[Federal Register Volume 68, Number 68 (Wednesday, April 9, 2003)]
[Notices]
[Pages 17397-17398]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-8614]


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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 June 9, 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: Reporting and Disclosure Requirements Associated with 
Regulation P
    Agency form number: unnum Reg P
    OMB control number: 7100-0294
    Frequency: Reporting, on-occasion; and disclosure, annually.
    Reporters: State member banks, subsidiaries of state member banks, 
bank holding companies and it's subsidiaries or affiliates, branches 
and

[[Page 17398]]

agencies of foreign banks, commercial lending companies owned or 
controlled by foreign banks, corporations operating under section 25 or 
25A of the Federal Reserve Act, and customers of these financial 
institutions.
    Annual reporting hours: 427,500 hours
    Estimated average hours per response: Financial institution 
disclosure requirements: Initial notice, 40 hours; annual notice, 1 
hour; opt-out notice to consumers, 1 hour; and notice of change in 
terms, 1 hour. Consumer reporting requirements: opt-out notice, 1 hour; 
and continuing right to opt-out, 1 hour.
    Number of respondents: 9,500
    Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 248) and the Gramm-Leach-Bliley Act (Pub. L. 106-
102, Sec. 504). Since the Federal Reserve does not collect any 
information, no issue of confidentiality normally arises.
    Abstract: The information collection pursuant to Regulation P is 
triggered by the establishment of a relationship between a customer and 
a financial institution. The regulation ensures that financial 
institutions provide customers notice of the privacy policies and 
practices of financial institutions and a means to prevent the 
disclosure of nonpublic personal information, in certain circumstances. 
Where applicable, financial institutions are required to provide an 
initial notice and an annual notice of their privacy policies and 
practices, opt-out notices, and revised notices containing changes in 
policies and procedures.
    In 2000, the Federal Reserve, along with the Federal Deposit 
Insurance Corporation (FDIC), the Office of the Comptroller of the 
Currency (OCC), the Office of Thrift Supervision (OTS), National Credit 
Union Administration (NCUA), Federal Trade Commission (FTC), and 
Securities and Exchange Commission (SEC) (the 
agencies) jointly agreed on burden estimates when they 
promulgated the privacy regulations.
    In early 2003, an inter-agency working group\1\ agreed to jointly 
re-estimate the paperwork burden of their privacy regulations. To avoid 
expiration of the authority for the information collections while the 
review is being completed, the group agreed to separately publish for 
comment estimates based on the 2000 assumptions. The OCC, FDIC, and OTS 
published initial Federal Register notices using the 2000 estimates; 
the comment periods have closed. Each of these agencies have received 
comments. After the Federal Reserve's public comment period has closed, 
the agencies will jointly review all of the comments received. Then the 
agencies will publish a joint final notice with revised final estimates 
in the Federal Register.
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    \1\ The working group consists of staff from the Federal 
Reserve, FDIC, OCC, and OTS.
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    Board of Governors of the Federal Reserve System, April 3, 2003.

Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 03-8614 Filed 4-8-03; 8:45 am]
BILLING CODE 6210-01-S