[Federal Register Volume 75, Number 165 (Thursday, August 26, 2010)]
[Notices]
[Pages 52529-52530]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-21233]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
SUMMARY: Background. 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 (PRA) 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--Shagufta Ahmed --Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 10235, Washington, DC 20503.
Final approval under OMB delegated authority of the extension for
three years, with revision, of the following report:
Report title: Intermittent Survey of Businesses.
Agency form number: FR 1374.
OMB control number: 7100-0302.
Frequency: On occasion.
Reporters: Businesses and state and local governments.
Estimated annual reporting hours: 205 hours.
Estimated average hours per response: 15 minutes.
Number of respondents: 250.
General description of report: This information collection is
voluntary (12 U.S.C. 225a and 263) and may be given confidential
treatment (5 U.S.C. 552(b)(4)).
Abstract: The survey data are used by the Federal Reserve to gather
information specifically tailored to the Federal Reserve's policy and
operational responsibilities. There are two parts to this event-
generated survey. First, the Federal Reserve staff survey business
contacts as economic developments warrant. Currently, they conduct
these surveys with approximately 240 business respondents for each
survey. It is necessary to conduct these surveys to provide timely
information to the members of the Board and to the presidents of the
Reserve Banks. Usually, these surveys are conducted by Federal Reserve
economists telephoning or emailing purchasing managers, economists, or
other knowledgeable individuals at selected, relevant businesses. The
frequency and content of the questions, as well as the entities
contacted, vary depending on developments in the economy. Second,
economists survey business contacts by telephone, inquiring about
current business conditions. The economists conduct these surveys as
economic conditions require, with approximately ten respondents for
each survey.
Current actions: The Federal Reserve proposed to revise the panel
to include state and local governments as economic conditions may
warrant. Given that state and local governments now account for about
12 percent of total Gross Domestic Product, it may be important at
times to survey these governments for up-to-date information about
developments in this sector.
On June 15, 2010, the Federal Reserve published a notice in the
Federal Register (75 FR 33805) seeking public comment for 60 days on
the extension, with revision, of the Intermittent Survey of Businesses.
The comment period for this notice expired on August 16, 2010. The
Federal Reserve did not receive any comments. The revisions will be
implemented as proposed.
Final approval under OMB delegated authority of the extension for
three years, without revision, of the following reports:
1. Report title: Home Mortgage Disclosure Act (HMDA) Loan/
Application Register (LAR).
Agency form number: FR HMDA-LAR.
OMB control number: 7100-0247.
Frequency: Annual.
Reporters: State member banks, subsidiaries of state member banks,
subsidiaries of bank holding companies, U.S. branches and agencies of
foreign banks (other than federal branches, federal agencies, and
insured state branches of foreign banks), commercial lending companies
owned or controlled by foreign banks, and organizations operating under
section 25 or 25A of the Federal Reserve Act.
Estimated annual reporting hours: 151,134 hours.
Estimated average hours per response: State member banks, 242
hours; and mortgage subsidiaries, 192 hours.
Number of respondents: 519 State member banks, and 133 mortgage
subsidiaries.
General description of report: This information collection is
mandatory (12 U.S.C. 2803(j)). The information is not given
confidential treatment, however, information that might identify
individual borrowers or applicants is given confidential treatment
under exemption 6 of the Freedom of Information Act (5 U.S.C.
552(b)(6)) and section 304 (j)(2)(B) of HMDA (12 U.S.C. 2803(j)(2)(B)).
Abstract: The information reported and disclosed pursuant to this
collection is used to further the purposes of HMDA. These include: (1)
To help determine whether financial institutions are serving the
housing needs of their communities, (2) to assist public officials in
distributing public-sector investments so as to attract private
investment to areas where it is needed, and (3) to assist in
identifying possible discriminatory lending patterns and enforcing
anti-discrimination statutes.
2. Report title: Disclosure Requirements in Connection with
Regulation CC (Expedited Funds Availability Act (EFAA)).
Agency form number: Reg CC.
OMB control number: 7100-0235.
Frequency: Event-generated.
Reporters: State member banks and uninsured state branches and
agencies of foreign banks.
Annual reporting hours: 202,396 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: 1,060.
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
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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 June 15, 2010, the Federal Reserve published a
notice in the Federal Register (75 FR 33806) seeking public comment for
60 days on the extension, without revision, of the FR HMDA-LAR and Reg
CC. The comment period for this notice expired on August 16, 2010. The
Federal Reserve did not receive comments on the Reg CC proposal. The
Federal Reserve received one comment on the FR HMDA/LAR proposal from
an individual that discussed the merits of a national loan
identification number, however, the points raised were beyond the scope
of the PRA clearance process.
Board of Governors of the Federal Reserve System, August 23,
2010.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2010-21233 Filed 8-25-10; 8:45 am]
BILLING CODE 6210-01-P