[Federal Register Volume 74, Number 143 (Tuesday, July 28, 2009)]
[Notices]
[Pages 37227-37228]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-17878]


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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 a 
proposed information collection by the Board of Governors of the 
Federal Reserve

[[Page 37228]]

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: Acting Federal Reserve Board Clearance 
Officer--Cynthia Ayouch--Division of Research and Statistics, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829).
    OMB Desk Officer--Shagufta Ahmed--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 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 an annual notice of their privacy policies and 
practices, opt-out notices, and revised notices containing changes in 
policies and procedures.
    Current Actions: On May 20, 2009, the Federal Reserve published a 
notice in the Federal Register (74 FR 23717) requesting public comment 
for 60 days on the extension, without revision, of this information 
collection. The comment period for this notice expired on July 20, 
2009. No comments were received.

    Board of Governors of the Federal Reserve System, July 22, 2009.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E9-17878 Filed 7-27-09; 8:45 am]
BILLING CODE 6210-01-P