[Federal Register Volume 78, Number 247 (Tuesday, December 24, 2013)]
[Notices]
[Pages 77680-77684]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-30641]


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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 February 24, 2014.

ADDRESSES: You may submit comments, identified by FR 1378 or FR 3073, 
by any of the following methods:
     Agency Web site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     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 
http://www.federalreserve.gov/apps/foia/proposedregs.aspx 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/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears below.
    Federal Reserve Board Clearance Officer--Cynthia Ayouch--Office of 
the Chief Data Officer, 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;
    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;

[[Page 77681]]

    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 Implementation of 
the Following Information Collections

    1. Report title: Surveys of Consumer and Community Affairs 
Publications and Resources.
    Agency form number: FR 1378.
    OMB control number: 7,100--to be assigned.
    Frequency: On occasion.
    Reporters: Individuals, households, nonprofits, community 
development organizations, consumer groups, financial institutions and 
other financial companies offering consumer financial products and 
services, other for profit companies, state or local agencies, and 
researchers from academic, government, policy and other institutions.
    Estimated annual reporting hours: 2,300 hours.
    Estimated average hours per response:
    Consumer surveys: quantitative surveys, 0.25 hours; qualitative 
surveys, 1.5 hours.
    Stakeholder surveys: quantitative surveys, 0.25 hours; qualitative 
surveys, 1.5 hours.
    Number of respondents:
    Consumer surveys: quantitative surveys, 1,000; qualitative surveys, 
50.
    Stakeholder surveys: quantitative surveys, 800; qualitative 
surveys, 50.
    General description of report: This information collection is 
generally authorized under sections 2A and 12A of the Federal Reserve 
Act. Section 2A requires that the Board of Governors of the Federal 
Reserve System and the Federal Open Market Committee (FOMC) maintain 
long run growth of the monetary and credit aggregates commensurate with 
the economy's long run potential to increase production, so as to 
promote effectively the goals of maximum employment, stable prices, and 
moderate long-term interest rates. 12 U.S.C. 225a. In addition, under 
section 12A of the Federal Reserve Act, the FOMC is required to 
implement regulations relating to the open market operations conducted 
by Federal Reserve Banks with a view to accommodating commerce and 
business and with regard to the regulations' bearing upon the general 
credit situation of the country. 12 U.S.C. 263. The authority of the 
Federal Reserve to collect information to carry out the requirements of 
these provisions is implicit. Accordingly, the Federal Reserve is 
authorized to collect the information called for by the FR 1378 by 
sections 2A and 12A of the Federal Reserve Act.
    In addition, the Board is responsible for implementing and drafting 
regulations and interpretations for various consumer protection laws. 
The information obtained from the FR 1378 may be used in support of the 
Board's development and implementation of regulatory provisions for 
these laws. Therefore, depending on the survey questions asked, the 
FR1378 may be authorized pursuant to the Board's authority under one or 
more of the following consumer protection statutes:
     Community Reinvestment Act, (12 U.S.C. 2905);
     Competitive Equality Banking Act, (12 U.S.C. 3806);
     Expedited Funds Availability Act, (12 U.S.C. 4008);
     Truth in Lending Act, (15 U.S.C. 1604); \1\
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    \1\ Although the Dodd-Frank Act (DFA) cut back the Board's 
authority under the Truth in Lending Act, the Board retains rule 
writing authority for implementing regulations with respect to auto 
dealers. DFA Sec.  1100A(7).
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     Fair Credit Reporting Act, (15 U.S.C. 1681s(e)); \2\
