Proposed Agency Information Collection Activities; Comment Request, 53966-53968 [2010-21889]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 75, Number 170 (Thursday, September 2, 2010)]
[Notices]
[Pages 53966-53968]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-21889]


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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

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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 November 1, 2010.

ADDRESSES: You may submit comments, identified by Reg V, 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 the OMB 
control 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).
    Proposal to approve under OMB delegated authority the extension for 
three years, without revision, of the following report:
    Report title: Recordkeeping and Disclosure requirements associated 
with Regulation V.
    Agency form number: Regulation V.
    OMB control number: 7100-0308.
    Frequency: On occasion.
    Reporters: Financial institutions.\1\
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    \1\ Under section 217, the term ``financial institution'' is 
defined broadly to have the same meaning as in the privacy 
provisions of the Gramm-Leach-Bliley Act of 1999 (GLB Act), which 
defines financial institution to mean ``any institution the business 
of which is engaging in financial activities as described in section 
4(k) of the Bank Holding Company Act of 1956,'' whether or not 
affiliated with a bank. 15 U.S.C. 6809(3).
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    Estimated annual reporting hours: 2,162,864 hours.
    Estimated average time per response: Negative information notice, 
15 minutes. Affiliate marketing opt-out notice, financial institutions 
18 hours; consumer response, 5 minutes. Red flags provision, 41 hours. 
Risk-based pricing notices and disclosures, one-time update, 40 hours; 
ongoing, 5 hours. Information furnished to consumer reporting agencies, 
policy & procedures, 40 hours; irrelevant dispute notices 14 minutes.
    Number of respondents: Negative information notice, 30,000 
financial institutions. Affiliate marketing opt-out notice, 2,619 
financial institutions; 638,380 consumer response. Red flags provision, 
1,172 financial institutions. Risk-based pricing notice and disclosure, 
one-time update, 18,173 financial institutions; ongoing, 18,173 
financial institutions. Information furnished to consumer reporting 
agencies, policy & procedures, 1,172 financial institutions; irrelevant 
dispute notices 611,966.
    General description of report: This information collection is 
authorized pursuant to the Fair Credit Reporting Act (FCRA) (15 U.S.C. 
1681b, 1681c, 1681m, and 1681s-2 and 1681s-3). The obligation to comply 
with the notice and disclosure requirements of Regulation V is 
mandatory. Because the records are maintained at state member banks and 
the notices are not provided to the Federal Reserve, no issue of 
confidentiality arises under the Freedom of Information Act.
    Abstract: Regulation V contains several requirements that impose 
information collection requirements. Under the negative information 
notice provisions of the FCRA, financial institutions that (1) extend 
credit and regularly in the ordinary course of business furnish 
information to a nationwide consumer reporting agency (CRA) and (2) 
furnish negative information to a CRA regarding credit extended to a 
customer must provide a clear and conspicuous notice to the customer, 
in writing, about furnishing this negative information. Regulation V 
contains model forms developed by the Federal Reserve that financial 
institutions may use to comply with this notice requirement. Under the 
affiliate marketing provisions of Regulation V, financial institutions 
are prohibited from using certain information received from an 
affiliate to make a solicitation to a consumer unless the consumer is 
given notice and a reasonable opportunity to opt out of such 
solicitations, and the consumer does not opt out. Under the Red Flags 
provisions of Regulation V, financial institutions are required to 
develop and implement a written identity theft prevention program to 
detect, prevent, and mitigate identity theft in connection with the 
opening of certain accounts or certain

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existing accounts. In addition, credit and debit card issuers, under 
certain circumstances, are required to assess the validity of 
notifications of changes of address.

    Board of Governors of the Federal Reserve System, August 27, 
2010.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2010-21889 Filed 9-1-10; 8:45 am]
BILLING CODE 6210-01-P