Agency Information Collection Activities; Proposed Collection; Comment Request; Extension, 92685-92688 [2024-27458]

Download as PDF Federal Register / Vol. 89, No. 226 / Friday, November 22, 2024 / Notices change and will not be modified to remove personal or business information including confidential, contact, or other identifying information. Comments should not include any information such as confidential information that would not be appropriate for public disclosure. Comments regarding each of these applications must be received at the Reserve Bank indicated or the offices of the Board of Governors, Ann E. Misback, Secretary of the Board, 20th Street and Constitution Avenue NW, Washington, DC 20551–0001, not later than December 23, 2024. A. Federal Reserve Bank of Dallas (Karen Smith, Assistant Vice President, Mergers & Acquisitions and Enforcement) 2200 North Pearl Street, Dallas, Texas 75201–2272. Comments can also be sent electronically to Comments.applications@dal.frb.org: 1. Woodforest Financial Group Employee Stock Ownership Plan (Amended and Restated Effective January 1, 2021) and the Woodforest Financial Group Employee Stock Ownership Trust, both of The Woodlands, Texas; to acquire up to 35 percent of the voting shares of Woodforest Financial Group, Inc., and thereby indirectly acquire voting shares of Woodforest National Bank, both of The Woodlands, Texas. Board of Governors of the Federal Reserve System. Michele Taylor Fennell, Associate Secretary of the Board. [FR Doc. 2024–27445 Filed 11–21–24; 8:45 am] BILLING CODE 6210–01–P FEDERAL RESERVE SYSTEM ddrumheller on DSK120RN23PROD with NOTICES1 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 applications are set forth in paragraph 7 of the Act (12 U.S.C. 1817(j)(7)). The public portions of the applications listed below, as well as other related filings required by the Board, if any, are available for immediate inspection at the Federal Reserve Bank(s) indicated below and at the offices of the Board of Governors. This information may also be obtained on an expedited basis, upon request, by contacting the appropriate Federal Reserve Bank and from the Board’s VerDate Sep<11>2014 19:28 Nov 21, 2024 Jkt 265001 Freedom of Information Office at https://www.federalreserve.gov/foia/ request.htm. Interested persons may express their views in writing on the standards enumerated in paragraph 7 of the Act. Comments received are subject to public disclosure. In general, comments received will be made available without change and will not be modified to remove personal or business information including confidential, contact, or other identifying information. Comments should not include any information such as confidential information that would not be appropriate for public disclosure. Comments regarding each of these applications must be received at the Reserve Bank indicated or the offices of the Board of Governors, Ann E. Misback, Secretary of the Board, 20th Street and Constitution Avenue NW, Washington, DC 20551–0001, not later than December 9, 2024. A. Federal Reserve Bank of Cleveland (Nadine M. Wallman, Vice President) 1455 East Sixth Street, Cleveland, Ohio 44101–2566. Comments can also be sent electronically to Comments.applications@clev.frb.org: 1. The Kathryn St. Clair Trust, under agreement dated January 26, 2024, as amended on June 20, 2024, Irvine, Kentucky, Jaclyn R. St. Clair Shoop, trustee, Lexington, Kentucky; to acquire voting shares of Citizens Guaranty Financial Corporation, Irvine, Kentucky, and thereby indirectly acquire voting shares of Citizens Guaranty Bank, Richmond, Kentucky. B. Federal Reserve Bank of St. Louis (Holly A. Rieser, Senior Manager) P.O. Box 442, St. Louis, Missouri 63166– 2034. Comments can also be sent electronically to Comments.applications@stls.frb.org: 1. The Dan Fleming Living Trust dated October 17, 1994, Daniel D. Fleming, trustee, Carlinville, Illinois; The William Revocable Trust dated December 30, 1993, William D. Fleming, trustee, The Andrew W. Fleming Trust U/A dated February 1, 2012, Andrew W. Fleming, trustee, Bailey D. Fleming Living Trust dated May 1, 2015, Bailey D. Fleming, trustee, The Jacob W. Fleming Trust dated July 4, 2008, Jacob W. Fleming, trustee, Andrew W. Fleming as custodian of Minor Child A, and Jacob W. Fleming as custodian of Minor Child B, Minor Child C, and Minor Child D, all of Litchfield, Illinois; The Eaden Fleming Trust dated February 1, 2018, Eaden Danae Nellyn Fleming, trustee, Mt. Olive, Illinois; and Fleming Financial, Inc., Litchfield, Illinois, Daniel D. Fleming, as president, and William D. Fleming, as secretary; as the PO 00000 Frm 00069 Fmt 4703 Sfmt 4703 92685 Fleming Family Control Group, a group acting in concert, to retain voting shares of Country Bancorp, Inc., and thereby indirectly retain voting shares of Bank of Hillsboro, National Association, both of Hillsboro, Illinois. C. Federal Reserve Bank of Dallas (Karen Smith, Assistant Vice President, Mergers & Acquisitions and Enforcement) 2200 North Pearl Street, Dallas, Texas 75201–2272. Comments can also be sent electronically to Comments.applications@dal.frb.org: 