Proposed Agency Information Collection Activities; Comment Request, 12176-12177 [E8-4266]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 73, Number 45 (Thursday, March 6, 2008)]
[Notices]
[Pages 12176-12177]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-4266]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: Background. On June 15, 1984, the Office of Management and 
Budget (OMB) delegated to the Board of Governors of the Federal Reserve 
System (Board) its approval authority under the Paperwork Reduction Act 
(PRA), as per 5 CFR 1320.16, to approve of and assign OMB control 
numbers to collection of information requests and requirements 
conducted or sponsored by the Board under conditions set forth in 5 CFR 
part 1320, Appendix A.1. 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 instruments 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.

Request for Comment on Information Collection Proposals

    The following information collections, which are being handled 
under this delegated authority, have received initial Board approval 
and are hereby published for comment. At the end of the comment period, 
the proposed information collections, along with an analysis of 
comments and recommendations received, will be submitted to the Board 
for final approval under OMB delegated authority. Comments are invited 
on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Federal Reserve's functions; including 
whether the information has practical utility;
    b. The accuracy of the Federal Reserve's estimate of the burden of 
the proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected; and
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology.

DATES: Comments must be submitted on or before May 5, 2008.

ADDRESSES: You may submit comments, identified by FR 4100 or Regulation 
DD, by any of the following methods:
     Agency Web site: https://www.federalreserve.gov. Follow the 
instructions for submitting comments at https://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
     Federal eRulemaking Portal: https://www.regulations.gov. 
Follow the instructions for submitting comments.
     E-mail: regs.comments@federalreserve.gov. Include docket 
number in the subject line of the message.
     Fax: 202/452-3819 or 202/452-3102.
     Mail: Jennifer J. Johnson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue, 
NW., Washington, DC 20551.
    All public comments are available from the Board's Web site at 
https://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as 
submitted, unless modified for technical reasons. Accordingly, your 
comments will not be edited to remove any identifying or contact 
information. Public comments may also be viewed electronically or in 
paper form in Room MP-500 of the Board's Martin Building (20th and C 
Streets, NW.) between 9 a.m. and 5 p.m. on weekdays.
    Additionally, commenters should send a copy of their comments to 
the OMB Desk Officer by mail to the Office of Information and 
Regulatory Affairs, U.S. Office of Management and Budget, New Executive 
Office Building, Room 10235, 725 17th Street, NW., Washington, DC 20503 
or by fax to 202-395-6974.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission 
including, the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once approved. These documents will also be made 
available on the Federal Reserve Board's public Web site at: https://
www.federalreserve.gov/boarddocs/reportforms/review.cfm or may be 
requested from the agency clearance officer, whose name appears below.
    Michelle Shore, Federal Reserve Board Clearance Officer (202-452-
3829), Division of Research and Statistics, Board of Governors of the 
Federal Reserve System, Washington, DC 20551. Telecommunications Device 
for the Deaf (TDD) users may contact (202-263-4869), Board of Governors 
of the Federal Reserve System, Washington, DC 20551.

Proposal To Approve Under OMB Delegated Authority the Extension for 
Three Years, Without Revision, of the Following Reports

    1. Report title: Recordkeeping and Disclosure Requirements 
Associated with the Guidance on Response Programs for Unauthorized 
Access to Customer Information.
    Agency form number: FR 4100.
    OMB control number: 7100-0309.
    Frequency: Develop customer notice, one-time; Update and maintain 
customer notice, annually; Incident notification, event-generated.
    Reporters: Financial institutions.
    Annual reporting hours: 62,135.
    Estimated average hours per response: Develop customer notice, 24; 
Update and maintain customer notice, 8; Incident notification, 29.
    Number of respondents: Develop customer notice, 102; Update and 
maintain customer notice, 6,957; Incident notification, 139.
    General description of report: This information collection is 
mandatory (15 U.S.C. 6801(b)). Since the Federal Reserve does not 
collect information associated with the FR 4100, any issue of 
confidentiality would not generally be an issue. However, 
confidentiality may arise if the Federal Reserve were to obtain a copy 
of a customer notice during the course of an examination or were to 
receive a copy of a Suspicious Activity Report (SAR; FR 2230; OMB No. 
7100-0212). In such cases the information would be exempt from 
disclosure to the public under the Freedom of Information Act (5 U.S.C 
552(b)(3), (4), and (8)). Also, a federal employee is prohibited by law 
from disclosing an SAR or the existence of an SAR (31 U.S.C. 5318(g)).
    Abstract: Recent trends in customer information theft and the 
accompanying misuse of that information have led to the issuance of a 
supplemental interpretation of existing information technology-related 
security guidelines applicable to financial institutions. The 
supplemental guidelines are designed to facilitate timely and relevant 
notification of affected customers and the appropriate regulatory 
authority of the financial institutions. The guidelines provide 
specific direction regarding the nature and content of customer notice.

[[Page 12177]]

    2. Report title: The Recordkeeping and Disclosure Requirement in 
Connection with Regulation DD (Truth in Savings).
    Agency form number: Reg DD.
    OMB control number: 7100-0271.
    Frequency: Account disclosures, 500; Change in terms notices, 
1,130; Prematurity notices, 1,015; Disclosures on periodic statements, 
12; and Advertising, 12.
    Reporters: State member banks.
    Annual reporting hours: 176,177.
    Estimated average hours per response: Account disclosures, 1.5 
minutes; Change in terms notices, 1 minute; Prematurity notices, 1 
minute; Disclosures on periodic statements, 8 hours; and Advertising, 
30 minutes.
    Number of respondents: 1,172.
    General description of report: This information collection is 
mandatory (12 U.S.C. 4308). Since the Federal Reserve does not collect 
any information, no issue of confidentiality arises.
    Abstract: The Truth in Savings Act and Regulation DD require 
depository institutions to disclose yields, fees, and other terms 
concerning deposit accounts to consumers at account opening, upon 
request, and when changes in terms occur. Depository institutions that 
provide periodic statements are required to include information about 
fees imposed, interest earned, and the annual percentage yield (APY) 
earned during those statement periods. The act and regulation mandate 
the methods by which institutions determine the account balance on 
which interest is calculated. They also contain rules about advertising 
deposit accounts.

    Board of Governors of the Federal Reserve System, February 29, 
2008.
Jennifer J. Johnson,
Secretary of the Board.
 [FR Doc. E8-4266 Filed 3-5-08; 8:45 am]
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