[Federal Register Volume 78, Number 19 (Tuesday, January 29, 2013)]
[Notices]
[Pages 6106-6107]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-01827]


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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 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 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 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.
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    \1\ 12 U.S.C. 1831y.
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    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.
    Current Actions: On November 21, 2012, the Federal Reserve 
published a notice in the Federal Register (77 FR 69843) requesting 
public comment for 60 days on the extension, without revision, of the 
Disclosure and Reporting Requirements of CRA-Related Agreements. The 
comment period for this notice expired on January 22, 2013. The Federal 
Reserve did not receive any comments.
    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

[[Page 6107]]

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.
    Current Actions: On November 21, 2012, the Federal Reserve 
published a notice in the Federal Register (77 FR 69843) requesting 
public comment for 60 days on the extension, without revision, of the 
Disclosure Requirements in Connection With Subpart H of Regulation H 
(Consumer Protections in Sales of Insurance). The comment period for 
this notice expired on January 22, 2013. The Federal Reserve did not 
receive any comments.

    Board of Governors of the Federal Reserve System, January 24, 
2013.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2013-01827 Filed 1-28-13; 8:45 am]
BILLING CODE 6210-01-P