1. The ELM 2024 Gift Trust, Ross Rankin Moody, trustee, and the JDM 2024 Gift Trust, Ross Rankin Moody, trustee, all of Austin, Texas; to join the Moody Family Group, a group acting in concert, to acquire voting shares of Moody Bancshares, Inc., Galveston, Texas, which controls Moody Bank Holding Company, Inc., Reno, Nevada, and thereby indirectly acquire voting shares of Moody National Bank, Galveston, Texas. Board of Governors of the Federal Reserve System. Michele Taylor Fennell, Associate Secretary of the Board. [FR Doc. 2024–27444 Filed 11–21–24; 8:45 am] BILLING CODE 6210–01–P FEDERAL TRADE COMMISSION Agency Information Collection Activities; Proposed Collection; Comment Request; Extension Federal Trade Commission. Notice. AGENCY: ACTION: The Federal Trade Commission (‘‘FTC’’ or ‘‘Commission’’) requests that the Office of Management and Budget (‘‘OMB’’) extend for three years the current Paperwork Reduction Act (‘‘PRA’’) clearances for information collection requirements contained in four consumer financial regulations enforced by the Commission. Those clearances expire on November 30, 2024. DATES: Comments must be filed by December 23, 2024. 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. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/public/do/ PRAMain. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open SUMMARY: E:\FR\FM\22NON1.SGM 22NON1 ddrumheller on DSK120RN23PROD with NOTICES1 92686 Federal Register / Vol. 89, No. 226 / Friday, November 22, 2024 / Notices for Public Comments’’ or by using the search function. The reginfo.gov web link is a United States Government website produced by the Office of Management and Budget (OMB) and the General Services Administration (GSA). Under PRA requirements, OMB’s Office of Information and Regulatory Affairs (OIRA) reviews Federal information collections. FOR FURTHER INFORMATION CONTACT: Carole Reynolds (creynolds@ftc.gov) or Stephanie Rosenthal (srosenthal@ ftc.gov), 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). Type of Review: Extension without change of currently approved collection, except for new Regulation B requirements, which derive from statutory amendments. Affected Public: Private Sector: Businesses and other for-profit entities. Abstract: 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 new regulations in 12 CFR part 1002 (Regulation B), 12 CFR part 1005 (Regulation E), 12 CFR part 1013 (Regulation M), and 12 CFR part 1026 (Regulation Z) for those entities under its rulemaking jurisdiction.1 Although 1 12 CFR part 1002 (Reg. B) (81 FR 25323, Apr. 28, 2016); 12 CFR part 1005 (Reg. E) (81 FR 25323, Apr. 28, 2016); 12 CFR part 1013 (Reg. M) (81 FR 25323, Apr. 28, 2016); 12 CFR part 1026 (Reg. Z) (81 FR 25323, Apr. 28, 2016). VerDate Sep<11>2014 19:28 Nov 21, 2024 Jkt 265001 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 generally 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.4 Because of this shared enforcement jurisdiction, the two agencies have divided the FTC’s previously-cleared PRA burden estimates between them,5 except that the FTC has assumed all of the burden estimates associated with motor vehicle dealers 6 and state-chartered credit 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), 12 U.S.C. 5519(a), (c). 3 See Dodd-Frank Act, sec. 1075, 15 U.S.C. 1693 (these requirements are implemented through Board Regulation II, 12 CFR part 235, rather than EFTA’s implementing Regulation E). 4 The FTC’s enforcement authority includes statechartered credit unions; other federal agencies also have various enforcement authority over credit unions. For example, for large credit unions (exceeding $10 billion in assets), the CFPB has certain authority. The National Credit Union Administration also has certain authority for statechartered federally insured credit unions, and it additionally provides insurance for certain statechartered credit unions through the National Credit Union Share Insurance Fund and examines credit unions for various purposes. There are approximately thirteen state-chartered credit unions exceeding $10 billion in assets, and the CFPB assumes PRA burden for those entities. As of the fourth quarter of 2023, there were approximately 1,936 state-chartered credit unions with federal insurance; there also have been an estimated 112 or more which were privately insured, and an estimated 100 or more in Puerto Rico which were insured by a quasi-governmental entity. Because of the difficulty in parsing out PRA burden for such entities in view of the overlapping authority, the FTC’s figures include PRA burden for all statechartered credit unions, unless otherwise noted. However, in view of fluctuations that began due to COVID–19 and have continued and to avoid undercounting, we have retained the prior estimate of 2,300 state-chartered credit unions, unless otherwise stated. As noted above, the CFPB’s figures as to state-chartered credit unions include burden for those entities exceeding $10 billion in assets. See generally Dodd-Frank Act, secs. 1061, 1025, 1026. This attribution does not change actual enforcement authority. We also have retained the prior burden hours generally in the estimates below, in view of these considerations, adding only those applicable for new requirements issued by the CFPB for Regulation B, issued in implementation of the Dodd-Frank Act, sec. 1071, amending the Equal Credit Opportunity Act, codified at 15 U.S.C. 1691c–2, discussed below. 