Agency Information Collection Activities; Proposed Collection; Comment Request; Extension, 17749-17757 [2015-07552]
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Federal Register / Vol. 80, No. 63 / Thursday, April 2, 2015 / Notices
FEDERAL RESERVE SYSTEM
Change in Bank Control Notices;
Acquisitions of Shares of a Bank or
Bank Holding Company
The notificants listed below have
applied under the Change in Bank
Control Act (12 U.S.C. 1817(j)) and
§ 225.41 of the Board’s Regulation Y (12
CFR 225.41) to acquire shares of a bank
or bank holding company. The factors
that are considered in acting on the
notices are set forth in paragraph 7 of
the Act (12 U.S.C. 1817(j)(7)).
The notices are available for
immediate inspection at the Federal
Reserve Bank indicated. The notices
also will be available for inspection at
the offices of the Board of Governors.
Interested persons may express their
views in writing to the Reserve Bank
indicated for that notice or to the offices
of the Board of Governors. Comments
must be received not later than April 17,
2015.
A. Federal Reserve Bank of
Minneapolis (Jacquelyn K. Brunmeier,
Assistant Vice President) 90 Hennepin
Avenue, Minneapolis, Minnesota
55480–0291:
1. Elizabeth J. Hyduke-Kelm, Golden
Valley, Minnesota, individually and as
co-Trustee of a trust benefiting Elizabeth
J. Hyduke-Kelm, and Elizabeth J.
Hyduke-Kelm as co-Trustee of three
family trusts, Minneapolis, Minnesota;
and Stephen P. Hyduke, individually
and as co-Trustee of a trust benefiting
Stephen P. Hyduke, Minneapolis,
Minnesota; to each acquire voting shares
of Duke Financial Group, Inc.,
Minneapolis, Minnesota, and thereby
indirectly acquire voting shares of
Peoples Bank of Commerce, Cambridge,
Minnesota, and State Bank of New
Prague, New Prague, Minnesota.
Board of Governors of the Federal Reserve
System, March 30, 2015.
Michael J. Lewandowski,
Associate Secretary of the Board.
[FR Doc. 2015–07556 Filed 4–1–15; 8:45 am]
BILLING CODE CODE 6210–01–P
FEDERAL TRADE COMMISSION
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Agency Information Collection
Activities; Proposed Collection;
Comment Request; Extension
Federal Trade Commission
(‘‘FTC’’ or ‘‘Commission’’).
ACTION: Notice.
AGENCY:
The FTC intends to ask the
Office of Management and Budget
(‘‘OMB’’) to extend for an additional
three years the current Paperwork
SUMMARY:
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Reduction Act (‘‘PRA’’) clearance for the
FTC’s enforcement of the information
collection requirements in four
consumer financial regulations enforced
by the Commission. Those clearances
expire on June 30, 2015.
DATES: Comments must be filed by June
1, 2015.
ADDRESSES: Interested parties may file a
comment online or on paper, by
following the instructions in the
Request for Comment part of the
SUPPLEMENTARY INFORMATION section
below. Write ‘‘Regs BEMZ, PRA
Comments, P084812’’ on your comment
and file your comment online at
https://ftcpublic.commentworks.com/
ftc/RegsBEMZpra by following the
instructions on the web-based form. If
you prefer to file your comment on
paper, mail or deliver your comment to
the following address: Federal Trade
Commission, Office of the Secretary,
600 Pennsylvania Avenue NW., Suite
CC–5610 (Annex J), Washington, DC
20580, or deliver your comment to the
following address: Federal Trade
Commission, Office of the Secretary,
Constitution Center, 400 7th Street SW.,
5th Floor, Suite 5610 (Annex J),
Washington, DC 20024.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the proposed information
requirements should be addressed to
Carole Reynolds or Thomas Kane,
Attorneys, Division of Financial
Practices, Bureau of Consumer
Protection, Federal Trade Commission,
600 Pennsylvania Ave. NW.,
Washington, DC 20580, (202) 326–3224.
SUPPLEMENTARY INFORMATION: The four
regulations covered by this notice are:
(1) Regulations promulgated under
the Equal Credit Opportunity Act, 15
U.S.C. 1691 et seq. (‘‘ECOA’’)
(‘‘Regulation B’’) (OMB Control Number:
3084–0087);
(2) Regulations promulgated under
the Electronic Fund Transfer Act, 15
U.S.C. 1693 et seq. (‘‘EFTA’’)
(‘‘Regulation E’’) (OMB Control Number:
3084–0085);
(3) Regulations promulgated under
the Consumer Leasing Act, 15 U.S.C.
1667 et seq. (‘‘CLA’’) (‘‘Regulation M’’)
(OMB Control Number: 3084–0086); and
(4) Regulations promulgated under
the Truth-In-Lending Act, 15 U.S.C.
1601 et seq. (‘‘TILA’’) (‘‘Regulation Z’’)
(OMB Control Number: 3084–0088).
The FTC enforces these statutes as to
all businesses engaged in conduct these
laws cover unless these businesses
(such as federally chartered or insured
depository institutions) are subject to
the regulatory authority of another
federal agency.
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Under the Dodd-Frank Wall Street
Reform and Consumer Protection Act
(‘‘Dodd-Frank Act’’), Public Law 111–
203, 124 Stat. 1376 (2010), almost all
rulemaking authority for the ECOA,
EFTA, CLA, and TILA transferred from
the Board of Governors of the Federal
Reserve System (Board) to the Consumer
Financial Protection Bureau (CFPB) on
July 21, 2011 (‘‘transfer date’’). To
implement this transferred authority,
the CFPB published for public comment
and issued interim final rules for new
regulations in 12 CFR part 1002
(Regulation B), 12 CFR part 1005
(Regulation E), 12 CFR part 1013
(Regulation M), and 12 CFR 1026
(Regulation Z) for those entities under
its rulemaking jurisdiction.1 Although
the Dodd-Frank Act transferred most
rulemaking authority under ECOA,
EFTA, CLA, and TILA to the CFPB, the
Board retained rulemaking authority for
certain motor vehicle dealers 2 under all
of these statutes and also for certain
interchange-related requirements under
EFTA.3
As a result of the Dodd-Frank Act, the
FTC and the CFPB now share the
authority to enforce Regulations B, E, M,
and Z for entities for which the FTC had
enforcement authority before the Act,
except for certain motor vehicle dealers.
Because of this shared enforcement
jurisdiction, the two agencies have
divided the FTC’s previously-cleared
PRA burden between them,4 except that
the FTC retained all of the part of that
burden associated with motor vehicle
dealers (for brevity, referred to in the
burden summaries below as a ‘‘carveout’’).5 The division of PRA burden
1 12 CFR 1002 (Reg. B) (76 FR 79442, Dec. 21,
2011); 12 CFR 1005 (Reg. E) (76 FR 81020, Dec. 27,
2011); 12 CFR 1013 (Reg. M) (76 FR 78500, Dec. 19,
2011); 12 CFR 1026 (Reg. Z) (76 FR 79768, Dec. 22,
2011).
2 Generally, these are dealers ‘‘predominantly
engaged in the sale and servicing of motor vehicles,
the leasing and servicing of motor vehicles, or
both.’’ See Dodd-Frank Act, § 1029(a), –(c).
3 See Dodd-Frank Act, § 1075 (these requirements
are implemented through Board Regulation II, 12
CFR 235, rather than EFTA’s implementing
Regulation E).
4 The CFPB also factored into its burden estimates
respondents over which it has jurisdiction but the
FTC does not.
5 See Dodd-Frank Act § 1029 (a), as limited by
subsection (b). Subsection (b) does not preclude
CFPB regulatory oversight regarding, among others,
businesses that extend retail credit or retail leases
for motor vehicles in which the credit or lease
offered is provided directly from those businesses,
rather than unaffiliated third parties, to consumers.
It is not practicable, however, for PRA purposes, to
estimate the portion of dealers that engage in one
form of financing versus another (and that would
or would not be subject to CFPB oversight). Thus,
FTC staff’s ‘‘carve-out’’ for this PRA burden analysis
reflects a general estimated volume of motor vehicle
dealers. This attribution does not change actual
enforcement authority.
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hours not attributable to motor vehicle
dealers is reflected in the CFPB’s PRA
clearance requests to OMB, as well as in
the FTC’s burden estimates below.
As a result of the Dodd-Frank Act, the
FTC generally has sole authority to
enforce Regulations B, E, M, and Z
regarding certain motor vehicle dealers
predominantly engaged in the sale and
servicing of motor vehicles, the leasing
and servicing of motor vehicles, or both,
that, among other things, assign their
contracts to unaffiliated third parties.6
Because the FTC has exclusive
jurisdiction to enforce these rules for
such motor vehicle dealers and retains
its concurrent authority with the CFPB
for other types of motor vehicle dealers,
and in view of the different types of
motor vehicle dealers, the FTC is
including for itself the entire PRA
burden for all motor vehicle dealers in
the burden estimates below.
The regulations impose certain
recordkeeping and disclosure
requirements associated with providing
credit or with other financial
transactions. Under the PRA, 44 U.S.C.
3501–3521, Federal agencies must get
OMB approval for each collection of
information they conduct or sponsor.
‘‘Collection of information’’ includes
agency requests or requirements to
submit reports, keep records, or provide
information to a third party. See 44
U.S.C. 3502(3); 5 CFR 1320.3(c).
All four of these regulations require
covered entities to keep certain records,
but FTC staff believes these records are
kept in the normal course of business
even absent the particular
recordkeeping requirements.7 Covered
entities, however, may incur some
burden associated with ensuring that
they do not prematurely dispose of
relevant records (i.e., during the time
span they must retain records under the
applicable regulation).
The regulations also require covered
entities to make disclosures to thirdparties. Related compliance involves
set-up/monitoring and transactionspecific costs. ‘‘Set-up’’ burden,
incurred only by covered new entrants,
includes their identifying the applicable
required disclosures, determining how
best to comply, and designing and
developing compliance systems and
procedures. ‘‘Monitoring’’ burden,
incurred by all covered entities,
includes their time and costs to review
changes to regulatory requirements,
make necessary revisions to compliance
systems and procedures, and to monitor
6 See
Dodd-Frank Act, § 1029(a), –(c).
‘‘burden’’ does not include effort expended
in the ordinary course of business, regardless of any
regulatory requirement. 5 CFR 1320.3(b)(2).
7 PRA
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the ongoing operation of systems and
procedures to ensure continued
compliance. ‘‘Transaction-related’’
burden refers to the time and cost
associated with providing the various
required disclosures in individual
transactions. While this burden varies
with the number of transactions, the
figures shown for transaction-related
burden in the tables that follow are
estimated averages.
The required disclosures do not
impose PRA burden on some covered
entities because they make those
disclosures in their normal course of
activities. For other covered entities that
do not, their compliance burden will
vary widely depending on the extent to
which they have developed effective
computer-based or electronic systems
and procedures to communicate and
document required disclosures.8
Calculating the burden associated
with the four regulations’ disclosure
requirements is very difficult because of
the highly diverse group of affected
entities. The ‘‘respondents’’ included in
the following burden calculations
consist of, among others, credit and
lease advertisers, creditors, owners
(such as purchasers and assignees) of
credit obligations, financial institutions,
service providers, certain government
agencies and others involved in
delivering electronic fund transfers
(‘‘EFTs’’) of government benefits, and
lessors.9 The burden estimates represent
FTC staff’s best assessment, based on its
knowledge and expertise relating to the
financial services industry. Staff
considered the wide variations in
covered entities’ (1) size and location;
(2) credit or lease products offered,
extended, or advertised, and their
particular terms; (3) EFT types used; (4)
types and frequency of adverse actions
taken; (5) types of appraisal reports
utilized; and (6) computer systems and
electronic features of compliance
operations.
The cost estimates that follow relate
solely to labor costs, and they include
the time necessary to train employees
how to comply with the regulations.
8 For example, large companies may use
computer-based and/or electronic means to provide
required disclosures, including issuing some
disclosures en masse, e.g., notices of changes in
terms. Smaller companies may have less automated
compliance systems but may nonetheless rely on
electronic mechanisms for disclosures and
recordkeeping. Regardless of size, some entities
may utilize compliance systems that are fully
integrated into their general business operational
system; if so, they may have minimal additional
burden. Other entities may have incorporated fewer
of these approaches into their systems and thus may
have a higher burden.
