[Federal Register: March 6, 2008 (Volume 73, Number 45)]
[Notices]
[Page 12176-12177]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr06mr08-67]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: Background. On June 15, 1984, the Office of Management and
Budget (OMB) delegated to the Board of Governors of the Federal Reserve
System (Board) its approval authority under the Paperwork Reduction Act
(PRA), as per 5 CFR 1320.16, to approve of and assign OMB control
numbers to collection of information requests and requirements
conducted or sponsored by the Board under conditions set forth in 5 CFR
part 1320, Appendix A.1. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. Copies of the Paperwork Reduction Act
Submission, supporting statements and approved collection of
information instruments are placed into OMB's public docket files. The
Federal Reserve may not conduct or sponsor, and the respondent is not
required to respond to, an information collection that has been
extended, revised, or implemented on or after October 1, 1995, unless
it displays a currently valid OMB control number.
Request for Comment on Information Collection Proposals
The following information collections, which are being handled
under this delegated authority, have received initial Board approval
and are hereby published for comment. At the end of the comment period,
the proposed information collections, along with an analysis of
comments and recommendations received, will be submitted to the Board
for final approval under OMB delegated authority. Comments are invited
on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Federal Reserve's functions; including
whether the information has practical utility;
b. The accuracy of the Federal Reserve's estimate of the burden of
the proposed 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 information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology.
DATES: Comments must be submitted on or before May 5, 2008.
ADDRESSES: You may submit comments, identified by FR 4100 or Regulation
DD, by any of the following methods:
Agency Web site: http://www.federalreserve.gov. Follow the
instructions for submitting comments at http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
E-mail: regs.comments@federalreserve.gov. Include docket
number in the subject line of the message.
Fax: 202/452-3819 or 202/452-3102.
Mail: Jennifer J. Johnson, Secretary, Board of Governors
of the Federal Reserve System, 20th Street and Constitution Avenue,
NW., Washington, DC 20551.
All public comments are available from the Board's Web site at
http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as
submitted, unless modified for technical reasons. Accordingly, your
comments will not be edited to remove any identifying or contact
information. Public comments may also be viewed electronically or in
paper form in Room MP-500 of the Board's Martin Building (20th and C
Streets, NW.) between 9 a.m. and 5 p.m. on weekdays.
Additionally, commenters should send a copy of their comments to
the OMB Desk Officer by mail to the Office of Information and
Regulatory Affairs, U.S. Office of Management and Budget, New Executive
Office Building, Room 10235, 725 17th Street, NW., Washington, DC 20503
or by fax to 202-395-6974.
FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission
including, the proposed reporting form and instructions, supporting
statement, and other documentation will be placed into OMB's public
docket files, once approved. These documents will also be made
available on the Federal Reserve Board's public Web site at: http://
www.federalreserve.gov/boarddocs/reportforms/review.cfm or may be
requested from the agency clearance officer, whose name appears below.
Michelle Shore, Federal Reserve Board Clearance Officer (202-452-
3829), Division of Research and Statistics, Board of Governors of the
Federal Reserve System, Washington, DC 20551. Telecommunications Device
for the Deaf (TDD) users may contact (202-263-4869), Board of Governors
of the Federal Reserve System, Washington, DC 20551.
Proposal To Approve Under OMB Delegated Authority the Extension for
Three Years, Without Revision, of the Following Reports
1. Report title: Recordkeeping and Disclosure Requirements
Associated with the Guidance on Response Programs for Unauthorized
Access to Customer Information.
Agency form number: FR 4100.
OMB control number: 7100-0309.
Frequency: Develop customer notice, one-time; Update and maintain
customer notice, annually; Incident notification, event-generated.
Reporters: Financial institutions.
Annual reporting hours: 62,135.
Estimated average hours per response: Develop customer notice, 24;
Update and maintain customer notice, 8; Incident notification, 29.
Number of respondents: Develop customer notice, 102; Update and
maintain customer notice, 6,957; Incident notification, 139.
General description of report: This information collection is
mandatory (15 U.S.C. 6801(b)). Since the Federal Reserve does not
collect information associated with the FR 4100, any issue of
confidentiality would not generally be an issue. However,
confidentiality may arise if the Federal Reserve were to obtain a copy
of a customer notice during the course of an examination or were to
receive a copy of a Suspicious Activity Report (SAR; FR 2230; OMB No.
7100-0212). In such cases the information would be exempt from
disclosure to the public under the Freedom of Information Act (5 U.S.C
552(b)(3), (4), and (8)). Also, a federal employee is prohibited by law
from disclosing an SAR or the existence of an SAR (31 U.S.C. 5318(g)).
Abstract: Recent trends in customer information theft and the
accompanying misuse of that information have led to the issuance of a
supplemental interpretation of existing information technology-related
security guidelines applicable to financial institutions. The
supplemental guidelines are designed to facilitate timely and relevant
notification of affected customers and the appropriate regulatory
authority of the financial institutions. The guidelines provide
specific direction regarding the nature and content of customer notice.
[[Page 12177]]
2. Report title: The Recordkeeping and Disclosure Requirement in
Connection with Regulation DD (Truth in Savings).
Agency form number: Reg DD.
OMB control number: 7100-0271.
Frequency: Account disclosures, 500; Change in terms notices,
1,130; Prematurity notices, 1,015; Disclosures on periodic statements,
12; and Advertising, 12.
Reporters: State member banks.
Annual reporting hours: 176,177.
Estimated average hours per response: Account disclosures, 1.5
minutes; Change in terms notices, 1 minute; Prematurity notices, 1
minute; Disclosures on periodic statements, 8 hours; and Advertising,
30 minutes.
Number of respondents: 1,172.
General description of report: This information collection is
mandatory (12 U.S.C. 4308). Since the Federal Reserve does not collect
any information, no issue of confidentiality arises.
Abstract: The Truth in Savings Act and Regulation DD require
depository institutions to disclose yields, fees, and other terms
concerning deposit accounts to consumers at account opening, upon
request, and when changes in terms occur. Depository institutions that
provide periodic statements are required to include information about
fees imposed, interest earned, and the annual percentage yield (APY)
earned during those statement periods. The act and regulation mandate
the methods by which institutions determine the account balance on
which interest is calculated. They also contain rules about advertising
deposit accounts.
Board of Governors of the Federal Reserve System, February 29,
2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8-4266 Filed 3-5-08; 8:45 am]
BILLING CODE 6210-01-P