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    \2\ Although the DFA cut back the Board's authority under the 
Fair Credit Reporting Act, the Board retains rule writing authority 
for red flags, address changes, and disposal of records. DFA 
Sec. Sec.  1002(12)(F) and 1088(a)(2)(D).
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     Equal Credit Opportunity Act, (15 U.S.C. 1691b); \3\
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    \3\ Although the DFA cut back the Board's authority under the 
Equal Credit Opportunity Act, the Board retains rule writing 
authority for implementing regulations with respect to auto dealers. 
DFA Sec.  1085(3).
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     Electronic Funds Transfer Act, (15 U.S.C. 1693b & 1693o-
2); \4\
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    \4\ Although the DFA cut back the Board's authority under the 
Electronic Fund Transfers Act, the Board retains rule writing 
authority for interchange fee regulations and authority to implement 
regulations with respect to auto dealers. DFA Sec. Sec.  1075 & 
1084.
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     Gramm-Leach-Bliley Act, (15 U.S.C. 6801(b)); \5\ and
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    \5\ Although the DFA cut back the Board's authority under the 
Gramm-Leach-Bliley Act, the Board maintains the authority to 
establish appropriate standards for the financial institutions 
relating to administrative, technical and physical safeguards for 
certain customer records and information. DFA Sec.  1002(12).
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     Flood Disaster Protection Act of 1973, Section 102 (42 
U.S.C. 4012a).
    Participation in the FR 1378 is voluntary and the information 
collected on these surveys is not considered confidential. Access to 
contact information which is considered Personally Identifying 
Information (PII) is typically necessary to recruit respondents for the 
consumer and stakeholder surveys in this collection. Any PII used in 
recruiting respondents for these surveys would be handled in accordance 
with Board procedures.
    Abstract: The Federal Reserve Board would use the FR 1378 surveys 
to seek input from users or potential users of its publications and 
resources to understand their interests and needs; to inform decisions 
concerning content, design, and dissemination strategies; to gauge 
public awareness of its publications and resources; and to assess the 
effectiveness of its communications with various respondents.
    Qualitative surveys would include data gathering methods such as 
focus groups and individual interviews. Quantitative surveys would 
include surveys conducted online or via mobile device, by phone, or by 
mail, or a combination of these methods. The Federal Reserve may choose 
to contract with an outside vendor to conduct focus groups, interviews, 
or surveys, or may choose to collect the data directly. The Federal 
Reserve may also work with outside parties when appropriate to identify 
potential respondents (e.g. networks of community groups or 
researchers) and to collect data.
    As the Federal Reserve's publications and resources continue to 
evolve, the Federal Reserve may seek input from users or potential 
users of our publications on questions such as:
     Was the content relevant and of value?
     Was the length and nature of the discussion appropriate 
and useful for this topic?
     How did the reader access the publication or other 
content--in hard copy distributed at an event, online, or using a 
mobile device? If online or through a mobile device, was the document 
printed for reading, read on a tablet or other e-reader, or read on a 
computer screen?
     Could the Federal Reserve improve the format and 
appearance of the print or electronic presentation? This could include 
the readability of type size or of charts and graphs; organization of 
information; and ease of locating information through indexing, search 
tools, and links.
     Was the reader able to use the information to inform their 
work?
    The frequency of the surveys and content of the questions would 
vary as needs arise for feedback on different resources and from 
different audiences.