9 The Commission generally does not have
jurisdiction over banks, thrifts, and federal credit
unions under the applicable regulations.
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Staff calculated labor costs by
multiplying appropriate hourly wage
rates by the burden hours described
above. The hourly rates used were $56
for managerial oversight, $42 for skilled
technical services, and $17 for clerical
work. These figures are averages drawn
from Bureau of Labor Statistics data.10
Further, the FTC cost estimates assume
the following labor category
apportionments, except where
otherwise indicated below:
Recordkeeping—10% skilled technical,
90% clerical; disclosure—10%
managerial, 90% skilled technical.
The applicable PRA requirements
impose minimal capital or other nonlabor costs. Affected entities generally
already have the necessary equipment
for other business purposes. Similarly,
FTC staff estimates that compliance
with these rules entails minimal
printing and copying costs beyond that
associated with documenting financial
transactions in the ordinary course of
business.
1. Regulation B
The ECOA prohibits discrimination in
the extension of credit. Regulation B
implements the ECOA, establishing
disclosure requirements to assist
customers in understanding their rights
under the ECOA and recordkeeping
requirements to assist agencies in
enforcement. Regulation B applies to
retailers, mortgage lenders, mortgage
brokers, finance companies, and others.
Recordkeeping
FTC staff estimates that Regulation B’s
general recordkeeping requirements
affect 530,080 credit firms subject to the
Commission’s jurisdiction, at an average
annual burden of 1.25 hours per firm for
a total of 662,600 hours.11 Staff also
estimates that the requirement that
mortgage creditors monitor information
about race/national origin, sex, age, and
marital status imposes a maximum
burden of one minute each (of skilled
10 These inputs are based broadly on mean hourly
data found within the ‘‘Bureau of Labor Statistics,
Economic News Release,’’ April 1, 2014, Table 1,
‘‘National employment and wage data from the
Occupational Employment Statistics survey by
occupation, May 2013.’’ https://www.bls.gov/
news.release/ocwage.t01.htm.
11 Section 1071 of the Dodd-Frank Act amends
the ECOA to require financial institutions to collect
and report information concerning credit
applications by women- or minority-owned
businesses and small businesses, effective on the
July 21, 2011 transfer date. Both the CFPB and the
Board have exempted affected entities from
complying with this requirement until a date set by
the prospective final rules these agencies issue to
implement the Dodd-Frank Act’s requirements. The
Commission will address PRA burden for its
enforcement of these requirements after the CFPB
and the Board have issued the associated final
rules.
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actions requires an estimated one hour
and four hours, respectively, of skilled
technical time.
technical time) for approximately 2.9
million credit applications (based on
industry data regarding the approximate
number of mortgage purchase and
refinance originations), for a total of
48,333 hours.12 Staff also estimates that
recordkeeping of self-testing subject to
the regulation would affect 1,375 firms,
with an average annual burden of one
hour (of skilled technical time) per firm,
for a total of 1,375 hours, and that
recordkeeping of any corrective action
as a result of self-testing would affect
10% of them, i.e., 138 firms, with an
average annual burden of four hours (of
skilled technical time) per firm, for a
total of 552 hours.13 Keeping records of
race/national origin, sex, age, and
marital status requires an estimated one
minute of skilled technical time.
Recordkeeping for the self-test
responsibility and of any corrective
Disclosure
Regulation B requires that creditors
(i.e., entities that regularly participate in
the decision whether to extend credit
under Regulation B) provide notices
whenever they take adverse action, such
as denial of a credit application. It
requires entities that extend mortgage
credit with first liens to provide a copy
of the appraisal report or other written
valuation to applicants.14 Finally,
Regulation B also requires that for
accounts which spouses may use or for
which they are contractually liable,
creditors who report credit history must
do so in a manner reflecting both
spouses’ participation. Further, it
requires creditors that collect applicant
characteristics for purposes of
conducting a self-test to disclose to
those applicants that: (1) Providing the
information is optional; (2) the creditor
will not take the information into
account in any aspect of the credit
transactions; and (3) if applicable, the
information will be noted by visual
observation or surname if the applicant
chooses not to provide it.15
Burden Totals
Recordkeeping: 712,860 hours
(637,310 + 75,550 carve-out for motor
vehicles); $15,031,620 ($13,550,520 +
$1,481,100 carve-out for motor
vehicles), associated labor costs.
Disclosures: 1,166,563 hours
(1,036,040 + 130,523 carve-out for motor
vehicles); $50,628,816 ($44,964,122 +
$5,664,694 carve-out for motor
vehicles), associated labor costs.
REGULATION B—DISCLOSURES—BURDEN HOURS
Setup/Monitoring 1
Disclosures
Respondents
Transaction-related 2
Average
burden per
respondent
(hours)
Total setup/
monitoring
burden
(hours)
Number of
transactions
Average
burden per
transaction
(minutes)
Total
transaction
burden
(hours)
Total burden
(hours)
Credit history reporting
Adverse action notices
Appraisal reports/written valuations ...........
Self-test disclosures .....
132,520
530,000
.25
.75
33,130
397,500
66,260,000
106,016,000
.25
.25
276,083
441,733
309,213
839,293
5,000
1,375
1
.5
5,000
688
1,450,000
68,750
.50
.25
12,083
286
17,083
974
Total ......................
........................
........................
........................
........................
........................
........................
1,166,563
1 The
estimates assume that all applicable entities would be affected, with respect to appraisal reports and other written valuations (with the
FTC having approximately one-half of that amount). An increase in burden is noted due to changed rules requiring provision of appraisals reports
as well as other written valuations, for first lien mortgages. The former ‘‘Appraisal disclosure’’ item was deleted; the information is now supplied
by the rule.
2 The transaction-related figures reflect a decrease in mortgage transactions, compared to prior FTC estimates. The figures assume that approximately three-quarters of applicable mortgage transactions (.75 × 2,900,000, or 2,175,000) would not otherwise provide this information, and
that another 725,000 transactions (not closed, etc.) would be affected; the FTC would have one-half of the total, or 1,450,000.
REGULATION B—RECORDKEEPING AND DISCLOSURES—COST
Managerial
Required task
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General recordkeeping
Other recordkeeping ....
Recordkeeping of selftest ............................
Recordkeeping of corrective action ............
Total Recordkeeping ..............
Disclosures:
Credit history reporting
Adverse action notices
Time
(hours)
Cost
($56/hr.)
Time
(hours)
Clerical
Cost
($42/hr.)
Time
(hours)
Total Cost
($)
Cost
($17/hr.)
0
0
$0
0
66,260
48,333
$2,782,920
2,029,986
596,340
0
$10,137,780
0
$12,920,700
2,029,986
0
0
1,375
57,750
0
0
57,750
0
0
552
23,184
0
0
23,184
........................
........................
........................
........................
........................
........................
15,031,620
30,921
83,929
1,731,576
4,700,024
278,292
755,364
11,688,264
31,725,288
0
0
0
0
13,419,840
36,425,312
12 Regulation B contains model forms that
creditors may use to gather and retain the required
information.
13 In contrast to banks, for example, entities under
FTC jurisdiction are not subject to audits for
compliance with Regulation B; rather they may be
subject to FTC investigations and enforcement
actions. This may impact the level of self-testing (as
specifically defined by Regulation B) in a given
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year, and staff has sought to address such factors
in its burden estimates.
14 While the rule also requires the creditor to
provide a short written disclosure regarding the
appraisal process, the disclosure is now provided
by the CFPB, and may be classified as a warning
label supplied by the Federal government. As a
result, it is not a ‘‘collection of information’’ for
PRA purposes; it is not, therefore, included in
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burden estimates below. See 5 CFR 1320.3(c)(2),
and CFPB, Final Rule, Disclosure and Delivery
Requirements for Copies of Appraisals and Other
Written Valuations Under the Equal Credit
Opportunity Act (Regulation B), 78 FR 7216, 7247
(Jan. 31, 2013).
15 The disclosure may be provided orally or in
writing. The model form provided by Regulation B
assists creditors in providing the written disclosure.
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REGULATION B—RECORDKEEPING AND DISCLOSURES—COST—Continued
Managerial
Required task
Time
(hours)
Skilled technical
Cost
($56/hr.)
Time
(hours)
Clerical
Cost
($42/hr.)
Time
(hours)
Total Cost
($)
Cost
($17/hr.)
Appraisal reports ..........
Self-test disclosure .......
1708
97
95,648
5,432
15,375
877
645,750
36,834
0
0
0
0
741,398
42,266
Total Disclosures ..
........................
........................
........................
........................
........................
........................
50,628,816
Total Recordkeeping and
Disclosures
........................
........................
........................
........................
........................
........................
65,660,436
2. Regulation E
The EFTA requires that covered
entities provide consumers with
accurate disclosure of the costs, terms,
and rights relating to EFT and certain
other services. Regulation E implements
the EFTA, establishing disclosure and
other requirements to aid consumers
and recordkeeping requirements to
assist agencies with enforcement. It
applies to financial institutions,
retailers, gift card issuers and others that
provide gift cards, service providers,
various federal and state agencies
offering EFTs, etc. Staff estimates that
Regulation E’s recordkeeping
requirements affect 327,460 firms
offering EFT services to consumers and
that are subject to the Commission’s
jurisdiction, at an average annual
burden of one hour per firm, for a total
of 327,460 hours.
Burden Totals
Recordkeeping: 327,460 hours
(312,500 + 15,040 carve-out); $6,385,470
($6,092,190 + $293,280 carve-out),
associated labor costs.
Disclosures: 7,179,271 hours
(7,162,564 + 16,707 carve-out);
$311,588,696 ($310,863,608 + $725,088
carve-out), associated labor costs.
REGULATION E—DISCLOSURES—BURDEN HOURS
Setup/Monitoring
Disclosures
Respondents
Initial terms ...................
Change in terms ..........
Periodic statements .....
Error resolution ............
Transaction receipts .....
Preauthorized transfers 1 .........................
Service provider notices
Govt. benefit notices ....
ATM notices .................
Electronic check conversion 2 ....................
Payroll cards ................
Overdraft services ........
Gift cards 3 ...................
Remittance transfers: 4
Disclosures ...........
Error resolution .....
Agent compliance
Total ...............
Transaction-related
Average
burden per
respondent
(hours)
Total setup/
monitoring
burden
(hours)
Number of
transactions
Average
burden per
transaction
(minutes)
Total
transaction
burden
(hours)
50,000
12,500
50,000
50,000
50,000
.5
.5
.5
.5
.5
25,000
6,250
25,000
25,000
25,000
500,000
16,500,000
600,000,000
500,000
2,500,000,000
.02
.02
.02
5
.02
167
5,500
200,000
41,667
833,333
25,167
11,750
225,000
66,667
858,333
257,520
50,000
5,000
250
.5
.25
.5
.25
128,760
12,500
2,500
63
6,438,000
500,000
50,000,000
50,000,000
.25
.25
.25
.25
26,825
2,083
208,333
208,333
155,585
14,583
210,833
208,396
57,520
125
50,000
25,000
.5
.5
.5
.5
28,760
63
25,000
12,500
1,150,400
500,000
2,500,000
1,250,000,000
.02
3
.02
.02
383
25,000
833
416,667
29,144
25,063
25,833
429,167
5,000
5,000
5,000
1.25
1.25
1.25
6,250
6,250
6,250
100,000,000
125,000,000
100,000,000
.9
.9
.9
1,500,000
1,875,000
1,500,000
1,506,250
1,881,250
1,506,250
........................
........................
........................
........................
........................
........................
7,179,271
1 Preauthorized
transfer respondents and transactions have decreased slightly.
check conversion respondents and transactions have decreased slightly.
3 Gift card entities and transactions under FTC jurisdiction (which excludes banks and bank transactions) have decreased.
4 Remittance transfer respondents now focus primarily on those that may offer services and are responsible for legal requirements (not separate inclusion of their offices). Legal changes have eased compliance, but they require system changes causing an increase in setup burden and
a decrease in transaction burden. Remittance transfers have increased substantially but error resolutions have increased to a smaller degree due
to changes in legal requirements. The resulting transaction burden in each category for remittance transfers has increased due to the upswing in
transaction volume.
2 Electronic
tkelley on DSK3SPTVN1PROD with NOTICES
Total burden
(hours)
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REGULATION E—RECORDKEEPING AND DISCLOSURES—COST
Managerial
Required task
Time
(hours)
Recordkeeping .............
