Agency Information Collection Activities; Submission for OMB Review; Comment Request, 56696-56703 [05-19319]
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Federal Register / Vol. 70, No. 187 / Wednesday, September 28, 2005 / Notices
incur no additional capital or other nonlabor costs as a result of the Regulations.
4. The Care Labeling Rule, 16 CFR Part
423 (OMB Control Number: 3084–0103)
The Care Labeling Rule, 16 CFR Part
423, requires manufacturers and
importers to attach a permanent care
label to all covered textile clothing in
order to assist consumers in making
purchase decisions and in determining
what method to use to clean their
apparel. Also, manufacturers and
importers of piece goods used to make
textile clothing must provide the same
care information on the end of each bolt
or roll of fabric.
Estimated annual hours burden:
6,889,000 hours, rounded to the nearest
thousand (solely relating to
disclosure 8).
Staff estimates that approximately
24,700 manufacturers or importers of
textile apparel, producing about 17.4
billion textile garments annually, are
subject to the Rule’s disclosure
requirements. The burden of developing
proper care instructions may vary
greatly among firms, primarily based on
the number of different lines of textile
garments introduced per year that
require new or revised care instructions.
Staff estimates the burden of
determining care instructions to be 43
hours each year per respondent, for a
cumulative total of 1,062,100 hours.
Staff further estimates that the burden of
drafting and ordering labels is 2 hours
Task
each year per respondent, for a total of
49,400 hours. Staff believes that the
process of attaching labels is fully
automated and integrated into other
production steps for about 40 percent of
the approximately 17.4 billion garments
that are required to have care
instructions on permanent labels.9 For
the remaining 10.4 billion items (60
percent of 17.4 billion), the process is
semi-automated and requires an average
of approximately two seconds per item,
for a total of 5,777,778 hours per year.
Thus, the total estimated annual burden
for all respondents is 6,889,278 hours.
Estimated annual cost burden:
$39,218,000, rounded to the nearest
thousand (solely relating to labor costs).
Hourly rate
Burden hours
Labor cost
Determine care instructions .......................................................................................
Draft and order labels ................................................................................................
Attach labels ..............................................................................................................
$20.00
13.00
10 3.00
1,062,100
49,400
5,777,778
$21,242,000
642,200
17,333,334
Total ....................................................................................................................
..............................
..............................
39,217,534
SUMMARY: The information collection
requirements described below will be
submitted to the Office of Management
and Budget (‘‘OMB’’) for review, as
required by the Paperwork Reduction
Act (‘‘PRA’’) (44 U.S.C. 3501–3520). The
FTC is seeking public comments on its
proposal to extend through January 31,
2009 the current PRA clearances for
information collection requirements
contained in four consumer financial
regulations enforced by the
Commission. Those clearances expire
on January 31, 2006.
DATES: Comments must be received on
or before November 28, 2005.
ADDRESSES: Interested parties are
invited to submit written comments.
Comments should refer to ‘‘Regs BEMZ:
FTC File No. P054803’’ to facilitate the
organization of comments. A comment
filed in paper form should include this
reference both in the text and on the
envelope and should be mailed or
delivered, with two complete copies, to
the following address: Federal Trade
Commission/Office of the Secretary,
Room H–135 (Annex J), 600
Pennsylvania Avenue, NW.,
Washington, DC 20580. Because paper
mail in the Washington area and at the
Commission is subject to delay, please
consider submitting your comments in
electronic form, (in ASCII format,
WordPerfect, or Microsoft Word) as part
of or as an attachment to e-mail
messages directed to the following email box: paperworkcomment@ftc.gov.
However, if the comment contains any
material for which confidential
treatment is requested, it must be filed
in paper form, and the first page of the
document must be clearly labeled
‘‘Confidential.’’ 1
The FTC Act and other laws the
Commission administers permit the
collection of public comments to
consider and use in this proceeding as
appropriate. All timely and responsive
public comments will be considered by
the Commission and will be available to
the public on the FTC website, to the
extent practicable, at www.ftc.gov. As a
matter of discretion, the FTC makes
every effort to remove home contact
information for individuals from the
public comments it receives before
placing those comments on the FTC
Web site. More information, including
routine uses permitted by the Privacy
Act, may be found in the FTC’s privacy
policy at https://www.ftc.gov/ftc/
privacy.htm.
8 The Care Labeling Rule imposes no specific
recordkeeping requirements. Although the Rule
requires manufacturers and importers to have
reliable evidence to support the recommended care
instructions, companies may provide as support
current technical literature or rely on past
experience.
9 About 1 billion of the 18.4 billion garments
produced annually are either not covered by the
Care Labeling Rule (gloves, hats, caps, and leather,
fur, plastic, or leather garments) or are subject to an
exemption that allows care instructions to appear
on packaging (hosiery).
10 See note 5.
1 Commission Rule 4.2(d), 16 CFR 4.2(d). The
comment must be accompanied by an explicit
request for confidential treatment, including the
factual and legal basis for the request, and must
identify the specific portions of the comment to be
withheld from the public record. The request will
be granted or denied by the Commission’s General
Counsel, consistent with applicable law and the
public interest. See Commission Rule 4.9(c), 16 CFR
4.9(c).
Staff believes that there are no current
start-up costs or other capital costs
associated with the Rule. Because the
labeling of textile products has been an
integral part of the manufacturing
process for decades, manufacturers have
in place the capital equipment
necessary to comply with the Rule’s
labeling requirements. Based on
knowledge of the industry, staff believes
that much of the information required
by the Rule would be included on the
product label even absent those
requirements.
William Blumenthal,
General Counsel.
[FR Doc. 05–19318 Filed 9–27–05; 8:45 am]
BILLING CODE 6750–01–P
FEDERAL TRADE COMMISSION
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request
Federal Trade Commission
(‘‘FTC’’ or ‘‘Commission’’).
ACTION: Notice.
AGENCY:
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Federal Register / Vol. 70, No. 187 / Wednesday, September 28, 2005 / Notices
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the proposed information
requirements should be addressed to
Carole Reynolds, Attorney, Division of
Financial Practices, Bureau of Consumer
Protection, Federal Trade Commission,
600 Pennsylvania Ave., NW.,
Washington, DC 20580, (202) 326–3230.
SUPPLEMENTARY INFORMATION: Under the
PRA, federal agencies must obtain
approval from OMB for each collection
of information they conduct or sponsor.
‘‘Collection of information’’ means
agency requests or requirements that
members of the public submit reports,
keep records, or provide information to
a third party. 44 U.S.C. 3502(3), 5 CFR
1320.3(c). As required by the PRA, the
FTC is providing this opportunity for
public comment before requesting that
OMB extend the existing paperwork
clearance for the regulations noted
herein. 44 U.S.C 3506(c)(2)(A).
The FTC invites comments on: (1)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(2) the accuracy of the agency’s estimate
of the burden of the proposed collection
of information, including the validity of
the methodology and assumptions used;
(3) ways to enhance the quality, utility,
and clarity of the information to be
collected; and (4) ways to minimize the
burden of the collection of information
on those who are to respond, including
through the use of appropriate
automated, electronic, mechanical, or
other technological collection
techniques or other forms of information
technology, e.g., permitting electronic
submission of responses.
The four regulations covered by this
notice are:
(1) Regulations promulgated under
The Equal Credit Opportunity Act, 15
U.S.C. 1691 et seq. (‘‘ECOA’’)
(‘‘Regulation B’’) (OMB Control Number:
3084–0087);
(2) Regulations promulgated under
The Electronic Fund Transfer Act, 15
U.S.C. 1693 et seq. (‘‘EFTA’’)
(‘‘Regulation E’’) (OMB Control Number:
3084–0085);
(3) Regulations promulgated under
The Consumer Leasing Act, 15 U.S.C.
1667 et seq., (‘‘CLA’’) (‘‘Regulation M’’)
(OMB Control Number: 3084–0086);
(4) Regulations promulgated under
The Truth-In-Lending Act, 15 U.S.C.
1601 et seq. (‘‘TILA’’) (‘‘Regulation Z’’)
(OMB Control Number: 3084–0088).
Each of these four rules impose
certain recordkeeping and disclosure
requirements associated with providing
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credit or with other financial
transactions. As detailed below, the FTC
staff has calculated the PRA burden for
each rule based on the compliance costs
of entities subject to enforcement by the
FTC. All of these rules require covered
entities to keep certain records. Staff
believes that these entities would likely
retain these records in the normal
course of business even absent the
recordkeeping requirement in the rules.2
There is, however, some burden
associated with ensuring that covered
entities do not prematurely dispose of
relevant records during the period of
time required by the applicable rule.
Disclosure requirements involve both
set-up and monitoring costs as well as
certain transaction-specific costs. ‘‘Setup’’ burden, incurred by new entrants
only, includes identifying the applicable
disclosure requirements, determining
compliance obligations, and designing
and developing compliance systems and
procedures. ‘‘Monitoring’’ burden,
incurred by all covered entities,
includes reviewing revisions to
regulatory requirements, revising
compliance systems and procedures as
necessary, and monitoring the ongoing
operation of systems and procedures to
ensure continued compliance.
