[Federal Register Volume 77, Number 225 (Wednesday, November 21, 2012)]
[Notices]
[Pages 69843-69844]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-28298]


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

FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: 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), 
pursuant to 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 part 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.

DATES: Comments must be submitted on or before January 22, 2013.

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.
     Email: [email protected]. Include OMB 
number in the subject line of the message.
     Fax: (202) 452-3819 or (202) 452-3102.
     Mail: Robert deV. Frierson, 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 
9:00 a.m. and 5:00 p.m. on weekdays.
    Additionally, commenters may send a copy of their comments to the 
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 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.
    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.

SUPPLEMENTARY INFORMATION:

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;

[[Page 69844]]

    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;
    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; and
    e. Estimates of capital or start up costs and costs of operation, 
maintenance, and purchase of services to provide information.

Proposal To Approve Under OMB Delegated Authority the Extension for 
Three Years, Without Revision, of the Following Reports

    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), savings and loan 
holding companies (SLHCs) and nongovernmental entities or persons 
(NGEPs).
    Estimated annual reporting hours: 78 hours.
    Estimated average hours per response: 1 hour (3 disclosure 
requirements and 5 reporting requirements) and 4 hours (2 reporting 
requirements).
    Number of respondents: 3 IDIs and SLHCs, and 6 NGEPs.
    General description of report: This information collection is 
mandatory 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 part 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 Federal Deposit Insurance Act (FDI 
Act), entitled ``CRA Sunshine Requirements,'' imposes disclosure and 
reporting requirements on IDIs or their affiliates, and NGEPs that 
enter into written agreements that meet certain criteria (covered 
agreements).\1\ The written agreements must (1) be made in fulfillment 
of the 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.
---------------------------------------------------------------------------

    \1\ 12 U.S.C. 1831y.
---------------------------------------------------------------------------

    The disclosure and reporting requirements in connection with 
Regulation G are mandatory and apply to state member banks and their 
subsidiaries; savings and loan holding companies; 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 Subpart 
H of 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.
    Estimated annual reporting hours: 12,962 hours.
    Estimated average hours per response: 1.5 minutes
    Number of respondents: 823.
    General description of report: This information collection is 
mandatory pursuant the Federal Deposit Insurance (FDI) Act, 12 U.S.C. 
1831x. The FDI Act authorizes the Federal Reserve to require the 
disclosure requirements associated with Subpart H of Regulation H (12 
CFR 208.81--208.86). Since the Federal Reserve does not collect any 
information, no issue of confidentiality normally arises.
    Abstract: Section 305 of the Gramm-Leach-Bliley Act of 1999 
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 are required to 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 are required to 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.

    Board of Governors of the Federal Reserve System, November 16, 
2012.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2012-28298 Filed 11-20-12; 8:45 am]
BILLING CODE 6210-01-P