5 The CFPB also factors into its burden estimates respondents over which it has jurisdiction but the FTC does not. 6 See Dodd-Frank Act sec. 1029, 12 U.S.C. 5519(a), as to motor vehicle dealers, as limited by PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 unions, and has added estimates for the CFPB’s new requirements under Regulation B. The division of PRA burden hours not attributable to motor vehicle dealers and state-chartered credit unions is reflected in the CFPB’s PRA clearance requests to OMB, as well as in the FTC’s burden estimates below. Pursuant to 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.7 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 retains the entire PRA burden for motor vehicle dealers in the burden estimates below. 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 diverse others. In 2023, the CFPB amended Regulation B, to create subparts A and B, in implementing amendments mandated by section 1071 of the Dodd Frank Act, 12 U.S.C. 1691c–2, pertaining to small business lending, including for small businesses owned by women or minorities.8 As a result, 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 PRA burden analysis reflects a general estimated volume of motor vehicle dealers. This attribution does not change actual enforcement authority. 7 See Dodd-Frank Act, sec. 1029, 12 U.S.C. 5519(a), (c). 8 See CFPB, Final Rule, Small Business Lending Under the Equal Credit Opportunity Act (Regulation B) (CFPB Rule), 88 FR 35150 (May 31, 2023), available at https://www.govinfo.gov/ content/pkg/FR-2023-05-31/pdf/2023-07230.pdf. The CFPB generally refers to these requirements as those pertaining to ‘‘small business lending.’’ See CFPB Rule, 88 FR at 35150. That term is also used herein. The Federal Reserve Board has not issued its related rule for these requirements covering certain E:\FR\FM\22NON1.SGM 22NON1 Federal Register / Vol. 89, No. 226 / Friday, November 22, 2024 / Notices Regulation B, subpart A, now contains the prior Regulation B requirements; Regulation B, subpart B, contains the new small business lending requirements.9 The total burden hours and labor costs for Regulation B are shown below. Estimated Annual Burden Hours: 3,877,492 hours (Total). Recordkeeping: 1,296,378 hours. Disclosures and Reporting: 2,581,114 hours. Estimated Annual Labor Costs: $159,000,057 (Total). Recordkeeping: $32,783,491. Disclosures and Reporting: $126,216,566. Estimated Annual Non-Labor Costs: A range up to $6 million.10 ddrumheller on DSK120RN23PROD with NOTICES1 2. Regulation E The EFTA requires that covered entities provide consumers with accurate disclosure of the costs, terms, and rights relating to electronic fund motor vehicle dealers pursuant to the Dodd Frank Act, sec. 1029, 12 U.S.C. 5519. In May 2024, following the U.S. Supreme Court ruling in Consumer Fin. Protection Bureau v. Community Fin. Servs. Ass’n of Am., Ltd. (CFPB v. CFSA), No. 22–448, 2024 WL 2193873 (U.S.S.C. May 16, 2024), available at https://www.supremecourt.gov/ opinions/23pdf/22-448_o7jp.pdf, the CFPB issued informal guidance extending the compliance dates for the small business lending rule and indicated it would issue an interim final rule; on June 25, 2024, the CFPB issued an interim final rule, extending the compliance dates accordingly. See CFPB, Small Business Lending Rulemaking, available at https://www.consumerfinance.gov/ 1071-rule/; 89 FR 55024 (July 3, 2024), available at https://www.govinfo.gov/content/pkg/FR-2024-0703/pdf/2024-14396.pdf, corrected, 89 FR 76713 (Sept. 19, 2024), available at https:// www.govinfo.gov/content/pkg/FR-2024-09-19/pdf/ 2024-21265.pdf. The FTC has hereunder included estimates of burden for these requirements, based on currently available information, including the supplementary information with the CFPB Rule, 88 FR 35150, and its related CFPB Supporting Statement. 9 In implementing Regulation B, subpart B, the CFPB noted that merchant cash advances are covered under that part, and are ‘‘credit’’ subject to Regulation B (and ECOA). See, e.g., 88 FR 35223. When applicable, these entities (to the extent they are ‘‘creditors’’ under subpart A) also apparently would be subject to, for example, the requirement to provide notices whenever they take adverse action, such as denial of a credit application. The CFPB estimates about 100 merchant cash advance providers as active in the small business lending market. See CFPB Rule, 88 FR 35164. The FTC estimates below cover those providers as ‘‘creditors’’ for subpart A and re applicable transactions. As noted above, in view of fluctuations that occurred with COVID–19 and have continued (and with respect to which the Commission did not reduce its prior burden estimates to avoid undercounting, despite varied market contractions and shifts), these entities are included within the burden estimates below. 