[Federal Register Volume 70, Number 211 (Wednesday, November 2, 2005)]
[Notices]
[Pages 66433-66434]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-6060]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; 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-Is 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 collections, which are being handled 
under this delegated authority, have received initial Board approval 
and are hereby published for comment. At the end of the comment period, 
the proposed information collections, 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 collections of information is necessary for 
the proper performance of the Federal

[[Page 66434]]

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 collections, 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 January 3, 2005.

ADDRESSES:  You may submit comments, identified by Reg B or Reg E, by 
any of the following methods:
     Agency Web Site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     E-mail: [email protected]. Include docket 
number in the subject line of the message.
     FAX: 202/452-3819 or 202/452-3102.
     Mail: Jennifer J. Johnson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue, 
N.W., Washington, DC 20551. All public comments are available from the 
Board's web site at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as submitted, unless modified for technical reasons. 
Accordingly, your comments will not be edited to remove any identifying 
or contact information. Public comments may also be viewed 
electronically or in paper in Room MP-500 of the Board's Martin 
Building (20th and C Streets, NW.) between 9 a.m. and 5 p.m. on 
weekdays.

FOR FURTHER INFORMATION CONTACT: A copy of the proposed form and 
instructions, 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.
    Michelle Long, 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.

Proposals to approve under OMB delegated authority 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: 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 Edge and agreement corporations.
Annual reporting hours: 189,540 hours
Estimated average hours per response: Notice of action, 2.5 minutes; 
credit history reporting, 2 minutes; recordkeeping for applications & 
actions, 8 hours; monitoring data, 0.50 minutes; appraisal report upon 
request, 5 minutes; notice of right to appraisal, 0.25 minutes; 
recordkeeping of self test, 2 hours; recordkeeping of corrective 
action, 8 hours; and disclosure of optional self-test, 1 minute.
Number of respondents: 1,341
General description of report: This information collection is mandatory 
(15 U.S.C. 1691 (b)(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 USC 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: 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 Edge and agreement corporations.
Annual reporting hours: 63,047 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
General description of report: This information collection is mandatory 
(15 U.S.C. 1693 et seq.). The disclosures required by the rule and 
information about error allegations and their resolution are 
confidential between the institution and the consumer. 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)).
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, November 28, 
2005.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E5-6060 Filed 11-1-05; 8:45 am]
BILLING CODE 6210-01-S