[Federal Register Volume 79, Number 46 (Monday, March 10, 2014)]
[Notices]
[Pages 13301-13303]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-05069]


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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--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.
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 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: 7100--to be assigned.
    Effective Date: March 2014.
    Frequency: On occasion.
    Respondents: 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 will be handled in accordance 
with Board procedures.
    Abstract: The Federal Reserve Board uses 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

[[Page 13302]]

communications with various respondents.
    Qualitative surveys include data gathering methods such as focus 
groups and individual interviews. Quantitative surveys 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. The frequency of the surveys and 
content of the questions may vary as needs arise for feedback on 
different resources and from different audiences.
    Current Actions: On December 24, 2013, the Federal Reserve 
published a notice in the Federal Register (78 FR 77680) requesting 
public comment for 60 days on the implementation of the FR 1378. The 
comment period for this notice expired on February 24, 2014. The 
Federal Reserve did not receive any comments. The surveys will be 
implemented as proposed.
    2. Report title: Consumer and Stakeholder Surveys.
    Agency form number: FR 3073.
    OMB control number: 7100-to be assigned.
    Effective Date: March 2014.
    Frequency: Quarterly, annually, and on occasion.
    Respondents: 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 will be handled in accordance with Board procedures. 
Outside vendors who conduct consumer surveys under contract with the 
Board remove PII

[[Page 13303]]

before providing survey data to the Board. Consumer survey data, 
whether collected by an outside vendor or by the Board, will be 
collected for research purposes only and any identifying information on 
respondents will be removed before any data is publicly released.
    Abstract: The Federal Reserve uses the FR 3073 surveys to gather 
quantitative and qualitative information directly from individual 
consumers or households (consumer surveys) on consumer finance topics. 
This collection is used to gather quantitative and qualitative 
information on current and emerging community economic issues from 
stakeholders (stakeholder surveys). The Federal Reserve uses this 
collection to inform consumer-focused supervision, research, and policy 
analysis; implement statutory requirements; and facilitate community 
development. The surveys in this collection 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. 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.
    Current Actions: On December 24, 2013, the Federal Reserve 
published a notice in the Federal Register (78 FR 77680) requesting 
public comment for 60 days on the implementation of the FR 3073. The 
comment period for this notice expired on February 24, 2014. The 
Federal Reserve did not receive any comments. The surveys will be 
implemented as proposed.

    Board of Governors of the Federal Reserve System, March 5, 2014.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2014-05069 Filed 3-7-14; 8:45 am]
BILLING CODE 6210-01-P