10 The range is due to differences in the diverse covered entities and varied circumstances that can apply. The high end is almost certainly overinclusive as explained further in response #13 (Estimated Capital and Other Non-Labor Costs) on Regulation B’s Supporting Statement. VerDate Sep<11>2014 19:28 Nov 21, 2024 Jkt 265001 transfers (‘‘EFTs’’) 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, prepaid account entities, and others. Estimated Annual Burden Hours: Total: 7,435,956 hours. Recordkeeping: 251,053 hours. Disclosures: 7,184,903 hours. Estimated Annual Labor Costs: $363,192,555 (Total). Recordkeeping: $6,150,791. Disclosures: $357,041,764. Estimated Annual Non-Labor Costs: $0. 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. Estimated Annual Burden Hours: 101,953 hours (Total). Recordkeeping: 30,203 hours. Disclosures: 71,750 hours. Estimated Annual Labor Costs: $6,535,193 (Total). Recordkeeping: $1,936,018. Disclosures: $4,599,175. Estimated Annual Non-Labor Costs: $0. 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 PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 92687 or services; credit advertisers; acquirers of mortgages; and others. Additional requirements also exist in the mortgage area, including for high cost mortgages, higher-priced mortgage loans,11 ability to pay of mortgage consumers, mortgage servicing, loan originators, and certain integrated mortgage disclosures. Estimated Annual Burden Hours: 8,416,441 (Total). Recordkeeping: 561,866 hours. Disclosures: 7,854,575 hours. Estimated Annual Labor Costs: $397,863,549 (Total). Recordkeeping: $13,765,727. Disclosures: $384,097,822. Estimated Annual Non-Labor Costs: $0. Request for Comment: On August 1, 2024, the Commission sought comment on the information collection requirements associated with Regulations B, E, M, and Z. 89 FR 62736 (Aug. 1, 2024). Eight comments were received. One comment supported the proposal, and stated that extension of clearance for these requirements and documentation of compliance is essential for the protection of consumers. Seven comments were unrelated to the proposal (and pertained to other issues, such as antitrust topics). Pursuant to the OMB regulations, 5 CFR part 1320, that implement the PRA, 44 U.S.C. 3501 et seq., the FTC is providing this second opportunity for public comment while seeking OMB approval to renew the pre-existing clearance for the Rule. Your comment—including your name and your state—will be placed on the public record of this proceeding. Because your comment will be made public, you are solely responsible for making sure that your comment does not include any sensitive personal information, such as 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 does not include any sensitive health information, such as medical records or other individually identifiable health information. In addition, your comment should not include any ‘‘trade secret or any commercial or financial information which . . . is privileged or confidential’’—as provided by section 11 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 provided by the CFPB. As a result, it is not a ‘‘collection of information’’ for PRA purposes (see 5 CFR 1320.3(c)(2)). E:\FR\FM\22NON1.SGM 22NON1 92688 Federal Register / Vol. 89, No. 226 / Friday, November 22, 2024 / Notices 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)— including in particular competitively sensitive information such as costs, sales statistics, inventories, formulas, patterns, devices, manufacturing processes, or customer names. Josephine Liu, Assistant General Counsel for Legal Counsel. [FR Doc. 2024–27458 Filed 11–21–24; 8:45 am] BILLING CODE 6750–01–P GENERAL SERVICES ADMINISTRATION [OMB Control No. 3090–0317; Docket No. 2024–0001; Sequence No. 12] Information Collection; Notarized Document Submittal for System for Award Management Registration Office of Acquisition Policy, General Services Administration (GSA). ACTION: Notice; request for comments. AGENCY: Under the provisions of the Paperwork Reduction Act, the Regulatory Secretariat Division will be submitting to the Office of Management and Budget (OMB) a request to review and approve an existing OMB clearance regarding a notarized document submittal for System for Award Management (SAM) Registration. DATES: Submit comments on or before January 21, 2025. ADDRESSES: Submit comments regarding this burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden to https://www.regulations.gov. Submit comments via the Federal eRulemaking portal by searching for the OMB Control number 3090–0317. Select the link ‘‘Comment Now’’ that corresponds with ‘‘Information Collection 3090–0317; Notarized Document Submittal for System for Award Management Registration’’. Follow the instructions on the screen. Please include your name, company name (if any), and ‘‘Information Collection 3090–0317; Notarized Document Submittal for System for Award Management Registration’’ on your attached document. Instructions: Please submit comments only and cite Information Collection 3090–0317; Notarized Document Submittal for