[Federal Register Volume 74, Number 96 (Wednesday, May 20, 2009)]
[Notices]
[Pages 23717-23718]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-11651]


=======================================================================
-----------------------------------------------------------------------

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 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 July 20, 2009.

ADDRESSES: You may submit comments, identified by Reg P 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.
    Cynthia Ayouch, Federal Reserve Board Acting 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 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, 
185; annual notice and revised notice, 6,735; opt-out notice, 1,235.
    Estimated average time per response per institution: Initial 
notice, 80 hours; annual notice and revised notice, 8 hours; opt-out 
notice, 8 hours.
    Estimated subtotal annual burden hours for institutions: 78,560 
hours.
    Estimated annual number of consumer respondents: 442,225.
    Estimated average time per consumer response: 30 minutes.
    Estimated subtotal annual burden hours for consumers: 221,113 
hours.
    Estimated total annual burden hours: 299,673 hours.
    General description of report: This information collection is 
mandatory pursuant to section 504 of Gramm-Leach-Bliley Act (GLBA) (15 
U.S.C 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

[[Page 23718]]

an annual notice of their privacy policies and practices, opt-out 
notices, and revised notices containing changes in policies and 
procedures.

    Board of Governors of the Federal Reserve System, May 14, 2009.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E9-11651 Filed 5-19-09; 8:45 am]
BILLING CODE 6210-01-P