Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 28117-28118 [E8-10780]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 73, Number 95 (Thursday, May 15, 2008)]
[Notices]
[Pages 28117-28118]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-10780]


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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

[[Page 28118]]

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: 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.
    Current Actions: On March 6, 2008, the Federal Reserve published a 
notice in the Federal Register (73 FR 12176) requesting public comment 
for sixty days on the extension, without revision, of the ID-Theft 
Guidance. The comment period for this notice expired on May 5, 2008. 
The Federal Reserve did not receive any comments.
    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.
    Current Actions: On March 6, 2008, the Federal Reserve published a 
notice in the Federal Register (73 FR 1276) requesting public comment 
for sixty days on the extension, without revision, of the recordkeeping 
and disclosure requirements of Regulation DD. The comment period for 
this notice expired on May 5, 2008. The Federal Reserve did not receive 
any comments.

    Board of Governors of the Federal Reserve System, May 9, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8-10780 Filed 5-14-08; 8:45 am]
BILLING CODE 6210-01-P