‘‘Transaction-related’’ burden refers to
the effort associated with providing the
various required disclosures in
individual transactions. While this
burden varies with the number of
transactions, the figures shown for
transaction-related burden in the tables
that follow are estimated averages.
The actual range of compliance
burden experienced by covered entities,
and reflected in those averages, varies
widely. Depending on the extent to
which covered entities have developed
computer-based systems and procedures
for providing the required disclosures
(and/or the extent which such entities
utilize electronic transactions,
communications, and/or electronic
recordkeeping), and the efficacy of those
systems and procedures, some entities
may have little burden, while others
may incur a higher burden.3
2 PRA ‘‘burden’’ does not include effort expended
in the ordinary course of business, regardless of any
regulatory requirement. 5 CFR 1320.3(b)(2).
3 For example, large retailers may use computerbased and/or electronic means to provide required
disclosures, including issuing some disclosures en
masse, e.g., notices of changes in terms. Smaller
retailers or other creditors may have less automated
compliance systems but may nonetheless rely on
electronic mechanisms for disclosures and
recordkeeping. Regardless of size, some entities
may utilize compliance systems that are fully
integrated into their general business operational
system; as such, they may have minimal additional
burden. Other entities may have incorporated fewer
of these approaches into their systems and may
have a higher burden.
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56697
Calculating the burden associated
with the four regulations’ disclosure
requirements is very difficult because of
the highly diverse group of affected
entities. The ‘‘respondents’’ included in
the following burden calculations
consist of credit and lease advertisers,
creditors, financial institutions, service
providers, certain government agencies
and others involved in delivering
electronic fund transfers (‘‘EFTs’’) of
government benefits, and lessors.4 The
burden estimates represent staff’s best
assessment, based on its knowledge and
expertise relating to the financial
services industry. To derive these
estimates, staff considered the wide
variations in covered entities’: (1) Size
and location; (2) credit or lease products
offered, extended, or advertised, and
their particular terms; (3) types of EFTs
used; (4) types and occurrences of
adverse actions; (5) types of appraisal
reports utilized; and (6) computer
systems and electronic features of
compliance operations.
The required disclosures do not
impose PRA burden on some covered
entities because the entities make those
disclosures in the ordinary course of
business. In addition, as noted above,
some entities use computer-based and/
or electronic means of providing the
required disclosures, while others rely
on methods requiring more manual
effort.
The cost estimates detailed below
relate solely to labor costs and include
the time necessary to train employees to
be in compliance with the regulations.
The applicable PRA requirements
impose minimal capital or other nonlabor costs, as affected entities generally
have the necessary equipment for other
business purposes. Similarly, staff
estimates that compliance with these
rules entails minimal printing and
copying costs beyond that associated
with documenting financial transactions
in the ordinary course of business.
1. Regulation B
The ECOA prohibits discrimination in
the extension of credit. Regulation B, 12
CFR 202, promulgated by the Board of
Governors of the Federal Reserve
System (‘‘FRB’’), establishes both
recordkeeping and disclosure
requirements to assist customers in
understanding their rights under the
ECOA and to assist in detecting
unlawful discrimination. The FTC
enforces the ECOA as to all creditors
except those that are subject to the
regulatory authority of another federal
4 The Commission generally does not have
jurisdiction over banks under the applicable
regulations.
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recordkeeping of self-testing subject to
the regulation would affect 2,500 firms,
with an average annual burden of one
hour per firm, for a total of 2,500 hours,
and that recordkeeping of any corrective
action for self-testing would affect 250
firms in a given year, with an average
annual burden of four hours per firm,
for a total of 1,000 hours. The total
estimated recordkeeping burden is
1,186,833 hours.
Disclosure: Regulation B requires that
creditors (i.e., entities that regularly
participate in a credit decision,
including setting the terms of the credit)
provide notices whenever they take
adverse action. It requires entities that
extend various types of mortgage credit
to provide a copy of the appraisal report
to applicants or to notify them of their
right to a copy of the report (and
thereafter provide a copy of the report,
upon the applicant’s request). It also
agency (such as federally chartered or
insured depository institutions).
Estimated annual hours burden:
3,189,000 hours, rounded to the nearest
thousand (1,186,833 recordkeeping
hours +2,001,771 disclosure hours).
Recordkeeping: FTC staff estimates
that Regulation B’s general
recordkeeping requirements affect
1,000,000 credit firms subject to the
Commission’s jurisdiction, at an average
annual burden of one hour per firm, for
a total of 1,000,000 hours. Staff also
estimates that the requirement that
mortgage creditors monitor information
about race/national origin, sex, age, and
marital status imposes a maximum
burden of one minute each 5 for
approximately eleven million credit
applications (based on industry data
regarding the approximate number of
mortgage purchase and refinance
originations), for a total of 183,333
hours. Staff also estimates that
Setup/monitoring 1
Disclosure
Respondents
Credit history reporting
Adverse action notices
Appraisal notices ..........
Appraisal reports ..........
Self-test disclosures .....
Average burden per respondent
(hours)
250,000
1,000,000
25,000
25,000
2,500
requires that for accounts which
spouses may use or for which they are
contractually liable, creditors who
report credit history must do so in a
manner reflecting both spouses’
participation. Further, it requires
creditors that collect applicant
characteristics for purposes of
conducting a self-test to disclose to
those applicants that providing the
information is optional, that the creditor
will not take the information into
account in any aspect of the credit
transactions, and, if applicable, that the
information will be noted by visual
observation or surname if the applicant
chooses not to provide it.6
Regulation B applies to retailers,
mortgage lenders, mortgage brokers,
finance companies, Internet businesses,
and others. Below is staff’s best estimate
of burden applicable to this highly
broad spectrum of covered entities.
Transaction-related 2
Total setup/
monitoring
burden (hours)
.25
.5
.5
.5
.5
62,500
500,000
12,500
12,500
1,250
Number of
transactions
Average burden per transaction (minutes)
Total transaction burden
(hours)
.25
.25
.25
.25
.25
520,833
833,333
29,167
29,167
521
125,000,000
200,000,000
7,000,000
7,000,000
125,000
Total ......................
Total burden
(hours)
583,333
1,333,333
41,667
41,667
1,771
2,001,771
1 With
respect to appraisal notices and appraisal reports, the above figures reflect an increase in applicable mortgage entities. The figures assume that approximately half of those entities (.5 × 50,000, or 25,000 businesses) would not otherwise provide this information and thus would
be affected. The figures also assume that all applicable entities would provide notices first and thereafter provide the reports upon request.
2 The above figures reflect an increase in mortgage transactions. They assume that half of applicable mortgage transactions (.5 × 14,000,000,
or 7,000,000) would not otherwise provide the appraisal notices and reports and thus would be affected.
Estimated annual cost burden:
$62,863,000 rounded to the nearest
thousand ($18,623,493 recordkeeping
cost + $44,239,138 disclosure cost).
Staff calculated labor costs by
applying appropriate hourly cost figures
to the burden hours described above.
The hourly rates used below ($32 for
managerial or professional time, $21 for
skilled technical time, and $14 for
clerical time) are averages, based on
current Bureau of Labor Statistics cost
figures.
Recordkeeping: Staff estimates that
the general recordkeeping responsibility
of one hour per creditor would involve
approximately 90 percent clerical time
and 10 percent skilled technical time.
Keeping records of race/national origin,
sex, age, and marital status requires an
estimated one minute of skilled
technical time. Keeping records of the
self-test responsibility and of any
Managerial
Required task
Time
(hours)
General recordkeeping
Other recordkeeping ....
Recordkeeping of test ..
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Skilled technical
Cost
($32/hr.)
0
0
0
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Time
(hours)
$0
0
0
5 Regulation B contains model forms that
creditors may use to gather and retain the required
information.
corrective actions requires an estimated
one hour and four hours, respectively,
of skilled technical time. As shown
below, the total recordkeeping cost is
$18,623,493.
Disclosure: For each notice or
information item listed, staff estimates
that the burden hours consist of 10
percent managerial time and 90 percent
skilled technical time. As shown below,
the total disclosure cost is $44,239,138.
Cost ($21/hr.)
100,000
183,333
2,500
$2,100,000
3,849,993
52,500
6 The disclosure may be provided orally or in
writing. Regulation B provides a model form to
assist creditors in providing the disclosure. The
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Clerical
Time
(hours)
900,000
0
0
Cost ($14/hr.)
$12,600,000
0
0
Total
cost ($)
$14,700,000
3,849,993
52,500
FRB added this disclosure requirement in 2003. See
52 FR 13144, 13163–64 (Mar. 18, 2003).
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Managerial
Required task
Time
(hours)
Skilled technical
Cost
($32/hr.)
Time
(hours)
Clerical
Time
(hours)
Cost ($21/hr.)
Cost ($14/hr.)
Total
cost ($)
Recordkeeping of corrective action ............
0
0
1,000
21,000
0
0
21,000
Total recordkeeping ..............
Credit history reporting
Adverse action notices
Appraisal notices ..........
Appraisal reports ..........
Self-test disclosure .......
........................
