[Federal Register Volume 75, Number 165 (Thursday, August 26, 2010)]
[Notices]
[Pages 52529-52530]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-21233]



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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 
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 (PRA) 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--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, with revision, of the following report:
    Report title: Intermittent Survey of Businesses.
    Agency form number: FR 1374.
    OMB control number: 7100-0302.
    Frequency: On occasion.
    Reporters: Businesses and state and local governments.
    Estimated annual reporting hours: 205 hours.
    Estimated average hours per response: 15 minutes.
    Number of respondents: 250.
    General description of report: This information collection is 
voluntary (12 U.S.C. 225a and 263) and may be given confidential 
treatment (5 U.S.C. 552(b)(4)).
    Abstract: The survey data are used by the Federal Reserve to gather 
information specifically tailored to the Federal Reserve's policy and 
operational responsibilities. There are two parts to this event-
generated survey. First, the Federal Reserve staff survey business 
contacts as economic developments warrant. Currently, they conduct 
these surveys with approximately 240 business respondents for each 
survey. It is necessary to conduct these surveys to provide timely 
information to the members of the Board and to the presidents of the 
Reserve Banks. Usually, these surveys are conducted by Federal Reserve 
economists telephoning or emailing purchasing managers, economists, or 
other knowledgeable individuals at selected, relevant businesses. The 
frequency and content of the questions, as well as the entities 
contacted, vary depending on developments in the economy. Second, 
economists survey business contacts by telephone, inquiring about 
current business conditions. The economists conduct these surveys as 
economic conditions require, with approximately ten respondents for 
each survey.
    Current actions: The Federal Reserve proposed to revise the panel 
to include state and local governments as economic conditions may 
warrant. Given that state and local governments now account for about 
12 percent of total Gross Domestic Product, it may be important at 
times to survey these governments for up-to-date information about 
developments in this sector.
    On June 15, 2010, the Federal Reserve published a notice in the 
Federal Register (75 FR 33805) seeking public comment for 60 days on 
the extension, with revision, of the Intermittent Survey of Businesses. 
The comment period for this notice expired on August 16, 2010. The 
Federal Reserve did not receive any comments. The revisions will be 
implemented as proposed.
    Final approval under OMB delegated authority of the extension for 
three years, without revision, of the following reports:
    1. Report title: Home Mortgage Disclosure Act (HMDA) Loan/
Application Register (LAR).
    Agency form number: FR HMDA-LAR.
    OMB control number: 7100-0247.
    Frequency: Annual.
    Reporters: State member banks, subsidiaries of state member banks, 
subsidiaries of bank holding companies, U.S. branches and agencies of 
foreign banks (other than federal branches, federal agencies, and 
insured state branches of foreign banks), commercial lending companies 
owned or controlled by foreign banks, and organizations operating under 
section 25 or 25A of the Federal Reserve Act.
    Estimated annual reporting hours: 151,134 hours.
    Estimated average hours per response: State member banks, 242 
hours; and mortgage subsidiaries, 192 hours.
    Number of respondents: 519 State member banks, and 133 mortgage 
subsidiaries.
    General description of report: This information collection is 
mandatory (12 U.S.C. 2803(j)). The information is not given 
confidential treatment, however, information that might identify 
individual borrowers or applicants is given confidential treatment 
under exemption 6 of the Freedom of Information Act (5 U.S.C. 
552(b)(6)) and section 304 (j)(2)(B) of HMDA (12 U.S.C. 2803(j)(2)(B)).
    Abstract: The information reported and disclosed pursuant to this 
collection is used to further the purposes of HMDA. These include: (1) 
To help determine whether financial institutions are serving the 
housing needs of their communities, (2) to assist public officials in 
distributing public-sector investments so as to attract private 
investment to areas where it is needed, and (3) to assist in 
identifying possible discriminatory lending patterns and enforcing 
anti-discrimination statutes.
    2. Report title: Disclosure Requirements in Connection with 
Regulation CC (Expedited Funds Availability Act (EFAA)).
    Agency form number: Reg CC.
    OMB control number: 7100-0235.
    Frequency: Event-generated.
    Reporters: State member banks and uninsured state branches and 
agencies of foreign banks.
    Annual reporting hours: 202,396 hours.
    Estimated average hours per response: Banks: Specific availability 
policy disclosure and initial disclosures, 1 minute; notice in specific 
policy disclosure, 3 minutes; notice of exceptions, 3 minutes; 
locations where employees accept consumer deposits, 15 minutes; annual 
notice of new automated teller machines (ATMs), 5 hours; ATM changes in 
policy, 20 hours; notice of nonpayment, 1 minute; expedited recredit 
for consumers, 15 minutes; expedited recredit for banks, 15 minutes; 
consumer awareness, 1 minute. Consumers: Expedited recredit claim 
notice, 15 minutes.
    Number of respondents: 1,060.
    General description of report: This information collection is 
mandatory. Reg CC is authorized pursuant the EFAA, as amended, and the 
Check 21 Act (12 U.S.C. 4008 and 12 U.S.C. 5014, respectively). Because 
the Federal Reserve does not collect any information, no issue of 
confidentiality arises. However, if, during a compliance

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examination of a financial institution, a violation or possible 
violation of the EFAA or the Check 21 Act is noted then information 
regarding such violation may be kept confidential pursuant to Section 
(b)(8) of the Freedom of Information Act. 5 U.S.C. 552(b)(8).
    Abstract: Regulation CC requires banks to make funds deposited in 
transaction accounts available within specified time periods, disclose 
their availability policies to customers, and begin accruing interest 
on such deposits promptly. The disclosures are intended to alert 
customers that their ability to use deposited funds may be delayed, 
prevent unintentional (and potentially costly) overdrafts, and allow 
customers to compare the policies of different banks before deciding at 
which bank to deposit funds. The regulation also requires notice to the 
depositary bank and to a customer of nonpayment of a check. Model 
disclosure forms, clauses, and notices are appended to the regulation 
to ease compliance.
    Current Actions: On June 15, 2010, the Federal Reserve published a 
notice in the Federal Register (75 FR 33806) seeking public comment for 
60 days on the extension, without revision, of the FR HMDA-LAR and Reg 
CC. The comment period for this notice expired on August 16, 2010. The 
Federal Reserve did not receive comments on the Reg CC proposal. The 
Federal Reserve received one comment on the FR HMDA/LAR proposal from 
an individual that discussed the merits of a national loan 
identification number, however, the points raised were beyond the scope 
of the PRA clearance process.

    Board of Governors of the Federal Reserve System, August 23, 
2010.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2010-21233 Filed 8-25-10; 8:45 am]
BILLING CODE 6210-01-P