Disclosures:
Initial terms ...................
Change in terms ..........
Periodic statements .....
Error resolution ............
Transaction receipts .....
Preauthorized transfers
Service provider notices
Govt. benefit notices ....
ATM notices .................
Electronic check conversion ......................
Payroll cards ................
Overdraft services ........
Gift cards ......................
Remittance transfers:
Disclosures ...........
Error resolution .....
Agent compliance
Skilled technical
Cost
($56/hr.)
Time
(hours)
Clerical
Cost
($42/hr.)
Time
(hours)
Total cost
($)
Cost
($17/hr.)
0
$0
32,746
$1,375,332
294,714
$5,010,138
$6,385,470
2,517
1,175
22,500
6,667
85,833
15,565
1,458
21,083
20,840
140,952
65,800
1,260,000
373,352
4,806,648
871,248
81,648
1,180,648
1,167,040
22,650
10,750
202,500
60,000
772,500
140,027
13,125
189,750
187,556
951,300
451,500
8,505,000
2,520,000
32,445,000
5,881,134
551,250
7,969,500
7,877,352
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,092,252
517,300
9,765,000
2,893,352
37,251,648
6,752,382
632,898
9,150,148
9,044,392
2,919
2,506
2,583
85,833
163,184
140,336
144,648
2,403,352
26,230
22,557
23,250
386,250
1,101,660
947,394
976,500
16,222,500
0
0
0
0
0
0
0
0
1,264,844
1,087,730
1,121,148
18,626,852
150,625
188,125
150,625
8,435,000
10,535,000
8,435,000
1,355,625
1,693,125
1,355,625
56,936,250
71,111,250
56,936,250
0
0
0
0
0
0
65,371,250
81,646,250
65,371,250
Total Disclosures ..........
........................
........................
........................
........................
........................
........................
311,588,696
Total Recordkeeping and
Disclosures
........................
........................
........................
........................
........................
........................
317,974,166
of one hour per firm, for a total of
32,577 hours.
independent leasing companies, and
manufacturers’ captive finance
companies), computer lessors (such as
computer dealers and other retailers),
furniture lessors, various electronic
commerce lessors, diverse types of lease
advertisers, and others.
Staff estimates that Regulation M’s
recordkeeping requirements affect
approximately 32,577 firms within the
FTC’s jurisdiction leasing products to
consumers at an average annual burden
3. Regulation M
The CLA requires that covered
entities provide consumers with
accurate disclosure of the costs and
terms of leases. Regulation M
implements the CLA, establishing
disclosure requirements to help
consumers comparison shop and
understand the terms of leases and
recordkeeping requirements. It applies
to vehicle lessors (such as auto dealers,
Burden Totals 16
Recordkeeping: 32,577 hours (5,000 +
27,577 carve-out); $635,259 ($97,500 +
$537,759 carve-out), associated labor
costs.
Disclosures: 73,933 hours (2,986 +
70,947 carve-out); $3,208,702 ($129,598
+ $3,079,104 carve-out), associated labor
costs.
REGULATION M—DISCLOSURES—BURDEN HOURS
Setup/Monitoring
Transaction-related
Respondents
Average
burder
per
respondent
(hours)
Total setup/
monitoring
burden
(hours)
Number of
transactions
Average
burdern per
transaction
Total
transaction
burden
(hours)
27,577
5,000
15,181
........................
1
.50
.50
........................
27,577
2,500
7,591
........................
4,000,000
100,000
603,490
........................
.50
.25
.25
........................
33,333
417
2,515
........................
Disclosures
tkelley on DSK3SPTVN1PROD with NOTICES
Motor Vehicle Leases 1
Other Leases 2 .............
Advertising 3 .................
Total ......................
Total burden
(hours)
60,910
2,917
10,106
73,933
1 This category focuses on consumer vehicle leases. Vehicle leases are subject to more lease disclosure requirements (pertaining to computation of payment obligations) than other lease transactions. (Only consumer leases for more than four months are covered.) See 15 U.S.C.
1667(1); 12 CFR 1013.2(e)(1). While the number of respondents for vehicle leases has decreased, the number of vehicle lease transactions has
increased, with market changes, from past FTC estimates. Additionally, leases up to $54,600 (plus an annual adjustment) are now covered. The
resulting total burden has increased.
16 Recordkeeping and disclosure burden estimates
for Regulation M are more substantial for motor
vehicle leases than for other leases, including
burden estimates based on market changes and
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regulatory definitions of coverage. As noted above,
for purposes of burden calculations, and in view of
the different types of motor vehicle dealers, the FTC
is including for itself the entire PRA burden for all
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below.
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2 This category focuses on all types of consumer leases other than vehicle leases. It includes leases for computers, other electronics, small appliances, furniture, and other transactions. (Only consumer leases for more than four months are covered.) See 15 U.S.C. 1667(1); 12 CFR
1013.2(e)(1). The number of respondents has decreased, based on market changes in companies and types of transactions they offer, and the
PRA burden sharing with the CFPB; the number of such transactions has also declined, based on types of transactions offered that are covered
by the CLA. Leases up to $54,600 (plus an annual adjustment) are now covered. The resulting total burden has decreased.
3 Respondents for advertising have increased as have lease advertisements, based on market changes, from past FTC estimates. More types
of lease advertisements are occurring. The resulting total burden has increased.
REGULATION M—RECORDKEEPING AND DISCLOSURES—COST
Managerial
Required task
Time
(hours)
Skilled technical
Cost
($56/hr.)
Time
(hours)
Clerical
Cost
($42/hr.)
Time
(hours)
Total cost
($)
Cost
($17/hr.)
Recordkeeping .............
Disclosures:
Motor Vehicle Leases ..
Other Leases ...............
Advertising ...................
0
$0
3,258
$136,836
29,319
$498,423
$635,259
6,091
292
1,011
341,096
16,352
56,616
58,419
2,625
9,095
2,302,398
110,250
381,990
0
0
0
0
0
0
2,643,494
126,602
438,606
Total Disclosures ..
........................
........................
........................
........................
........................
........................
3,208,702
Total Recordkeeping and Disclosures .............
........................
........................
........................
........................
........................
........................
3,843,961
4. Regulation Z
The TILA was enacted to foster
comparison credit shopping and
informed credit decision making by
requiring creditors and others to provide
accurate disclosures regarding the costs
and terms of credit to consumers.
Regulation Z implements the TILA,
establishing disclosure requirements to
assist consumers and recordkeeping
requirements to assist agencies with
enforcement. These requirements
pertain to open-end and closed-end
credit and apply to various types of
entities, including mortgage companies;
finance companies; auto dealerships;
private education loan companies;
merchants who extend credit for goods
or services; credit advertisers; acquirers
of mortgages; and others. New
requirements have been established in
the mortgage area, including for high
cost mortgages, higher-priced mortgage
loans,17 ability to pay of mortgage
consumers, mortgage servicing, loan
originators, and certain integrated
mortgage disclosures.
FTC staff estimates that Regulation Z’s
recordkeeping requirements affect
approximately 530,080 entities subject
to the Commission’s jurisdiction, at an
average annual burden of 1.25 hours per
entity with .25 additional hours per
entity for 5,000 entities (ability to pay),
and 5 additional hours per entity for
5,000 entities (loan originators).
Burden Totals
Recordkeeping: 688,850 hours
(613,650 + 75,200 carve-out);
$13,432,575 ($11,966,175 + $1,466,400
carve-out), associated labor costs.
Disclosures: 13,008,452 hours
(11,964,361 + 1,044,091 carve-out);
$553,563,761 ($508,250,213 +
$45,313,548 carve-out), associated labor
costs.
REGULATION Z—DISCLOSURES—BURDEN HOURS
Setup/monitoring
Average
burden per
respondent 2
(hours)
Disclosures 1
tkelley on DSK3SPTVN1PROD with NOTICES
Respondents
Open-end credit:
Initial terms .............................................
Rescission notices 4 ...............................
Subsequent disclosures .........................
Periodic statements ...............................
Error resolution ......................................
Credit and charge card accounts ..........
Settlement of estate debts .....................
Special credit card requirements ...........
Home equity lines of credit 5 ..................
Home equity lines of credit-high cost
mortgages 6 ........................................
College student credit card marketing—
ed. institutions ....................................
College student credit card marketing—
card issuer reports .............................
Posting and reporting of credit card
agreements .........................................
Advertising .............................................
21:35 Apr 01, 2015
Jkt 235001
Total setup/
monitoring
burden
(hours)
Total
transaction
burden
(hours)
Average
burden per
transaction 3
Number of
transactions
Total burden
(hours)
45,000
1,500
10,000
45,000
45,000
25,000
45,000
25,000
1,500
.75
.5
.75
.75
.75
.75
.75
.75
.5
33,750
750
7,500
33,750
33,750
18,750
33,750
18,750
750
20,000,000
8,000
62,500,000
1,750,000,000
4,000,000
12,500,000
1,000,000
12,500,000
10,000
.375
.25
.188
.0938
6
.375
.375
.375
.25
125,000
33
195,833
2,735,833
400,000
78,125
6,250
78,125
42
158,750
783
203,333
2,769,583
433,750
96,875
40,000
96,875
792
500
2
1,000
5,000
2
167
1,167
2,500
.5
1,250
250,000
.25
1,042
2,292
300
.75
225
18,000
.75
225
450
25,000
100,000
17 While Regulation Z also requires the creditor to
provide a short written disclosure regarding the
appraisal process for higher-priced mortgage loans,
the disclosure is now provided by the CFPB, and
may be classified as a label supplied by the Federal
VerDate Sep<11>2014
Transaction-related
.75
.75
18,750
75,000
12,500,000
300,000
.375
.75
78,125
3,750
96,875
78,750
government. As a result, it is not a ‘‘collection of
information’’ for PRA purposes; it is not, therefore,
included in burden estimates below. See 5 CFR
1320.3(c)(2), and CFPB, Final Rule, Appraisals for
Higher-Priced Mortgage Loans, 78 FR 10368, 10430
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(Feb. 13, 2013), and Supplemental Final Rule,
Appraisals for Higher-Priced Mortgage Loans, 78 FR
78520, 78575 (Dec. 26, 2013).
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REGULATION Z—DISCLOSURES—BURDEN HOURS—Continued
Setup/monitoring
Transaction-related
Total setup/
monitoring
burden
(hours)
Average
burden per
respondent 2
(hours)
Disclosures 1
Respondents
Number of
transactions
Total
transaction
burden
(hours)
Average
burden per
transaction 3
Total burden
(hours)
Sale, transfer, or assignment of mortgages 7 ................................................
Appraiser misconduct reporting .............
Mortgage servicing 8 ..............................
Loan originators 9 ...................................
Closed-end credit:
Credit disclosures 10 ...............................
Rescission notices 11 .............................
Redisclosures .........................................
Integrated mortgage disclosures 12 ........
Variable rate mortgages 13 .....................
High cost mortgages 14 ..........................
Higher priced mortgages 15 ....................
Reverse mortgages 16 ............................
Advertising 17 ..........................................
Private education loans .........................
Sale, transfer, or assignment of mortgages ..................................................
Ability to pay/qualified mortgage 18 ........
Appraiser misconduct reporting .............
Mortgage servicing 19 .............................
Loan originators 20 .................................
1,500
625,000
2,500
2,500
.5
.75
.5
2
750
468,750
1,250
5,000
1,750,000
12,500,000
500,000
25,000
.25
.375
.5
5
7,292
78,125
4,167
2,083
8,042
546,875
5,417
7,083
380,080
5,000
200,000
5,000
5,000
3,000
3,000
7,500
248,360
100
.75
.5
.5
10
1
1
1
.5
.5
.5
285,060
2,500
100,000
50,000
5,000
3,000
3,000
3,750
124,180
50
163,054,320
7,500,000
1,000,000
15,000,000
500,000
75,000
25,000
35,000
2,483,600
50,000
2.25
1
2.25
3.5
1.75
2
2
1
1
1.5
6,108,912
125,000
37,500
875,000
14,583
2,500
833
583
41,393
1,250
6,399,597
127,500
137,500
925,000
19,583
5,500
3,833
4,333
165,573
1,300
100,000
5,000
625,000
5,000
2,500
.5
.75
.75
1
2
50,000
3,750
468,750
5,000
5,000
5,000,000
0
12,500,000
1,000,000
25,000
.25
0
.375
2.25
5
20,833
0
78,125
37,500
2,083
70,833
3,750
546,875
42,500
7,083
Total open-end credit ......................
