[Federal Register Volume 77, Number 18 (Friday, January 27, 2012)]
[Notices]
[Pages 4322-4323]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-1696]


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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: Notice is hereby given of the final approval of a proposed 
information collection 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--Cynthia Ayouch--Division of Research and Statistics, Board of 
Governors of the Federal Reserve System, Washington, DC 20551, (202) 
452-3829). Telecommunications Device for the Deaf (TDD) users may 
contact (202) 263-4869, Board of Governors of the Federal Reserve 
System, Washington, DC 20551.
    OMB Desk Officer--Shagufta Ahmed--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, 725 17th Street NW., Washington, DC 20503.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of the Following Report

    Report title: Recordkeeping and Disclosure Requirements in 
Connection with Regulation E (Electronic Fund Transfer Act).
    Agency form number: Reg E.
    OMB control number: 7100-0200.
    Frequency: Event-generated.
    Reporters: State member banks, 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 Edge and agreement corporations.
    Annual reporting hours: 62,725 hours.
    Estimated average hours per response: Initial terms disclosure, 1.5 
minutes; change in terms disclosure, 1 minute; periodic statements, 7 
hours; error resolution rules, 30 minutes; Gift Card exclusion policies 
and procedures, 8 hours; and Gift Card Policy and procedures, 8 hours.
    Number of respondents: Initial terms disclosure, 1,029; change in 
terms disclosure, 1,029; periodic statements, 221; error resolution 
rules, 1,029; Gift Card exclusion policies and procedures, 1,029; and 
Gift Card Policy and procedures, 1,029.
    General description of report: This information collection is 
mandatory (15 U.S.C. 1693 et seq.). The disclosures required by the 
rule and information about error allegations and their resolution are 
confidential between the institution and the consumer. Since the 
Federal Reserve does not collect any information, no issue of 
confidentiality arises. However, the information, if made available to 
the Federal Reserve, may be protected from disclosure under exemptions 
(b)(4), (6), and (8) of the Freedom of Information Act (5 U.S.C. 552 
(b)(4), (6), and (8)).
    Abstract: The Electronic Funds Transfer Act and Regulation E are 
designed to ensure adequate disclosure of basic terms, costs, and 
rights relating to electronic fund transfer (EFT) services provided to 
consumers. Institutions offering EFT services must disclose to 
consumers certain information, including: Initial and updated EFT 
terms, transaction information, periodic statements of activity, the 
consumer's potential liability for unauthorized transfers, and error 
resolution rights and procedures. EFT services include automated teller 
machines, telephone bill payment, point-of-sale transfers in retail 
stores, fund transfers initiated through the Internet, and 
preauthorized transfers to or from a consumer's account.
    Current Actions: On May 23, 2011, the Federal Reserve published a 
notice of proposed rulemaking (NPRM) in the Federal Register for public 
comment (76 FR 29902).\1\ The proposal contained new protections for 
consumers who send remittance transfers to other consumers or entities 
in a foreign country by providing consumers with disclosures and error 
resolution rights. The proposed amendments would implement statutory 
requirements set forth in the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (DFA). The comment period expired July 22, 
2011. The Federal Reserve received 69 comment letters that, as stated 
in the notice, were transferred to the Consumer Financial Protection 
Bureau (CFPB) for completion of the

[[Page 4323]]

rulemaking process. Upon publication of the CFPB's final rulemaking, 
any final changes would be incorporated into the Federal Reserve's 
Regulation E information collection, as appropriate. In addition to the 
DFA amendments, the Federal Reserve proposed (in the NPRM) to extend 
for three years, without revision, the current Regulation E information 
collection. The Federal Reserve did not receive any comments on this 
part of the proposal and therefore will proceed with extending the 
information collection as proposed.
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    \1\ Docket No. R-1419.

    Board of Governors of the Federal Reserve System, January 23, 
2012.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2012-1696 Filed 1-26-12; 8:45 am]
BILLING CODE 6210-01-P