System for Award Management Registration, in all correspondence related to this collection. Comments received generally will be posted without change to https://www.regulations.gov, including any personal and/or business ddrumheller on DSK120RN23PROD with NOTICES1 SUMMARY: VerDate Sep<11>2014 19:28 Nov 21, 2024 Jkt 265001 confidential information provided. To confirm receipt of your comment(s), please check www.regulations.gov, approximately two-to-three days after submission to verify posting. FOR FURTHER INFORMATION CONTACT: Ms. Salomeh Ghorbani, Director, IAE Outreach and Stakeholder Engagement Division, at 703–605–3467 or IAE_ Admin@gsa.gov. SUPPLEMENTARY INFORMATION: Federal Acquisition Regulation (FAR) subpart 4.11 prescribes policies and procedures for requiring contractor registration in the System for Award Management (SAM) database to: (1) Increase visibility of vendor sources (including their geographical locations) for specific supplies and services; and (2) establish a common source of vendor data for the Government. In the past, the GSA Office of Inspector General (OIG) conducted an investigation into fraudulent activities discovered within SAM. Certain bad actors have, through electronic means, used public information to impersonate legitimate entities and established new entity registrations for those entities in SAM. By establishing fraudulent entity registrations, bad actors submitted bids in certain U.S. Government procurement systems or shipped deficient or counterfeit goods to the U.S. Government. GSA established this information collection request (ICR) to collect additional information to support increased validation of entities registered and registering in the System for Award Management (SAM). This additional information is contained in a notarized letter in which an officer or other signatory authority of the entity formally appoints the Entity Administrator for the entity registering or recertifying in SAM. The original, signed letter is mailed to the Federal Service Desk for SAM prior to the registration’s activation or reregistration. The collection of the notarized letter information is essential to GSA’s acquisition mission to meet the needs of all Federal agencies, as well as the needs of the grant community. A key element of GSA’s mission is to provide efficient and effective acquisition solutions across the Federal Government. SAM is essential to the accomplishment of that mission. In addition to Federal contracts, Federal assistance programs also rely upon the integrity and security of the information in SAM. Without assurances that the information in SAM is protected and is at minimal risk of compromise, GSA would risk losing the confidence of the PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 Federal acquisition and assistance communities which is serves. As a result, some entities may prefer not to do business with the Federal Government. B. Annual Reporting Burden Respondents: 686,400. Responses per Respondent: 1. Total Annual Responses: 686,400. Hours per Response: 2.25. Total Burden Hours: 1,544,400. The information collection allows GSA to request the notarized letter and apply this approach to new registrants (an average of 7,200 per month) and to existing SAM registrants (an average of 50,000 re-register per month). Entities registered and registering in SAM are provided the template for the requirements of the notarized letter. It is estimated that the Entity Administrator will take on average 0.5 hour to create the letter and 0.25 hour to mail the hard copy letter. GSA proposes that an Entity Administrator equivalent to a GS–5, Step 5 Administrative Support person within the Government would perform these tasks. The estimated hourly rate of $24.70 (Base + Locality + Fringe) was used for the calculation. Based on historical data of the ratio of small entities to other than small entities registering in SAM, GSA approximates 32,200 of the 57,200 new and existing entities (re-registrants) will have in-house resources to notarize documents. GSA proposes that the entities with in-house notaries will typically be large businesses where the projected salary of the executive or officer responsible for signing the notarized letter is on average approximately $150 per hour. The projected time for signature and notarizing the letter internally is 0.5 hour. The other remaining 25,000 new and existing entities (re-registrants) per month are estimated to be small entities where the projected salary of the executive or officer responsible signing the notarized letter is on average approximately $100 per hour. These entities will more than likely have to obtain notary services from an outside source. The projected time for signature and notarizing the letter externally is 1 hour. The estimate includes a nominal fee ($5.00) usually charged by thirdparty notaries. C. Public Comments Public comments are particularly invited on: Whether this collection of information is necessary, whether it will have practical utility; whether our estimate of the public burden of this collection of information is accurate, E:\FR\FM\22NON1.SGM 22NON1

