Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company, 10071-10072 [2019-05161]
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Federal Register / Vol. 84, No. 53 / Tuesday, March 19, 2019 / Notices
frivolous disputes to consumers, 0.23
hour.
Estimated annual burden hours:
Negative information notice, 363 hours;
Affiliate marketing: Notices to
consumers, 24,858 hours, and Consumer
opt-out response, 125,027 hours;
Identity theft red flags, 81,622 hours;
Address discrepancies, 5,800 hours;
Risk-based pricing: Notice to
consumers, 87,000 hours; Furnisher
duties: Policies and procedures, 58,000
hours, and Notice of frivolous disputes
to consumers, 140,737 hours.
General description of report: The
FCRA was enacted in 1970 based on a
Congressional finding that the banking
system is dependent on fair and
accurate credit reporting.2 The FCRA
requires consumer reporting agencies to
adopt reasonable procedures that are
fair and equitable to the consumer with
regard to the confidentiality, accuracy,
relevancy, and proper utilization of
consumer information.3 The DoddFrank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act),
enacted in 2010, transferred to the
Bureau most, but not all, of the
rulemaking authority for issuing
regulations under the FCRA.4 The Board
and other federal agencies retained
rulemaking responsibility for the FCRA
provisions regarding identity theft
prevention programs and the duties of
card issuers to validate consumers’
changes of address (hereinafter, identity
theft red flags), as well as the disposal
of consumer information, with respect
to the entities that are subject to each
agency’s respective enforcement
authority.5 The Board and Federal Trade
Commission (FTC) also retained
rulemaking authority for certain
provisions of the FCRA applicable to
motor vehicle dealers.6 In addition, the
2 The FCRA is one part of the Consumer Credit
Protection Act, which also includes the Truth in
Lending Act, Equal Credit Opportunity Act, and
Fair Debt Collection Practices Act. See 15 U.S.C.
1601 et seq.
3 See 15 U.S.C. 1681.
4 The Bureau and the Board each have issued
regulations implementing the FCRA. On December
21, 2011, the Bureau published an interim final rule
establishing a new Regulation V. See 76 FR 79308
(Dec. 21, 2011), implementing the Bureau’s FCRA
regulations in 12 CFR part 1022. The information
collection provisions in the Bureau’s FCRA
regulations are contained in Appendix B to 12 CFR
part 1022; and in 12 CFR 1022.20–.27, 1022.40–.43,
1022.70–.75, and 1022.82. The Board’s FCRA
regulations are implemented in the Board’s
Regulation V. See 12 CFR part 222. The information
collection provisions in the Board’s FCRA
regulations applicable to institutions for which the
Board has primary enforcement authority are
contained in 12 CFR 222.90–.91.
5 See section 1088(a)(10) of the Dodd-Frank Act,
15 U.S.C. 1681s(b) & (e); see also 15 U.S.C. 1681m
and 1681w.
6 See section 1029 of the Dodd-Frank Act, 12
U.S.C. 5519(a) & (c), which provides generally that
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Board is authorized to enforce
compliance with the information
collection requirements contained in the
Bureau’s FCRA regulations applicable to
institutions7 identified in 15 U.S.C.
1681s(b)(1)(A)(ii) with $10 billion or
less in assets, and applicable to
consumers of these institutions.
Legal authorization and
confidentiality:
As amended by sections 1025 and
1088(a)(10) of the Dodd-Frank Act, the
Board is authorized to enforce
compliance with the information
collection requirements contained in the
Bureau’s FCRA regulations (Appendix B
to 12 CFR part 1022; and 12 CFR
1022.20–.27, 1022.40–.43, 1022.70–.75,
and 1022.82) applicable to institutions
identified in 15 U.S.C. 1681s(b)(1)(A)(ii)
with $10 billion or less in assets, and
applicable to consumers of these
institutions (See 15 U.S.C. 1681s(b); 12
U.S.C. 5515). Additionally, pursuant to
section 1088(a)(2) and (10) of the DoddFrank Act, the Board retained authority
under the FCRA to prescribe and
enforce the information collection
requirements in the Board’s FCRA
regulations relating to identity theft red
flags (12 CFR 222.90–.91) for
institutions of any size, which are
identified in 15 U.S.C. 1681s(b)(1)(A)(ii)
(See 15 U.S.C. 1681m(e), and 1681s(b)
and (e)).
