[Federal Register: March 29, 2005 (Volume 70, Number 59)]
[Notices]
[Page 15857-15858]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr29mr05-63]
=======================================================================
-----------------------------------------------------------------------
FEDERAL DEPOSIT INSURANCE CORPORATON
Agency Information Collection Activities: Revision of an
Information Collection; Comment Request
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The FDIC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to comment on the proposed revision of an information
collection, as required by the Paperwork Reduction Act (PRA, 44 U.S.C.
chapter 35). Currently, the FDIC is soliciting comments concerning an
information collection titled ``Account Based Disclosures in Connection
with Federal Reserve Regulations E, CC and DD.''
DATES: Comments must be submitted on or before March 31, 2005.
ADDRESSES: Interested parties are invited to submit written comments to
Thomas Nixon, Legal Division, Federal Deposit Insurance Corporation,
550 17th Street, NW., Washington, DC 20429. All comments should refer
to ``Account Based Disclosures in Connection with Federal Reserve
Regulations E, CC, and DD.'' Comments may be hand-delivered to the
guard station at the rear of the 17th Street Building (located on F
Street), on business days between 7 a.m. and 5 p.m. Comments may also
be submitted to the OMB desk officer for the FDIC: Mark Menchik, Office
of Information and Regulatory Affairs, Office of Management and Budget,
New Executive Office Building, Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT: Thomas Nixon, (202) 898-8766, or at
the address above.
SUPPLEMENTARY INFORMATION: Proposal to revise the following currently
approved collection of information:
Title: Account Based Disclosures in Connection with Federal Reserve
Regulations E, CC, and DD.
OMB Number: 3064-0084.
Affected Public: State chartered banks that are not members of the
Federal Reserve System.
Information about the Collection and Proposed Changes to it: This
FDIC information collection provides for the application of Regulations
E (Electronic Fund Transfers), CC (Availability of Funds), and DD
(Truth in Savings) to state nonmember banks. Regulations E, CC, and DD
are issued by the Federal Reserve Board of Governors (FRB) to ensure,
among other things, that consumers are provided adequate disclosures
regarding accounts, including electronic fund transfer services,
availability of funds, and fees and annual percentage yield for deposit
accounts. The FDIC is providing this notice in order to keep its Office
of Management and Budget (OMB) approved information collection
consistent with changes the FRB proposed to Regulation E, 12 CFR part
205, (69 FR 55996, Sept. 17, 2004). Currently, Regulation E requires
respondents to provide disclosures of basic terms, costs, and rights
relating to electronic fund transfer services.
[[Page 15858]]
If the proposed changes to Regulation E are made final, state
nonmember banks will need to modify their Regulation E disclosures to
provide initial disclosures that electronic check conversion
transactions are a new type of transfer that can be made from a
consumer's account. The FDIC estimates that it will require
institutions, on average, one business day to reprogram and update
systems to include the new notice concerning electronic check
conversion disclosure to their ongoing Regulation E disclosure
requirements. The one-time burden would be 42,400 hours (8 hours x
5,300 respondents).
If the proposed changes to Regulation E are made final,
institutions involved in offering payroll card accounts will be
required to ensure compliance with Regulation E and provide disclosure
of basic terms, costs, and rights relating to electronic fund transfer
services in connection with the payroll card account. Certain
information must be disclosed to consumers, including: initial and
updated electronic fund transfer terms, transaction information,
periodic statements of activity, the consumer's potential liability for
unauthorized transfers, and error resolution rights and procedures. The
disclosures are standardized and machine-generated and do not
substantively change from one individual account to another; thus, the
average time for providing the disclosure to all consumers should be
minimal.
The FDIC estimates that five state nonmember banks participate in
payroll card account programs and that each institution will make
approximately 5,000 disclosures which will require an average of 1.5
minutes per disclosure to prepare and distribute, resulting in 625
hours of annual burden. The FDIC estimates that the five institutions
will take, on average, 7 hours to prepare and distribute 12 periodic
statements for an annual burden of 420 hours. The FDIC estimates that
the five respondents will take, on average, 30 minutes for eight error
resolution procedures for a total of 20 hours. The payroll card account
disclosures would add 1,065 hours of ongoing burden to the current
annual Regulation E burden of 28,930 hours.
At this time, the FDIC does not believe that any state nonmember
banks are engaged in electronic check conversion transactions as a
merchant or payee. The FDIC is not proposing to make any changes to the
Regulation CC or DD parts of the OMB approved information collection.
The FDIC's burden estimate is based on the FRB's proposed rule; we will
adjust it as necessary to make it consistent with the FRB's final rule.
Request for Comment
Comments are invited on: (a) Whether the collection of information
is necessary for the proper performance of the FDIC's functions,
including whether the information has practical utility; (b) the
accuracy of the estimates of the burden of the information collection,
including the validity of the methodology and assumptions used; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; and (d) ways to minimize the burden of the information
collection on respondents, including through the use of automated
collection techniques or other forms of information technology.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the
collection should be modified prior to submission to OMB for review and
approval. Comments submitted in response to this notice also will be
summarized or included in the FDIC's request to OMB for renewal of this
collection. All comments will become a matter of public record.
Dated in Washington, DC, this 22nd day of March, 2005.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 05-6121 Filed 3-28-05; 8:45 am]
BILLING CODE 6714-01-P