[[Page 77682]]

    2. Report title: Consumer and Stakeholder Surveys.
    Agency form number: FR 3073.
    OMB control number: 7,100--to be assigned.
    Frequency: Quarterly, annually, and on occasion.
    Reporters: Individuals, households, community groups, community 
development organizations, non-profit service providers, faith-based 
service organizations, public sector agencies, small business owners, 
health care organizations, food banks, K-12 public and private schools, 
community colleges, community development financial institutions, 
credit unions, banks, and other financial institutions and companies 
offering financial products and services.
    Estimated annual reporting hours: 10,700 hours.
    Estimated average hours per response:
    Consumer surveys: Quantitative surveys (medium), 0.25 hours; 
Quantitative surveys (large), .40 hours; Qualitative surveys, 1.5 
hours.
    Stakeholder surveys: Quantitative surveys, 0.25 hours; Qualitative 
surveys, 1.5 hours.
    Number of respondents:
    Consumer surveys: Quantitative surveys (medium), 2,500; 
Quantitative surveys (large), 5,000; Qualitative surveys, 50.
    Stakeholder surveys: Quantitative surveys, 1,500; Qualitative 
surveys, 50.
    General description of report: This information collection is 
generally authorized under sections 2A and 12A of the Federal Reserve 
Act. Section 2A requires that the Board of Governors of the Federal 
Reserve System and the FOMC maintain long run growth of the monetary 
and credit aggregates commensurate with the economy's long run 
potential to increase production, so as to promote effectively the 
goals of maximum employment, stable prices, and moderate long-term 
interest rates. 12 U.S.C. 225a. In addition, under section 12A of the 
Federal Reserve Act, the FOMC is required to implement regulations 
relating to the open market operations conducted by Federal Reserve 
Banks with a view to accommodating commerce and business and with 
regard to the regulations' bearing upon the general credit situation of 
the country. 12 U.S.C. 263. The authority of the Federal Reserve to 
collect information to carry out the requirements of these provisions 
is implicit. Accordingly, the Federal Reserve is authorized to collect 
the information called for by the FR 3073 by sections 2A and 12A of the 
Federal Reserve Act.
    The Board is responsible for implementing and drafting regulations 
and interpretations for various consumer protection laws. The 
information obtained from the FR 3073 may be used in support of the 
Board's development and implementation of regulatory provisions for 
these laws. Therefore, depending on the survey questions asked, the FR 
3073 may be authorized pursuant to the Board's authority under one or 
more of the following consumer protection statutes:
     Community Reinvestment Act, (12 U.S.C. 2905);
     Competitive Equality Banking Act, (12 U.S.C. 3806);
     Expedited Funds Availability Act, (12 U.S.C. 4008);
     Truth in Lending Act, (15 U.S.C. 1604); \6\
---------------------------------------------------------------------------

    \6\ Although the Dodd-Frank Act (DFA) cut back the Board's 
authority under the Truth in Lending Act, the Board retains rule 
writing authority for implementing regulations with respect to auto 
dealers. DFA Sec.  1100A(7).
---------------------------------------------------------------------------

     Fair Credit Reporting Act, (15 U.S.C. 1681s(e)); \7\
---------------------------------------------------------------------------

    \7\ Although the DFA cut back the Board's authority under the 
Fair Credit Reporting Act, the Board retains rule writing authority 
for red flags, address changes, and disposal of records. DFA 
Sec. Sec.  1002(12)(F) and 1088(a)(2)(D).
---------------------------------------------------------------------------

     Equal Credit Opportunity Act, (15 U.S.C. 1691b); \8\
---------------------------------------------------------------------------

    \8\ Although the DFA cut back the Board's authority under the 
Equal Credit Opportunity Act, the Board retains rule writing 
authority for implementing regulations with respect to auto dealers. 
DFA Sec.  1085(3).
---------------------------------------------------------------------------

     Electronic Funds Transfer Act, (15 U.S.C. 1693b & 1693o-
2); \9\
---------------------------------------------------------------------------

    \9\ Although the DFA cut back the Board's authority under the 
Electronic Fund Transfers Act, the Board retains rule writing 
authority for interchange fee regulations and authority to implement 
regulations with respect to auto dealers. DFA Sec. Sec.  1075 & 
1084.
---------------------------------------------------------------------------

     Gramm-Leach-Bliley Act, (15 U.S.C. 6801(b)); \10\ and
---------------------------------------------------------------------------

    \10\ Although the DFA cut back the Board's authority under the 
Gramm-Leach-Bliley Act, the Board maintains the authority to 
establish appropriate standards for the financial institutions 
relating to administrative, technical and physical safeguards for 
certain customer records and information. DFA Sec.  1002(12).
---------------------------------------------------------------------------

