[Federal Register Volume 81, Number 176 (Monday, September 12, 2016)]
[Notices]
[Pages 62767-62769]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-21863]


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NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Proposed Collection; 
Recordkeeping and Disclosure Requirements of Regulations B, E, and M, 
Issued by the Consumer Financial Protection Bureau (CFPB), and 
Regulation CC, Issued by the Board of Governors of the Federal Reserve 
System (FRB); Comment Request

AGENCY: National Credit Union Administration (NCUA).

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ACTION: Notice and request for comment.

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SUMMARY: NCUA, as part of its continuing effort to reduce paperwork and 
respondent burden, invites the general public and other Federal 
agencies to comment on the submission for reinstatement of a previously 
approved collection, as required by the Paperwork Reduction Act of 
1995. NCUA is soliciting comment on the reinstatement of the 
information collection described below.

DATES: Comments should be received on or before November 14, 2016 to be 
assured consideration.

ADDRESSES: Interested persons are invited to submit written comments on 
the information collection to Dawn Wolfgang, National Credit Union 
Administration, 1775 Duke Street, Alexandria, Virginia 22314, Suite 
5067; Fax No. 703-519-8579; or Email at [email protected].

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to the address above.

SUPPLEMENTARY INFORMATION:

I. Abstract and Request for Comments

    This information collection request provides for the application of 
three CFPB rules and one FRB rule. NCUA has enforcement responsibility 
for these rules for federal credit unions. These rules are:
     Regulation B (``Equal Credit Opportunity Act,'' 12 CFR 
part 1002);
     Regulation E (``Electronic Fund Transfers,'' 12 CFR part 
1005);
     Regulation M (``Consumer Leasing,'' 12 CFR part 1013); and
     Regulation CC (``Availability of Funds and Collection of 
Checks,'' 12 CFR part 229).

Regulation B--12 CFR Part 1002--Equal Credit Opportunity Act (ECOA) (15 
U.S.C. 1691)

    The ECOA was enacted in 1974 and is implemented by Regulation B. 
ECOA and Regulation B prohibit lenders from discriminating in any 
aspect of a credit transaction on the basis of the applicant's sex, 
marital status, race, color, religion, national origin, or age. It also 
prohibits discrimination because an applicant's income is derived from 
a public assistance program, or because the applicant has in good faith 
exercised any right under the Consumer Credit Protection Act (Pub.L. 
90-321, 82 Stat.146).
    The regulation establishes guidelines for gathering and evaluating 
information about personal characteristics in applications for certain 
dwelling-related loans, requires lenders to provide applicants with 
certain information including copies of appraisal reports in connection 
with credit transactions, and requires written notification of action 
taken on a credit application. The regulation contains rules relating 
to the use of co-signers. The regulation also requires spousal 
information to be reported to consumer reporting agencies to reflect 
participation of both spouses.

Regulation E--12 CFR Part 1005--Electronic Fund Transfers (Electronic 
Fund Transfer Act, 15 U.S.C. 1693 et seq.)

    The Electronic Fund Transfer Act (EFTA) was enacted in 1978 and is 
implemented by Regulation E. The EFTA and Regulation E establish the 
rights, liabilities, and responsibilities of parties in electronic fund 
transfer (EFT) services and offer protections to consumers when they 
use such systems. The disclosures required by this regulation are 
designed to ensure consumer receive adequate disclosure of basic terms, 
costs, and rights relating to EFT services provided to them so that 
they can make informed decisions. Credit unions offering EFT services 
must disclose certain information to consumers including the following: 
Initial and updated EFT terms, transaction information, the consumer's 
potential liability for unauthorized transfers, and error resolution 
rights and procedures. The regulation also covers change-in-terms 
notices if the change would result in increased liability for the 
consumer, increased fees, fewer types of available EFTs, or stricter 
limitations on the frequency or dollar amounts of transfers; 
disclosures related to loyalty, award, or promotional gift cards; and 
requirements for gift card and gift certificate exclusions, prohibition 
on sale of gift certificates or cards with expiration dates, and other 
certificate and card disclosures. Subpart B of the regulation covers 
activities of remittance transfer providers.