Agencies

[Federal Register Volume 89, Number 226 (Friday, November 22, 2024)]
[Notices]
[Pages 92685-92688]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-27458]


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FEDERAL TRADE COMMISSION


Agency Information Collection Activities; Proposed Collection; 
Comment Request; Extension

AGENCY: Federal Trade Commission.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: The Federal Trade Commission (``FTC'' or ``Commission'') 
requests that the Office of Management and Budget (``OMB'') extend for 
three years the current Paperwork Reduction Act (``PRA'') clearances 
for information collection requirements contained in four consumer 
financial regulations enforced by the Commission. Those clearances 
expire on November 30, 2024.

DATES: Comments must be filed by December 23, 2024.

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. Written comments and 
recommendations for the proposed information collection should be sent 
within 30 days of publication of this notice to www.reginfo.gov/public/do/PRAMain. Find this particular information collection by selecting 
``Currently under 30-day Review--Open

[[Page 92686]]

for Public Comments'' or by using the search function. The reginfo.gov 
web link is a United States Government website produced by the Office 
of Management and Budget (OMB) and the General Services Administration 
(GSA). Under PRA requirements, OMB's Office of Information and 
Regulatory Affairs (OIRA) reviews Federal information collections.

FOR FURTHER INFORMATION CONTACT: Carole Reynolds ([email protected]) or 
Stephanie Rosenthal ([email protected]), 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).
    Type of Review: Extension without change of currently approved 
collection, except for new Regulation B requirements, which derive from 
statutory amendments.
    Affected Public: Private Sector: Businesses and other for-profit 
entities.
    Abstract: 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 new regulations in 12 CFR 
part 1002 (Regulation B), 12 CFR part 1005 (Regulation E), 12 CFR part 
1013 (Regulation M), and 12 CFR part 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\
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    \1\ 12 CFR part 1002 (Reg. B) (81 FR 25323, Apr. 28, 2016); 12 
CFR part 1005 (Reg. E) (81 FR 25323, Apr. 28, 2016); 12 CFR part 
1013 (Reg. M) (81 FR 25323, Apr. 28, 2016); 12 CFR part 1026 (Reg. 
Z) (81 FR 25323, Apr. 28, 2016).
    \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), 12 
U.S.C. 5519(a), (c).
    \3\ See Dodd-Frank Act, sec. 1075, 15 U.S.C. 1693 (these 
requirements are implemented through Board Regulation II, 12 CFR 
part 235, rather than EFTA's implementing Regulation E).
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    As a result of the Dodd-Frank Act, the FTC and the CFPB generally 
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.\4\ Because of this shared enforcement 
jurisdiction, the two agencies have divided the FTC's previously-
cleared PRA burden estimates between them,\5\ except that the FTC has 
assumed all of the burden estimates associated with motor vehicle 
dealers \6\ and state-chartered credit unions, and has added estimates 
for the CFPB's new requirements under Regulation B. The division of PRA 
burden hours not attributable to motor vehicle dealers and state-
chartered credit unions is reflected in the CFPB's PRA clearance 
requests to OMB, as well as in the FTC's burden estimates below.
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    \4\ The FTC's enforcement authority includes state-chartered 
credit unions; other federal agencies also have various enforcement 
authority over credit unions. For example, for large credit unions 
(exceeding $10 billion in assets), the CFPB has certain authority. 
The National Credit Union Administration also has certain authority 
for state-chartered federally insured credit unions, and it 
additionally provides insurance for certain state-chartered credit 
unions through the National Credit Union Share Insurance Fund and 
examines credit unions for various purposes. There are approximately 
thirteen state-chartered credit unions exceeding $10 billion in 
assets, and the CFPB assumes PRA burden for those entities. As of 
the fourth quarter of 2023, there were approximately 1,936 state-
chartered credit unions with federal insurance; there also have been 
an estimated 112 or more which were privately insured, and an 
estimated 100 or more in Puerto Rico which were insured by a quasi-
governmental entity. Because of the difficulty in parsing out PRA 
burden for such entities in view of the overlapping authority, the 
FTC's figures include PRA burden for all state-chartered credit 
unions, unless otherwise noted. However, in view of fluctuations 
that began due to COVID-19 and have continued and to avoid 
undercounting, we have retained the prior estimate of 2,300 state-
chartered credit unions, unless otherwise stated. As noted above, 
the CFPB's figures as to state-chartered credit unions include 
burden for those entities exceeding $10 billion in assets. See 
generally Dodd-Frank Act, secs. 1061, 1025, 1026. This attribution 
does not change actual enforcement authority. We also have retained 
the prior burden hours generally in the estimates below, in view of 
these considerations, adding only those applicable for new 
requirements issued by the CFPB for Regulation B, issued in 
implementation of the Dodd-Frank Act, sec. 1071, amending the Equal 
Credit Opportunity Act, codified at 15 U.S.C. 1691c-2, discussed 
below.
    \5\ The CFPB also factors into its burden estimates respondents 
over which it has jurisdiction but the FTC does not.
    \6\ See Dodd-Frank Act sec. 1029, 12 U.S.C. 5519(a), as to motor 
vehicle dealers, 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 PRA burden analysis reflects a general 
estimated volume of motor vehicle dealers. This attribution does not 
change actual enforcement authority.
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    Pursuant to 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.\7\ 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 
retains the entire PRA burden for motor vehicle dealers in the burden 
estimates below.
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    \7\ See Dodd-Frank Act, sec. 1029, 12 U.S.C. 5519(a), (c).
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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 diverse others. In 2023, the CFPB amended 
Regulation B, to create subparts A and B, in implementing amendments 
mandated by section 1071 of the Dodd Frank Act, 12 U.S.C. 1691c-2, 
pertaining to small business lending, including for small businesses 
owned by women or minorities.\8\ As a result,

