[Federal Register Volume 87, Number 100 (Tuesday, May 24, 2022)]
[Notices]
[Pages 31560-31561]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-11091]


-----------------------------------------------------------------------

FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

-----------------------------------------------------------------------

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, without 
revision, the Disclosure Requirements and Recordkeeping Requirements 
Associated with Regulation CC (FR CC; OMB No. 7100-0235).

DATES: Comments must be submitted on or before July 25, 2022.

ADDRESSES: You may submit comments, identified by FR CC, by any of the 
following methods:
     Agency Website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include the OMB 
number or FR number in the subject line of the message.
     FAX: (202) 452-3819 or (202) 452-3102.
     Mail: Federal Reserve Board of Governors, Attn: Ann E. 
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St NW, 
Washington, DC 20551.
    All public comments are available from the Board's website at 
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as 
submitted, unless modified for technical reasons or to remove 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any confidential 
business information, identifying information, or contact information. 
Public comments may also be viewed electronically or in paper in Room 
M-4365A, 2001 C St NW, Washington, DC 20551, between 9:00 a.m. and 5:00 
p.m. on weekdays. For security reasons, the Board requires that 
visitors make an appointment to inspect comments. You may do so by 
calling (202) 452-3684. Upon arrival, visitors will be required to 
present valid government-issued photo identification and to submit to 
security screening in order to inspect and photocopy comments.
    Additionally, commenters may send a copy of their comments to the 
Office of Management and Budget (OMB) Desk Officer for the Federal 
Reserve Board, 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: Federal Reserve Board Clearance 
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, Washington, DC 20551, (202) 
452-3829.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the Paperwork Reduction Act (PRA) to approve and assign 
OMB control numbers to collections of information conducted or 
sponsored by the Board. In exercising this delegated authority, the 
Board is directed to take every reasonable step to solicit comment. In 
determining whether to approve a collection of information, the Board 
will consider all comments received from the public and other agencies.
    During the comment period for this proposal, a copy of the proposed 
PRA OMB submission, including the draft reporting form and 
instructions, supporting statement, and other documentation, will be 
made available on the Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears above. Final 
versions of these documents will be made available at https://www.reginfo.gov/public/do/PRAMain, if approved.

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Board's functions, including whether the 
information has practical utility;
    b. The accuracy of the Board's estimate of the burden of the 
proposed information collection, including the validity of the 
methodology and assumptions used;
    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 startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Board 
should modify the proposal.

Proposal Under OMB Delegated Authority To Extend for Three Years, 
Without Revision, the Following Information Collection

    Collection title: Disclosure Requirements and Recordkeeping 
Requirements Associated with Regulation CC.
    Collection identifier: FR CC.
    OMB control number: 7100-0235.
    Frequency: Event-generated.
    Respondents: State member banks and uninsured state branches and 
agencies of foreign banks.
    Estimated number of respondents: Bank burden: 686 (except for 
Changes in policy, 100); Consumer burden: 17,150.
    Estimated average hours per response: Specific availability policy 
disclosures and initial disclosures, 0.02; Longer delays on a case-by-
case basis--Notice in specific policy disclosure, 0.05; Notice of 
exceptions, 0.05; Locations where employees accept consumer deposits 
and ATMs, 0.25; Quinquennial

[[Page 31561]]

inflation adjustments for disclosures, 8; Annual notice of new ATMs, 5; 
Changes in policy, 20; Notification of quinquennial inflation 
adjustments (annualized), 4; Notice of nonpayment on paying bank, 0.02; 
Notification to customer, 0.02; Expedited recredit for consumers, 0.25; 
Expedited recredit for banks, 0.25; Consumer awareness, 0.02; Expedited 
recredit claim notice, 0.25.
    Estimated annual burden hours: Specific availability policy 
disclosures and initial disclosures, 6,860; Longer delays on a case-by-
case basis--Notice in specific policy disclosure, 24,010; Notice of 
exceptions, 68,600; Locations where employees accept consumer deposits 
and ATMs, 172; Quinquennial inflation adjustments for disclosures, 
5,488; Annual notice of new ATMs, 3,430; Changes in policy, 4,000; 
Notification of quinquennial inflation adjustments (annualized), 2,744; 
Notice of nonpayment on paying bank, 480; Notification to customer, 
5,076; Expedited recredit for consumers, 6,003; Expedited recredit for 
banks, 2,573; Consumer awareness, 4,116; Expedited recredit claim 
notice, 4,288.
    General description of collection: Regulation CC--Availability of 
Funds and Collection of Checks (12 CFR 229), which implements the 
Expedited Funds Availability Act of 1987 (EFA Act) \1\ and the Check 
Clearing for the 21st Century Act of 2003 (Check 21 Act),\2\ requires 
banks \3\ 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. 
Regulation CC 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.
---------------------------------------------------------------------------

    \1\ See 12 U.S.C. 4001 et seq.
    \2\ See 12 U.S.C. 5001 et seq.
    \3\ For purposes of Regulation CC, banks are commercial banks, 
savings associations, credit unions, and U.S. branches and agencies 
of foreign banks.
---------------------------------------------------------------------------

    Legal authorization and confidentiality: Section 609 of the EFA 
Act, as amended by section 1086 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act (Dodd-Frank Act),\4\ states that, ``the 
Board, jointly with the Director of the Bureau of Consumer Financial 
Protection, shall prescribe regulations--(1) to carry out the 
provisions of this chapter; (2) to prevent the circumvention or evasion 
of such provisions; and (3) to facilitate compliance with such 
provisions.'' Additionally, section 15 of the Check 21 Act \5\ 
authorizes the Board to ``prescribe such regulations as the Board 
determines to be necessary to implement, prevent circumvention or 
evasion of, or facilitate compliance with the provisions of this 
chapter.'' The Board is therefore authorized by these statutory 
provisions to promulgate the disclosure and recordkeeping requirements 
contained in Regulation CC. The disclosure and recordkeeping 
requirements in Regulation CC are mandatory. The information that 
Regulation CC requires of consumers who are making an expedited 
recredit claim is required to obtain a benefit.
---------------------------------------------------------------------------

    \4\ 12 U.S.C. 4008.
    \5\ 12 U.S.C. 5014.
---------------------------------------------------------------------------

    Because records required by Regulation CC are maintained at each 
banking organization, the Freedom of Information Act (FOIA) would only 
be implicated if the Board obtained such records as part of the 
examination or supervision of a banking organization. In the event the 
records are obtained by the Board as part of an examination or 
supervision of a financial institution, this information may be 
considered confidential pursuant to exemption 8 of the FOIA, which 
protects information contained in ``examination, operating, or 
condition reports'' obtained in the bank supervisory process.\6\
---------------------------------------------------------------------------

    \6\ 5 U.S.C. 552(b)(8).
---------------------------------------------------------------------------

    Consultation outside the agency: Pursuant to sections 1086 and 
1100H of the Dodd-Frank Act, the Board and the Consumer Financial 
Protection Bureau (CFPB) assumed joint rulemaking authority with 
respect to subpart B of Regulation CC. Given this joint authority, the 
Board has communicated with the CFPB regarding this information 
collection.

    Board of Governors of the Federal Reserve System, May 17, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-11091 Filed 5-23-22; 8:45 am]
BILLING CODE 6210-01-P