The obligation to comply with the
foregoing recordkeeping and disclosure
requirements contained in the FCRA
regulations prescribed by the Board and
the FCRA regulations prescribed by the
Bureau is mandatory, except for the
consumer opt-out responses, which
consumers are required to submit to
affiliates of an institution in order to
obtain a benefit (i.e., to stop receiving
solicitations for marketing purposes).
Because the records and disclosures
required under the Board’s FCRA
regulations and the Bureau’s FCRA
rulemaking authority for provisions of the federal
consumer financial laws, including the FCRA,
applicable to certain motor vehicle dealers are not
within the Bureau’s jurisdiction and must be
implemented in regulations issued by the Board or
the FTC. The FTC accounts for the PRA burden for
motor vehicle dealers’ compliance with the FCRA
regulations. See, e.g., 78 FR 16265, 16266 n. 11
(Mar. 14, 2013).
7 Pursuant to the Dodd-Frank Act, for certain
federal consumer financial laws, the Bureau has
primary enforcement authority over the Bureau’s
FCRA regulations with respect to, among other
entities, insured depository institutions (banks and
savings associations) with over $10 billion in assets
and any affiliates thereof. See 12 U.S.C. 5515; see
also 12 U.S.C. 5514(a) and 5516. However, the
Board retained enforcement authority over the
Bureau’s FCRA regulations with respect to
depository institutions identified in 15 U.S.C.
1681s(b)(1)(A)(ii) with $10 billion or less in assets
and consumers of these institutions. See 15 U.S.C.
1681s(b); and 12 U.S.C. 5515.
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10071
regulations are not provided to the
Board, and because all records are
maintained at Board-supervised
institutions, no issue of confidentiality
generally arises under the Freedom of
Information Act (FOIA). In the event
such records or disclosures are obtained
by the Board as part of an examination
or supervision of a financial institution,
this information is considered
confidential pursuant to exemption 8 of
the FOIA, which protects information
contained in ‘‘examination, operating,
or condition reports’’ obtained in the
bank supervisory process (5 U.S.C.
552(b)(8)). In addition, certain
information (such as records generated
during the investigation of a direct
dispute notice submitted by a
consumer) may also be withheld under
exemption 6 of the FOIA, which
protects from disclosure information
that ‘‘would constitute a clearly
unwarranted invasion of personal
privacy’’ (5 U.S.C. 552(b)(6)).
Board of Governors of the Federal Reserve
System, March 14, 2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019–05095 Filed 3–18–19; 8:45 am]
BILLING CODE 6210–01–P
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 (‘‘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 3,
2019.
A. Federal Reserve Bank of Chicago
(Colette A. Fried, Assistant Vice
President) 230 South LaSalle Street,
Chicago, Illinois 60690–1414:
1. John L. Cox, Burr Ridge, Illinois,
individually as Special Trustee of the
following ten trusts, and together as a
group acting in concert with the John L.
Cox GST Trust, John L. Cox as Trustee,
Edward A. Cox, III GST Trust, Edward
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Federal Register / Vol. 84, No. 53 / Tuesday, March 19, 2019 / Notices
A. Cox, III as Trustee, Fontana,
Wisconsin, Maureen T. Cox-Scanlon
GST Trust, Maureen T. Cox-Scanlon as
Trustee, Downers Grove, Illinois,
Michael J. Cox GST Trust, Michael J.
Cox as Trustee, Rosemary P. CoxConway GST Trust, Rosemary P. CoxConway as Trustee, Thomas M. Cox
GST Trust, Thomas M. Cox as Trustee,
Robert J. Cox GST Trust, Robert J. Cox
as Trustee, Catherine M. Cox Murphy
GST Trust, Catherine M. Cox Murphy as
Trustee, Margaret M. Cox-Petrucelli GST
Trust, Margaret M. Cox-Petrucelli as
Trustee, Mary H. Cox-Coffey GST Trust,
and Mary H. Cox Coffey as Trustee, all
of Oak Brook, Illinois; to acquire voting
shares of Rush-Oak Corporation, and
thereby indirectly acquire Oak Bank,
both of Chicago, Illinois.