........................
........................
........................
........................
........................
........................
4,547,692
Total closed-end credit ...................
........................
........................
........................
........................
........................
........................
8,460,760
Total credit ......................................
........................
........................
........................
........................
........................
........................
13,008,452
1 Regulation
Z requires disclosures for closed-end and open-end credit. TILA and Regulation Z now cover credit up to $54,600 plus an annual adjustment (except
that real estate credit and private education loans are covered regardless of amount), generally causing an increase in transactions. In some instances noted below,
market changes have reduced estimated PRA burden. In other instances noted below, changes to Regulation Z have increased estimated PRA burden. The overall
effect of these competing factors, combined with the FTC sharing with the CFPB estimated PRA burden (for all but certain motor vehicle dealers) yields a net increase from the FTC’s prior reported estimate for open-end credit and for closed-end credit.
2 Burden per respondent in some categories has increased compared to prior FTC estimates, due to changes in rules.
3 Burden per transaction in some categories has increased compared to prior FTC estimates, due to changes in rules.
4 Respondents for mortgages involving rescission have decreased, as have transactions.
5 Respondents for home equity lines of credit have decreased, as have transactions.
6 Regulation Z high cost mortgage rules now cover certain open-end mortgages, and a new counseling rule also applies.
7 Respondents for sale, transfer or assignment of mortgages have decreased.
8 Regulation Z has expanded various mortgage servicing requirements for prompt crediting and payoff responses.
9 Regulation Z includes new loan originator compensation requirements.
10 Respondents for credit disclosures have decreased, as have transactions.
11 Respondents for mortgages involving rescission have decreased.
12 Regulation Z now has integrated mortgage disclosure requirements for loan estimates and loan closing documents, with other requirements.
13 Respondents for variable rate mortgages have decreased but Regulation Z has expanded mortgage disclosure requirements affecting subsequent disclosures, increasing burden.
14 Regulation Z high rate/high fee mortgages are now called high cost mortgages. Respondents in high cost mortgages have decreased, but the rules cover more
types of mortgages and include a counseling requirement, increasing burden. However, these types of transactions have decreased, reducing total burden.
15 Respondents for higher priced mortgages have decreased. However, Regulation Z now has certain appraisal requirements for higher-priced mortgages, increasing burden. However, these types of transactions have decreased, reducing total burden.
16 Reverse mortgage respondents and transactions have decreased.
17 Advertising respondents have increased, as have transactions, causing an increased total burden.
18 Regulation Z now includes ability to pay rules that affect setup costs.
19 Regulation Z has expanded various mortgage servicing requirements for prompt crediting and payoff responses. It also requires periodic statements (or a coupon
book, for fixed-rate mortgages).
20 Regulation Z includes new loan originator compensation requirements.
REGULATION Z—RECORDKEEPING AND DISCLOSURES—COST
Managerial
tkelley on DSK3SPTVN1PROD with NOTICES
Required task
Time
(hours)
Recordkeeping ..............................................
Open-end credit Disclosures:
Initial terms .............................................
Rescission notices .................................
Subsequent disclosures .........................
Periodic statements ...............................
Error resolution ......................................
Credit and charge card accounts ..........
Settlement of estate debts .....................
Special credit card requirements ...........
Home equity lines of credit ....................
Home equity lines of credit-high cost
mortgages ...........................................
College student credit card marketing—
ed institutions .....................................
VerDate Sep<11>2014
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Jkt 235001
Skilled technical
Cost
($56/hr.)
Time
(hours)
Clerical
Cost
($42/hr.)
Time
(hours)
Total cost
($)
Cost
($17/hr.)
0
$0
68,885
$2,893,170
619,965
$10,539,405
$13,432,575
15,875
78
20,333
276,958
43,375
9,688
4,000
9,688
458
889,000
4,368
1,138,648
15,509,648
2,429,000
474,712
196,000
474,712
22,442
142,875
705
183,000
2,492,625
390,375
87,187
36,000
87,187
4,126
6,000,750
29,610
7,686,000
104,690,250
16,395,750
2,615,610
1,080,000
2,615,610
123,780
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6,889,750
33,978
8,824,648
120,199,898
18,824,750
3,090,322
1,276,000
3,090,322
146,222
117
6,552
1,050
44,100
0
0
50,662
229
11,221
2,063
61,890
0
0
73,111
PO 00000
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REGULATION Z—RECORDKEEPING AND DISCLOSURES—COST—Continued
Managerial
Required task
Time
(hours)
College student credit card marketing—
card issuer reports .............................
Posting and reporting of credit card
agreements .........................................
Advertising .............................................
Sale, transfer, or assignment of mortgages ..................................................
Appraiser misconduct reporting .............
Mortgage servicing .................................
Loan originators .....................................
Skilled technical
Cost
($56/hr.)
Time
(hours)
Clerical
Cost
($42/hr.)
Time
(hours)
Total cost
($)
Cost
($17/hr.)
2,205
405
12,150
0
0
14,355
9,688
7,875
474,712
385,875
87,187
70,875
2,615,610
2,126,250
0
0
0
0
3,090,322
2,512,125
823
54,687
542
708
40,327
2,679,663
30,352
39,648
7,407
492,188
4,875
6,375
222,210
14,765,640
204,750
267,750
0
0
0
0
0
0
0
0
262,537
17,445,303
235,102
307,398
Total open-end credit ......................
Closed-end credit Disclosures:
Credit disclosures ..................................
Rescission notices .................................
Redisclosures .........................................
Integrated mortgage disclosures ...........
Variable rate mortgages ........................
High cost mortgages ..............................
Higher priced mortgages .......................
Reverse mortgages ................................
Advertising .............................................
Private education loans .........................
Sale, transfer, or assignment of mortgages ..................................................
Ability to pay/qualified mortgage ............
Appraiser misconduct reporting .............
Mortgage servicing .................................
Loan originators .....................................
........................
........................
........................
........................
........................
........................
186,366,805
639,960
12,750
13,750
92,500
1,958
550
383
433
16,557
130
35,837,760
714,000
770,000
5,180,000
109,648
30,800
21,448
24,248
927,192
7,280
5,759,637
114,750
123,750
832,500
17,625
4,950
3,450
3,900
149,016
1,170
241,904,754
4,819,500
5,197,500
34,965,000
740,250
207,900
144,900
163,800
6,258,672
49,140
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
277,742,514
5,533,500
5,967,500
40,145,000
849,898
238,700
166,348
188,048
7,185,864
56,420
7,083
375
54,687
4,250
708
396,648
21,000
3,062,472
238,000
39,648
63,750
3,375
492,188
38,250
6,375
2,677,500
141,750
20,671,896
1,606,500
267,750
0
0
0
0
0
0
0
0
0
0
3,074,148
162,750
23,734,368
1,844,500
307,398
Total closed-end credit ...................
........................
........................
........................
........................
........................
........................
367,196,956
Total Disclosures ............................
........................
........................
........................
........................
........................
........................
553,563,761
Total Recordkeeping and Disclosures ............................................
tkelley on DSK3SPTVN1PROD with NOTICES
45
........................
........................
........................
........................
........................
........................
566,996,336
Request for Comment: Pursuant to
Section 3506(c)(2)(A) of the PRA, the
FTC invites comments on: (1) Whether
the disclosure requirements are
necessary, including whether the
information will be practically useful;
(2) the accuracy of our burden estimates,
including whether the methodology and
assumptions used are useful; (3) ways to
enhance the quality, utility, and clarity
of the information to be collected; and
(4) ways to minimize the burden of
providing the required information to
consumers.
You can file a comment online or on
paper. For the Commission to consider
your comment, we must receive it on or
before June 1, 2015. Write ‘‘Regs BEMZ,
PRA Comments, P084812’’ on your
comment. Your comment—including
your name and your state—will be
placed on the public record of this
proceeding, including to the extent
practicable, on the public Commission
Web site, at https://www.ftc.gov/os/
publiccomments.shtm. As a matter of
discretion, the Commission tries to
remove individuals’ home contact
information from comments before
placing them on the Commission Web
site.
VerDate Sep<11>2014
21:35 Apr 01, 2015
Jkt 235001
Because your comment will be made
public, you are solely responsible for
making sure that your comment does
not include any sensitive personal
information, like anyone’s Social
Security number, date of birth, driver’s
license number or other state
identification number or foreign country
equivalent, passport number, financial
account number, or credit or debit card
number. You are also solely responsible
for making sure that your comment
doesn’t include any sensitive health
information, like medical records or
other individually identifiable health
information. In addition, don’t include
any ‘‘[t]rade secret or any commercial or
financial information . . . which is
privileged or confidential’’ as provided
in Section 6(f) of the FTC Act 15 U.S.C.
46(f), and FTC Rule 4.10(a)(2), 16 CFR
4.10(a)(2). In particular, don’t include
competitively sensitive information
such as costs, sales statistics,
inventories, formulas, patterns devices,
manufacturing processes, or customer
names.
If you want the Commission to give
your comment confidential treatment,
you must file it in paper form, with a
request for confidential treatment, and
you have to follow the procedure
PO 00000
Frm 00043
Fmt 4703
Sfmt 4703
explained in FTC Rule 4.9(c).18 Your
comment will be kept confidential only
if the FTC General Counsel, in his or her
sole discretion, grants your request in
accordance with the law and the public
interest.
Postal mail addressed to the
Commission is subject to delay due to
heightened security screening. As a
result, we encourage you to submit your
comments online. To make sure that the
Commission considers your online
comment, you must file it at https://
ftcpublic.commentworks.com/ftc/
RegsBEMZpra, by following the
instructions on the web-based form.
When this Notice appears at https://
www.regulations.gov/#!home, you also
may file a comment through that Web
site.
If you file your comment on paper,
write ‘‘Regs BEMZ, PRA Comments,
P084812’’ on your comment and on the
envelope, and mail or deliver it to the
following address: Federal Trade
18 In particular, the written request for
confidential treatment that accompanies the
comment must include the factual and legal basis
for the request, and must identify the specific
portions of the comment to be withheld from the
public record. See FTC Rule 4.9(c), CFR 4.9(c), 16
CFR 4.9(c).
E:\FR\FM\02APN1.SGM
02APN1
Federal Register / Vol. 80, No. 63 / Thursday, April 2, 2015 / Notices
Commission, Office of the Secretary,
600 Pennsylvania Avenue NW., Suite
CC–5610 (Annex J), or deliver your
comment to the following address:
Federal Trade Commission, Office of the
Secretary, Constitution Center, 400 7th
Street SW., 5th Floor, Suite 5610
(Annex J), Washington, DC 20024. If
possible, submit your paper comment to
the Commission by courier or overnight
service.
The FTC Act and other laws that the
Commission administers permit the
collection of public comments to
consider and use in this proceeding as
appropriate. The Commission will
consider all timely and responsive
public comments that it receives on or
before June 1, 2015. For information on
the Commission’s privacy policy,
including routine uses permitted by the
Privacy Act, see https://www.ftc.gov/ftc/
privacy.htm.
David C. Shonka,
Principal Deputy General Counsel.
[FR Doc. 2015–07552 Filed 4–1–15; 8:45 am]
BILLING CODE 6750–01–P
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
National Institutes of Health
Solicitation of Written Comments on
Draft National Pain Strategy
The National Institute of
Neurological Disorders and Stroke
(NINDS) Office of Pain Policy is
soliciting public comment on the draft
National Pain Strategy.
DATES: Comments on the draft National
Pain Strategy must be received no later
than 5 p.m. EST on May 20, 2015.
ADDRESSES: The draft National Pain
Strategy is available at: https://
iprcc.nih.gov/docs/
DraftHHSNationalPainStrategy.pdf.
Written comments sent electronically
are preferred and may be addressed to
NPSPublicComments@NIH.gov. Written
responses should be addressed to Linda
Porter, Ph.D., NINDS/NIH, 31 Center
Drive, Room 8A31, Bethesda, MD
20892.