Regulation M--12 CFR Part 1013--Consumer Leasing (Consumer Leasing Act, 
15 U.S.C. 1667-1667f)

    The Consumer Leasing Act (CLA) was enacted in 1976 as an amendment 
to the Truth in Lending Act (TILA). The CLA and Regulation M are 
intended to provide consumers with meaningful disclosures about the 
costs and terms of leases for personal property. The disclosures enable 
consumers to compare the terms for a particular lease with those for 
other leases and, when appropriate, to compare lease terms with those 
for credit transactions. The CLA and Regulation M also contain rules 
about advertising consumer leases and limit the size of balloon 
payments in consumer lease transactions. The CLA and regulation M 
requires lessors to disclose to consumers uniformly the costs, 
liabilities, and terms of consumer lease transactions. Disclosures are 
provided to consumers before they enter into lease transactions and in 
advertisements that state the availability of consumer leases on 
particular terms. The regulation generally applies to consumer leases 
of personal property in which the contractual obligation does not 
exceed $54,600 \1\ and has a term of more than four months.
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    \1\ The threshold amount is adjusted annually to reflect 
increase in the Consumer Price Index for Urban Wage Earners and 
Clerical Workers (Sec.  1013.1(e)(1)).
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Regulation CC--12 CFR Part 229--Availability of Funds and Collection of 
Checks (Expedited Funds Availability Act, 12 U.S.C. 4001-4010 and the 
Check Clearing for the 21st Century Act, 12 U.S.C. 5001-5018)

    This regulation establishes timeframes to govern the availability 
of funds deposited in checking accounts, rules to govern the collection 
and return of checks, and general provisions to govern the use of 
substitute checks. The regulation has consumer protection disclosure 
requirements and requires credit unions to make funds deposited in 
transaction accounts available within specified time periods, disclose 
their availability policies to customers, and begin accruing interest 
on such deposit promptly. The disclosures are intended to alert 
customers that their ability to used deposited funds may be delayed, 
prevent unintentional (and costly) overdrafts, and allow customers to 
compare the policies of different institutions before deciding at which 
institution to deposit funds. The regulation also requires notice to 
the depositary bank and to a customer of nonpayment of a check.
    Comments submitted in response to this notice will be summarized 
and included in the request for Office of Management and Budget 
approval. All comments will become a matter of public record. The 
public is invited to submit comments concerning: (a) Whether the 
collection of information is necessary for the proper performance of 
the function of the agency, including whether the information will have 
practical utility; (b) the accuracy of the agency's estimate of the 
burden of the collection of information, including the validity of the 
methodology and assumptions used; (c) ways to enhance the quality, 
utility, and clarity of the information to be collected; and (d)

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ways to minimize the burden of the collection of the information on the 
respondents, including the use of automated collection techniques or 
other forms of information technology.

II. Data

    Title: Regulation B (``Equal Credit Opportunity Act,'' 12 CFR part 
1002); Regulation E (``Electronic Fund Transfers,'' 12 CFR part 1005); 
Regulation M (``Consumer Leasing,'' 12 CFR part 1013); and Regulation 
CC (``Availability of Funds and Collection of Checks,'' 12 CFR part 
229).
    OMB Number: 3133-0103.
    Type of Review: Reinstatement with change of a previously approved 
collection.
    Description: The third party disclosure and recordkeeping 
requirements in this collection are required by statute and regulation. 
The regulations prescribe certain aspects of the credit application and 
notification process, making certain disclosures, uniform methods for 
computing the costs of credit, disclosing credit terms and cost, 
resolving errors on certain types of credit accounts, and timing 
requirements and disclosures relating to the availability of deposited 
funds.
    Respondents: Federal credit unions for Regulations B and M. Federal 
credit unions and any credit union member who chooses to exercise opt-
in rights for Regulation E. Federally-insured credit unions for 
Regulation CC.
    Estimated No. of Respondents: Regulation B, 3,811 federal credit 
unions. Regulation E, 2,938 federal credit unions and 24,700,000 credit 
union members who opt-in. Regulation M, 35 federal credit unions. 
Regulation CC, 4,957 federally-insured credit unions.
    Frequency of Response: Annually for most credit unions. Once for 
credit union members choosing to opt-in.
    Estimated Burden Hours per Response: Estimated burden hours per 
response range from 0.01 to 20 depending upon the information 
collection activity.
    Estimated Total Annual Burden Hours: Regulation B, 484,351. 
Regulation E, 2,254,319. Regulation M, 2,625. Regulation CC, 504,610.
    Reason for Change: The NCUA is consolidating the disclosure and 
recordkeeping requirement contained under Regulations B, E, M, and CC 
under a single information collection. Information collection 
requirements previously cleared under OMB control numbers 3133-0104 and 
3133-0105 will be consolidated under 3133-0103.

    By Gerard Poliquin, Secretary of the Board, the National Credit 
Union Administration, on September 7, 2016.
    Dated: September 7, 2016.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2016-21863 Filed 9-9-16; 8:45 am]
 BILLING CODE 7535-01-P