Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 69665 [2010-28568]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 75, Number 219 (Monday, November 15, 2010)]
[Notices]
[Page 69665]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-28568]


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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 collection 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: Acting Federal Reserve Board Clearance 
Officer--Cynthia Ayouch--Division of Research and Statistics, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829).
    OMB Desk Officer--Shagufta Ahmed--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 information collection:
    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, which implements FCRA, as amended by the 
Fair and Accurate Credit Transactions Act of 2003 (FACT Act), contains 
several requirements that impose information collection requirements. 
Under the negative information notice provisions of the FACT Act, 
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 
existing accounts. In addition, credit and debit card issuers, under 
certain circumstances, are required to assess the validity of 
notifications of changes of address.
    Current Actions: On September 2, 2010, the Federal Reserve 
published a notice in the Federal Register (75 FR 53966) requesting 
public comment for 60 days on the extension, without revision, of this 
information collection. The comment period for this notice expired on 
November 1, 2010. The Federal Reserve did not receive any comments.

    Board of Governors of the Federal Reserve System, November 8, 
2010.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2010-28568 Filed 11-12-10; 8:45 am]
BILLING CODE 6210-01-P