SUMMARY:
tkelley on DSK3SPTVN1PROD with NOTICES
FOR FURTHER INFORMATION CONTACT:
Contact Linda Porter, Ph.D., NINDS/
NIH, 31 Center Drive, Room 8A31,
Bethesda, MD 20892,
porterl@ninds.nih.gov.
The draft
National Pain Strategy reflects the work
of many offices across the Department of
Health and Human Services,
Department of Defense, and Department
of Veterans Affairs. The draft National
SUPPLEMENTARY INFORMATION:
VerDate Sep<11>2014
18:52 Apr 01, 2015
Jkt 235001
Pain Strategy also reflects input from
scientific and clinical experts and pain
patient advocates. It includes objectives
and plans related to key areas of pain
and pain care, including professional
education and training, public
education and communication, service
delivery and reimbursement, prevention
and care, disparities, and population
research.
I. Background
A core recommendation of the 2011
IOM Report: Relieving Pain in America
is: ‘‘The Secretary of the Department of
Health and Human Services should
develop a comprehensive, population
health-level strategy for pain
prevention, treatment, management,
education, reimbursement, and research
that includes specific goals, actions,
time frames, and resources.’’ The IOM
report highlighted specific objectives for
the strategy:
• Describe how efforts across
government agencies, including publicprivate partnerships, can be established,
coordinated, and integrated to
encourage population-focused research,
education, communication, and
community-wide approaches that can
help reduce pain and its consequences
and remediate disparities in the
experience of pain among subgroups of
Americans.
• Include an agenda for developing
physiological, clinical, behavioral,
psychological, outcomes, and health
services research and appropriate links
across these domains.
• Improve pain assessment and
management programs within the
service delivery and financing programs
of the federal government.
• Proceed in cooperation with the
Interagency Pain Research Coordinating
Committee and the National Institutes of
Health’s Pain Consortium and reach out
to private-sector participants as
appropriate.
• Involve the appropriate agencies
and entities.
• Include ongoing efforts to enhance
public awareness about the nature of
chronic pain and the role of self-care in
its management.
The Department of Health and Human
Services charged the Interagency Pain
Research Coordinating Committee
(IPRCC) with creating a comprehensive
population health-level strategy to begin
addressing these objectives.
The NINDS Office of Pain Policy, on
behalf of DHHS, requests input on the
draft National Pain Strategy.
Frm 00044
Fmt 4703
Sfmt 4703
III. Potential Responders
HHS invites input from a broad range
of individuals and organizations that
have interests in advancing the
fundamental understanding of pain and
improving pain-related treatment
strategies. Some examples of these
organizations include, but are not
limited to the following:
• Caregivers or health system providers
(e.g., physicians, physician assistants,
nurses, pharmacists)
• Researchers
• Foundations
• Health care, professional, and
educational organizations/societies
• Insurers and business groups
• Medicaid- and Medicare-related
organizations
• Patients and their advocates
• Pharmaceutical Industry
• Public health organizations
• State and local public health agencies
When responding, please self-identify
with any of the above or other categories
(include all that apply) and your name.
Anonymous submissions will not be
considered. Written materials submitted
for consideration should not exceed 5
pages, not including appendices and
supplemental documents. Responders
may submit other forms of electronic
materials to demonstrate or exhibit
concepts of their written responses. We
request that comments be identified by
section, subsection, and page number of
the draft so they may be addressed
accordingly. All comments received
before the close of the comment period
are available for viewing by the public,
including any personally identifiable or
confidential business information that is
included in a comment.
Dated: March 25, 2015.
Walter J. Koroshetz,
Acting Director, National Institute of
Neurological Disorders and Stroke, National
Institutes of Health.
[FR Doc. 2015–07626 Filed 4–1–15; 8:45 am]
BILLING CODE CODE 4140–01–P
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
Food and Drug Administration
[Docket No. FDA–2015–N–0001]
Biomedical Engineering Society and
FDA Frontiers in Medical Devices:
Innovations in Modeling and
Simulation
AGENCY:
Food and Drug Administration,
HHS.
II. Information Request
PO 00000
17757
ACTION:
Notice of Public Conference
The Food and Drug Administration
(FDA) in co-sponsorship with the
E:\FR\FM\02APN1.SGM
02APN1
]]>Agencies
[Federal Register Volume 80, Number 63 (Thursday, April 2, 2015)]
[Notices]
[Pages 17749-17757]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-07552]
=======================================================================
-----------------------------------------------------------------------
FEDERAL TRADE COMMISSION
Agency Information Collection Activities; Proposed Collection;
Comment Request; Extension
AGENCY: Federal Trade Commission (``FTC'' or ``Commission'').
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The FTC intends to ask the Office of Management and Budget
(``OMB'') to extend for an additional three years the current Paperwork
Reduction Act (``PRA'') clearance for the FTC's enforcement of the
information collection requirements in four consumer financial
regulations enforced by the Commission. Those clearances expire on June
30, 2015.
DATES: Comments must be filed by June 1, 2015.
ADDRESSES: Interested parties may file a comment online or on paper, by
following the instructions in the Request for Comment part of the
SUPPLEMENTARY INFORMATION section below. Write ``Regs BEMZ, PRA
Comments, P084812'' on your comment and file your comment online at
https://ftcpublic.commentworks.com/ftc/RegsBEMZpra by following the
instructions on the web-based form. If you prefer to file your comment
on paper, mail or deliver your comment to the following address:
Federal Trade Commission, Office of the Secretary, 600 Pennsylvania
Avenue NW., Suite CC-5610 (Annex J), Washington, DC 20580, or deliver
your comment to the following address: Federal Trade Commission, Office
of the Secretary, Constitution Center, 400 7th Street SW., 5th Floor,
Suite 5610 (Annex J), Washington, DC 20024.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the proposed information requirements should be addressed to
Carole Reynolds or Thomas Kane, Attorneys, Division of Financial
Practices, Bureau of Consumer Protection, Federal Trade Commission, 600
Pennsylvania Ave. NW., Washington, DC 20580, (202) 326-3224.
SUPPLEMENTARY INFORMATION: The four regulations covered by this notice
are:
(1) Regulations promulgated under the Equal Credit Opportunity Act,
15 U.S.C. 1691 et seq. (``ECOA'') (``Regulation B'') (OMB Control
Number: 3084-0087);
(2) Regulations promulgated under the Electronic Fund Transfer Act,
15 U.S.C. 1693 et seq. (``EFTA'') (``Regulation E'') (OMB Control
Number: 3084-0085);
(3) Regulations promulgated under the Consumer Leasing Act, 15
U.S.C. 1667 et seq. (``CLA'') (``Regulation M'') (OMB Control Number:
3084-0086); and
(4) Regulations promulgated under the Truth-In-Lending Act, 15
U.S.C. 1601 et seq. (``TILA'') (``Regulation Z'') (OMB Control Number:
3084-0088).
The FTC enforces these statutes as to all businesses engaged in
conduct these laws cover unless these businesses (such as federally
chartered or insured depository institutions) are subject to the
regulatory authority of another federal agency.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act
(``Dodd-Frank Act''), Public Law 111-203, 124 Stat. 1376 (2010), almost
all rulemaking authority for the ECOA, EFTA, CLA, and TILA transferred
from the Board of Governors of the Federal Reserve System (Board) to
the Consumer Financial Protection Bureau (CFPB) on July 21, 2011
(``transfer date''). To implement this transferred authority, the CFPB
published for public comment and issued interim final rules for new
regulations in 12 CFR part 1002 (Regulation B), 12 CFR part 1005
(Regulation E), 12 CFR part 1013 (Regulation M), and 12 CFR 1026
(Regulation Z) for those entities under its rulemaking jurisdiction.\1\
Although the Dodd-Frank Act transferred most rulemaking authority under
ECOA, EFTA, CLA, and TILA to the CFPB, the Board retained rulemaking
authority for certain motor vehicle dealers \2\ under all of these
statutes and also for certain interchange-related requirements under
EFTA.\3\
---------------------------------------------------------------------------
\1\ 12 CFR 1002 (Reg. B) (76 FR 79442, Dec. 21, 2011); 12 CFR
1005 (Reg. E) (76 FR 81020, Dec. 27, 2011); 12 CFR 1013 (Reg. M) (76
FR 78500, Dec. 19, 2011); 12 CFR 1026 (Reg. Z) (76 FR 79768, Dec.
22, 2011).
\2\ Generally, these are dealers ``predominantly engaged in the
sale and servicing of motor vehicles, the leasing and servicing of
motor vehicles, or both.'' See Dodd-Frank Act, Sec. 1029(a), -(c).
\3\ See Dodd-Frank Act, Sec. 1075 (these requirements are
implemented through Board Regulation II, 12 CFR 235, rather than
EFTA's implementing Regulation E).
---------------------------------------------------------------------------
As a result of the Dodd-Frank Act, the FTC and the CFPB now share
the authority to enforce Regulations B, E, M, and Z for entities for
which the FTC had enforcement authority before the Act, except for
certain motor vehicle dealers. Because of this shared enforcement
jurisdiction, the two agencies have divided the FTC's previously-
cleared PRA burden between them,\4\ except that the FTC retained all of
the part of that burden associated with motor vehicle dealers (for
brevity, referred to in the burden summaries below as a ``carve-
out'').\5\ The division of PRA burden
[[Page 17750]]
hours not attributable to motor vehicle dealers is reflected in the
CFPB's PRA clearance requests to OMB, as well as in the FTC's burden
estimates below.
---------------------------------------------------------------------------
\4\ The CFPB also factored into its burden estimates respondents
over which it has jurisdiction but the FTC does not.
\5\ See Dodd-Frank Act Sec. 1029 (a), as limited by subsection
(b). Subsection (b) does not preclude CFPB regulatory oversight
regarding, among others, businesses that extend retail credit or
retail leases for motor vehicles in which the credit or lease
offered is provided directly from those businesses, rather than
unaffiliated third parties, to consumers. It is not practicable,
however, for PRA purposes, to estimate the portion of dealers that
engage in one form of financing versus another (and that would or
would not be subject to CFPB oversight). Thus, FTC staff's ``carve-
out'' for this PRA burden analysis reflects a general estimated
volume of motor vehicle dealers. This attribution does not change
actual enforcement authority.
---------------------------------------------------------------------------
As a result of the Dodd-Frank Act, the FTC generally has sole
authority to enforce Regulations B, E, M, and Z regarding certain motor
vehicle dealers predominantly engaged in the sale and servicing of
motor vehicles, the leasing and servicing of motor vehicles, or both,
that, among other things, assign their contracts to unaffiliated third
parties.\6\ Because the FTC has exclusive jurisdiction to enforce these
rules for such motor vehicle dealers and retains its concurrent
authority with the CFPB for other types of motor vehicle dealers, and
in view of the different types of motor vehicle dealers, the FTC is
including for itself the entire PRA burden for all motor vehicle
dealers in the burden estimates below.
---------------------------------------------------------------------------
\6\ See Dodd-Frank Act, Sec. 1029(a), -(c).
---------------------------------------------------------------------------
The regulations impose certain recordkeeping and disclosure
requirements associated with providing credit or with other financial
transactions. Under the PRA, 44 U.S.C. 3501-3521, Federal agencies must
get OMB approval for each collection of information they conduct or
sponsor. ``Collection of information'' includes agency requests or
requirements to submit reports, keep records, or provide information to
a third party. See 44 U.S.C. 3502(3); 5 CFR 1320.3(c).
All four of these regulations require covered entities to keep
certain records, but FTC staff believes these records are kept in the
normal course of business even absent the particular recordkeeping
requirements.\7\ Covered entities, however, may incur some burden
associated with ensuring that they do not prematurely dispose of
relevant records (i.e., during the time span they must retain records
under the applicable regulation).
---------------------------------------------------------------------------
\7\ PRA ``burden'' does not include effort expended in the
ordinary course of business, regardless of any regulatory
requirement. 5 CFR 1320.3(b)(2).
---------------------------------------------------------------------------
The regulations also require covered entities to make disclosures
to third-parties. Related compliance involves set-up/monitoring and
transaction-specific costs. ``Set-up'' burden, incurred only by covered
new entrants, includes their identifying the applicable required
disclosures, determining how best to comply, and designing and
developing compliance systems and procedures. ``Monitoring'' burden,
incurred by all covered entities, includes their time and costs to
review changes to regulatory requirements, make necessary revisions to
compliance systems and procedures, and to monitor the ongoing operation
of systems and procedures to ensure continued compliance.
