[Federal Register Volume 73, Number 162 (Wednesday, August 20, 2008)]
[Notices]
[Pages 49205-49207]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-19189]


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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 
(PRA), 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 Paperwork Reduction Act 
Submission, 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 Proposals

    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 collection of information is necessary for 
the proper performance of the Federal Reserve's

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functions; including whether the information has practical utility;
    b. The accuracy of the Federal Reserve's estimate of the burden of 
the proposed information collection, 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 October 20, 2008.

ADDRESSES: You may submit comments, identified by Reg H-2 or Reg BB, 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, 
NW., 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 form 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.
    Additionally, commenters should send a copy of their comments to 
the OMB Desk Officer by mail to the Office of Information and 
Regulatory Affairs, U.S. Office of Management and Budget, New Executive 
Office Building, Room 10235, 725 17th Street, NW., Washington, DC 20503 
or by fax to 202-395-6974.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once approved. These documents will also be made 
available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/boarddocs/reportforms/review.cfm or may be 
requested from the agency clearance officer, whose name appears below.
    Michelle Shore, 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.
    Proposal to approve under OMB delegated authority the extension for 
three years, without revision, of the following reports:
    1. Report title: Recordkeeping and Disclosure Requirements 
Associated with Loans Secured by Real Estate Located in Flood Hazard 
Areas Pursuant to Section 208.25 of Regulation H.
    Agency form number: Reg H-2.
    OMB control number: 7100-0280.
    Frequency: Event-generated.
    Reporters: State member banks.
    Annual reporting hours: 43,298 hours.
    Estimated average time per response: Notice of special flood 
hazards to borrowers and servicers, 5 minutes; notice to the Federal 
Emergency Management Agency (FEMA) of servicer, 5 minutes; notice to 
FEMA of change of servicer, 5 minutes; and retention of standard FEMA 
form, 2.5 minutes.
    Number of respondents: 874.
    General description of report: This information collection is 
mandatory pursuant to Section 12 of the Flood Disaster Protection Act 
of 1973, as amended (42 U.S.C. 4012a) and section 1364 of the National 
Flood Insurance Act of 1968, as amended (42 U.S.C. 4104a). Because the 
Federal Reserve does not collect any information, no issue of 
confidentiality would normally arise. However, should the records 
required by the Reg H requirements come into possession of the Board 
during an examination of a state member bank, those records would be 
protected from disclosure by exemption 8 of the Freedom of Information 
Act (FOIA). (5 U.S.C. 552(b)(8)). Additionally, depending on the 
content of the records, the information could also potentially be 
protected from disclosure by FOIA exemptions 4 and 6. (5 U.S.C. 
552(b)(4) & (6)).
    Abstract: Regulation H requires state member banks to notify a 
borrower and servicer when loans secured by real estate are determined 
to be in a special flood hazard area and notify them whether flood 
insurance is available; notify FEMA of the identity of, and any change 
of, the servicer of a loan secured by real estate in a special flood 
hazard area; and retain a completed copy of the Standard Flood Hazard 
Determination Form used to determine whether property securing a loan 
is in a special flood hazard area.
    2. Report title: Recordkeeping, Reporting, and Disclosure 
Requirements in Connection with Regulation BB (Community Reinvestment 
Act).
    Agency form number: Reg BB.
    OMB control number: 7100-0197.
    Frequency: Annually.
    Reporters: State member banks.
    Annual reporting hours: 61,545 hours.
    Estimated average hours per response: Recordkeeping Requirement, 
small business and small farm loan register, 219 hours. Optional 
Recordkeeping Requirements, consumer loan data, 326 hours; and other 
loan data, 25 hours. Reporting Requirements, assessment area 
delineation, 2 hours; small business and small farm loan data, 8 hours; 
community development loan data, 13 hours; and HMDA out of MSA loan 
data, 253 hours. Optional Reporting Requirements, data on lending by a 
consortium or third party, 17 hours; affiliate lending data, 38 hours; 
strategic plan, 275 hours; and request for designation as a wholesale 
or limited purpose bank, 4 hours. Disclosure Requirement, public file, 
10 hours.
    Number of respondents: 874.
    General description of report: This information collection is 
authorized pursuant to Section 806 of the Community Reinvestment Act 
(CRA) which permits the Board to issue regulations to carry out the 
purpose of CRA (12 U.S.C. 2905), Section 11 of the Federal Reserve Act 
(FRA) which permits the Board to require such statements as reports of 
state member banks as it deems necessary (12 U.S.C. 248(a)(1)), and 
section 9 of the FRA which permits the Board to examine state member 
banks (12 U.S.C. 325); the requirements are mandatory, depending on 
bank size and other factors. Generally, the data that are reported to 
the Federal Reserve are not considered confidential.
    Abstract: This submission covers an extension of the Federal 
Reserve's currently approved information collections in their CRA 
regulations (12 CFR part 228). The submission involves no change to the 
regulation or to the information collection. The Federal Reserve System 
needs the information collected to fulfill their obligations under the 
CRA (12 U.S.C. 2901 et seq.) to evaluate and assign ratings to the 
performance of institutions, in connection with helping to meet the

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credit needs of their communities, including low- and moderate-income 
neighborhoods, consistent with safe and sound banking practices. The 
Federal Reserve System uses the information in the examination process 
and in evaluating applications for mergers, branches, and certain other 
corporate activities. Financial institutions maintain and provide the 
information to the Federal Reserve System.

    Board of Governors of the Federal Reserve System, August 14, 
2008.
Robert deV. Frieson,
Deputy Secretary of the Board.
[FR Doc. E8-19189 Filed 8-19-08; 8:45 am]
BILLING CODE 6210-01-P