Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 2942-2943 [E6-427]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 71, Number 11 (Wednesday, January 18, 2006)]
[Notices]
[Pages 2942-2943]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-427]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: Background.
    Notice is hereby given of the final approval of proposed 
information 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 OMB 83-Is and 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 Long--Division of Research and Statistics, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829).
    OMB Desk Officer-Mark Menchik--Office of Information and Regulatory 
Affairs, Office of Management and Budget, New Executive Office 
Building, Room 10235, Washington, DC 20503, or e-mail to 
mmenchik@omb.eop.gov.

Final approval under OMB delegated authority the extension for three 
years, without revision, of the following reports:

    1. Report title: Recordkeeping and Disclosure Requirements in 
Connection with Regulation B (Equal Credit Opportunity)
    Agency form number: Reg B
    OMB control number: 7100-0201
    Frequency: Event-generated
    Reporters: State member banks, 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 Edge and agreement corporations.
    Annual reporting hours: 189,540 hours
    Estimated average hours per response: Notice of action, 2.5 
minutes; credit history reporting, 2 minutes; recordkeeping for 
applications & actions, 8 hours; monitoring data, 0.50 minutes; 
appraisal report upon request, 5 minutes; notice of right to appraisal, 
0.25 minutes; recordkeeping of self test, 2 hours; recordkeeping of 
corrective action, 8 hours; and disclosure of optional self-test, 1 
minute.
    Number of respondents: 1,341
    General description of report: This information collection is 
mandatory (15 U.S.C. 1691(b)(a)(1)). The adverse action disclosure is 
confidential between the institution and the consumer involved. Since 
the Federal Reserve does not collect any information, no issue of 
confidentiality normally arises. However, the information may be 
protected from disclosure under the exemptions (b)(4), (6), and (8) of 
the Freedom of Information Act (5 USC 522(b)).
    Abstract: The Equal Credit Opportunity Act (the Act) and Regulation 
B prohibit discrimination in any aspect of a credit transaction because 
of race, color, religion, national origin, sex, marital status, age, or 
other specified bases. To aid in implementation of this prohibition, 
the statute and regulation also subject creditors to various mandatory 
disclosure requirements, notification provisions, credit history 
reporting, monitoring rules, and recordkeeping requirements. These 
requirements are triggered by specific events and disclosures must be 
provided within the time periods established by the Act and regulation.
    2. Report title: Recordkeeping and Disclosure Requirements in 
Connection

[[Page 2943]]

with Regulation E (Electronic Funds Transfer)
    Agency form number: Reg E
    OMB control number: 7100-0200
    Frequency: Event-generated
    Reporters: State member banks, 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 Edge and agreement corporations.
    Annual reporting hours: 63,047 hours
    Estimated average hours per response: Initial terms disclosure, 1.5 
minutes; change in terms disclosure, 1 minute; periodic disclosure, 7 
hours; and error resolution rules, 30 minutes.
    Number of respondents: 1,289
    General description of report: This information collection is 
mandatory (15 U.S.C. 1693 et seq.). The disclosures required by the 
rule and information about error allegations and their resolution are 
confidential between the institution and the consumer. Since the 
Federal Reserve does not collect any information, no issue of 
confidentiality arises. However, the information, if made available to 
the Federal Reserve, may be protected from disclosure under exemptions 
(b)(4), (6), and (8) of the Freedom of Information Act (5 U.S.C. 552 
(b)(4), (6), and (8)).
    Abstract: The Electronic Funds Transfer Act and Regulation E are 
designed to ensure adequate disclosure of basic terms, costs, and 
rights relating to electronic fund transfer (EFT) services provided to 
consumers. Institutions offering EFT services must disclose to 
consumers certain information, including: Initial and updated EFT 
terms, transaction information, periodic statements of activity, the 
consumer's potential liability for unauthorized transfers, and error 
resolution rights and procedures. EFT services include automated teller 
machines, telephone bill payment, point-of- sale transfers in retail 
stores, fund transfers initiated through the internet, and 
preauthorized transfers to or from a consumer's account.

    Board of Governors of the Federal Reserve System, January 11, 
2006.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E6-427 Filed 1-17-06; 8:45 am]
BILLING CODE 6210-01-S