[Federal Register Volume 70, Number 59 (Tuesday, March 29, 2005)]
[Notices]
[Pages 15857-15858]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-6121]


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FEDERAL DEPOSIT INSURANCE CORPORATON


Agency Information Collection Activities: Revision of an 
Information Collection; Comment Request

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice and request for comment.

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SUMMARY: The FDIC, as part of its continuing effort to reduce paperwork 
and respondent burden, invites the general public and other Federal 
agencies to comment on the proposed revision of an information 
collection, as required by the Paperwork Reduction Act (PRA, 44 U.S.C. 
chapter 35). Currently, the FDIC is soliciting comments concerning an 
information collection titled ``Account Based Disclosures in Connection 
with Federal Reserve Regulations E, CC and DD.''

DATES: Comments must be submitted on or before March 31, 2005.

ADDRESSES: Interested parties are invited to submit written comments to 
Thomas Nixon, Legal Division, Federal Deposit Insurance Corporation, 
550 17th Street, NW., Washington, DC 20429. All comments should refer 
to ``Account Based Disclosures in Connection with Federal Reserve 
Regulations E, CC, and DD.'' Comments may be hand-delivered to the 
guard station at the rear of the 17th Street Building (located on F 
Street), on business days between 7 a.m. and 5 p.m. Comments may also 
be submitted to the OMB desk officer for the FDIC: Mark Menchik, Office 
of Information and Regulatory Affairs, Office of Management and Budget, 
New Executive Office Building, Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Thomas Nixon, (202) 898-8766, or at 
the address above.

SUPPLEMENTARY INFORMATION: Proposal to revise the following currently 
approved collection of information:
    Title: Account Based Disclosures in Connection with Federal Reserve 
Regulations E, CC, and DD.
    OMB Number: 3064-0084.
    Affected Public: State chartered banks that are not members of the 
Federal Reserve System.
    Information about the Collection and Proposed Changes to it: This 
FDIC information collection provides for the application of Regulations 
E (Electronic Fund Transfers), CC (Availability of Funds), and DD 
(Truth in Savings) to state nonmember banks. Regulations E, CC, and DD 
are issued by the Federal Reserve Board of Governors (FRB) to ensure, 
among other things, that consumers are provided adequate disclosures 
regarding accounts, including electronic fund transfer services, 
availability of funds, and fees and annual percentage yield for deposit 
accounts. The FDIC is providing this notice in order to keep its Office 
of Management and Budget (OMB) approved information collection 
consistent with changes the FRB proposed to Regulation E, 12 CFR part 
205, (69 FR 55996, Sept. 17, 2004). Currently, Regulation E requires 
respondents to provide disclosures of basic terms, costs, and rights 
relating to electronic fund transfer services.

[[Page 15858]]

    If the proposed changes to Regulation E are made final, state 
nonmember banks will need to modify their Regulation E disclosures to 
provide initial disclosures that electronic check conversion 
transactions are a new type of transfer that can be made from a 
consumer's account. The FDIC estimates that it will require 
institutions, on average, one business day to reprogram and update 
systems to include the new notice concerning electronic check 
conversion disclosure to their ongoing Regulation E disclosure 
requirements. The one-time burden would be 42,400 hours (8 hours x 
5,300 respondents).
    If the proposed changes to Regulation E are made final, 
institutions involved in offering payroll card accounts will be 
required to ensure compliance with Regulation E and provide disclosure 
of basic terms, costs, and rights relating to electronic fund transfer 
services in connection with the payroll card account. Certain 
information must be disclosed to consumers, including: initial and 
updated electronic fund transfer terms, transaction information, 
periodic statements of activity, the consumer's potential liability for 
unauthorized transfers, and error resolution rights and procedures. The 
disclosures are standardized and machine-generated and do not 
substantively change from one individual account to another; thus, the 
average time for providing the disclosure to all consumers should be 
minimal.
    The FDIC estimates that five state nonmember banks participate in 
payroll card account programs and that each institution will make 
approximately 5,000 disclosures which will require an average of 1.5 
minutes per disclosure to prepare and distribute, resulting in 625 
hours of annual burden. The FDIC estimates that the five institutions 
will take, on average, 7 hours to prepare and distribute 12 periodic 
statements for an annual burden of 420 hours. The FDIC estimates that 
the five respondents will take, on average, 30 minutes for eight error 
resolution procedures for a total of 20 hours. The payroll card account 
disclosures would add 1,065 hours of ongoing burden to the current 
annual Regulation E burden of 28,930 hours.
    At this time, the FDIC does not believe that any state nonmember 
banks are engaged in electronic check conversion transactions as a 
merchant or payee. The FDIC is not proposing to make any changes to the 
Regulation CC or DD parts of the OMB approved information collection. 
The FDIC's burden estimate is based on the FRB's proposed rule; we will 
adjust it as necessary to make it consistent with the FRB's final rule.

Request for Comment

    Comments are invited on: (a) Whether the collection of information 
is necessary for the proper performance of the FDIC's functions, 
including whether the information has practical utility; (b) the 
accuracy of the estimates of the burden of the 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 the information 
collection on respondents, including through the use of automated 
collection techniques or other forms of information technology.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the 
collection should be modified prior to submission to OMB for review and 
approval. Comments submitted in response to this notice also will be 
summarized or included in the FDIC's request to OMB for renewal of this 
collection. All comments will become a matter of public record.

    Dated in Washington, DC, this 22nd day of March, 2005.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 05-6121 Filed 3-28-05; 8:45 am]
BILLING CODE 6714-01-P