[Federal Register Volume 68, Number 58 (Wednesday, March 26, 2003)]
[Notices]
[Pages 14657-14658]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-7191]



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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-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.

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 May 27, 2003.

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: Joseph 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 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. 
Cindy Ayouch, 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 contact (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 report:

    Report title: Recordkeeping and Disclosure Requirements of 
Regulation Z
    Agency form number: Reg Z
    OMB control number: 7100-0199
    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: Open-end credit-initial disclosure 28,463 
hours; open-end credit--change in terms notice, 41,250 hours; periodic 
statement, 125,952 hours; error resolution--credit cards, 22,260 hours; 
error resolution--other open-end credit, 1,312 hours; credit & charge 
card accounts-advance disclosure, 29,952 hours; home equity plans--
advance disclosure, 13,983 hours; home equity plans--change in terms 
notice, 354 hours; closed-end credit disclosures, 351,354 hours; 
advertising, 2,733 hours; and HOEPA pre-closing disclosures, 425 hours.
    Estimated average hours per response: Open-end credit--initial 
disclosure, 1.5 minutes; open-end credit--change in terms notice, 1 
minute; periodic statement, 8 hours; error resolution--credit cards, 30 
minutes; error resolution--other open-end credit, 30 minutes; credit & 
charge card accounts--advance disclosure, 8 hours; home equity plans--
advance disclosure, 1.5 minutes; home equity plans--change in terms 
notice, 3 minutes; closed-end credit disclosures, 6.5 minutes; 
advertising, 25 minutes; and HOEPA pre-closing disclosures, 3 minutes.
    Number of respondents: State member banks, 947; branches and 
agencies of foreign banks (other than federal branches, federal 
agencies, and insured state branches of foreign banks), 287; commercial 
lending companies owned or controlled by foreign banks, 3; and 
organizations operating under section 25 or 25A of the Federal Reserve 
Act, 75.
    Small businesses are affected.
    General description of report: This information collection is 
mandatory (15 U.S.C. 1601, 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 the consumer. General disclosures of credit terms that 
appear in advertisements or take-one applications are available to the 
public.
    Abstract: TILA and Regulation Z require disclosure of the costs and 
terms of credit to consumers. 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 changes in terms, and statements of rights 
concerning billing error

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procedures. There are special disclosure requirements for credit and 
charge card applications and solicitations, as well as for home equity 
plans. For closed-end loans, such as mortgage and installment loans, 
cost disclosures are required to be provided prior to consummation. 
Special disclosures are required of certain products, such as reverse 
mortgages, certain variable rate loans, and certain mortgages with 
rates and fees above specified thresholds. TILA and Regulation Z also 
contain rules concerning credit advertising.
    Recently, the Federal Reserve reevaluated the methodology used to 
estimate the paperwork burden associated with consumer regulations. As 
a result of this change, the estimated burden declined.

    Board of Governors of the Federal Reserve System, March 20, 
2003.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 03-7191 Filed 3-25-03; 8:45 am]
BILLING CODE 6210-01-S