[Federal Register Volume 68, Number 111 (Tuesday, June 10, 2003)]
[Notices]
[Pages 34607-34608]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-14536]


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FEDERAL RESERVE SYSTEM


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

ADDRESSES: 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-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 -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.

SUPPLEMENTARY INFORMATION:

Final Approval Under OMB Delegated Authority of the Extension For Three 
Years, Without Revision, of the Following Report:

    Report title: Recordkeeping and Disclosure Requirements in 
Connection with Regulation Z (Truth in Lending)
    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 Edge and agreement corporations
    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 
isclosure, 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 Edge and 
agreement corporations, 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 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.

[[Page 34608]]

Final Approval Under OMB Delegated Authority to Conduct Following 
Survey:

    Report title: 2004 Survey of Consumer Finance
    Agency form number: FR 3059
    OMB Control number: 7100-0287
    Frequency: One-time survey
    Reporters: U.S. families
    Annual reporting hours: 7,500 hours
    Estimated average hours per response: Pretest and survey, 75 
minutes each
    Number of respondents: Pretest, 400 families; Survey, 5,600 
families Small businesses are not affected.
    General description of report: This information collection is 
voluntary. The Federal Reserve's statutory basis for collecting this 
information is section 2A of the Federal Reserve Act (12 U.S.C. 225a); 
the Bank Merger Act (12 U.S.C. 1828(c)); and sections 3 and 4 of the 
Bank Holding Company Act (12 U.S.C. 1842 and 1843) and 12 U.S.C. 353 
and 461. The names and other characteristics that would permit 
identification of respondents are deemed confidential by the Board and 
are exempt from disclosure pursuant to exemption 6 in the Freedom of 
Information Act (5 U.S.C. 552(b)(6)).
    Abstract: For many years, the Board has sponsored consumer surveys 
to obtain information on the financial behavior of households. The 2004 
Survey of Consumer Finance (SCF) will be the latest in a triennial 
series, which began in 1983, that provides comprehensive data for U.S. 
families on the distribution of assets and debts, along with related 
information and other data items necessary for analyzing behavior. 
These are the only surveys conducted in the United States that provide 
such financial data for a representative sample of households. Data for 
the SCF are collected by interviewers using a computer program. While 
some questions may be deleted and others modified, only minimal changes 
will be made to the questionnaire in order to preserve the time series 
properties of the data. The pretest will be conducted during 2003 and 
survey would be conducted between May and December 2004.
    Board of Governors of the Federal Reserve System, June 4, 2003.

Jennifer J. Johnson
Secretary of the Board.
[FR Doc. 03-14536 Filed 6-9-03; 8:45 am]
BILLING CODE 6210-01-S