[Federal Register Volume 71, Number 42 (Friday, March 3, 2006)]
[Notices]
[Pages 10971-10972]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-2990]


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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 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 May 2, 2006.

ADDRESSES: You may submit comments, identified by Reg W or Reg Z, 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 
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, N.W.) between 
9:00a.m. and 5:00p.m. on weekdays.

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.
    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 collections of 
information:

    1. Report title: Notice Requirements in Connection with Regulation 
W (12 CFR Part 223 Transactions Between Member Banks and Their 
Affiliates)
    Agency form number: Reg W
    OMB control number: 7100-0304
    Frequency: Event-generated
    Reporters: Insured depository institutions and uninsured member 
banks
    Estimated annual reporting hours: 250 hours
    Estimated average hours per response: Loan participation renewal 
notice, 2 hours; Acquisition notice, 6 hours; Internal corporate 
reorganization transactions notice, 6 hours; and Section 23A additional 
exemption notice, 10 hours.
    Estimated number of respondents: 45
    General description of report: This information collection is 
required to evidence compliance with sections 23A and 23B of the 
Federal Reserve Act (12 U.S.C. 371c(f) and 371c-1(e)). Confidential and 
proprietary information collected for the purposes of the Loan 
Participation Renewal notice 12 CFR 223.15(b)(4) may be protected under 
the authority of the Freedom of Information Act (5 U.S.C. Sec.  
552(b)(4) and (b)(8)). Section (b)(4) exempts information deemed 
competitively sensitive from disclosure and Section (b)(8) exempts 
information ``contained in or related to examination, operating, or 
condition reports prepared by, on behalf of, or for the use of an 
agency responsible for the regulation or supervision of financial 
institutions.''
    Abstract: Effective April 1, 2003, the Federal Reserve issued 
Regulation W to implement comprehensively sections 23A and 23B. The 
Federal Reserve decided to issue such a rule for several reasons. 
First, the regulatory framework established by the Gramm-Leach-Bliley 
Act emphasizes the importance of sections 23A and 23B as a means to 
protect depository institutions from losses in transactions with 
affiliates. In addition, adoption of a comprehensive rule simplified 
the interpretation and application of sections 23A and 23B, ensured 
that the statute is consistently interpreted and applied, and minimized 
burden on banking organizations to the extent consistent with the 
statute's goals. Finally, issuing a comprehensive rule allowed the 
public an opportunity to comment on Federal Reserve interpretations of 
sections 23A and 23B. On December 12, 2002, the Federal Reserve 
published a Federal Register notice (67 FR 76603) adopting Reg W.

[[Page 10972]]

    2. 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--updated disclosures, 41,250 hours; periodic 
statements, 125,952 hours; error resolution--credit cards, 22,260 
hours; error resolution--other open-end credit, 1,312 hours; credit & 
charge card--solicitations and applications, 29,952 hours; home equity 
plans--applications disclosure, 13,983 hours; home equity plan--
restrictions disclosure, 354 hours; closed-end credit disclosures, 
351,354 hours; HOEPA pre-closing disclosures, 425 hours; and 
advertising, 2,733 hours.
    Estimated average hours per response: Open-end credit--initial 
disclosure, 1.5 minutes; open-end credit--updated disclosures, 1 
minute; periodic statements, 8 hours; error resolution--credit cards, 
30 minutes; error resolution--other open-end credit, 30 minutes; credit 
& charge card--solicitations and applications, 8 hours; home equity 
plans--applications disclosure, 1.5 minutes; home equity plan--
restrictions disclosure, 3 minutes; closed-end credit disclosures, 6.5 
minutes; HOEPA pre-closing disclosures, 3 minutes; and advertising 
rules, 25 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.
    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.

    Board of Governors of the Federal Reserve System, February 27, 
2006.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E6-2990 Filed 3-2-06; 8:45 am]
BILLING CODE 6210-01-S