[Federal Register: January 11, 2007 (Volume 72, Number 7)]
[Notices]
[Page 1331-1332]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr11ja07-45]
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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: Background
Notice is hereby given of the final approval of 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 Clearance
Officer --Michelle Shore--Division of Research and Statistics, Board of
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829).
OMB Desk Officer--Mark Menchik--Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 10235, Washington, DC 20503, or e-mail to
mmenchik@omb.eop.gov
Final approval under OMB delegated authority of the extension for three
years, without revision, of the following reports:
(1) Report title: Disclosure and Reporting Requirements of CRA-
Related Agreements
Agency form number: Reg G
OMB control number: 7100-0299
Frequency: On occasion, annual
Reporters: Insured depository institutions (IDIs) and
nongovernmental entities or persons (NGEPs)
Annual reporting hours: 78 hours
Number of respondents: 3 IDI; 6 NGEPs
Estimated average hours per response: 1 hour (7 disclosure
requirements); 4 hours (2 annual reports)
General description of report: This information collection is
required pursuant the Federal Deposit Insurance Act (FDI Act), 12
U.S.C. 1831y(b) and (c). The FDI Act authorizes the Federal Reserve to
require the disclosure and reporting requirements of Regulation G (12
C.F.R. 207). In general, the Federal Reserve does not consider
individual respondent commercial and financial information collected by
the Federal Reserve pursuant to Regulation G as confidential. However,
a respondent may request confidential treatment pursuant to section
(b)(4) of Freedom of Information Act, 5 U.S.C 552(b)(4).
Abstract: Section 48 of the FDI Act imposes disclosure and
reporting requirements on IDIs, their affiliates, and NGEPs that enter
into written agreements that meet certain criteria. The written
agreements must (1) be made in fulfillment of the Community
Reinvestment Act of 1977 (CRA) and (2) involve funds or other resources
of an IDI or affiliate with an aggregate value of more than $10,000 in
a year, or loans with an aggregate principal value of more than $50,000
in a year. Section 48 excludes from the disclosure and reporting
requirements any agreement between an IDI or its affiliate and an NGEP
if the NGEP has not contacted the IDI or its affiliate, or a banking
agency, concerning the CRA performance of the IDI.
Regulation G contains four disclosure requirements and two
reporting requirements for IDIs and affiliates and three disclosure
requirements and one reporting requirement for NGEPs. Please see the
agency's OMB supporting statement for a summary of the
[[Page 1332]]
disclosure and reporting requirements of Regulation G, http://www.federalreserve.gov/boarddocs/reportforms/review.cfm
.
The disclosure and reporting requirements in connection with
Regulation G are mandatory and apply to state member banks and their
subsidiaries; bank holding companies; affiliates of bank holding
companies, other than banks, savings associations, and subsidiaries of
banks and savings associations; and NGEPs that enter into covered
agreements with any of the aforementioned companies.
Current Actions: On October 18, 2006, the Federal Reserve published
a notice in the Federal Register (71 FR 61473) requesting public
comment for 60 days on the extension, without revision, of the
Disclosure and Reporting Requirements of CRA-Related Agreements. The
comment period for this notice expired on December 18, 2006. The
Federal Reserve did not receive any comments.
(2) Report title: Disclosure Requirements in Connection With
Regulation H (Consumer Protections in Sales of Insurance)
Agency form number: Reg H-7
OMB control number: 7100-0298
Frequency: On occasion
Reporters: State member banks
Annual reporting hours: 14,159 hours
Number of respondents: 899
Estimated average hours per response: 1.5 minutes
General description of report: This information collection is
mandatory pursuant the Federal Deposit Insurance Act, 12 U.S.C. 1831x.
Since the Federal Reserve does not collect any information, no issue of
confidentiality normally arises.
Abstract: Section 305 of the Gramm-Leach-Bliley Act requires
financial institutions to provide written and oral disclosures to
consumers in connection with the initial sale of an insurance product
or annuity concerning its uninsured nature and the existence of the
investment risk, if appropriate, and the fact that insurance sales and
credit may not be tied.
Covered persons must make insurance disclosures before the
completion of the initial sale of an insurance product or annuity to a
consumer. The disclosure must be made orally and in writing to the
consumer that: (1) the insurance product or annuity is not a deposit or
other obligation of, or guaranteed by, the financial institution or an
affiliate of the financial institution; (2) the insurance product or
annuity is not insured by the FDIC or any other agency of the United
States, the financial institution, or (if applicable) an affiliate of
the financial institution; and (3) in the case of an insurance product
or annuity that involves an investment risk, there is investment risk
associated with the product, including the possible loss of value.
Covered persons must make a credit disclosure at the time a
consumer applies for an extension of credit in connection with which an
insurance product or annuity is solicited, offered, or sold. The
disclosure must be made orally and in writing that the financial
institution may not condition an extension of credit on either: (1) the
consumer's purchase of an insurance product or annuity from the
financial institution or any of its affiliates; or (2) the consumer's
agreement not to obtain, or a prohibition on the consumer from
obtaining, an insurance product or annuity from an unaffiliated entity.
Current Actions: On October 18, 2006, the Federal Reserve published
a notice in the Federal Register (71 FR 61473) requesting public
comment for 60 days on the extension, without revision, of the
Disclosure Requirements in Connection With Regulation H. The comment
period for this notice expired on December 18, 2006. The Federal
Reserve did not receive any comments.
(3) Report title: Domestic Branch Notification
Agency form number: FR 4001
OMB Control number: 7100-0097
Frequency: On occasion
Reporters: State member banks
Annual reporting hours: 2,244 hours
Estimated average hours per response: 30 minutes for expedited
notifications; 1 hour for nonexpedited notifications
Number of respondents: 382 expedited; 2,053 nonexpedited
General description of report: This information collection is
mandatory per Section 9(3) of the Federal Reserve Act (12 U.S.C. Sec.
321) and is not given confidential treatment.
Abstract: The Federal Reserve Act and Regulation H require a state
member bank to seek prior approval of the Federal Reserve System before
establishing or acquiring a domestic branch. Such requests for approval
must be filed as notifications at the appropriate Reserve Bank for the
state member bank. Due to the limited information that a state member
bank generally has to provide for branch proposals, there is no formal
reporting form for a domestic branch notification. A state member bank
is required to notify the Federal Reserve by letter of its intent to
establish one or more new branches, and provide with the letter
evidence that public notice of the proposed branch(es) has been
published by the state member bank in the appropriate newspaper(s). The
Federal Reserve uses the information provided to fulfill its statutory
obligation to review any public comment on proposed branches before
acting on the proposals, and otherwise to supervise state member banks.
Current Actions: On October 18, 2006, the Federal Reserve published
a notice in the Federal Register (71 FR 61472) requesting public
comment for 60 days on the extension, without revision, of the Domestic
Branch Notification. The comment period for this notice expired on
December 18, 2006. The Federal Reserve did not receive any comments.
Board of Governors of the Federal Reserve System, January 8,
2007.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E7-247 Filed 1-10-07; 8:45 am]
BILLING CODE 6210-01-S