58,333
133,333
4,167
4,167
177
........................
$1,866,656
4,266,656
133,344
133,344
5,664
........................
525,000
1,200,000
37,500
37,500
1,594
........................
11,025,000
25,200,000
787,500
787,500
133,474
........................
0
0
0
0
0
........................
0
0
0
0
0
18,623,493
12,891,656
29,466,656
920,844
920,844
39,138
Total disclosure .....
........................
........................
........................
........................
........................
........................
44,239,138
Total recordkeeping and
disclosure ...
........................
........................
........................
........................
........................
........................
62,862,631
2. Regulation E
The EFTA requires accurate
disclosure of the costs, terms, and rights
relating to EFT services to consumers.
Regulation E, 12 CFR 205, promulgated
by the FRB, establishes both
recordkeeping and disclosure
requirements applicable to entities
providing EFT services to consumers.
The FTC enforces the EFTA as to all
entities providing EFT services except
those that are subject to the regulatory
authority of another federal agency
(such as federally chartered or insured
depository institutions).
Estimated annual hours burden:
3,580,000 hours (500,000 recordkeeping
hours + approximately 3,080,000
disclosure hours).
Recordkeeping: Staff estimates that
Regulation E’s recordkeeping
requirements affect 500,000 firms
offering EFT services to consumers and
Setup/monitoring
Disclosure
Respondents
Average burden
per respondent
(hours)
subject to the Commission’s
jurisdiction, at an average annual
burden of one hour per firm, for a total
of 500,000 hours.
Disclosure: Regulation E applies to
financial institutions (including certain
retailers and electronic commerce
entities), service providers, various
federal and state agencies offering EFTs,
and others. Below is staff’s best estimate
of burden applicable to this highly
broad spectrum of covered entities.
Transaction-related
Total setup/
monitoring
burden (hours)
Number of
transactions
Total burden
(hours)
Average burden
per transaction
(minutes)
Total transaction burden
(hours)
.02
.02
.02
.02
333
11,000
400,000
83,333
1,666,667
50,333
23,500
450,000
133,333
1,716,667
Initial terms ...............
Change in terms ......
Periodic statements
Error resolution ........
Transaction receipts
Preauthorized transfers ........................
Service provider notices ......................
Govt. benefit notices
ATM notices .............
100,000
25,000
100,000
100,000
100,000
.5
.5
.5
.5
.5
50,000
12,500
50,000
50,000
50,000
1,000,000
33,000,000
1,200,000,000
1,000,000
5,000,000,000
500,000
.5
250,000
1,000,000
.25
4,167
254,167
100,000
10,000
500
.25
.5
.25
25,000
5,000
125
1,000,000
100,000,000
250,000
.25
.25
.25
4,167
416,667
1,041
29,167
421,667
1,166
Total ..................
........................
..........................
........................
........................
..........................
........................
3,080,000
Estimated annual cost burden:
$75,418,000, rounded to the nearest
thousand ($7,350,00 recordkeeping cost
+ $68,068,000 disclosure cost).
Staff calculated labor costs by
applying appropriate hourly cost figures
to the burden hours described above.
The hourly rates used below ($32 for
managerial or professional time, $21 for
skilled technical time, and $14 for
clerical time) are averages, based on
current Bureau of Labor Statistics cost
figures.
Recordkeeping: For the 500,000
recordkeeping hours, staff estimates that
10 percent of the burden hours require
skilled technical time and 90 percent
require clerical time. As shown below,
Managerial
Required task
Time
(hours)
Recordkeeping .............
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$0
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the total recordkeeping cost is
$7,350,000.
Disclosure: For each notice or
information item listed, staff estimates
that 10 percent of the burden hours
require managerial time and 90 percent
require skilled technical time. As shown
below, the total disclosure cost is
$68,068,000.
Skilled technical
Cost ($32/hr.)
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Time
(hours)
Cost
($21/hr.)
50,000
Fmt 4703
$1,050,000
Sfmt 4703
Clerical
Time (hours)
450,000
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Cost (14/hr)
$6,300,000
Total cost
($)
$7,350,000
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Managerial
Required task
Time
(hours)
Disclosure:
Initial terms ...........
Change in terms ...
Periodic statements .................
Error resolution .....
Transaction receipts .................
Preauthorized
transfers ............
Service provider
notices ...............
Govt. benefit notices ...................
ATM notices ..........
Skilled technical
Time
(hours)
Cost ($32/hr.)
Clerical
Cost
($21/hr.)
Time (hours)
Total cost
($)
Cost (14/hr)
5,033
2,350
161,056
75,200
45,300
21,150
951,300
444,150
0
0
0
0
1,112,356
519,350
45,000
13,333
1,440,000
426,656
405,000
120,000
8,505,000
2,520,000
0
0
0
0
9,945,000
2,946,656
171,667
5,493,344
1,545,000
32,445,000
0
0
37,938,344
25,417
813,344
228,750
4,803,750
0
0
5,617,094
2,917
93,344
26,250
551,250
0
0
644,594
42,167
116
1,349,344
3,712
379,500
1,050
7,969,500
22,050
0
0
0
0
9,318,844
25,762
Total disclosure ............
........................
........................
........................
........................
........................
........................
68,068,000
Total recordkeeping
and disclosures
........................
........................
........................
........................
........................
........................
75,418,000
3. Regulation M
The CLA requires accurate disclosure
of the costs and terms of leases to
consumers. Regulation M, 12 CFR 213,
promulgated by the FRB, establishes
disclosure requirements that assist
consumers in comparison shopping and
in understanding the terms of leases and
recordkeeping requirements that assist
enforcement of the CLA. The FTC
enforces the CLA as to all lessors and
advertisers except those that are subject
to the regulatory authority of another
federal agency (such as federally
chartered or insured depository
institutions).
Estimated annual hours burden:
279,000 hours, rounded to the nearest
thousand (150,000 recordkeeping hours
+ 129,167 disclosure hours).
Recordkeeping: Staff estimates that
Regulation M’s recordkeeping
requirements affect approximately
150,000 firms leasing products to
consumers and subject to the
Commission’s jurisdiction, at an average
Setup/monitoring
Disclosure
Respondents
Average burden per respondent
(hours)
annual burden of one hour per firm, for
a total of 150,000 hours.
Disclosure: Regulation M applies to
automobile lessors (such as auto dealers,
independent leasing companies, and
manufacturers’ captive finance
companies), computer lessors (such as
computer dealers and other retailers),
furniture lessors, various electronic
commerce lessors, and diverse types of
lease advertisers, and others. Below is
staff’s best estimate of burden applicable
to this highly broad spectrum of covered
entities.
Transaction-related
Total setup/
monitoring
burden (hours)
Number of
transactions
Average burden per transaction (minutes)
Total transaction burden
(hours)
Total burden
(hours)
Auto leases 1 ................
Other leases 2 ..............
Advertising ...................
50,000
100,000
25,000
.75
.50
.50
37,500
50,000
12,500
2,500,000
1,000,000
1,000,000
.50
.25
.25
20,833
4,167
4,167
58,333
54,167
16,667
Total ......................
........................
........................
........................
........................
........................
........................
129,167
1 This
category focuses on consumer vehicle leases. Vehicle leases are subject to more lease disclosure requirements (pertaining to computation of payment obligations) than other lease transactions. (Only consumer leases for more than four months are covered.) See 15 U.S.C.
1667(1); 12 CFR 213.2(e)(1).
2 This category focuses on all types of consumer leases other than vehicle leases. It includes leases for computers, other electronics, small appliances, furniture, and other transactions. (Only consumers leases for more than four months are covered.) See 15 U.S.C. 1667(1); 12 CFR
213.2(e)(1).
Estimated annual cost burden:
$5,060,000, rounded to the nearest
thousand ($2,205,5000 recordkeeping
cost + $2,854,594 disclosure cost).
Staff calculated labor costs by
applying appropriate hourly cost figures
to the burden hours described above.
VerDate Aug<31>2005
16:02 Sep 27, 2005
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The hourly rates used below ($32 for
managerial or professional time, $21 for
skilled technical time, and $14 for
clerical time) are averages, based on
current Bureau of Labor Statistics cost
figures.
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Recordkeeping: For the 150,000
recordkeeping hours, staff estimates that
10 percent of the burden hours require
skilled technical time and 90 percent
require clerical time. As shown below,
the total recordkeeping cost is
$2,205,000.
E:\FR\FM\28SEN1.SGM
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Federal Register / Vol. 70, No. 187 / Wednesday, September 28, 2005 / Notices
Disclosure: For each notice or
information item listed, staff estimates
that 10 percent of the burden hours
require managerial time and 90 percent
require skilled technical time. As shown
Managerial
below, the total disclosure cost is
$2,854,594.
Skilled technical
Clerical
Required task
Total cost ($)
Time (hours)
Recordkeeping .............
Disclosures:
Auto leases ...........
Other leases .................
Advertising ...................
Total disclosures ...
Total recordkeeping and disclosures .............
Cost ($32/hr.)
Time (hours)
Cost ($21/hr.)
