Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 59291 [E7-20620]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 72, Number 202 (Friday, October 19, 2007)]
[Notices]
[Page 59291]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-20620]


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FEDERAL RESERVE SYSTEM


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

SUMMARY: Background. Notice is hereby given of the final approval of 
proposed information collections by the Board of Governors of the 
Federal Reserve System (Board) under OMB delegated authority, as per 5 
CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the 
Public). Board-approved collections of information are incorporated 
into the official OMB inventory of currently approved collections of 
information. Copies of the Paperwork Reduction Act Submission, 
supporting statements and approved collection of information 
instrument(s) are placed into OMB's public docket files. The Federal 
Reserve may not conduct or sponsor, and the respondent is not required 
to respond to, an information collection that has been extended, 
revised, or implemented on or after October 1, 1995, unless it displays 
a currently valid OMB control number.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer --Michelle Shore--Division of Research and Statistics, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829).
    OMB Desk Officer--Alexander T. Hunt--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, Washington, DC 20503.

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

    1. Report title: Studies of Board Publications.
    Agency form number: FR 1373a,b.
    OMB control number: 7100-0301.
    Frequency: FR 1373a, one or two times per year; FR 1373b, small-
panel survey: five times per year; large-panel survey, three times per 
year.
    Reporters: FR 1373a: community-based educators, key stakeholders, 
and other educators who have previously requested consumer education 
materials from the Federal Reserve; FR 1373b: current subscribers of 
the publications being surveyed.
    Annual reporting hours: FR 1373a: survey, 300 hours; panel 
discussion, 68 hours.FR 1373b: small-panel, 80 hours; large-panel 300 
hours.
    Estimated average hours per response: FR 1373a: survey, 30 minutes; 
panel discussion, 90 minutes. FR 1373b: small-panel, 15 minutes; large-
panel 15 minutes.
    Number of respondents: FR 1373a: survey, 400; panel discussion, 45. 
FR 1373b: small-panel, 64; large-panel, 400.
    General description of report: This information collection is 
voluntary. The FR 1373a study is authorized pursuant to the Federal 
Trade Commission Improvement Act (15 U.S.C. Sec.  57a(f)); the FR 1373b 
study is authorized pursuant to the Federal Reserve Act (12 U.S.C. 
Sec.  248(i)). The specific information collected is not considered 
confidential.
    Abstract: The Federal Reserve uses the FR 1373a to: 1) conduct 
periodic reviews and evaluations of the consumer education materials 
and 2) develop and evaluate consumer education materials under 
consideration for distribution. The FR 1373b data help the Federal 
Reserve determine if it should continue to issue certain publications 
and, if so, whether the public would like to see changes in the method 
of information delivery, frequency, content, format, or appearance.
    Action: On August 7, 2007, the Federal Reserve published a notice 
in the Federal Register (72 FR 44136) requesting public comment for 60 
days on the extension, without revision, of FR 1373a,b. The comment 
period for this notice expired on October 9, 2007. No comments were 
received.
    2. Report title: Disclosure Requirements in Connection with 
Regulation CC (Expedited Funds Availability Act (EFAA))
    Agency form number: Reg CC.
    OMB control number: 7100-0235.
    Frequency: Event-generated.
    Reporters: State member banks and uninsured state branches and 
agencies of foreign banks.
    Annual reporting hours: 210,882 hours.
    Estimated average hours per response: Banks: Specific availability 
policy disclosure and initial disclosures, 1 minute; notice in specific 
policy disclosure, 3 minutes; notice of exceptions, 3 minutes; 
locations where employees accept consumer deposits, 15 minutes; annual 
notice of new automated teller machines (ATMs), 5 hours; ATM changes in 
policy, 20 hours; notice of nonpayment, 1 minute; expedited recredit 
for consumers, 15 minutes; expedited recredit for banks, 15 minutes; 
consumer awareness, 1 minute. Consumers: expedited recredit claim 
notice, 15 minutes.
    Number of respondents: 1,105.
    General description of report: This information collection is 
mandatory. Reg CC is authorized pursuant the EFAA, as amended, and the 
Check 21 Act (12 U.S.C. Sec.  4008 and 12 U.S.C. 5014, respectively). 
Because the Federal Reserve does not collect any information, no issue 
of confidentiality arises. However, if, during a compliance examination 
of a financial institution, a violation or possible violation of the 
EFAA or the Check 21 Act is noted then information regarding such 
violation may be kept confidential pursuant to Section (b)(8) of the 
Freedom of Information Act. 5 U.S.C. Sec.  552(b)(8).
    Abstract: Regulation CC requires banks to make funds deposited in 
transaction accounts available within specified time periods, disclose 
their availability policies to customers, and begin accruing interest 
on such deposits promptly. The disclosures are intended to alert 
customers that their ability to use deposited funds may be delayed, 
prevent unintentional (and potentially costly) overdrafts, and allow 
customers to compare the policies of different banks before deciding at 
which bank to deposit funds. The regulation also requires notice to the 
depositary bank and to a customer of nonpayment of a check. Model 
disclosure forms, clauses, and notices are appended to the regulation 
to ease compliance.
    Action: On August 7, 2007, the Federal Reserve published a notice 
in the Federal Register (72 FR 44136) requesting public comment for 60 
days on the extension, without revision, of Reg CC. The comment period 
for this notice expired on October 9, 2007. No comments were received.

    Board of Governors of the Federal Reserve System, October 16, 
2007.
Jennifer J. Johnson
Secretary of the Board.
[FR Doc. E7-20620 Filed 10-18-07; 8:45 am]
BILLING CODE 6210-01-S