[[Page 92687]]

Regulation B, subpart A, now contains the prior Regulation B 
requirements; Regulation B, subpart B, contains the new small business 
lending requirements.\9\ The total burden hours and labor costs for 
Regulation B are shown below.
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    \8\ See CFPB, Final Rule, Small Business Lending Under the Equal 
Credit Opportunity Act (Regulation B) (CFPB Rule), 88 FR 35150 (May 
31, 2023), available at https://www.govinfo.gov/content/pkg/FR-2023-05-31/pdf/2023-07230.pdf. The CFPB generally refers to these 
requirements as those pertaining to ``small business lending.'' See 
CFPB Rule, 88 FR at 35150. That term is also used herein.
    The Federal Reserve Board has not issued its related rule for 
these requirements covering certain motor vehicle dealers pursuant 
to the Dodd Frank Act, sec. 1029, 12 U.S.C. 5519. In May 2024, 
following the U.S. Supreme Court ruling in Consumer Fin. Protection 
Bureau v. Community Fin. Servs. Ass'n of Am., Ltd. (CFPB v. CFSA), 
No. 22-448, 2024 WL 2193873 (U.S.S.C. May 16, 2024), available at 
https://www.supremecourt.gov/opinions/23pdf/22-448_o7jp.pdf, the 
CFPB issued informal guidance extending the compliance dates for the 
small business lending rule and indicated it would issue an interim 
final rule; on June 25, 2024, the CFPB issued an interim final rule, 
extending the compliance dates accordingly. See CFPB, Small Business 
Lending Rulemaking, available at https://www.consumerfinance.gov/1071-rule/; 89 FR 55024 (July 3, 2024), available at https://www.govinfo.gov/content/pkg/FR-2024-07-03/pdf/2024-14396.pdf, 
corrected, 89 FR 76713 (Sept. 19, 2024), available at https://www.govinfo.gov/content/pkg/FR-2024-09-19/pdf/2024-21265.pdf. The 
FTC has hereunder included estimates of burden for these 
requirements, based on currently available information, including 
the supplementary information with the CFPB Rule, 88 FR 35150, and 
its related CFPB Supporting Statement.
    \9\ In implementing Regulation B, subpart B, the CFPB noted that 
merchant cash advances are covered under that part, and are 
``credit'' subject to Regulation B (and ECOA). See, e.g., 88 FR 
35223. When applicable, these entities (to the extent they are 
``creditors'' under subpart A) also apparently would be subject to, 
for example, the requirement to provide notices whenever they take 
adverse action, such as denial of a credit application. The CFPB 
estimates about 100 merchant cash advance providers as active in the 
small business lending market. See CFPB Rule, 88 FR 35164. The FTC 
estimates below cover those providers as ``creditors'' for subpart A 
and re applicable transactions. As noted above, in view of 
fluctuations that occurred with COVID-19 and have continued (and 
with respect to which the Commission did not reduce its prior burden 
estimates to avoid undercounting, despite varied market contractions 
and shifts), these entities are included within the burden estimates 
below.
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    Estimated Annual Burden Hours: 3,877,492 hours (Total).
    Recordkeeping: 1,296,378 hours.
    Disclosures and Reporting: 2,581,114 hours.
    Estimated Annual Labor Costs: $159,000,057 (Total).
    Recordkeeping: $32,783,491.
    Disclosures and Reporting: $126,216,566.
    Estimated Annual Non-Labor Costs: A range up to $6 million.\10\
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    \10\ The range is due to differences in the diverse covered 
entities and varied circumstances that can apply. The high end is 
almost certainly overinclusive as explained further in response #13 
(Estimated Capital and Other Non-Labor Costs) on Regulation B's 
Supporting Statement.
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2. Regulation E