$0
15,000
$315,000
135,000
$1,890,000
$2,205,000
5,833
5,417
1,667
186,656
173,344
53,344
52,500
48,750
15,000
1,102,500
1,023,750
315,000
0
0
0
0
0
0
1,289,156
1,197,094
368,344
........................
........................
........................
........................
........................
........................
2,854,594
........................
........................
........................
........................
........................
........................
5,059,594
The TILA was enacted to foster
comparison credit shopping and
informed credit decision making by
requiring accurate disclosure of the
costs and terms of credit to consumers.
Regulation Z, 12 CFR 226, promulgated
by the FRB, establishes both
recordkeeping and disclosure
requirements to assist consumers and
the enforcement of the TILA. The FTC
enforces the TILA as to all creditors and
advertisers except those that are subject
to the regulatory authority of another
federal agency (such as federally
chartered or insured depository
institutions).
Estimated annual hours burden:
17,439,000 hours, rounded to the
nearest thousand (1,000,000
recordkeeping hours + 16,439,165
disclosure hours).
Recordkeeping: FTC staff estimates
that Regulation Z’s recordkeeping
requirements affect approximately
1,000,000 firms offering credit and
subject to the Commission’s
jurisdiction, at an average annual
burden of one hour per firm, for a total
of 1,000,000 hours.
Disclosure: Regulation Z disclosure
requirements pertain to open-end and
Setup/monitoring
Disclosure 1
Respondents
Total openend credit
VerDate Aug<31>2005
Cost ($14/hr.)
0
4. Regulation Z
Open-end credit:
Initial terms .......
Rescission notices ...............
Change in terms
Periodic statements .............
Error resolution
Credit and
charge card
accounts ........
Home equity
lines of credit
Advertising ........
Closed-end credit:
Credit disclosures ..............
Rescission notices ...............
Variable rate
mortgages .....
High rate/highfee mortgages
Reverse mortgages .............
Advertising ...............
Time (hours)
Average burden
per respondent
(hours)
closed-end credit. The Regulation
applies to retailers (such as department
stores, appliance stores, discount
retailers, medical-dental service
providers, home improvement sellers,
and electronic commerce retail
operators); mortgage companies; finance
companies; credit advertisers; auto
dealerships; student loan companies;
home fuel or power services (for
furnaces, stoves, microwaves, and other
heating, cooling or residential power
equipment); credit advertisers; and
others. Below is staff’s best estimate of
burden applicable to this highly broad
spectrum of covered entities.
Transaction-related
Total setup/
monitoring
burden (hours)
Number of
transactions
Average burden
per transaction
(minutes)
Total transaction burden
(hours)
Total burden
hours
100,000
.5
50,000
50,000,000
.25
208,333
258,333
10,000
25,000
.5
.5
5,000
12,500
500,000
136,000,000
.25
.125
2,083
283,333
7,083
295,833
100,000
100,000
.5
.5
50,000
50,000
4,800,000,000
10,000,000
5,000,000
833,333
5,050,000
883,333
100,000
.5
50,000
50,000,000
.25
208,333
258,333
10,000
250,000
.5
.25
5,000
62,500
5,000,000
700,000
.25
.5
20,833
5,833
25,833
68,333
800,000
.5
400,000
330,000,000
8,250,000
8,650,000
100,000
.5
50,000
34,000,000
566,667
616,667
75,000
.5
37,500
3,000,000
1.5
75,000
112,500
50,000
.5
25,000
750,000
1.5
18,750
43,750
50,000
500,000
.5
.25
25,000
125,000
150,000
1,000,000
1
1
2,500
16,667
27,500
141,667
........................
..........................
........................
........................
........................
6,847,081
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5
1.5
1
..........................
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Federal Register / Vol. 70, No. 187 / Wednesday, September 28, 2005 / Notices
Setup/monitoring
Disclosure 1
Transaction-related
Total burden
hours
Respondents
Average burden
per respondent
(hours)
Total setup/
monitoring
burden (hours)
Number of
transactions
Average burden
per transaction
(minutes)
Total transaction burden
(hours)
Total
closedend credit
........................
..........................
........................
........................
..........................
........................
9,592,084
Total credit
........................
..........................
........................
........................
..........................
........................
16,439,165
1 Open-end
transactions with rescission notices (where the notices may not be otherwise provided) have increased. Closed-end variable rate
mortgages have increased. Computer technology use has expanded in some closed-end areas with lengthy disclosures that previously involved
more manual efforts, i.e., credit, variable rate, and high rate/high fee disclosures.
skilled technical time, and $14 for
clerical time) are averages, based on
current Bureau of Labor Statistics cost
figures.
Recordkeeping: For the 1,000,000
recordkeeping hours, staff estimates that
10 percent of the burden hours require
skilled technical time and 90 percent
require clerical time. As shown below,
Estimated annual cost burden:
$378,006,000, rounded to the nearest
thousand ($14,700,000 recordkeeping
cost + $363,305,530 disclosure cost).
Staff calculated labor costs by
applying appropriate hourly cost figures
to the burden hours described above.
The hourly rates used below ($32 for
managerial or professional time, $21 for
Managerial
the total recordkeeping cost is
$14,700,000.
Disclosure: For each notice or
information item listed, staff estimates
that 10 percent of the burden hours
require managerial time and 90 percent
require skilled technical time. As shown
below, the total disclosure cost is
$363,305,530.
Skilled technical
Clerical
Required task
Total cost ($)
Time (hours)
Recordkeeping .............
Open-end credit disclosures:
Initial terms ...........
Rescission notices
Change in terms ...
Periodic statements .................
Error resolution .....
Credit and charge
card accounts ....
Home equity lines
of credit .............
Advertising ...................
Total open-end
credit ..........
Closed-end credit disclosures:
Credit disclosures
Rescission notices
Variable rate mortgages .................
High-rate/high-fee
mortgages .........
Reverse mortgages
Advertising ............
Total closedend credit ...
Total disclosures ..........
Total recordkeeping
and disclosures
VerDate Aug<31>2005
Cost ($32/hr.)
Time (hours)
Cost ($21/hr.)
Time (hours)
Cost ($14/hr.)
0
$0
100,000
$2,100,000
900,000
$12,600,000
$14,700,000
25,833
708
29,583
826,656
22,656
946,656
232,500
6,375
266,250
4,882,500
133,875
5,591,250
0
0
0
0
0
0
5,709,156
156,531
6,537,906
505,000
88,333
16,160,000
2,826,656
4,545,000
795,000
95,445,000
16,695,000
0
0
0
0
111,605,000
19,521,656
25,833
826,656
232,500
4,882,500
0
0
5,709,156
2,583
6,833
82,656
218,656
23,250
61,500
488,250
1,291,500
0
0
0
0
570,906
1,510,156
........................
........................
........................
........................
........................
........................
151,320,467
865,000
61,667
27,680,000
1,973,344
7,785,000
555,000
163,485,000
11,655,000
0
0
0
0
191,165,000
13,628,344
11,250
360,000
101,250
2,126,250
0
0
2,486,250
4,375
2,750
14,167
140,000
88,000
453,344
39,375
24,750
127,500
826,875
519,750
2,677,500
0
0
0
0
0
0
966,875
607,750
3,130,844
........................
........................
........................
........................
........................
........................
211,985,063
........................
........................
........................
........................
........................
........................
363,305,530
........................
........................
........................
........................
........................
........................
378,005,530
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E:\FR\FM\28SEN1.SGM
28SEN1
Federal Register / Vol. 70, No. 187 / Wednesday, September 28, 2005 / Notices
William Blumenthal,
General Counsel.
[FR Doc. 05–19319 Filed 9–27–05; 8:45 am]
BILLING CODE 6750–01–P
FEDERAL TRADE COMMISSION
Agency Information Collection
Activities: Reinstatement of Existing
Collection; Comment Request
AGENCY:
ACTION:
Federal Trade Commission.
Notice.
SUMMARY: The Federal Trade
Commission (‘‘FTC’’ or ‘‘Commission’’)
intends to conduct a survey of parents
who have one or more children, age 11–
16 years, who play video or personal
computer games. The FTC will also
survey children, between the ages of 11
and 16, who play video or personal
computer games. The surveys are a
follow up to the Commission’s surveys
conducted in 2000 on consumers’ use of
and familiarity with the Entertainment
Software Rating Board (‘‘ESRB’’) rating
system. Before gathering this
information, the FTC is seeking public
comments on its proposed consumer
research. Comments will be considered
before the FTC submits a request for
Office of Management and Budget
(‘‘OMB’’) review under the Paperwork
Reduction Act (‘‘PRA’’), 44 U.S.C. 3501–
3520.
Comments must be received on
or before November 28, 2005.
DATES:
Interested parties are
invited to submit written comments.