``Transaction-related'' burden refers to the time and cost associated
with providing the various required disclosures in individual
transactions. While this burden varies with the number of transactions,
the figures shown for transaction-related burden in the tables that
follow are estimated averages.
The required disclosures do not impose PRA burden on some covered
entities because they make those disclosures in their normal course of
activities. For other covered entities that do not, their compliance
burden will vary widely depending on the extent to which they have
developed effective computer-based or electronic systems and procedures
to communicate and document required disclosures.\8\
---------------------------------------------------------------------------
\8\ For example, large companies may use computer-based and/or
electronic means to provide required disclosures, including issuing
some disclosures en masse, e.g., notices of changes in terms.
Smaller companies may have less automated compliance systems but may
nonetheless rely on electronic mechanisms for disclosures and
recordkeeping. Regardless of size, some entities may utilize
compliance systems that are fully integrated into their general
business operational system; if so, they may have minimal additional
burden. Other entities may have incorporated fewer of these
approaches into their systems and thus may have a higher burden.
---------------------------------------------------------------------------
Calculating the burden associated with the four regulations'
disclosure requirements is very difficult because of the highly diverse
group of affected entities. The ``respondents'' included in the
following burden calculations consist of, among others, credit and
lease advertisers, creditors, owners (such as purchasers and assignees)
of credit obligations, financial institutions, service providers,
certain government agencies and others involved in delivering
electronic fund transfers (``EFTs'') of government benefits, and
lessors.\9\ The burden estimates represent FTC staff's best assessment,
based on its knowledge and expertise relating to the financial services
industry. Staff considered the wide variations in covered entities' (1)
size and location; (2) credit or lease products offered, extended, or
advertised, and their particular terms; (3) EFT types used; (4) types
and frequency of adverse actions taken; (5) types of appraisal reports
utilized; and (6) computer systems and electronic features of
compliance operations.
---------------------------------------------------------------------------
\9\ The Commission generally does not have jurisdiction over
banks, thrifts, and federal credit unions under the applicable
regulations.
---------------------------------------------------------------------------
The cost estimates that follow relate solely to labor costs, and
they include the time necessary to train employees how to comply with
the regulations. Staff calculated labor costs by multiplying
appropriate hourly wage rates by the burden hours described above. The
hourly rates used were $56 for managerial oversight, $42 for skilled
technical services, and $17 for clerical work. These figures are
averages drawn from Bureau of Labor Statistics data.\10\ Further, the
FTC cost estimates assume the following labor category apportionments,
except where otherwise indicated below: Recordkeeping--10% skilled
technical, 90% clerical; disclosure--10% managerial, 90% skilled
technical.
---------------------------------------------------------------------------
\10\ These inputs are based broadly on mean hourly data found
within the ``Bureau of Labor Statistics, Economic News Release,''
April 1, 2014, Table 1, ``National employment and wage data from the
Occupational Employment Statistics survey by occupation, May 2013.''
https://www.bls.gov/news.release/ocwage.t01.htm.
---------------------------------------------------------------------------
The applicable PRA requirements impose minimal capital or other
non-labor costs. Affected entities generally already have the necessary
equipment for other business purposes. Similarly, FTC staff estimates
that compliance with these rules entails minimal printing and copying
costs beyond that associated with documenting financial transactions in
the ordinary course of business.
1. Regulation B
The ECOA prohibits discrimination in the extension of credit.
Regulation B implements the ECOA, establishing disclosure requirements
to assist customers in understanding their rights under the ECOA and
recordkeeping requirements to assist agencies in enforcement.
Regulation B applies to retailers, mortgage lenders, mortgage brokers,
finance companies, and others.
Recordkeeping
FTC staff estimates that Regulation B's general recordkeeping
requirements affect 530,080 credit firms subject to the Commission's
jurisdiction, at an average annual burden of 1.25 hours per firm for a
total of 662,600 hours.\11\ Staff also estimates that the requirement
that mortgage creditors monitor information about race/national origin,
sex, age, and marital status imposes a maximum burden of one minute
each (of skilled
[[Page 17751]]
technical time) for approximately 2.9 million credit applications
(based on industry data regarding the approximate number of mortgage
purchase and refinance originations), for a total of 48,333 hours.\12\
Staff also estimates that recordkeeping of self-testing subject to the
regulation would affect 1,375 firms, with an average annual burden of
one hour (of skilled technical time) per firm, for a total of 1,375
hours, and that recordkeeping of any corrective action as a result of
self-testing would affect 10% of them, i.e., 138 firms, with an average
annual burden of four hours (of skilled technical time) per firm, for a
total of 552 hours.\13\ Keeping records of race/national origin, sex,
age, and marital status requires an estimated one minute of skilled
technical time. Recordkeeping for the self-test responsibility and of
any corrective actions requires an estimated one hour and four hours,
respectively, of skilled technical time.
---------------------------------------------------------------------------
\11\ Section 1071 of the Dodd-Frank Act amends the ECOA to
require financial institutions to collect and report information
concerning credit applications by women- or minority-owned
businesses and small businesses, effective on the July 21, 2011
transfer date. Both the CFPB and the Board have exempted affected
entities from complying with this requirement until a date set by
the prospective final rules these agencies issue to implement the
Dodd-Frank Act's requirements. The Commission will address PRA
burden for its enforcement of these requirements after the CFPB and
the Board have issued the associated final rules.
\12\ Regulation B contains model forms that creditors may use to
gather and retain the required information.
\13\ In contrast to banks, for example, entities under FTC
jurisdiction are not subject to audits for compliance with
Regulation B; rather they may be subject to FTC investigations and
enforcement actions. This may impact the level of self-testing (as
specifically defined by Regulation B) in a given year, and staff has
sought to address such factors in its burden estimates.
---------------------------------------------------------------------------
Disclosure
Regulation B requires that creditors (i.e., entities that regularly
participate in the decision whether to extend credit under Regulation
B) provide notices whenever they take adverse action, such as denial of
a credit application. It requires entities that extend mortgage credit
with first liens to provide a copy of the appraisal report or other
written valuation to applicants.\14\ Finally, Regulation B also
requires that for accounts which spouses may use or for which they are
contractually liable, creditors who report credit history must do so in
a manner reflecting both spouses' participation. Further, it requires
creditors that collect applicant characteristics for purposes of
conducting a self-test to disclose to those applicants that: (1)
Providing the information is optional; (2) the creditor will not take
the information into account in any aspect of the credit transactions;
and (3) if applicable, the information will be noted by visual
observation or surname if the applicant chooses not to provide it.\15\
---------------------------------------------------------------------------
\14\ While the rule also requires the creditor to provide a
short written disclosure regarding the appraisal process, the
disclosure is now provided by the CFPB, and may be classified as a
warning label supplied by the Federal government. As a result, it is
not a ``collection of information'' for PRA purposes; it is not,
therefore, included in burden estimates below. See 5 CFR
1320.3(c)(2), and CFPB, Final Rule, Disclosure and Delivery
Requirements for Copies of Appraisals and Other Written Valuations
Under the Equal Credit Opportunity Act (Regulation B), 78 FR 7216,
7247 (Jan. 31, 2013).
\15\ The disclosure may be provided orally or in writing. The
model form provided by Regulation B assists creditors in providing
the written disclosure.
---------------------------------------------------------------------------
Burden Totals
Recordkeeping: 712,860 hours (637,310 + 75,550 carve-out for motor
vehicles); $15,031,620 ($13,550,520 + $1,481,100 carve-out for motor
vehicles), associated labor costs.
Disclosures: 1,166,563 hours (1,036,040 + 130,523 carve-out for
motor vehicles); $50,628,816 ($44,964,122 + $5,664,694 carve-out for
motor vehicles), associated labor costs.
Regulation B--Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
Setup/Monitoring \1\ Transaction-related \2\
------------------------------------------------------------------------------------------------
Average burden Total burden
Disclosures Average burden Total setup/ Number of per Total (hours)
Respondents per respondent monitoring transactions transaction transaction
(hours) burden (hours) (minutes) burden (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Credit history reporting................ 132,520 .25 33,130 66,260,000 .25 276,083 309,213
Adverse action notices.................. 530,000 .75 397,500 106,016,000 .25 441,733 839,293
Appraisal reports/written valuations.... 5,000 1 5,000 1,450,000 .50 12,083 17,083
Self-test disclosures................... 1,375 .5 688 68,750 .25 286 974
---------------
Total............................... .............. .............. .............. .............. .............. .............. 1,166,563
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ The estimates assume that all applicable entities would be affected, with respect to appraisal reports and other written valuations (with the FTC
having approximately one-half of that amount). An increase in burden is noted due to changed rules requiring provision of appraisals reports as well
as other written valuations, for first lien mortgages. The former ``Appraisal disclosure'' item was deleted; the information is now supplied by the
rule.
\2\ The transaction-related figures reflect a decrease in mortgage transactions, compared to prior FTC estimates. The figures assume that approximately
three-quarters of applicable mortgage transactions (.75 x 2,900,000, or 2,175,000) would not otherwise provide this information, and that another
725,000 transactions (not closed, etc.) would be affected; the FTC would have one-half of the total, or 1,450,000.
Regulation B--Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
Managerial Skilled technical Clerical Total
Required task ------------------------------------------------------------------------------------------------ Total Cost ($) Cost
Time (hours) Cost ($56/hr.) Time (hours) Cost ($42/hr.) Time (hours) Cost ($17/hr.) ($)
--------------------------------------------------------------------------------------------------------------------------------------------------- -------
General recordkeeping.............. 0 $0 66,260 $2,782,920 596,340 $10,137,780 $12,920,700
Other recordkeeping................ 0 0 48,333 2,029,986 0 0 2,029,986
Recordkeeping of self-test......... 0 0 1,375 57,750 0 0 57,750
Recordkeeping of corrective action. 0 0 552 23,184 0 0 23,184
Total Recordkeeping............ .............. .............. .............. .............. .............. .............. 15,031,620
Disclosures:
Credit history reporting........... 30,921 1,731,576 278,292 11,688,264 0 0 13,419,840
Adverse action notices............. 83,929 4,700,024 755,364 31,725,288 0 0 36,425,312
[[Page 17752]]
Appraisal reports.................. 1708 95,648 15,375 645,750 0 0 741,398
Self-test disclosure............... 97 5,432 877 36,834 0 0 42,266
--------------------
Total Disclosures.............. .............. .............. .............. .............. .............. .............. 50,628,816
====================
Total Recordkeeping and .............. .............. .............. .............. .............. .............. 65,660,436
Disclosures...............
--------------------------------------------------------------------------------------------------------------------------------------------------------
2. Regulation E
The EFTA requires that covered entities provide consumers with
accurate disclosure of the costs, terms, and rights relating to EFT and
certain other services. Regulation E implements the EFTA, establishing
disclosure and other requirements to aid consumers and recordkeeping
requirements to assist agencies with enforcement. It applies to
financial institutions, retailers, gift card issuers and others that
provide gift cards, service providers, various federal and state
agencies offering EFTs, etc. Staff estimates that Regulation E's
recordkeeping requirements affect 327,460 firms offering EFT services
to consumers and that are subject to the Commission's jurisdiction, at
an average annual burden of one hour per firm, for a total of 327,460
hours.
Burden Totals
Recordkeeping: 327,460 hours (312,500 + 15,040 carve-out);
$6,385,470 ($6,092,190 + $293,280 carve-out), associated labor costs.
Disclosures: 7,179,271 hours (7,162,564 + 16,707 carve-out);
$311,588,696 ($310,863,608 + $725,088 carve-out), associated labor
costs.