Board of Governors of the Federal Reserve
System, March 14, 2019.
Yao-Chin Chao,
Assistant Secretary of the Board.
[FR Doc. 2019–05161 Filed 3–18–19; 8:45 am]
BILLING CODE P
FEDERAL TRADE COMMISSION
Agency Information Collection
Activities; Proposed Collection;
Comment Request
Federal Trade Commission
(FTC or Commission).
ACTION: Notice.
AGENCY:
The FTC plans to ask the
Office of Management and Budget
(‘‘OMB’’) to extend for an additional
three years the current Paperwork
Reduction Act (‘‘PRA’’) clearance for
information collection requirements
contained in the Mail, internet, or
Telephone Order Merchandise Rule
(MITOR). That clearance expires on May
31, 2019.
DATES: Comments must be received on
or before May 20, 2019.
ADDRESSES: Interested parties may file a
comment online or on paper by
following the instructions in the
Request for Comments part of the
SUPPLEMENTARY INFORMATION section
below. Write ‘‘Paperwork Reduction
Act: FTC File No. P072108’’ on your
comment, and file your comment online
at https://www.regulations.gov by
following the instructions on the webbased form. If you prefer to file your
comment on paper, mail 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
SUMMARY:
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Commission, Office of the Secretary,
Constitution Center, 400 7th Street SW,
5th Floor, Suite 5610 (Annex J),
Washington, DC 20024.
FOR FURTHER INFORMATION CONTACT: Jock
Chung, 202–326–2984, Attorney,
Enforcement Division, Bureau of
Consumer Protection, 600 Pennsylvania
Avenue NW, Mail Drop CC–9528,
Washington, DC 20580.
SUPPLEMENTARY INFORMATION: Originally
known as the Mail Order Merchandise
Rule, the MITOR, 16 CFR part 435 was
promulgated in 1975 in response to
consumer complaints that many
merchants were failing to ship
merchandise ordered by mail on time,
failing to ship at all, or failing to provide
prompt refunds for unshipped
merchandise. The Commission
amended the Rule, effective on March 1,
1994, to include merchandise ordered
by telephone, including by telefax or by
computer through the use of a modem
(e.g., internet sales), and renamed it the
‘‘Mail or Telephone Order Merchandise
Rule.’’ In 2014, the Commission
amended the Rule, effective December
8, 2014, to clarify that the Rule covers
all internet merchandise orders and
permits flexibility in making refunds
and refund notices, including refund
obligations for non-enumerated
payments. 79 FR 55615 (Sept. 17, 2014).
Generally, the MITOR requires a
merchant to: (1) Have a reasonable basis
for any express or implied shipment
representation made in soliciting the
sale (if no express time period is
promised, the implied shipment
representation is 30 days); (2) notify the
consumer and obtain the consumer’s
consent to any delay in shipment; and
(3) make prompt and full refunds when
the consumer exercises a cancellation
option or the merchant is unable to meet
the Rule’s other requirements.1
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. 44 U.S.C.
3502(3); 5 CFR 1320.3(c). The FTC is
seeking renewed clearance for the
1 The MITOR does not impose a recordkeeping
requirement per se. Title 16 CFR 435.1(d) provides,
however, that in an action for noncompliance, the
absence of records that establish that a respondentseller uses systems and procedures to assure
compliance will create a rebuttable presumption
that the seller was not compliant. Merchants
customarily keep records regarding their systems
and procedures in the ordinary course of business,
but their retention of these documents does not
constitute a ‘‘collection of information’’ under
OMB’s regulations that implement the PRA. See 5
CFR 1320.3(b)(2).
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information collection requirements
associated with the Commission’s rules
and regulations under the MITOR (OMB
Control Number 3084–0106).
Burden Estimates
Estimated total annual hours burden:
2,692,350 hours.