Comments should refer to
‘‘Entertainment Industry Study: FTC
File No. P994511’’ to facilitate the
organization of comments. A comment
filed in paper form should include this
reference both in the text and on the
envelope and should be mailed or
delivered, with two complete copies, to
the following address: Federal Trade
Commission/Office of the Secretary,
Room H–135 (Annex G), 600
Pennsylvania Avenue, NW.,
Washington, DC 20580. Because paper
mail in the Washington area and at the
Commission is subject to delay, please
consider submitting your comments in
electronic form, (in ASCII format,
WordPerfect, or Microsoft Word) as part
of or as an attachment to e-mail
messages directed to the following email box: entstudy@ftc.gov. However, if
the comment contains any material for
which confidential treatment is
requested, it must be filed in paper
ADDRESSES:
VerDate Aug<31>2005
16:02 Sep 27, 2005
Jkt 205001
form, and the first page of the document
must be clearly labeled ‘‘Confidential.’’ 1
The FTC Act and other laws the
Commission administers permit the
collection of public comments to
consider and use in this proceeding as
appropriate. All timely and responsive
public comments will be considered by
the Commission and will be available to
the public on the FTC Web site, to the
extent practicable, at www.ftc.gov. As a
matter of discretion, the FTC makes
every effort to remove home contact
information for individuals from the
public comments it receives before
placing those comments on the FTC
Web site. More information, including
routine uses permitted by the Privacy
Act, may be found in the FTC’s privacy
policy at https://www.ftc.gov/ftc/
privacy.htm.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information
should be addressed to Keith R.
Fentonmiller, (202) 326–2775, or
Richard F. Kelly, (202) 326–3304,
Attorneys, Federal Trade Commission,
Bureau of Consumer Protection,
Division of Advertising Practices, 600
Pennsylvania Ave., NW., Washington,
DC 20580.
SUPPLEMENTARY INFORMATION: In
September 2000, the Commission issued
a report requested by the President and
Congress entitled, Marketing Violent
Entertainment to Children: A Review of
Self-Regulation and Industry Practices
in the Motion Picture, Music Recording
& Electronic Game Industries (hereafter
‘‘2000 Report’’).2 The Commission
found that the electronic game industry
had engaged in widespread marketing of
violent electronic games to children
that: (1) Was inconsistent with the
Electronic Software Rating Board
(‘‘ESRB’’) rating system; and (2)
undermined parents’ attempts to make
informed decisions about their
children’s exposure to violent content.3
1 Commission
Rule 4.2(d), 16 CFR 4.2(d). The
comment must be accompanied by an explicit
request for confidential treatment, including the
factual and legal basis for the request, and must
identify the specific portions of the comment to be
withheld from the public record. The request will
be granted or denied by the Commission’s General
Counsel, consistent with applicable law and the
public interest. See Commission Rule 4.9(c), 16 CFR
4.9(c).
2 Available at https://www.ftc.gov/reports/
violence/vioreport.pdf.
3 As indicated on its website, the ESRB ‘‘is a selfregulatory body for the interactive entertainment
software industry established in 1994 by the
Entertainment Software Association, formerly the
Interactive Digital Software Association. ESRB
independently applies and enforces ratings,
advertising guidelines, and online privacy
principles adopted by the computer and video game
industry. The ESRB rating system helps parents and
other consumers choose the games that are right for
PO 00000
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56703
Similar results were found for the
motion picture and music recording
industries. The Commission also found
that advertisements for electronic games
frequently failed to contain rating
information. Further, the Commission’s
national surveys of parents and children
found that only 61% of parents were
aware of the ESRB system, and nearly
half of those parents reported that they
rarely or never use the ESRB system.4
In April 2001,5 December 2001,6 June
2002,7 and July 2004,8 the Commission
issued follow-up reports to assess
changes in industry practices. The first
two follow-up reports documented
progress by the electronic game industry
to limit advertising in popular teen
media. The third follow-up report found
that the game industry was in
substantial compliance with ESRB
standards governing ad placements and
disclosure of rating information in
advertising. There were, however, some
advertisements for Mature-rated games
placed on television programs with
large numbers of teen viewers and
continued placement of such ads in
game enthusiast magazines with large
youth readership.9 The Commission’s
July 2004 report found substantial
compliance with ESRB standards
governing ad placements and that
industry members generally were
prominently disclosing rating
information in advertising and on
product packaging. A ‘‘mystery
shopper’’ survey of retailers conducted
on behalf of the Commission in 2003,
however, found that 69% of young teen
shoppers (age 13–16) were able to buy
Mature-rated games, although there was
some improvement from earlier
undercover shopping surveys conducted
in 2000 and 2001.10
Members of Congress and parental
advocacy groups continue to voice
concern about parents’ knowledge and
use of the ESRB system, the accuracy of
their families. ESRB ratings have two parts: rating
symbols that suggest what age group the game is
best for, and content descriptors that indicate
elements in a game that may have triggered a
particular rating and/or may be of interest or
concern.’’
4 See 2000 Report, Appendix F at https://
www.ftc.gov/reports/violence/appendicesviorpt.pdf.
Appendix F also contains a detailed discussion of
the underlying methodology and findings.
5 Available at https://www.ftc.gov/reports/
violence/violence010423.pdf.
6 Available at https://www.ftc.gov/os/2001/12/
violencereport1.pdf.
7 Available at https://www.ftc.gov/reports/
violence/mvecrpt0206.pdf.
8 Available at https://www.ftc.gov/os/2004/07/
040708kidsviolencerpt.pdf.
9 Mature-rated games contain content that may be
suitable for persons 17 years of age and older.
10 See July 2004 Report, Appendix B at https://
www.ftc.gov/reports/violence/appendicesviorpt.pdf.
E:\FR\FM\28SEN1.SGM
28SEN1
]]>Agencies
[Federal Register Volume 70, Number 187 (Wednesday, September 28, 2005)]
[Notices]
[Pages 56696-56703]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-19319]
-----------------------------------------------------------------------
FEDERAL TRADE COMMISSION
Agency Information Collection Activities; Submission for OMB
Review; Comment Request
AGENCY: Federal Trade Commission (``FTC'' or ``Commission'').
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The information collection requirements described below will
be submitted to the Office of Management and Budget (``OMB'') for
review, as required by the Paperwork Reduction Act (``PRA'') (44 U.S.C.
3501-3520). The FTC is seeking public comments on its proposal to
extend through January 31, 2009 the current PRA clearances for
information collection requirements contained in four consumer
financial regulations enforced by the Commission. Those clearances
expire on January 31, 2006.
DATES: Comments must be received on or before November 28, 2005.
ADDRESSES: Interested parties are invited to submit written comments.
Comments should refer to ``Regs BEMZ: FTC File No. P054803'' to
facilitate the organization of comments. A comment filed in paper form
should include this reference both in the text and on the envelope and
should be mailed or delivered, with two complete copies, to the
following address: Federal Trade Commission/Office of the Secretary,
Room H-135 (Annex J), 600 Pennsylvania Avenue, NW., Washington, DC
20580. Because paper mail in the Washington area and at the Commission
is subject to delay, please consider submitting your comments in
electronic form, (in ASCII format, WordPerfect, or Microsoft Word) as
part of or as an attachment to e-mail messages directed to the
following e-mail box: paperworkcomment@ftc.gov. However, if the comment
contains any material for which confidential treatment is requested, it
must be filed in paper form, and the first page of the document must be
clearly labeled ``Confidential.'' \1\
---------------------------------------------------------------------------
\1\ Commission Rule 4.2(d), 16 CFR 4.2(d). The comment must be
accompanied by an explicit request for confidential treatment,
including the factual and legal basis for the request, and must
identify the specific portions of the comment to be withheld from
the public record. The request will be granted or denied by the
Commission's General Counsel, consistent with applicable law and the
public interest. See Commission Rule 4.9(c), 16 CFR 4.9(c).
---------------------------------------------------------------------------
The FTC Act and other laws the Commission administers permit the
collection of public comments to consider and use in this proceeding as
appropriate. All timely and responsive public comments will be
considered by the Commission and will be available to the public on the
FTC website, to the extent practicable, at www.ftc.gov. As a matter of
discretion, the FTC makes every effort to remove home contact
information for individuals from the public comments it receives before
placing those comments on the FTC Web site. More information, including
routine uses permitted by the Privacy Act, may be found in the FTC's
privacy policy at https://www.ftc.gov/ftc/privacy.htm.
[[Page 56697]]
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the proposed information requirements should be addressed to
Carole Reynolds, Attorney, Division of Financial Practices, Bureau of
Consumer Protection, Federal Trade Commission, 600 Pennsylvania Ave.,
NW., Washington, DC 20580, (202) 326-3230.
SUPPLEMENTARY INFORMATION: Under the PRA, federal agencies must obtain
approval from OMB for each collection of information they conduct or
sponsor. ``Collection of information'' means agency requests or
requirements that members of the public submit reports, keep records,
or provide information to a third party. 44 U.S.C. 3502(3), 5 CFR
1320.3(c). As required by the PRA, the FTC is providing this
opportunity for public comment before requesting that OMB extend the
existing paperwork clearance for the regulations noted herein. 44 U.S.C
3506(c)(2)(A).