Regulation E--Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
Setup/Monitoring Transaction-related
------------------------------------------------------------------------------------------------
Average burden Total burden
Disclosures Average burden Total setup/ Number of per Total (hours)
Respondents per respondent monitoring transactions transaction transaction
(hours) burden (hours) (minutes) burden (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Initial terms........................... 50,000 .5 25,000 500,000 .02 167 25,167
Change in terms......................... 12,500 .5 6,250 16,500,000 .02 5,500 11,750
Periodic statements..................... 50,000 .5 25,000 600,000,000 .02 200,000 225,000
Error resolution........................ 50,000 .5 25,000 500,000 5 41,667 66,667
Transaction receipts.................... 50,000 .5 25,000 2,500,000,000 .02 833,333 858,333
Preauthorized transfers \1\............. 257,520 .5 128,760 6,438,000 .25 26,825 155,585
Service provider notices................ 50,000 .25 12,500 500,000 .25 2,083 14,583
Govt. benefit notices................... 5,000 .5 2,500 50,000,000 .25 208,333 210,833
ATM notices............................. 250 .25 63 50,000,000 .25 208,333 208,396
Electronic check conversion \2\......... 57,520 .5 28,760 1,150,400 .02 383 29,144
Payroll cards........................... 125 .5 63 500,000 3 25,000 25,063
Overdraft services...................... 50,000 .5 25,000 2,500,000 .02 833 25,833
Gift cards \3\.......................... 25,000 .5 12,500 1,250,000,000 .02 416,667 429,167
Remittance transfers: \4\
Disclosures......................... 5,000 1.25 6,250 100,000,000 .9 1,500,000 1,506,250
Error resolution.................... 5,000 1.25 6,250 125,000,000 .9 1,875,000 1,881,250
Agent compliance.................... 5,000 1.25 6,250 100,000,000 .9 1,500,000 1,506,250
---------------
Total........................... .............. .............. .............. .............. .............. .............. 7,179,271
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Preauthorized transfer respondents and transactions have decreased slightly.
\2\ Electronic check conversion respondents and transactions have decreased slightly.
\3\ Gift card entities and transactions under FTC jurisdiction (which excludes banks and bank transactions) have decreased.
\4\ Remittance transfer respondents now focus primarily on those that may offer services and are responsible for legal requirements (not separate
inclusion of their offices). Legal changes have eased compliance, but they require system changes causing an increase in setup burden and a decrease
in transaction burden. Remittance transfers have increased substantially but error resolutions have increased to a smaller degree due to changes in
legal requirements. The resulting transaction burden in each category for remittance transfers has increased due to the upswing in transaction volume.
[[Page 17753]]
Regulation E--Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
Managerial Skilled technical Clerical
Required task ------------------------------------------------------------------------------------------------ Total cost ($)
Time (hours) Cost ($56/hr.) Time (hours) Cost ($42/hr.) Time (hours) Cost ($17/hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping........................... 0 $0 32,746 $1,375,332 294,714 $5,010,138 $6,385,470
Disclosures:
Initial terms........................... 2,517 140,952 22,650 951,300 0 0 1,092,252
Change in terms......................... 1,175 65,800 10,750 451,500 0 0 517,300
Periodic statements..................... 22,500 1,260,000 202,500 8,505,000 0 0 9,765,000
Error resolution........................ 6,667 373,352 60,000 2,520,000 0 0 2,893,352
Transaction receipts.................... 85,833 4,806,648 772,500 32,445,000 0 0 37,251,648
Preauthorized transfers................. 15,565 871,248 140,027 5,881,134 0 0 6,752,382
Service provider notices................ 1,458 81,648 13,125 551,250 0 0 632,898
Govt. benefit notices................... 21,083 1,180,648 189,750 7,969,500 0 0 9,150,148
ATM notices............................. 20,840 1,167,040 187,556 7,877,352 0 0 9,044,392
Electronic check conversion............. 2,919 163,184 26,230 1,101,660 0 0 1,264,844
Payroll cards........................... 2,506 140,336 22,557 947,394 0 0 1,087,730
Overdraft services...................... 2,583 144,648 23,250 976,500 0 0 1,121,148
Gift cards.............................. 85,833 2,403,352 386,250 16,222,500 0 0 18,626,852
Remittance transfers:
Disclosures......................... 150,625 8,435,000 1,355,625 56,936,250 0 0 65,371,250
Error resolution.................... 188,125 10,535,000 1,693,125 71,111,250 0 0 81,646,250
Agent compliance.................... 150,625 8,435,000 1,355,625 56,936,250 0 0 65,371,250
---------------
Total Disclosures............... .............. .............. .............. .............. .............. .............. 311,588,696
===============
Total Recordkeeping and .............. .............. .............. .............. .............. .............. 317,974,166
Disclosures....................
--------------------------------------------------------------------------------------------------------------------------------------------------------
3. Regulation M
The CLA requires that covered entities provide consumers with
accurate disclosure of the costs and terms of leases. Regulation M
implements the CLA, establishing disclosure requirements to help
consumers comparison shop and understand the terms of leases and
recordkeeping requirements. It applies to vehicle lessors (such as auto
dealers, independent leasing companies, and manufacturers' captive
finance companies), computer lessors (such as computer dealers and
other retailers), furniture lessors, various electronic commerce
lessors, diverse types of lease advertisers, and others.
Staff estimates that Regulation M's recordkeeping requirements
affect approximately 32,577 firms within the FTC's jurisdiction leasing
products to consumers at an average annual burden of one hour per firm,
for a total of 32,577 hours.
Burden Totals \16\
---------------------------------------------------------------------------
\16\ Recordkeeping and disclosure burden estimates for
Regulation M are more substantial for motor vehicle leases than for
other leases, including burden estimates based on market changes and
regulatory definitions of coverage. As noted above, for purposes of
burden calculations, and in view of the different types of motor
vehicle dealers, the FTC is including for itself the entire PRA
burden for all motor vehicle dealers in the burden estimates below.
---------------------------------------------------------------------------
Recordkeeping: 32,577 hours (5,000 + 27,577 carve-out); $635,259
($97,500 + $537,759 carve-out), associated labor costs.
Disclosures: 73,933 hours (2,986 + 70,947 carve-out); $3,208,702
($129,598 + $3,079,104 carve-out), associated labor costs.
Regulation M--Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
Setup/Monitoring Transaction-related
------------------------------------------------------------------------------------------------
Disclosures Average burder Total setup/ Average Total Total burden
Respondents per respondent monitoring Number of burdern per transaction (hours)
(hours) burden (hours) transactions transaction burden (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Motor Vehicle Leases \1\................ 27,577 1 27,577 4,000,000 .50 33,333 60,910
Other Leases \2\........................ 5,000 .50 2,500 100,000 .25 417 2,917
Advertising \3\......................... 15,181 .50 7,591 603,490 .25 2,515 10,106
Total............................... .............. .............. .............. .............. .............. .............. 73,933
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ This category focuses on consumer vehicle leases. Vehicle leases are subject to more lease disclosure requirements (pertaining to computation of
payment obligations) than other lease transactions. (Only consumer leases for more than four months are covered.) See 15 U.S.C. 1667(1); 12 CFR
1013.2(e)(1). While the number of respondents for vehicle leases has decreased, the number of vehicle lease transactions has increased, with market
changes, from past FTC estimates. Additionally, leases up to $54,600 (plus an annual adjustment) are now covered. The resulting total burden has
increased.
[[Page 17754]]
\2\ This category focuses on all types of consumer leases other than vehicle leases. It includes leases for computers, other electronics, small
appliances, furniture, and other transactions. (Only consumer leases for more than four months are covered.) See 15 U.S.C. 1667(1); 12 CFR
1013.2(e)(1). The number of respondents has decreased, based on market changes in companies and types of transactions they offer, and the PRA burden
sharing with the CFPB; the number of such transactions has also declined, based on types of transactions offered that are covered by the CLA. Leases
up to $54,600 (plus an annual adjustment) are now covered. The resulting total burden has decreased.
\3\ Respondents for advertising have increased as have lease advertisements, based on market changes, from past FTC estimates. More types of lease
advertisements are occurring. The resulting total burden has increased.
Regulation M--Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
Managerial Skilled technical Clerical
Required task ------------------------------------------------------------------------------------------------ Total cost ($)
Time (hours) Cost ($56/hr.) Time (hours) Cost ($42/hr.) Time (hours) Cost ($17/hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping........................... 0 $0 3,258 $136,836 29,319 $498,423 $635,259
Disclosures:
Motor Vehicle Leases.................... 6,091 341,096 58,419 2,302,398 0 0 2,643,494
Other Leases............................ 292 16,352 2,625 110,250 0 0 126,602
Advertising............................. 1,011 56,616 9,095 381,990 0 0 438,606
---------------
Total Disclosures................... .............. .............. .............. .............. .............. .............. 3,208,702
===============
Total Recordkeeping and Disclosures. .............. .............. .............. .............. .............. .............. 3,843,961
--------------------------------------------------------------------------------------------------------------------------------------------------------
4. Regulation Z
The TILA was enacted to foster comparison credit shopping and
informed credit decision making by requiring creditors and others to
provide accurate disclosures regarding the costs and terms of credit to
consumers. Regulation Z implements the TILA, establishing disclosure
requirements to assist consumers and recordkeeping requirements to
assist agencies with enforcement. These requirements pertain to open-
end and closed-end credit and apply to various types of entities,
including mortgage companies; finance companies; auto dealerships;
private education loan companies; merchants who extend credit for goods
or services; credit advertisers; acquirers of mortgages; and others.
New requirements have been established in the mortgage area, including
for high cost mortgages, higher-priced mortgage loans,\17\ ability to
pay of mortgage consumers, mortgage servicing, loan originators, and
certain integrated mortgage disclosures.
---------------------------------------------------------------------------
\17\ While Regulation Z also requires the creditor to provide a
short written disclosure regarding the appraisal process for higher-
priced mortgage loans, the disclosure is now provided by the CFPB,
and may be classified as a label supplied by the Federal government.
As a result, it is not a ``collection of information'' for PRA
purposes; it is not, therefore, included in burden estimates below.
See 5 CFR 1320.3(c)(2), and CFPB, Final Rule, Appraisals for Higher-
Priced Mortgage Loans, 78 FR 10368, 10430 (Feb. 13, 2013), and
Supplemental Final Rule, Appraisals for Higher-Priced Mortgage
Loans, 78 FR 78520, 78575 (Dec. 26, 2013).
---------------------------------------------------------------------------
FTC staff estimates that Regulation Z's recordkeeping requirements
affect approximately 530,080 entities subject to the Commission's
jurisdiction, at an average annual burden of 1.25 hours per entity with
.25 additional hours per entity for 5,000 entities (ability to pay),
and 5 additional hours per entity for 5,000 entities (loan
originators).
Burden Totals
Recordkeeping: 688,850 hours (613,650 + 75,200 carve-out);
$13,432,575 ($11,966,175 + $1,466,400 carve-out), associated labor
costs.
Disclosures: 13,008,452 hours (11,964,361 + 1,044,091 carve-out);
$553,563,761 ($508,250,213 + $45,313,548 carve-out), associated labor
costs.
Regulation Z--Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
Setup/monitoring Transaction-related
------------------------------------------------------------------------------------------------
Average burden Total setup/ Average burden Total Total burden
Disclosures \1\ per monitoring Number of per transaction (hours)
Respondents respondent \2\ burden transactions transaction burden
(hours) (hours) \3\ (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Open-end credit:
Initial terms....................... 45,000 .75 33,750 20,000,000 .375 125,000 158,750
Rescission notices \4\.............. 1,500 .5 750 8,000 .25 33 783
Subsequent disclosures.............. 10,000 .75 7,500 62,500,000 .188 195,833 203,333
Periodic statements................. 45,000 .75 33,750 1,750,000,000 .0938 2,735,833 2,769,583
Error resolution.................... 45,000 .75 33,750 4,000,000 6 400,000 433,750
Credit and charge card accounts..... 25,000 .75 18,750 12,500,000 .375 78,125 96,875
Settlement of estate debts.......... 45,000 .75 33,750 1,000,000 .375 6,250 40,000
Special credit card requirements.... 25,000 .75 18,750 12,500,000 .375 78,125 96,875
Home equity lines of credit \5\..... 1,500 .5 750 10,000 .25 42 792
Home equity lines of credit-high 500 2 1,000 5,000 2 167 1,167
cost mortgages \6\.................
College student credit card 2,500 .5 1,250 250,000 .25 1,042 2,292
marketing--ed. institutions........
College student credit card 300 .75 225 18,000 .75 225 450
marketing--card issuer reports.....
Posting and reporting of credit card 25,000 .75 18,750 12,500,000 .375 78,125 96,875
agreements.........................
Advertising......................... 100,000 .75 75,000 300,000 .75 3,750 78,750
[[Page 17755]]
Sale, transfer, or assignment of 1,500 .5 750 1,750,000 .25 7,292 8,042
mortgages \7\......................
