[Federal Register: June 11, 1999 (Volume 64, Number 112)]
[Notices]               
[Page 31586-31587]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr11jn99-71]

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FEDERAL RESERVE SYSTEM

 
Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: Background. Notice is hereby given of the final approval of a 
proposed information collection by the Board of Governors of the 
Federal Reserve System (Board) under OMB delegated authority, as per 5 
CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the 
Public). Board-approved collections of information are incorporated 
into the official OMB inventory of currently approved collections of 
information. Copies of the OMB 83-Is and supporting statements and 
approved collection of information instrument(s) 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.
FOR FURTHER INFORMATION CONTACT:
Chief, Financial Reports Section--Mary M. West--Division of Research 
and Statistics, Board of Governors of the Federal Reserve System, 
Washington, DC 20551 (202-452-3829).
OMB Desk Officer--Alexander T. Hunt--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 3208, Washington, DC 20503 (202-395-7860).
    Final approval under OMB delegated authority of the extension for 
three years, without revision, of the following report:
    1. Report title: Disclosure Requirements in Connection with 
Regulation CC to Implement the Expedited Funds Availability Act
    Agency form number: unnum Reg CC
    OMB Control number: 7100-0235
    Frequency: Event-generated
    Reporters: State Member Banks
    Annual reporting hours: 174,384 hours.
    Estimated average hours per response: Notice of exceptions, Case by 
case hold notice, or Notice to potential customers upon request: 3 
minutes; Notice posted where customers make deposits: 15 minutes; 
Notice of changes in policy: 20 hours; and Annual notice of new ATMs: 5 
hours.
    Number of respondents: 989 state member banks
Small businesses are affected.
    General description of report: This information collection is 
mandatory (12 U.S.C. 4008). Because the Federal Reserve System does not 
collect any information, no issue of confidentiality exists. If during 
a compliance examination a violation of the Expedited Funds 
Availability Act is noted, then the information regarding such 
violation may be kept confidential (5 U.S.C. 552(b)(8)).
    Abstract: The third party disclosure requirements are intended to 
alert consumers about their financial institutions' check-hold policies 
and to help prevent unintentional (and costly) overdrafts. Most 
disclosures resulting from a policy change must be made thirty days 
before actions is taken, or within thirty days if the action makes 
funds available more quickly. Model forms, clauses, and notices are

[[Page 31587]]

appended to the regulations to provide guidance.
    The Board's Regulation CC applies to all depository institutions, 
not just state member banks. However, under Paperwork Reduction Act 
regulations, the Federal Reserve accounts for the burden of the 
paperwork associated with the regulation only for state member banks. 
Other agencies account for the Regulation CC paperwork burden on their 
respective constituencies.

    Board of Governors of the Federal Reserve System, June 7, 1999.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 99-14827 Filed 6-10-99; 8:45a.m.]
Billing Code 6210-01-F