In its 2016 PRA-related Federal
Register Notices 2 and corresponding
submission to OMB, FTC staff estimated
that established companies each spend
an average of 50 hours per year on
compliance with the Rule, and that new
industry entrants spend an average of
230 hours (an industry estimate) for
compliance measures associated with
start-up.3 Thus, the total estimated
hours burden was calculated by
multiplying the estimated number of
established companies × 50 hours,
multiplying the estimated number of
new entrants × 230 hours, and adding
the two products.
No substantive provisions in the Rule
have been amended or changed since
staff’s 2016 submission to OMB. Thus,
the Rule’s disclosure requirements
remain the same. Moreover, the
Commission received no public
comments regarding the above-noted
estimates; thus, staff will apply them to
the current PRA burden analysis.
Since the prior submission to OMB,
however, the number of businesses
engaged in the sale of merchandise
subject to the MITOR has increased. The
most currently available data from the
U.S. Census Bureau indicates that,
between 2005 and 2016, the number of
businesses subject to the MITOR grew
from 15,924 to 37,206, or an average
increase of 1,935 new businesses a year
[(37,206 businesses in 2016¥15,924
businesses in 2005) ÷ 11 years].4
Assuming this growth rate continues in
2019 through 2022, the average number
of established businesses during the
three-year period for which OMB
2 81 FR 2860 (Jan. 19, 2016); 81 FR 21549 (Apr.
12, 2016).
3 Most of the estimated start-up time relates to the
development and installation of computer systems
geared to more efficiently handle customer orders.
4 Conceptually, this might understate the number
of new entrants. Given the virtually unlimited
diversity of retail establishments, it is very unlikely
that there is a reliable external measure;
nonetheless, as in the past, the Commission invites
public comment that might better inform these
estimates. For example, many online marketplace
sellers that use Amazon.com Inc’s marketplace to
sell to customers have agreements which provide
that Amazon handles packaging and shipping the
products to customers. Whether Amazon.com is
also the entity responsible for sending customers
delay notices when necessary could affect which
entity is subject to MITOR disclosure requirements,
Amazon or the individual marketplace seller.
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[Federal Register Volume 84, Number 53 (Tuesday, March 19, 2019)]
[Notices]
[Pages 10071-10072]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-05161]
-----------------------------------------------------------------------
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 (``Act'') (12 U.S.C. 1817(j)) and Sec. 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 3, 2019.
A. Federal Reserve Bank of Chicago (Colette A. Fried, Assistant
Vice President) 230 South LaSalle Street, Chicago, Illinois 60690-1414:
1. John L. Cox, Burr Ridge, Illinois, individually as Special
Trustee of the following ten trusts, and together as a group acting in
concert with the John L. Cox GST Trust, John L. Cox as Trustee, Edward
A. Cox, III GST Trust, Edward
[[Page 10072]]
A. Cox, III as Trustee, Fontana, Wisconsin, Maureen T. Cox-Scanlon GST
Trust, Maureen T. Cox-Scanlon as Trustee, Downers Grove, Illinois,
Michael J. Cox GST Trust, Michael J. Cox as Trustee, Rosemary P. Cox-
Conway GST Trust, Rosemary P. Cox-Conway as Trustee, Thomas M. Cox GST
Trust, Thomas M. Cox as Trustee, Robert J. Cox GST Trust, Robert J. Cox
as Trustee, Catherine M. Cox Murphy GST Trust, Catherine M. Cox Murphy
as Trustee, Margaret M. Cox-Petrucelli GST Trust, Margaret M. Cox-
Petrucelli as Trustee, Mary H. Cox-Coffey GST Trust, and Mary H. Cox
Coffey as Trustee, all of Oak Brook, Illinois; to acquire voting shares
of Rush-Oak Corporation, and thereby indirectly acquire Oak Bank, both
of Chicago, Illinois.
Board of Governors of the Federal Reserve System, March 14,
2019.
Yao-Chin Chao,
Assistant Secretary of the Board.
[FR Doc. 2019-05161 Filed 3-18-19; 8:45 am]
BILLING CODE P
