    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, July 10, 2002.
Jennifer J. Johnson
Secretary of the Board.
[FR Doc. 02-17760 Filed 7-15-02; 8:45 am]
BILLING CODE 6210-01-S