[Federal Register Volume 79, Number 183 (Monday, September 22, 2014)]
[Notices]
[Pages 56581-56582]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-22487]


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

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 Acting Clearance 
Officer--John Schmidt--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 of the extension for 
three years, without revision, of the following report:
    Report title: Disclosure Requirements in Connection with Regulation 
CC (Expedited Funds Availability Act (EFAA)).
    Agency form number: Reg CC.
    OMB control number: 7100-0235.

[[Page 56582]]

    Frequency: Event-generated.
    Reporters: State member banks and uninsured state branches and 
agencies of foreign banks.
    Annual reporting hours: 195,846 hours.
    Estimated average hours per response: Banks: Specific availability 
policy disclosure and initial disclosures, 1 minute; notice in specific 
policy disclosure, 3 minutes; notice of exceptions, 3 minutes; 
locations where employees accept consumer deposits, 15 minutes; annual 
notice of new automated teller machines (ATMs), 5 hours; ATM changes in 
policy, 20 hours; notice of nonpayment, 1 minute; expedited recredit 
for consumers, 15 minutes; expedited recredit for banks, 15 minutes; 
consumer awareness, 1 minute. Consumers: Expedited recredit claim 
notice, 15 minutes.
    Number of respondents: 1,025.
    General description of report: This information collection is 
mandatory. Reg CC is authorized pursuant the EFAA, as amended, and the 
Check 21 Act (12 U.S.C. 4008 and 12 U.S.C. 5014, respectively). Because 
the Federal Reserve does not collect any information, no issue of 
confidentiality arises. However, if, during a compliance examination of 
a financial institution, a violation or possible violation of the EFAA 
or the Check 21 Act is noted then information regarding such violation 
may be kept confidential pursuant to Section (b)(8) of the Freedom of 
Information Act. 5 U.S.C. 552(b)(8).
    Abstract: Regulation CC requires banks to make funds deposited in 
transaction accounts available within specified time periods, disclose 
their availability policies to customers, and begin accruing interest 
on such deposits promptly. The disclosures are intended to alert 
customers that their ability to use deposited funds may be delayed, 
prevent unintentional (and potentially costly) overdrafts, and allow 
customers to compare the policies of different banks before deciding at 
which bank to deposit funds. The regulation also requires notice to the 
depositary bank and to a customer of nonpayment of a check. Model 
disclosure forms, clauses, and notices are appended to the regulation 
to ease compliance.
    Current Actions: On February 4, 2014, the Federal Reserve published 
a notice of proposed rulemaking (NPRM) in the Federal Register for 
public comment (79 FR 6674).\1\ The NPRM contained a number of 
substantive amendments to Regulation CC (Availability of Funds and 
Collection of Checks).\2\ In the NPRM, the Federal Reserve also 
proposed to extend for three years, without revision, the current 
information collection in connection with Regulation CC. The comment 
period expired on May 2, 2014. The Federal Reserve did not receive any 
comments on information collection aspect of the NPRM and therefore 
will proceed with extending the current information collection for 
three years, without revision, as proposed.
---------------------------------------------------------------------------

    \1\ Docket No. R-1409.
    \2\ The Federal Reserve requested comment on expanding the 
provisions of Regulation CC that currently apply only to paper 
checks to electronic checks and electronic returned checks that 
banks exchange by agreement. The Federal Reserve also requested 
comment on alternative approaches to modifying the current 
expeditious-return and notice of nonpayment requirements to 
encourage the few remaining banks demanding paper returns to accept 
electronic returns. In addition, the Federal Reserve requested 
comment on a new indemnity for electronic items cleared through the 
check collection system that did not originate as paper checks. The 
Federal Reserve received 40 comment letters on the proposed 
revisions, currently under review, to be addressed in a separate 
notice.

    Board of Governors of the Federal Reserve System, September 17, 
2014.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2014-22487 Filed 9-19-14; 8:45 am]
BILLING CODE 6210-01-P