[Federal Register Volume 73, Number 209 (Tuesday, October 28, 2008)]
[Notices]
[Pages 63983-63984]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-25606]


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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 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 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--Alexander T. Hunt--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, Washington, DC 20503.

Final approval under OMB delegated authority of 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. Sec.  4012a) and section 1364 of the 
National Flood Insurance Act of 1968, as amended (42 U.S.C. Sec.  
4104a). The Federal Reserve does not collect any information, therefore 
no issue of confidentiality would normally arise. However, should the 
records required by the Regulation 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. Sec.  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. Sec.  552(b)(4)&(6)).
    Abstract: Regulation H requires state member banks to notify a 
borrower and

[[Page 63984]]

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.
    Current Actions: On August 20, 2008, the Federal Reserve published 
a notice in the Federal Register (73 FR 49205) requesting public 
comment for 60 days on the extension, without revision, of this 
information collection. The comment period for this notice expired on 
October 20, 2008. The Federal Reserve did not receive any comments.
    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. Sec.  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. Sec.  
248(a)(1)), and section 9 of the FRA which permits the Board to examine 
state member banks (12 U.S.C. Sec.  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 
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.
    Current Actions: On August 20, 2008, the Federal Reserve published 
a notice in the Federal Register (73 FR 49205) requesting public 
comment for 60 days on the extension, without revision, of this 
information collection. The comment period for this notice expired on 
October 20, 2008. The Federal Reserve did not receive any comments.
    Board of Governors of the Federal Reserve System, October 22, 2008.

Jennifer J. Johnson
Secretary of the Board.
[FR Doc. E8-25606 Filed 10-27-08; 8:45 am]
BILLING CODE 6210-01-S