The FTC invites comments on: (1) Whether the proposed collection of
information is necessary for the proper performance of the functions of
the agency, including whether the information will have practical
utility; (2) the accuracy of the agency's estimate of the burden of the
proposed collection of information, including the validity of the
methodology and assumptions used; (3) ways to enhance the quality,
utility, and clarity of the information to be collected; and (4) ways
to minimize the burden of the collection of information on those who
are to respond, including through the use of appropriate automated,
electronic, mechanical, or other technological collection techniques or
other forms of information technology, e.g., permitting electronic
submission of responses.
The four regulations covered by this notice are:
(1) Regulations promulgated under The Equal Credit Opportunity Act,
15 U.S.C. 1691 et seq. (``ECOA'') (``Regulation B'') (OMB Control
Number: 3084-0087);
(2) Regulations promulgated under The Electronic Fund Transfer Act,
15 U.S.C. 1693 et seq. (``EFTA'') (``Regulation E'') (OMB Control
Number: 3084-0085);
(3) Regulations promulgated under The Consumer Leasing Act, 15
U.S.C. 1667 et seq., (``CLA'') (``Regulation M'') (OMB Control Number:
3084-0086);
(4) Regulations promulgated under The Truth-In-Lending Act, 15
U.S.C. 1601 et seq. (``TILA'') (``Regulation Z'') (OMB Control Number:
3084-0088).
Each of these four rules impose certain recordkeeping and
disclosure requirements associated with providing credit or with other
financial transactions. As detailed below, the FTC staff has calculated
the PRA burden for each rule based on the compliance costs of entities
subject to enforcement by the FTC. All of these rules require covered
entities to keep certain records. Staff believes that these entities
would likely retain these records in the normal course of business even
absent the recordkeeping requirement in the rules.\2\ There is,
however, some burden associated with ensuring that covered entities do
not prematurely dispose of relevant records during the period of time
required by the applicable rule.
---------------------------------------------------------------------------
\2\ PRA ``burden'' does not include effort expended in the
ordinary course of business, regardless of any regulatory
requirement. 5 CFR 1320.3(b)(2).
---------------------------------------------------------------------------
Disclosure requirements involve both set-up and monitoring costs as
well as certain transaction-specific costs. ``Set-up'' burden, incurred
by new entrants only, includes identifying the applicable disclosure
requirements, determining compliance obligations, and designing and
developing compliance systems and procedures. ``Monitoring'' burden,
incurred by all covered entities, includes reviewing revisions to
regulatory requirements, revising compliance systems and procedures as
necessary, and monitoring the ongoing operation of systems and
procedures to ensure continued compliance. ``Transaction-related''
burden refers to the effort associated with providing the various
required disclosures in individual transactions. While this burden
varies with the number of transactions, the figures shown for
transaction-related burden in the tables that follow are estimated
averages.
The actual range of compliance burden experienced by covered
entities, and reflected in those averages, varies widely. Depending on
the extent to which covered entities have developed computer-based
systems and procedures for providing the required disclosures (and/or
the extent which such entities utilize electronic transactions,
communications, and/or electronic recordkeeping), and the efficacy of
those systems and procedures, some entities may have little burden,
while others may incur a higher burden.\3\
---------------------------------------------------------------------------
\3\ For example, large retailers may use computer-based and/or
electronic means to provide required disclosures, including issuing
some disclosures en masse, e.g., notices of changes in terms.
Smaller retailers or other creditors may have less automated
compliance systems but may nonetheless rely on electronic mechanisms
for disclosures and recordkeeping. Regardless of size, some entities
may utilize compliance systems that are fully integrated into their
general business operational system; as such, they may have minimal
additional burden. Other entities may have incorporated fewer of
these approaches into their systems and may have a higher burden.
---------------------------------------------------------------------------
Calculating the burden associated with the four regulations'
disclosure requirements is very difficult because of the highly diverse
group of affected entities. The ``respondents'' included in the
following burden calculations consist of credit and lease advertisers,
creditors, financial institutions, service providers, certain
government agencies and others involved in delivering electronic fund
transfers (``EFTs'') of government benefits, and lessors.\4\ The burden
estimates represent staff's best assessment, based on its knowledge and
expertise relating to the financial services industry. To derive these
estimates, staff considered the wide variations in covered entities':
(1) Size and location; (2) credit or lease products offered, extended,
or advertised, and their particular terms; (3) types of EFTs used; (4)
types and occurrences of adverse actions; (5) types of appraisal
reports utilized; and (6) computer systems and electronic features of
compliance operations.
---------------------------------------------------------------------------
\4\ The Commission generally does not have jurisdiction over
banks under the applicable regulations.
---------------------------------------------------------------------------
The required disclosures do not impose PRA burden on some covered
entities because the entities make those disclosures in the ordinary
course of business. In addition, as noted above, some entities use
computer-based and/or electronic means of providing the required
disclosures, while others rely on methods requiring more manual effort.
The cost estimates detailed below relate solely to labor costs and
include the time necessary to train employees to be in compliance with
the regulations. The applicable PRA requirements impose minimal capital
or other non-labor costs, as affected entities generally have the
necessary equipment for other business purposes. Similarly, staff
estimates that compliance with these rules entails minimal printing and
copying costs beyond that associated with documenting financial
transactions in the ordinary course of business.
1. Regulation B
The ECOA prohibits discrimination in the extension of credit.
Regulation B, 12 CFR 202, promulgated by the Board of Governors of the
Federal Reserve System (``FRB''), establishes both recordkeeping and
disclosure requirements to assist customers in understanding their
rights under the ECOA and to assist in detecting unlawful
discrimination. The FTC enforces the ECOA as to all creditors except
those that are subject to the regulatory authority of another federal
[[Page 56698]]
agency (such as federally chartered or insured depository
institutions).
Estimated annual hours burden: 3,189,000 hours, rounded to the
nearest thousand (1,186,833 recordkeeping hours +2,001,771 disclosure
hours).
Recordkeeping: FTC staff estimates that Regulation B's general
recordkeeping requirements affect 1,000,000 credit firms subject to the
Commission's jurisdiction, at an average annual burden of one hour per
firm, for a total of 1,000,000 hours. Staff also estimates that the
requirement that mortgage creditors monitor information about race/
national origin, sex, age, and marital status imposes a maximum burden
of one minute each \5\ for approximately eleven million credit
applications (based on industry data regarding the approximate number
of mortgage purchase and refinance originations), for a total of
183,333 hours. Staff also estimates that recordkeeping of self-testing
subject to the regulation would affect 2,500 firms, with an average
annual burden of one hour per firm, for a total of 2,500 hours, and
that recordkeeping of any corrective action for self-testing would
affect 250 firms in a given year, with an average annual burden of four
hours per firm, for a total of 1,000 hours. The total estimated
recordkeeping burden is 1,186,833 hours.
---------------------------------------------------------------------------
\5\ Regulation B contains model forms that creditors may use to
gather and retain the required information.
---------------------------------------------------------------------------
Disclosure: Regulation B requires that creditors (i.e., entities
that regularly participate in a credit decision, including setting the
terms of the credit) provide notices whenever they take adverse action.
It requires entities that extend various types of mortgage credit to
provide a copy of the appraisal report to applicants or to notify them
of their right to a copy of the report (and thereafter provide a copy
of the report, upon the applicant's request). It also requires that for
accounts which spouses may use or for which they are contractually
liable, creditors who report credit history must do so in a manner
reflecting both spouses' participation. Further, it requires creditors
that collect applicant characteristics for purposes of conducting a
self-test to disclose to those applicants that providing the
information is optional, that the creditor will not take the
information into account in any aspect of the credit transactions, and,
if applicable, that the information will be noted by visual observation
or surname if the applicant chooses not to provide it.\6\
---------------------------------------------------------------------------
\6\ The disclosure may be provided orally or in writing.
Regulation B provides a model form to assist creditors in providing
the disclosure. The FRB added this disclosure requirement in 2003.
See 52 FR 13144, 13163-64 (Mar. 18, 2003).
---------------------------------------------------------------------------
Regulation B applies to retailers, mortgage lenders, mortgage
brokers, finance companies, Internet businesses, and others. Below is
staff's best estimate of burden applicable to this highly broad
spectrum of covered entities.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Setup/monitoring \1\ Transaction-related \2\
---------------------------------------------------------------------------------------------------------------
Average burden
Disclosure Average burden Total setup/ Number of per Total Total burden
Respondents per respondent monitoring transactions transaction transaction (hours)
(hours) burden (hours) (minutes) burden (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Credit history reporting................ 250,000 .25 62,500 125,000,000 .25 520,833 583,333
Adverse action notices.................. 1,000,000 .5 500,000 200,000,000 .25 833,333 1,333,333
Appraisal notices....................... 25,000 .5 12,500 7,000,000 .25 29,167 41,667
Appraisal reports....................... 25,000 .5 12,500 7,000,000 .25 29,167 41,667
Self-test disclosures................... 2,500 .5 1,250 125,000 .25 521 1,771
-----------------
Total............................... .............. .............. .............. .............. .............. .............. 2,001,771
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ With respect to appraisal notices and appraisal reports, the above figures reflect an increase in applicable mortgage entities. The figures assume
that approximately half of those entities (.5 x 50,000, or 25,000 businesses) would not otherwise provide this information and thus would be affected.