     Flood Disaster Protection Act of 1973, Section 102 (42 
U.S.C. 4012a).
    Additionally, depending upon the survey respondent, the information 
collection may be authorized under a more specific statute. 
Specifically, the Board is authorized to collect information from state 
member banks under section 9 of the Federal Reserve Act (12 U.S.C. 
324); from bank holding companies (and their subsidiaries) under 
section 5(c) of the Bank Holding Company Act (12 U.S.C. 1844(c)); from 
Edge and agreement corporations under section 25 and 25A of the Federal 
Reserve Act (12 U.S.C. 602 and 625); and from U.S. branches and 
agencies of foreign banks under section 7(c)(2) of the International 
Banking Act of 1978 (12 U.S.C. 3105(c)(2)) and under section 7(a) of 
the Federal Deposit Insurance Act (12 U.S.C. 1817(a)).
    Participation in the FR 3073 is voluntary. The ability of the 
Federal Reserve to maintain the confidentiality of information provided 
by respondents to the FR 3073 surveys will have to be determined on a 
case by case basis depending on the type of information provided for a 
particular survey. Some of the information collected on the surveys may 
be protected from Freedom of Information Act (FOIA) disclosure by FOIA 
exemptions 4 and 6. Exemption 4 protects from disclosure trade secrets 
and commercial or financial information, while Exemption 6 protects 
information ``the disclosure of which would constitute a clearly 
unwarranted invasion of personal privacy.'' See 5 U.S.C. 552(b)(4) and 
(6).
    Access to contact information which is considered PII is typically 
necessary to recruit respondents for the consumer and stakeholder 
surveys in this collection. Any PII used in recruiting respondents for 
these surveys would be handled in accordance with Board procedures. 
Outside vendors who conduct consumer surveys under contract with the 
Board remove PII before providing survey data to the Board. Consumer 
survey data, whether collected by an outside vendor or by the Board, 
would be collected for research purposes only and any identifying 
information on respondents would be removed before any data is publicly 
released.
    Abstract: The Federal Reserve would use the FR 3073 surveys to 
gather quantitative and qualitative information directly from 
individual consumers or households (consumer surveys) on consumer 
finance topics. This collection also would be used to gather 
quantitative and qualitative information on current and emerging 
community economic issues from stakeholders (stakeholder surveys). The 
Federal Reserve would use this collection to inform consumer-focused 
supervision, research, and policy analysis; implement statutory 
requirements; and facilitate community development. The surveys in this 
collection would inform the Federal Reserve's work by identifying 
emerging risks and providing additional data on the issues that affect 
the well-being of consumers and communities and the function of the 
market for financial services.
    Topics explored in quantitative and qualitative consumer surveys 
are likely to vary over time, although some topics

[[Page 77683]]