Appraiser misconduct reporting...... 625,000 .75 468,750 12,500,000 .375 78,125 546,875
Mortgage servicing \8\.............. 2,500 .5 1,250 500,000 .5 4,167 5,417
Loan originators \9\................ 2,500 2 5,000 25,000 5 2,083 7,083
Closed-end credit:
Credit disclosures \10\............. 380,080 .75 285,060 163,054,320 2.25 6,108,912 6,399,597
Rescission notices \11\............. 5,000 .5 2,500 7,500,000 1 125,000 127,500
Redisclosures....................... 200,000 .5 100,000 1,000,000 2.25 37,500 137,500
Integrated mortgage disclosures \12\ 5,000 10 50,000 15,000,000 3.5 875,000 925,000
Variable rate mortgages \13\........ 5,000 1 5,000 500,000 1.75 14,583 19,583
High cost mortgages \14\............ 3,000 1 3,000 75,000 2 2,500 5,500
Higher priced mortgages \15\........ 3,000 1 3,000 25,000 2 833 3,833
Reverse mortgages \16\.............. 7,500 .5 3,750 35,000 1 583 4,333
Advertising \17\.................... 248,360 .5 124,180 2,483,600 1 41,393 165,573
Private education loans............. 100 .5 50 50,000 1.5 1,250 1,300
Sale, transfer, or assignment of 100,000 .5 50,000 5,000,000 .25 20,833 70,833
mortgages..........................
Ability to pay/qualified mortgage 5,000 .75 3,750 0 0 0 3,750
\18\...............................
Appraiser misconduct reporting...... 625,000 .75 468,750 12,500,000 .375 78,125 546,875
Mortgage servicing \19\............. 5,000 1 5,000 1,000,000 2.25 37,500 42,500
Loan originators \20\............... 2,500 2 5,000 25,000 5 2,083 7,083
---------------
Total open-end credit........... .............. .............. .............. .............. .............. .............. 4,547,692
---------------
Total closed-end credit......... .............. .............. .............. .............. .............. .............. 8,460,760
===============
Total credit.................... .............. .............. .............. .............. .............. .............. 13,008,452
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Regulation Z requires disclosures for closed-end and open-end credit. TILA and Regulation Z now cover credit up to $54,600 plus an annual adjustment
(except that real estate credit and private education loans are covered regardless of amount), generally causing an increase in transactions. In some
instances noted below, market changes have reduced estimated PRA burden. In other instances noted below, changes to Regulation Z have increased
estimated PRA burden. The overall effect of these competing factors, combined with the FTC sharing with the CFPB estimated PRA burden (for all but
certain motor vehicle dealers) yields a net increase from the FTC's prior reported estimate for open-end credit and for closed-end credit.
\2\ Burden per respondent in some categories has increased compared to prior FTC estimates, due to changes in rules.
\3\ Burden per transaction in some categories has increased compared to prior FTC estimates, due to changes in rules.
\4\ Respondents for mortgages involving rescission have decreased, as have transactions.
\5\ Respondents for home equity lines of credit have decreased, as have transactions.
\6\ Regulation Z high cost mortgage rules now cover certain open-end mortgages, and a new counseling rule also applies.
\7\ Respondents for sale, transfer or assignment of mortgages have decreased.
\8\ Regulation Z has expanded various mortgage servicing requirements for prompt crediting and payoff responses.
\9\ Regulation Z includes new loan originator compensation requirements.
\10\ Respondents for credit disclosures have decreased, as have transactions.
\11\ Respondents for mortgages involving rescission have decreased.
\12\ Regulation Z now has integrated mortgage disclosure requirements for loan estimates and loan closing documents, with other requirements.
\13\ Respondents for variable rate mortgages have decreased but Regulation Z has expanded mortgage disclosure requirements affecting subsequent
disclosures, increasing burden.
\14\ Regulation Z high rate/high fee mortgages are now called high cost mortgages. Respondents in high cost mortgages have decreased, but the rules
cover more types of mortgages and include a counseling requirement, increasing burden. However, these types of transactions have decreased, reducing
total burden.
\15\ Respondents for higher priced mortgages have decreased. However, Regulation Z now has certain appraisal requirements for higher-priced mortgages,
increasing burden. However, these types of transactions have decreased, reducing total burden.
\16\ Reverse mortgage respondents and transactions have decreased.
\17\ Advertising respondents have increased, as have transactions, causing an increased total burden.
\18\ Regulation Z now includes ability to pay rules that affect setup costs.
\19\ Regulation Z has expanded various mortgage servicing requirements for prompt crediting and payoff responses. It also requires periodic statements
(or a coupon book, for fixed-rate mortgages).
\20\ Regulation Z includes new loan originator compensation requirements.
Regulation Z--Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
Managerial Skilled technical Clerical
------------------------------------------------------------------------------------------------
Required task Cost ($56/ Cost ($42/ Cost ($17/ Total cost ($)
Time (hours) hr.) Time (hours) hr.) Time (hours) hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping........................... 0 $0 68,885 $2,893,170 619,965 $10,539,405 $13,432,575
Open-end credit Disclosures:
Initial terms....................... 15,875 889,000 142,875 6,000,750 0 0 6,889,750
Rescission notices.................. 78 4,368 705 29,610 0 0 33,978
Subsequent disclosures.............. 20,333 1,138,648 183,000 7,686,000 0 0 8,824,648
Periodic statements................. 276,958 15,509,648 2,492,625 104,690,250 0 0 120,199,898
Error resolution.................... 43,375 2,429,000 390,375 16,395,750 0 0 18,824,750
Credit and charge card accounts..... 9,688 474,712 87,187 2,615,610 0 0 3,090,322
Settlement of estate debts.......... 4,000 196,000 36,000 1,080,000 0 0 1,276,000
Special credit card requirements.... 9,688 474,712 87,187 2,615,610 0 0 3,090,322
Home equity lines of credit......... 458 22,442 4,126 123,780 0 0 146,222
Home equity lines of credit-high 117 6,552 1,050 44,100 0 0 50,662
cost mortgages.....................
College student credit card 229 11,221 2,063 61,890 0 0 73,111
marketing--ed institutions.........
[[Page 17756]]
College student credit card 45 2,205 405 12,150 0 0 14,355
marketing--card issuer reports.....
Posting and reporting of credit card 9,688 474,712 87,187 2,615,610 0 0 3,090,322
agreements.........................
Advertising......................... 7,875 385,875 70,875 2,126,250 0 0 2,512,125
Sale, transfer, or assignment of 823 40,327 7,407 222,210 0 0 262,537
mortgages..........................
Appraiser misconduct reporting...... 54,687 2,679,663 492,188 14,765,640 0 0 17,445,303
Mortgage servicing.................. 542 30,352 4,875 204,750 0 0 235,102
Loan originators.................... 708 39,648 6,375 267,750 0 0 307,398
---------------------------------------------------------------------------------------------------------------
Total open-end credit........... .............. .............. .............. .............. .............. .............. 186,366,805
Closed-end credit Disclosures:
Credit disclosures.................. 639,960 35,837,760 5,759,637 241,904,754 0 0 277,742,514
Rescission notices.................. 12,750 714,000 114,750 4,819,500 0 0 5,533,500
Redisclosures....................... 13,750 770,000 123,750 5,197,500 0 0 5,967,500
Integrated mortgage disclosures..... 92,500 5,180,000 832,500 34,965,000 0 0 40,145,000
Variable rate mortgages............. 1,958 109,648 17,625 740,250 0 0 849,898
High cost mortgages................. 550 30,800 4,950 207,900 0 0 238,700
Higher priced mortgages............. 383 21,448 3,450 144,900 0 0 166,348
Reverse mortgages................... 433 24,248 3,900 163,800 0 0 188,048
Advertising......................... 16,557 927,192 149,016 6,258,672 0 0 7,185,864
Private education loans............. 130 7,280 1,170 49,140 0 0 56,420
Sale, transfer, or assignment of 7,083 396,648 63,750 2,677,500 0 0 3,074,148
mortgages..........................
Ability to pay/qualified mortgage... 375 21,000 3,375 141,750 0 0 162,750
Appraiser misconduct reporting...... 54,687 3,062,472 492,188 20,671,896 0 0 23,734,368
Mortgage servicing.................. 4,250 238,000 38,250 1,606,500 0 0 1,844,500
Loan originators.................... 708 39,648 6,375 267,750 0 0 307,398
---------------
Total closed-end credit......... .............. .............. .............. .............. .............. .............. 367,196,956
---------------
Total Disclosures............... .............. .............. .............. .............. .............. .............. 553,563,761
===============
Total Recordkeeping and .............. .............. .............. .............. .............. .............. 566,996,336
Disclosures....................
--------------------------------------------------------------------------------------------------------------------------------------------------------
Request for Comment: Pursuant to Section 3506(c)(2)(A) of the PRA,
the FTC invites comments on: (1) Whether the disclosure requirements
are necessary, including whether the information will be practically
useful; (2) the accuracy of our burden estimates, including whether the
methodology and assumptions used are useful; (3) ways to enhance the
quality, utility, and clarity of the information to be collected; and
(4) ways to minimize the burden of providing the required information
to consumers.
You can file a comment online or on paper. For the Commission to
consider your comment, we must receive it on or before June 1, 2015.
Write ``Regs BEMZ, PRA Comments, P084812'' on your comment. Your
comment--including your name and your state--will be placed on the
public record of this proceeding, including to the extent practicable,
on the public Commission Web site, at https://www.ftc.gov/os/publiccomments.shtm. As a matter of discretion, the Commission tries to
remove individuals' home contact information from comments before
placing them on the Commission Web site.
Because your comment will be made public, you are solely
responsible for making sure that your comment does not include any
sensitive personal information, like anyone's Social Security number,
date of birth, driver's license number or other state identification
number or foreign country equivalent, passport number, financial
account number, or credit or debit card number. You are also solely
responsible for making sure that your comment doesn't include any
sensitive health information, like medical records or other
individually identifiable health information. In addition, don't
include any ``[t]rade secret or any commercial or financial information
. . . which is privileged or confidential'' as provided in Section 6(f)
of the FTC Act 15 U.S.C. 46(f), and FTC Rule 4.10(a)(2), 16 CFR
4.10(a)(2). In particular, don't include competitively sensitive
information such as costs, sales statistics, inventories, formulas,
patterns devices, manufacturing processes, or customer names.
If you want the Commission to give your comment confidential
treatment, you must file it in paper form, with a request for
confidential treatment, and you have to follow the procedure explained
in FTC Rule 4.9(c).\18\ Your comment will be kept confidential only if
the FTC General Counsel, in his or her sole discretion, grants your
request in accordance with the law and the public interest.
---------------------------------------------------------------------------
\18\ In particular, the written request for confidential
treatment that accompanies the comment must include the factual and
legal basis for the request, and must identify the specific portions
of the comment to be withheld from the public record. See FTC Rule
4.9(c), CFR 4.9(c), 16 CFR 4.9(c).
---------------------------------------------------------------------------
Postal mail addressed to the Commission is subject to delay due to
heightened security screening. As a result, we encourage you to submit
your comments online. To make sure that the Commission considers your
online comment, you must file it at https://ftcpublic.commentworks.com/ftc/RegsBEMZpra, by following the instructions on the web-based form.
When this Notice appears at https://www.regulations.gov/#!home, you also
may file a comment through that Web site.
If you file your comment on paper, write ``Regs BEMZ, PRA Comments,
P084812'' on your comment and on the envelope, and mail or deliver it
to the following address: Federal Trade
[[Page 17757]]
Commission, Office of the Secretary, 600 Pennsylvania Avenue NW., Suite
CC-5610 (Annex J), or deliver your comment to the following address:
Federal Trade Commission, Office of the Secretary, Constitution Center,
400 7th Street SW., 5th Floor, Suite 5610 (Annex J), Washington, DC
20024. If possible, submit your paper comment to the Commission by
courier or overnight service.
The FTC Act and other laws that the Commission administers permit
the collection of public comments to consider and use in this
proceeding as appropriate. The Commission will consider all timely and
responsive public comments that it receives on or before June 1, 2015.
For information on the Commission's privacy policy, including routine
uses permitted by the Privacy Act, see https://www.ftc.gov/ftc/privacy.htm.
David C. Shonka,
Principal Deputy General Counsel.
[FR Doc. 2015-07552 Filed 4-1-15; 8:45 am]
BILLING CODE 6750-01-P
