[Federal Register Volume 71, Number 93 (Monday, May 15, 2006)]
[Notices]
[Pages 28030-28031]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-7303]


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FEDERAL RESERVE SYSTEM


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

AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: Bckground.
    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--Michelle Long--Division of Research and Statistics, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829); OMB Desk Officer--Mark Menchik--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, Washington, DC 20503, or e-mail to 
[email protected]

[[Page 28031]]

Final approval under OMB delegated authority of 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 (5U.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.
    On March 3, 2006, the Federal Reserve published a notice soliciting 
comment on this proposal, Regulation W (71 FR 10971). The comment 
period ended on May 2, 2006. The Federal Reserve did not receive any 
comments.
    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.
    On March 3, 2006, the Federal Reserve published a notice soliciting 
comment on this proposal, Regulation Z (71 FR 10971). The comment 
period ended on May 2, 2006. The Federal Reserve did not receive any 
comments.

    Board of Governors of the Federal Reserve System, May 9, 2006.
Jennifer J. Johnson
Secretary of the Board.
[FR Doc. E6-7303 Filed 5-12-06; 8:45 am]
BILLING CODE 6210-01-S