[Federal Register Volume 71, Number 180 (Monday, September 18, 2006)]
[Notices]
[Page 54658]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-15408]


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FEDERAL RESERVE SYSTEM


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

SUMMARY: Background
    Notice is hereby given of the final approval of proposed 
information collection 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 email to 
[email protected]

Final approval under OMB delegated authority of the extension for three 
years, without revision, of the following report:

    Report title: Reporting and Disclosure Requirements Associated with 
Regulation P
    Agency form number: Reg P
    OMB control number: 7100-0294
    Frequency: Reporting, on-occasion; and disclosure, annually.
    Reporters: State member banks, subsidiaries of state member banks, 
bank holding companies and their subsidiaries or affiliates, branches 
and agencies of foreign banks, commercial lending companies owned or 
controlled by foreign banks, corporations operating under section 25 or 
25A of the Federal Reserve Act, and customers of these financial 
institutions.
    Estimated annual number of institution respondents: Initial notice, 
1,311; annual notice and change in terms, 6,692; opt-out notice, 1,197.
    Estimated average time per response per institution: Initial 
notice, 80 hours; annual notice andchange in terms, 8 hours; opt-out 
notice, 8 hours.
    Estimated subtotal annual burden hours for institutions: 167,992 
hours.
    Estimated annual number of consumer respondents: 402,675.
    Estimated average time per consumer response: 30 minutes.
    Estimated subtotal annual burden hours for consumers: 201,338 
hours.
    Estimated total annual burden hours: 369,330 hours.
    General description of report: This information collection is 
mandatory (12 U.S.C. 248) and by section 504 of Gramm-Leach-Bliley Act 
(GLBA) (15 U.S.C Sec.  6804). Since the Federal Reserve does not 
collect any information, no issue of confidentiality normally arises.
    Abstract: The information collection pursuant to Regulation P is 
triggered by the establishment of a relationship between a customer and 
a financial institution. The regulation ensures that financial 
institutions provide customers notice of the privacy policies and 
practices of financial institutions and a means to prevent the 
disclosure of nonpublic personal information, in certain circumstances. 
Where applicable, financial institutions are required to provide an 
initial notice and an annual notice of their privacy policies and 
practices, opt-out notices, and revised notices containing changes in 
policies and procedures.
    On July 3, 2006, the Federal Reserve published a notice in the 
Federal Register (71 FR 37935) requesting public comment for 60 days on 
the extension, without revision, of the reporting and disclosure 
requirements of Regulation P. The comment period for this notice 
expired on September 1, 2006. No comments were received.

    Board of Governors of the Federal Reserve System, September 12, 
2006.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E6-15408 Filed 9-15-06; 8:45 am]
BILLING CODE 6210-01-S