    The EFTA requires that covered entities provide consumers with 
accurate disclosure of the costs, terms, and rights relating to 
electronic fund transfers (``EFTs'') 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, 
prepaid account entities, and others.
    Estimated Annual Burden Hours: Total: 7,435,956 hours.
    Recordkeeping: 251,053 hours.
    Disclosures: 7,184,903 hours.
    Estimated Annual Labor Costs: $363,192,555 (Total).
    Recordkeeping: $6,150,791.
    Disclosures: $357,041,764.
    Estimated Annual Non-Labor Costs: $0.

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.
    Estimated Annual Burden Hours: 101,953 hours (Total).
    Recordkeeping: 30,203 hours.
    Disclosures: 71,750 hours.
    Estimated Annual Labor Costs: $6,535,193 (Total).
    Recordkeeping: $1,936,018.
    Disclosures: $4,599,175.
    Estimated Annual Non-Labor Costs: $0.

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. 
Additional requirements also exist in the mortgage area, including for 
high cost mortgages, higher-priced mortgage loans,\11\ ability to pay 
of mortgage consumers, mortgage servicing, loan originators, and 
certain integrated mortgage disclosures.
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    \11\ 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 provided by the CFPB. As a 
result, it is not a ``collection of information'' for PRA purposes 
(see 5 CFR 1320.3(c)(2)).
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    Estimated Annual Burden Hours: 8,416,441 (Total).
    Recordkeeping: 561,866 hours.
    Disclosures: 7,854,575 hours.
    Estimated Annual Labor Costs: $397,863,549 (Total).
    Recordkeeping: $13,765,727.
    Disclosures: $384,097,822.
    Estimated Annual Non-Labor Costs: $0.
    Request for Comment: On August 1, 2024, the Commission sought 
comment on the information collection requirements associated with 
Regulations B, E, M, and Z. 89 FR 62736 (Aug. 1, 2024). Eight comments 
were received. One comment supported the proposal, and stated that 
extension of clearance for these requirements and documentation of 
compliance is essential for the protection of consumers. Seven comments 
were unrelated to the proposal (and pertained to other issues, such as 
antitrust topics). Pursuant to the OMB regulations, 5 CFR part 1320, 
that implement the PRA, 44 U.S.C. 3501 et seq., the FTC is providing 
this second opportunity for public comment while seeking OMB approval 
to renew the pre-existing clearance for the Rule.
    Your comment--including your name and your state--will be placed on 
the public record of this proceeding. Because your comment will be made 
public, you are solely responsible for making sure that your comment 
does not include any sensitive personal information, such as 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 does not 
include any sensitive health information, such as medical records or 
other individually identifiable health information. In addition, your 
comment should not include any ``trade secret or any commercial or 
financial information which . . . is privileged or confidential''--as 
provided by section

[[Page 92688]]

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)--including in particular competitively sensitive information 
such as costs, sales statistics, inventories, formulas, patterns, 
devices, manufacturing processes, or customer names.

Josephine Liu,
Assistant General Counsel for Legal Counsel.
[FR Doc. 2024-27458 Filed 11-21-24; 8:45 am]
BILLING CODE 6750-01-P
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