The figures also assume that all applicable entities would provide notices first and thereafter provide the reports upon request.
\2\ The above figures reflect an increase in mortgage transactions. They assume that half of applicable mortgage transactions (.5 x 14,000,000, or
7,000,000) would not otherwise provide the appraisal notices and reports and thus would be affected.
Estimated annual cost burden: $62,863,000 rounded to the nearest
thousand ($18,623,493 recordkeeping cost + $44,239,138 disclosure
cost).
Staff calculated labor costs by applying appropriate hourly cost
figures to the burden hours described above. The hourly rates used
below ($32 for managerial or professional time, $21 for skilled
technical time, and $14 for clerical time) are averages, based on
current Bureau of Labor Statistics cost figures.
Recordkeeping: Staff estimates that the general recordkeeping
responsibility of one hour per creditor would involve approximately 90
percent clerical time and 10 percent skilled technical time. Keeping
records of race/national origin, sex, age, and marital status requires
an estimated one minute of skilled technical time. Keeping records of
the self-test responsibility and of any corrective actions requires an
estimated one hour and four hours, respectively, of skilled technical
time. As shown below, the total recordkeeping cost is $18,623,493.
Disclosure: For each notice or information item listed, staff
estimates that the burden hours consist of 10 percent managerial time
and 90 percent skilled technical time. As shown below, the total
disclosure cost is $44,239,138.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Managerial Skilled technical Clerical
------------------------------------------------------------------------------------------------ Total cost
Required task Cost ($32/ ($)
Time (hours) hr.) Time (hours) Cost ($21/hr.) Time (hours) Cost ($14/hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
General recordkeeping................... 0 $0 100,000 $2,100,000 900,000 $12,600,000 $14,700,000
Other recordkeeping..................... 0 0 183,333 3,849,993 0 0 3,849,993
Recordkeeping of test................... 0 0 2,500 52,500 0 0 52,500
[[Page 56699]]
Recordkeeping of corrective action...... 0 0 1,000 21,000 0 0 21,000
-----------------
Total recordkeeping................. .............. .............. .............. .............. .............. .............. 18,623,493
Credit history reporting................ 58,333 $1,866,656 525,000 11,025,000 0 0 12,891,656
Adverse action notices.................. 133,333 4,266,656 1,200,000 25,200,000 0 0 29,466,656
Appraisal notices....................... 4,167 133,344 37,500 787,500 0 0 920,844
Appraisal reports....................... 4,167 133,344 37,500 787,500 0 0 920,844
Self-test disclosure.................... 177 5,664 1,594 133,474 0 0 39,138
-----------------
Total disclosure.................... .............. .............. .............. .............. .............. .............. 44,239,138
=================
Total recordkeeping and .............. .............. .............. .............. .............. .............. 62,862,631
disclosure.....................
--------------------------------------------------------------------------------------------------------------------------------------------------------
2. Regulation E
The EFTA requires accurate disclosure of the costs, terms, and
rights relating to EFT services to consumers. Regulation E, 12 CFR 205,
promulgated by the FRB, establishes both recordkeeping and disclosure
requirements applicable to entities providing EFT services to
consumers. The FTC enforces the EFTA as to all entities providing EFT
services except those that are subject to the regulatory authority of
another federal agency (such as federally chartered or insured
depository institutions).
Estimated annual hours burden: 3,580,000 hours (500,000
recordkeeping hours + approximately 3,080,000 disclosure hours).
Recordkeeping: Staff estimates that Regulation E's recordkeeping
requirements affect 500,000 firms offering EFT services to consumers
and subject to the Commission's jurisdiction, at an average annual
burden of one hour per firm, for a total of 500,000 hours.
Disclosure: Regulation E applies to financial institutions
(including certain retailers and electronic commerce entities), service
providers, various federal and state agencies offering EFTs, and
others. Below is staff's best estimate of burden applicable to this
highly broad spectrum of covered entities.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Setup/monitoring Transaction-related
------------------------------------------------------------------------------------------------
Average burden Total burden
Disclosure Average burden Total setup/ Number of per Total (hours)
Respondents per respondent monitoring transactions transaction transaction
(hours) burden (hours) (minutes) burden (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Initial terms........................... 100,000 .5 50,000 1,000,000 .02 333 50,333
Change in terms......................... 25,000 .5 12,500 33,000,000 .02 11,000 23,500
Periodic statements..................... 100,000 .5 50,000 1,200,000,000 .02 400,000 450,000
Error resolution........................ 100,000 .5 50,000 1,000,000 5 83,333 133,333
Transaction receipts.................... 100,000 .5 50,000 5,000,000,000 .02 1,666,667 1,716,667
Preauthorized transfers................. 500,000 .5 250,000 1,000,000 .25 4,167 254,167
Service provider notices................ 100,000 .25 25,000 1,000,000 .25 4,167 29,167
Govt. benefit notices................... 10,000 .5 5,000 100,000,000 .25 416,667 421,667
ATM notices............................. 500 .25 125 250,000 .25 1,041 1,166
-----------------
Total............................... .............. .............. .............. .............. .............. .............. 3,080,000
--------------------------------------------------------------------------------------------------------------------------------------------------------
Estimated annual cost burden: $75,418,000, rounded to the nearest
thousand ($7,350,00 recordkeeping cost + $68,068,000 disclosure cost).
Staff calculated labor costs by applying appropriate hourly cost
figures to the burden hours described above. The hourly rates used
below ($32 for managerial or professional time, $21 for skilled
technical time, and $14 for clerical time) are averages, based on
current Bureau of Labor Statistics cost figures.
Recordkeeping: For the 500,000 recordkeeping hours, staff estimates
that 10 percent of the burden hours require skilled technical time and
90 percent require clerical time. As shown below, the total
recordkeeping cost is $7,350,000.
Disclosure: For each notice or information item listed, staff
estimates that 10 percent of the burden hours require managerial time
and 90 percent require skilled technical time. As shown below, the
total disclosure cost is $68,068,000.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Managerial Skilled technical Clerical
------------------------------------------------------------------------------------------------ Total cost
Required task Cost ($21/ ($)
Time (hours) Cost ($32/hr.) Time (hours) hr.) Time (hours) Cost (14/hr)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping........................... 0 $0 50,000 $1,050,000 450,000 $6,300,000 $7,350,000
[[Page 56700]]
Disclosure:
Initial terms....................... 5,033 161,056 45,300 951,300 0 0 1,112,356
Change in terms..................... 2,350 75,200 21,150 444,150 0 0 519,350
Periodic statements................. 45,000 1,440,000 405,000 8,505,000 0 0 9,945,000
Error resolution.................... 13,333 426,656 120,000 2,520,000 0 0 2,946,656
Transaction receipts................ 171,667 5,493,344 1,545,000 32,445,000 0 0 37,938,344
Preauthorized transfers............. 25,417 813,344 228,750 4,803,750 0 0 5,617,094
Service provider notices............ 2,917 93,344 26,250 551,250 0 0 644,594
Govt. benefit notices............... 42,167 1,349,344 379,500 7,969,500 0 0 9,318,844
ATM notices......................... 116 3,712 1,050 22,050 0 0 25,762
-----------------
Total disclosure................ .............. .............. .............. .............. .............. .............. 68,068,000
=================
Total recordkeeping and .............. .............. .............. .............. .............. .............. 75,418,000
disclosures................
--------------------------------------------------------------------------------------------------------------------------------------------------------
3. Regulation M
The CLA requires accurate disclosure of the costs and terms of
leases to consumers. Regulation M, 12 CFR 213, promulgated by the FRB,
establishes disclosure requirements that assist consumers in comparison
shopping and in understanding the terms of leases and recordkeeping
requirements that assist enforcement of the CLA. The FTC enforces the
CLA as to all lessors and advertisers except those that are subject to
the regulatory authority of another federal agency (such as federally
chartered or insured depository institutions).
Estimated annual hours burden: 279,000 hours, rounded to the
nearest thousand (150,000 recordkeeping hours + 129,167 disclosure
hours).
Recordkeeping: Staff estimates that Regulation M's recordkeeping
requirements affect approximately 150,000 firms leasing products to
consumers and subject to the Commission's jurisdiction, at an average
annual burden of one hour per firm, for a total of 150,000 hours.
Disclosure: Regulation M applies to automobile lessors (such as
auto dealers, independent leasing companies, and manufacturers' captive
finance companies), computer lessors (such as computer dealers and
other retailers), furniture lessors, various electronic commerce
lessors, and diverse types of lease advertisers, and others. Below is
staff's best estimate of burden applicable to this highly broad
spectrum of covered entities.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Setup/monitoring Transaction-related
------------------------------------------------------------------------------------------------
Average burden Total burden
Disclosure Average burden Total setup/ Number of per Total (hours)
Respondents per respondent monitoring transactions transaction transaction
(hours) burden (hours) (minutes) burden (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Auto leases \1\......................... 50,000 .75 37,500 2,500,000 .50 20,833 58,333
Other leases \2\........................ 100,000 .50 50,000 1,000,000 .25 4,167 54,167
Advertising............................. 25,000 .50 12,500 1,000,000 .25 4,167 16,667
-----------------
Total............................... .............. .............. .............. .............. .............. .............. 129,167
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ This category focuses on consumer vehicle leases. Vehicle leases are subject to more lease disclosure requirements (pertaining to computation of
payment obligations) than other lease transactions. (Only consumer leases for more than four months are covered.) See 15 U.S.C. 1667(1); 12 CFR
213.2(e)(1).
