[Federal Register Volume 67, Number 154 (Friday, August 9, 2002)]
[Notices]
[Pages 51854-51855]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-20168]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Proposed Collection; 
Comment Request

AGENCY: Board of Governors of the Federal Reserve System

ACTION: Notice

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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-I'N 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(s):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 October 8, 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, NW., Washington, DC 20551. However, 
because paper mail in the Washington area and at the Board of

[[Page 51855]]

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: Joseph F. Lackey, Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, 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 
(TDD) users may call 202-263-4869, 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 reports:

    1. Report title: Recordkeeping and Disclosure Requirements in 
Connection with Regulation B (Equal Credit Opportunity)
    Agency form number: Reg B.
    OMB control number: 7100-0201.
    Frequency: Event-generated.
    Reporters: State member banks, branches and agencies of foreign 
banks (other than federal branches, federal agencies, and insured state 
branches of foreign banks), commercial lending companies owned or 
controlled by foreign banks, and organizations operating under section 
25 or 25A of the Federal Reserve Act.
    Annual reporting hours: 169,603 hours.
    Estimated average hours per response: Notice of action, 2.50 
minutes; credit history reporting, 2 minutes; monitoring data, 0.50 
minutes; appraisal report upon request 5.00 minutes; notice of right to 
appraisal, 0.25 minutes; recordkeeping of self-test, 2 hours; and 
recordkeeping of corrective action for self-test, 8 hours
    Number of respondents: 1,350
    Small businesses are affected.
    General description of report: This information collection is 
mandatory (15 U.S.C. 1691(a)(1)). The adverse action disclosure is 
confidential between the institution and the consumer involved. Since 
the Federal Reserve does not collect any information, no issue of 
confidentiality normally arises. However, the information may be 
protected from disclosure under the exemptions (b)(4), (6), and (8) of 
the Freedom of Information Act (5 U.S.C. 522 (b)).
    Abstract: The Equal Credit Opportunity Act and Regulation B 
prohibit discrimination in any aspect of a credit transaction because 
of race, color, religion, national origin, sex, marital status, age, or 
other specified bases. To aid in implementation of this prohibition, 
the statute and regulation also subject creditors to various mandatory 
disclosure requirements, notification provisions, credit history 
reporting, monitoring rules, and recordkeeping requirements. These 
requirements are triggered by specific events and disclosures must be 
provided within the time periods established by the Act and regulation.

2. Report title: Recordkeeping and Disclosure Requirements in 
Connection with Regulation E (Electronic Funds Transfer)

    Agency form number: Reg E.
    OMB control number: 7100-0200.
    Frequency: Event-generated.
    Reporters: State member banks, branches and agencies of foreign 
banks (other than Federal branches, Federal agencies, and insured state 
branches of foreign banks), commercial lending companies owned or 
controlled by foreign banks, and organizations operating under section 
25 or 25A of the Federal Reserve Act
    Annual reporting hours: 48,868 hours
    Estimated average hours per response: Initial terms disclosure, 1.5 
minutes; change in terms disclosure, 1 minute; periodic disclosure, 7 
hours; and error resolution rules, 30 minutes
    Number of respondents: 1,289
    Small businesses are affected.
    General description of report: This information collection is 
mandatory (15 U.S.C. 1693 et seq.). Since the Federal Reserve does not 
collect any information, no issue of confidentiality arises. However, 
the information, if made available to the Federal Reserve, may be 
protected from disclosure under exemptions (b)(4), (6), and (8) of the 
Freedom of Information Act (5 U.S.C. Sec.  552 (b)(4), (6), and (8)). 
The disclosures required by the rule and information about error 
allegations and their resolution are confidential between the 
institution and the consumer.
    Abstract: The Electronic Funds Transfer Act and Regulation E are 
designed to ensure adequate disclosure of basic terms, costs, and 
rights relating to electronic fund transfer (EFT) services provided to 
consumers. Institutions offering EFT services must disclose to 
consumers certain information, including: initial and updated EFT 
terms, transaction information, periodic statements of activity, the 
consumer's potential liability for unauthorized transfers, and error 
resolution rights and procedures. EFT services include automated teller 
machines, telephone bill payment, point-of-sale transfers in retail 
stores, fund transfers initiated through the internet, and 
preauthorized transfers to or from a consumer's account.

    Board of Governors of the Federal Reserve System, August 5, 
2002.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 02-20168 Filed 8-8-02; 8:45 am]
BILLING CODE 6210-01-S