[Federal Register Volume 74, Number 181 (Monday, September 21, 2009)]
[Notices]
[Pages 48070-48071]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-22616]


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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 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 November 20, 2009.

ADDRESSES: You may submit comments, identified by Reg G or Reg H-7 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 
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 information 
collections:
    (1) Report title: Disclosure and Reporting Requirements of CRA-
Related Agreements.
    Agency form number: Reg G.
    OMB control number: 7100-0299.
    Frequency: On occasion and annual.
    Reporters: Insured depository institutions (IDIs) and 
nongovernmental entities or persons (NGEPs).
    Annual reporting hours: 78 hours.
    Number of respondents: 3 IDI and 6 NGEPs.
    Estimated average hours per response: 1 hour (6 disclosure 
requirements and 1 annual report) and 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 
CFR 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 two disclosure 
requirements and one reporting requirement for NGEPs. Please

[[Page 48071]]

see the agency's OMB supporting statement for a summary of the 
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.
    (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: 13,451 hours.
    Number of respondents: 854.
    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 Federal Deposit Insurance Corporation 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.
    Please see the agency's OMB supporting statement for a summary of 
the disclosure requirements of Regulation H-7 http://www.federalreserve.gov/boarddocs/reportforms/review.cfm.

    Board of Governors of the Federal Reserve System, September 16, 
2009.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E9-22616 Filed 9-18-09; 8:45 am]
BILLING CODE 6210-01-P