\2\ This category focuses on all types of consumer leases other than vehicle leases. It includes leases for computers, other electronics, small
appliances, furniture, and other transactions. (Only consumers leases for more than four months are covered.) See 15 U.S.C. 1667(1); 12 CFR
213.2(e)(1).
Estimated annual cost burden: $5,060,000, rounded to the nearest
thousand ($2,205,5000 recordkeeping cost + $2,854,594 disclosure cost).
Staff calculated labor costs by applying appropriate hourly cost
figures to the burden hours described above. The hourly rates used
below ($32 for managerial or professional time, $21 for skilled
technical time, and $14 for clerical time) are averages, based on
current Bureau of Labor Statistics cost figures.
Recordkeeping: For the 150,000 recordkeeping hours, staff estimates
that 10 percent of the burden hours require skilled technical time and
90 percent require clerical time. As shown below, the total
recordkeeping cost is $2,205,000.
[[Page 56701]]
Disclosure: For each notice or information item listed, staff
estimates that 10 percent of the burden hours require managerial time
and 90 percent require skilled technical time. As shown below, the
total disclosure cost is $2,854,594.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Managerial Skilled technical Clerical
Required task ------------------------------------------------------------------------------------------------ Total cost ($)
Time (hours) Cost ($32/hr.) Time (hours) Cost ($21/hr.) Time (hours) Cost ($14/hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping........................... 0 $0 15,000 $315,000 135,000 $1,890,000 $2,205,000
Disclosures:
Auto leases......................... 5,833 186,656 52,500 1,102,500 0 0 1,289,156
Other leases............................ 5,417 173,344 48,750 1,023,750 0 0 1,197,094
Advertising............................. 1,667 53,344 15,000 315,000 0 0 368,344
-----------------
Total disclosures................... .............. .............. .............. .............. .............. .............. 2,854,594
Total recordkeeping and disclosures. .............. .............. .............. .............. .............. .............. 5,059,594
--------------------------------------------------------------------------------------------------------------------------------------------------------
4. Regulation Z
The TILA was enacted to foster comparison credit shopping and
informed credit decision making by requiring accurate disclosure of the
costs and terms of credit to consumers. Regulation Z, 12 CFR 226,
promulgated by the FRB, establishes both recordkeeping and disclosure
requirements to assist consumers and the enforcement of the TILA. The
FTC enforces the TILA as to all creditors and advertisers except those
that are subject to the regulatory authority of another federal agency
(such as federally chartered or insured depository institutions).
Estimated annual hours burden: 17,439,000 hours, rounded to the
nearest thousand (1,000,000 recordkeeping hours + 16,439,165 disclosure
hours).
Recordkeeping: FTC staff estimates that Regulation Z's
recordkeeping requirements affect approximately 1,000,000 firms
offering credit and subject to the Commission's jurisdiction, at an
average annual burden of one hour per firm, for a total of 1,000,000
hours.
Disclosure: Regulation Z disclosure requirements pertain to open-
end and closed-end credit. The Regulation applies to retailers (such as
department stores, appliance stores, discount retailers, medical-dental
service providers, home improvement sellers, and electronic commerce
retail operators); mortgage companies; finance companies; credit
advertisers; auto dealerships; student loan companies; home fuel or
power services (for furnaces, stoves, microwaves, and other heating,
cooling or residential power equipment); credit advertisers; and
others. Below is staff's best estimate of burden applicable to this
highly broad spectrum of covered entities.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Setup/monitoring Transaction-related
------------------------------------------------------------------------------------------------
Average burden Total burden
Disclosure \1\ Average burden Total setup/ Number of per Total hours
Respondents per respondent monitoring transactions transaction transaction
(hours) burden (hours) (minutes) burden (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Open-end credit:
Initial terms....................... 100,000 .5 50,000 50,000,000 .25 208,333 258,333
Rescission notices.................. 10,000 .5 5,000 500,000 .25 2,083 7,083
Change in terms..................... 25,000 .5 12,500 136,000,000 .125 283,333 295,833
Periodic statements................. 100,000 .5 50,000 4,800,000,000 .0625 5,000,000 5,050,000
Error resolution.................... 100,000 .5 50,000 10,000,000 5 833,333 883,333
Credit and charge card accounts..... 100,000 .5 50,000 50,000,000 .25 208,333 258,333
Home equity lines of credit......... 10,000 .5 5,000 5,000,000 .25 20,833 25,833
Advertising......................... 250,000 .25 62,500 700,000 .5 5,833 68,333
Closed-end credit:
Credit disclosures.................. 800,000 .5 400,000 330,000,000 1.5 8,250,000 8,650,000
Rescission notices.................. 100,000 .5 50,000 34,000,000 1 566,667 616,667
Variable rate mortgages............. 75,000 .5 37,500 3,000,000 1.5 75,000 112,500
High rate/high-fee mortgages........ 50,000 .5 25,000 750,000 1.5 18,750 43,750
Reverse mortgages................... 50,000 .5 25,000 150,000 1 2,500 27,500
Advertising............................. 500,000 .25 125,000 1,000,000 1 16,667 141,667
-----------------
Total open-end credit........... .............. .............. .............. .............. .............. .............. 6,847,081
[[Page 56702]]
Total closed-end credit......... .............. .............. .............. .............. .............. .............. 9,592,084
=================
Total credit.................... .............. .............. .............. .............. .............. .............. 16,439,165
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Open-end transactions with rescission notices (where the notices may not be otherwise provided) have increased. Closed-end variable rate mortgages
have increased. Computer technology use has expanded in some closed-end areas with lengthy disclosures that previously involved more manual efforts,
i.e., credit, variable rate, and high rate/high fee disclosures.
Estimated annual cost burden: $378,006,000, rounded to the nearest
thousand ($14,700,000 recordkeeping cost + $363,305,530 disclosure
cost).
Staff calculated labor costs by applying appropriate hourly cost
figures to the burden hours described above. The hourly rates used
below ($32 for managerial or professional time, $21 for skilled
technical time, and $14 for clerical time) are averages, based on
current Bureau of Labor Statistics cost figures.
Recordkeeping: For the 1,000,000 recordkeeping hours, staff
estimates that 10 percent of the burden hours require skilled technical
time and 90 percent require clerical time. As shown below, the total
recordkeeping cost is $14,700,000.
Disclosure: For each notice or information item listed, staff
estimates that 10 percent of the burden hours require managerial time
and 90 percent require skilled technical time. As shown below, the
total disclosure cost is $363,305,530.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Managerial Skilled technical Clerical
Required task ------------------------------------------------------------------------------------------------ Total cost ($)
Time (hours) Cost ($32/hr.) Time (hours) Cost ($21/hr.) Time (hours) Cost ($14/hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping........................... 0 $0 100,000 $2,100,000 900,000 $12,600,000 $14,700,000
Open-end credit disclosures:
Initial terms....................... 25,833 826,656 232,500 4,882,500 0 0 5,709,156
Rescission notices.................. 708 22,656 6,375 133,875 0 0 156,531
Change in terms..................... 29,583 946,656 266,250 5,591,250 0 0 6,537,906
Periodic statements................. 505,000 16,160,000 4,545,000 95,445,000 0 0 111,605,000
Error resolution.................... 88,333 2,826,656 795,000 16,695,000 0 0 19,521,656
Credit and charge card accounts..... 25,833 826,656 232,500 4,882,500 0 0 5,709,156
Home equity lines of credit......... 2,583 82,656 23,250 488,250 0 0 570,906
Advertising............................. 6,833 218,656 61,500 1,291,500 0 0 1,510,156
-----------------
Total open-end credit........... .............. .............. .............. .............. .............. .............. 151,320,467
Closed-end credit disclosures:
Credit disclosures.................. 865,000 27,680,000 7,785,000 163,485,000 0 0 191,165,000
Rescission notices.................. 61,667 1,973,344 555,000 11,655,000 0 0 13,628,344
Variable rate mortgages............. 11,250 360,000 101,250 2,126,250 0 0 2,486,250
High-rate/high-fee mortgages........ 4,375 140,000 39,375 826,875 0 0 966,875
Reverse mortgages................... 2,750 88,000 24,750 519,750 0 0 607,750
Advertising......................... 14,167 453,344 127,500 2,677,500 0 0 3,130,844
-----------------
Total closed-end credit......... .............. .............. .............. .............. .............. .............. 211,985,063
=================
Total disclosures............... .............. .............. .............. .............. .............. .............. 363,305,530
Total recordkeeping and .............. .............. .............. .............. .............. .............. 378,005,530
disclosures................
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 56703]]
William Blumenthal,
General Counsel.
[FR Doc. 05-19319 Filed 9-27-05; 8:45 am]
BILLING CODE 6750-01-P
