Proposed Collection; Comment Request for Regulation Project, 14105 [2018-06672]
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Federal Register / Vol. 83, No. 63 / Monday, April 2, 2018 / Notices
Description: Section 312 of the Fair
and Accurate Credit Transactions Act of
2003 (FACT Act) required the issuance
of guidelines for use by furnishers
regarding the accuracy and integrity of
the information about consumers that
they furnish to consumer reporting
agencies and to prescribe regulations
requiring furnishers to establish
reasonable policies and procedures for
implementing the guidelines. Section
312 also required the issuance of
regulations identifying the
circumstances under which a furnisher
must reinvestigate disputes about the
accuracy of information contained in a
consumer report based on a direct
request from a consumer.
Twelve CFR 1022.42(a) requires
furnishers to establish and implement
reasonable written policies and
procedures regarding the accuracy and
integrity of consumer information that
they provide to a consumer reporting
agency (CRA).
Section 1022.43(a) requires a
furnisher to conduct a reasonable
investigation of a dispute initiated
directly by a consumer in certain
circumstances. Furnishers are required
to have procedures to ensure that
disputes received directly from
consumers are handled in a
substantially similar manner to those
complaints received through CRAs.
Section 1022.43(f)(2) incorporates the
statutory requirement that a furnisher
must notify a consumer by mail or other
means (if authorized by the consumer)
not later than five business days after
making a determination that a dispute is
frivolous or irrelevant. Section
1022.43(f) incorporates the statute’s
content requirements for the notices.
Affected Public: Businesses or other
for-profit.
Estimated Number of Respondents:
1,133 respondents.
Estimated Total Annual Burden:
185,603 hours.
Comments submitted in response to
this notice will be summarized,
included in the request for OMB
approval, and become a matter of public
record. Comments are invited on:
(a) Whether the collection of
information is necessary for the proper
performance of the functions of the
OCC, including whether the information
has practical utility;
(b) The accuracy of the OCC’s
estimate of the burden of the collection
of information;
(c) Ways to enhance the quality,
utility, and clarity of the information to
be collected;
(d) Ways to minimize the burden of
the collection on respondents, including
through the use of automated collection
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techniques or other forms of information
technology; and
(e) Estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
Dated: March 26, 2018.
Karen Solomon,
Acting Senior Deputy Comptroller and Chief
Counsel.
[FR Doc. 2018–06580 Filed 3–30–18; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Regulation Project
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
The Internal Revenue Service
(IRS), as part of its continuing effort to
reduce paperwork and respondent
burden, invites the general public and
other Federal agencies to take this
opportunity to comment on information
collections, as required by the
Paperwork Reduction Act of 1995. The
IRS is soliciting comments concerning
Bad Debt Reserves of Banks.
DATES: Written comments should be
received on or before June 1, 2018 to be
assured of consideration.
ADDRESSES: Direct all written comments
to Laurie Brimmer, Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the regulation should be
directed to Martha R. Brinson, at (202)
317–5753, or at Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or
through the internet at
Martha.R.Brinson@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Bad Debt Reserves of Banks.
OMB Number: 1545–1290.
Regulation Project Number: TD 8513.
Abstract: Section 585 (c) of the
Internal Revenue Code requires large
banks to change from reserve method of
accounting to the specific charge off
method of accounting for bad debts.
Section 1.585–8 of the regulation
contains reporting requirements in cases
in which large banks elect (1) to include
in income an amount greater than that
prescribed by the Code; (2) to use the
elective cut-off method of accounting:
Or (3) to revoke any elections previously
made.
SUMMARY:
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14105
Current Actions: There is no change to
this existing regulation.
Type of Review: Extension of a
currently approved collection.
Affected Public: Business or other forprofit organizations.
Estimated Number of Respondents:
2,500.
Estimated Time per Respondent: 15
min.
Estimated Total Annual Burden
Hours: 625.
The following paragraph applies to all
of the collections of information covered
by this notice:
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless the collection of information
displays a valid OMB control number.
Books or records relating to a collection
of information must be retained as long
as their contents may become material
in the administration of any internal
revenue law. Generally, tax returns and
tax return information are confidential,
as required by 26 U.S.C. 6103.
Request for Comments: Comments
submitted in response to this notice will
be summarized and/or included in the
request for OMB approval. All
comments will become a matter of
public record. Comments are invited on:
(a) Whether the collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information shall have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the collection of
information; (c) ways to enhance the
quality, utility, and clarity of the
information to be collected; (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology; and (e) estimates of capital
or start-up costs and costs of operation,
maintenance, and purchase of services
to provide information.
Approved: March 27, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018–06672 Filed 3–30–18; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Regulation Project
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
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02APN1
]]>Agencies
[Federal Register Volume 83, Number 63 (Monday, April 2, 2018)]
[Notices]
[Page 14105]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-06672]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Regulation Project
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: The Internal Revenue Service (IRS), as part of its continuing
effort to reduce paperwork and respondent burden, invites the general
public and other Federal agencies to take this opportunity to comment
on information collections, as required by the Paperwork Reduction Act
of 1995. The IRS is soliciting comments concerning Bad Debt Reserves of
Banks.
DATES: Written comments should be received on or before June 1, 2018 to
be assured of consideration.
ADDRESSES: Direct all written comments to Laurie Brimmer, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information
or copies of the regulation should be directed to Martha R. Brinson, at
(202) 317-5753, or at Internal Revenue Service, Room 6526, 1111
Constitution Avenue NW, Washington, DC 20224, or through the internet
at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Bad Debt Reserves of Banks.
OMB Number: 1545-1290.
Regulation Project Number: TD 8513.
Abstract: Section 585 (c) of the Internal Revenue Code requires
large banks to change from reserve method of accounting to the specific
charge off method of accounting for bad debts. Section 1.585-8 of the
regulation contains reporting requirements in cases in which large
banks elect (1) to include in income an amount greater than that
prescribed by the Code; (2) to use the elective cut-off method of
accounting: Or (3) to revoke any elections previously made.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 2,500.
Estimated Time per Respondent: 15 min.
Estimated Total Annual Burden Hours: 625.
The following paragraph applies to all of the collections of
information covered by this notice:
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number. Books or records
relating to a collection of information must be retained as long as
their contents may become material in the administration of any
internal revenue law. Generally, tax returns and tax return information
are confidential, as required by 26 U.S.C. 6103.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval. All
comments will become a matter of public record. Comments are invited
on: (a) Whether the collection of information is necessary for the
proper performance of the functions of the agency, including whether
the information shall have practical utility; (b) the accuracy of the
agency's estimate of the burden of the collection of information; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology; and (e)
estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Approved: March 27, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-06672 Filed 3-30-18; 8:45 am]
BILLING CODE 4830-01-P