may be repeated. Surveys may relate to various aspects of consumer 
financial knowledge, attitudes, and behavior, and may inform 
understanding of changes in the markets for consumer financial 
services, including changes stemming from regulatory or legislative 
developments as well as from changes in technology and business 
practices. Some surveys may be needed to address issues of immediate 
concern, and such issues may not be anticipated in advance. Examples of 
topics for consumer surveys may include:
     Use of financial products and services;
     Use of technology and various service delivery channels;
     Ability to notice, comprehend, and use disclosures,
     Ability to comprehend terms of credit or account 
agreements;
     Preferences about the delivery of information (content, 
format, timing, and method);
     Comprehension of particular deliveries of information 
(electronic and paper media);
     Abilities to use a particular method of delivery, such as 
web-based disclosures;
     Sources and incidence of financial stress, and resources 
for coping with adverse shocks;
     Behaviors related to searching, shopping, and negotiating 
for credit or asset purchases;
     Financial planning, borrowing, investment, and insurance 
decisions;
     Financial knowledge, attitudes, and advice-seeking 
behaviors; and
     Human capital investment decisions and labor market 
outcomes.
    For the quantitative consumer surveys, the Federal Reserve would 
typically contract with an outside vendor to collect the data.
    For surveys administered via an outside vendor, the Federal Reserve 
would design the survey and draft the survey questions in consultation 
with the vendor. The questions asked on any given survey would be 
specific to the particular topic of interest. Some questions may be 
repeated in subsequent surveys, but others may be asked on a single 
survey. The firm would be responsible for testing the survey 
procedures, following the sampling protocol and conducting the survey 
as specified by the Federal Reserve, preparing data files containing 
the responses, computing analysis weights, and documenting all survey 
procedures. Data editing and analysis of the results may be conducted 
either solely by the Federal Reserve and any research partner or 
jointly with the firm depending on the needs of the project.
    The number of respondents to any given survey would vary depending 
on the purpose of the survey and the sample size needed to obtain 
statistically valid results. The Federal Reserve anticipates fielding 
up to two large surveys each year and four medium (in sample size and 
survey time length) surveys focused on particular topics for which data 
needs have arisen.
    Qualitative surveys with consumers such as focus groups and 
interviews may be conducted on a variety of topics, either as a 
standalone study or as a complement to a quantitative study as a part 
of a larger project. Formal or informal qualitative surveys may be 
conducted by the Federal Reserve and any outside partners collaborating 
with the Federal Reserve. They also may be conducted through a private 
contractor, which would be chosen in a competitive bidding process or 
other acceptable negotiated process. The research instruments may be 
developed by the Federal Reserve and any research partner or jointly 
with the contractor working on behalf of the Board. As necessary, the 
contractor may be responsible for testing the study procedures, 
following the sampling protocol established by the Federal Reserve, 
conducting the study as specified by the Federal Reserve, collecting 
and coding responses, and documenting all procedures. Data editing and 
analysis of the results may be conducted either by the Federal Reserve 
and any research partner, by the contractor, or some combination of 
these depending on the project.
    The number of respondents to any given qualitative survey would 
also vary depending on the purpose of the survey and the number of 
respondents needed to provide a range of viewpoints. FR 3073 would 
enable the Federal Reserve to conduct up eight qualitative surveys each 
year with about 50 respondents per survey. For example, a qualitative 
survey could include several focus groups on a particular topic for 
which data needs have arisen.
    The stakeholder surveys would be used to gather quantitative and 
qualitative information directly from stakeholders (stakeholder 
surveys). Stakeholders may include, for example, such organizations as 
community groups, community development organizations, non-profit 
service providers, faith-based service organizations, public sector 
agencies, small business owners, health care organizations, food banks, 
K-12 public and private schools, community colleges community 
development financial institutions, credit unions, banks, and other 
financial institutions and companies offering financial products and 
services. Before initiating a new survey, the Federal Reserve would 
determine if the information to be collected is available by other 
means or sources within the Federal Reserve System to avoid imposing 
additional burden on stakeholders.
    Quantitative surveys would initially be collected in partnership 
with an intermediary working with community-based nonprofits to gather 
responses from their affiliates and grantees on a voluntary basis. 
Quarterly invitations to complete the survey would be emailed to 
stakeholders. The surveys would be administered through a web-based 
platform and capture trends (information over time) as well as 
geographical dispersion (representative coverage of all 12 Reserve Bank 
districts). The Federal Reserve would continue to explore other avenues 
for collecting data from community stakeholders, including building a 
national stakeholder sampling frame.
    The survey questions would include current and emerging community 
economic issues including job availability, access to affordable rental 
housing, access to credit, and non-profit organizational capacity to 
meet community demands for services. Some topics would be covered each 
quarter, while others may be included less frequently. The Federal 
Reserve anticipates fielding up to eight quantitative stakeholder 
surveys each year, although surveys may not be conducted that 
frequently.
    As with the consumer surveys described above, formal or informal 
qualitative surveys with stakeholders would be conducted by the Federal 
Reserve and any outside partners collaborating with the Board. Such 
surveys may also be conducted through a private contractor. Topics for 
qualitative surveys may vary and may include new issues of concern for 
stakeholders or communities, or exploring an ongoing area of focus in 
more depth. Such methods could also be used for testing and developing 
the wording of survey questions, and complementing a quantitative 
survey in a mixed method research design.
    The number of respondents to any given qualitative stakeholder 
survey would vary depending on the purpose of the survey and the number 
of respondents needed to provide a range of viewpoints. FR 3073 would 
enable the Federal Reserve to conduct up to eight qualitative surveys 
each year with about 50 respondents per survey. For example, a 
qualitative survey could include several focus groups with different 
types of stakeholders or

[[Page 77684]]

stakeholders from different areas of the country.
    The frequency and content of the questions may change depending on 
economic conditions, regulatory, or legislative developments, as well 
as changes in technology, business practices, and other factors 
affecting consumers, stakeholders, and communities.

    Board of Governors of the Federal Reserve System, December 19, 
2013.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2013-30641 Filed 12-23-13; 8:45 am]
BILLING CODE 6210-01-P