[Federal Register Volume 72, Number 7 (Thursday, January 11, 2007)]
[Notices]
[Pages 1331-1332]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-247]


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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: 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 Paperwork Reduction Act Submission, 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 Shore--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]

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

    (1) Report title: Disclosure and Reporting Requirements of CRA-
Related Agreements
    Agency form number: Reg G
    OMB control number: 7100-0299
    Frequency: On occasion, annual
    Reporters: Insured depository institutions (IDIs) and 
nongovernmental entities or persons (NGEPs)
    Annual reporting hours: 78 hours
    Number of respondents: 3 IDI; 6 NGEPs
    Estimated average hours per response: 1 hour (7 disclosure 
requirements); 4 hours (2 annual reports)
    General description of report: This information collection is 
required pursuant the Federal Deposit Insurance Act (FDI Act), 12 
U.S.C. 1831y(b) and (c). The FDI Act authorizes the Federal Reserve to 
require the disclosure and reporting requirements of Regulation G (12 
C.F.R. 207). In general, the Federal Reserve does not consider 
individual respondent commercial and financial information collected by 
the Federal Reserve pursuant to Regulation G as confidential. However, 
a respondent may request confidential treatment pursuant to section 
(b)(4) of Freedom of Information Act, 5 U.S.C 552(b)(4).
    Abstract: Section 48 of the FDI Act imposes disclosure and 
reporting requirements on IDIs, their affiliates, and NGEPs that enter 
into written agreements that meet certain criteria. The written 
agreements must (1) be made in fulfillment of the Community 
Reinvestment Act of 1977 (CRA) and (2) involve funds or other resources 
of an IDI or affiliate with an aggregate value of more than $10,000 in 
a year, or loans with an aggregate principal value of more than $50,000 
in a year. Section 48 excludes from the disclosure and reporting 
requirements any agreement between an IDI or its affiliate and an NGEP 
if the NGEP has not contacted the IDI or its affiliate, or a banking 
agency, concerning the CRA performance of the IDI.
    Regulation G contains four disclosure requirements and two 
reporting requirements for IDIs and affiliates and three disclosure 
requirements and one reporting requirement for NGEPs. Please see the 
agency's OMB supporting statement for a summary of the

[[Page 1332]]

disclosure and reporting requirements of Regulation G, http://www.federalreserve.gov/boarddocs/reportforms/review.cfm.
    The disclosure and reporting requirements in connection with 
Regulation G are mandatory and apply to state member banks and their 
subsidiaries; bank holding companies; affiliates of bank holding 
companies, other than banks, savings associations, and subsidiaries of 
banks and savings associations; and NGEPs that enter into covered 
agreements with any of the aforementioned companies.
    Current Actions: On October 18, 2006, the Federal Reserve published 
a notice in the Federal Register (71 FR 61473) requesting public 
comment for 60 days on the extension, without revision, of the 
Disclosure and Reporting Requirements of CRA-Related Agreements. The 
comment period for this notice expired on December 18, 2006. The 
Federal Reserve did not receive any comments.
    (2) Report title: Disclosure Requirements in Connection With 
Regulation H (Consumer Protections in Sales of Insurance)
    Agency form number: Reg H-7
    OMB control number: 7100-0298
    Frequency: On occasion
    Reporters: State member banks
    Annual reporting hours: 14,159 hours
    Number of respondents: 899
    Estimated average hours per response: 1.5 minutes
    General description of report: This information collection is 
mandatory pursuant the Federal Deposit Insurance Act, 12 U.S.C. 1831x. 
Since the Federal Reserve does not collect any information, no issue of 
confidentiality normally arises.
    Abstract: Section 305 of the Gramm-Leach-Bliley Act requires 
financial institutions to provide written and oral disclosures to 
consumers in connection with the initial sale of an insurance product 
or annuity concerning its uninsured nature and the existence of the 
investment risk, if appropriate, and the fact that insurance sales and 
credit may not be tied.
    Covered persons must make insurance disclosures before the 
completion of the initial sale of an insurance product or annuity to a 
consumer. The disclosure must be made orally and in writing to the 
consumer that: (1) the insurance product or annuity is not a deposit or 
other obligation of, or guaranteed by, the financial institution or an 
affiliate of the financial institution; (2) the insurance product or 
annuity is not insured by the FDIC or any other agency of the United 
States, the financial institution, or (if applicable) an affiliate of 
the financial institution; and (3) in the case of an insurance product 
or annuity that involves an investment risk, there is investment risk 
associated with the product, including the possible loss of value.
    Covered persons must make a credit disclosure at the time a 
consumer applies for an extension of credit in connection with which an 
insurance product or annuity is solicited, offered, or sold. The 
disclosure must be made orally and in writing that the financial 
institution may not condition an extension of credit on either: (1) the 
consumer's purchase of an insurance product or annuity from the 
financial institution or any of its affiliates; or (2) the consumer's 
agreement not to obtain, or a prohibition on the consumer from 
obtaining, an insurance product or annuity from an unaffiliated entity.
    Current Actions: On October 18, 2006, the Federal Reserve published 
a notice in the Federal Register (71 FR 61473) requesting public 
comment for 60 days on the extension, without revision, of the 
Disclosure Requirements in Connection With Regulation H. The comment 
period for this notice expired on December 18, 2006. The Federal 
Reserve did not receive any comments.
    (3) Report title: Domestic Branch Notification
    Agency form number: FR 4001
    OMB Control number: 7100-0097
    Frequency: On occasion
    Reporters: State member banks
    Annual reporting hours: 2,244 hours
    Estimated average hours per response: 30 minutes for expedited 
notifications; 1 hour for nonexpedited notifications
    Number of respondents: 382 expedited; 2,053 nonexpedited
    General description of report: This information collection is 
mandatory per Section 9(3) of the Federal Reserve Act (12 U.S.C. Sec.  
321) and is not given confidential treatment.
    Abstract: The Federal Reserve Act and Regulation H require a state 
member bank to seek prior approval of the Federal Reserve System before 
establishing or acquiring a domestic branch. Such requests for approval 
must be filed as notifications at the appropriate Reserve Bank for the 
state member bank. Due to the limited information that a state member 
bank generally has to provide for branch proposals, there is no formal 
reporting form for a domestic branch notification. A state member bank 
is required to notify the Federal Reserve by letter of its intent to 
establish one or more new branches, and provide with the letter 
evidence that public notice of the proposed branch(es) has been 
published by the state member bank in the appropriate newspaper(s). The 
Federal Reserve uses the information provided to fulfill its statutory 
obligation to review any public comment on proposed branches before 
acting on the proposals, and otherwise to supervise state member banks.
    Current Actions: On October 18, 2006, the Federal Reserve published 
a notice in the Federal Register (71 FR 61472) requesting public 
comment for 60 days on the extension, without revision, of the Domestic 
Branch Notification. The comment period for this notice expired on 
December 18, 2006. The Federal Reserve did not receive any comments.

    Board of Governors of the Federal Reserve System, January 8, 
2007.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E7-247 Filed 1-10-07 8:45 am]
BILLING CODE 6210-01-S