[Federal Register Volume 67, Number 205 (Wednesday, October 23, 2002)]
[Notices]
[Page 65125]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-26895]


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FEDERAL RESERVE SYSTEM


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

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice.

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SUMMARY: Background. Notice is hereby given of the final approval of 
proposed information collections 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-I's 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.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Cindy Ayouch--Division of Research and Statistics, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829); OMB Desk Officer--Joseph Lackey--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, Washington, DC 20503

Final Approval Under OMB Delegated Authority of 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: unnum 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: unnum 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, October 17, 2002.

Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. 02-26895 Filed 10-22-02; 8:45 am]
BILLING CODE 6210-01-S