[Federal Register: January 18, 2006 (Volume 71, Number 11)]
[Notices]
[Page 2942-2943]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr18ja06-52]
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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 proposed
information collections 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: Federal Reserve Board Clearance
Officer -Michelle Long--Division of Research and Statistics, Board of
Governors of the Federal Reserve System, Washington, DC 20551 (202-452-
3829).
OMB Desk Officer-Mark Menchik--Office of Information and Regulatory
Affairs, Office of Management and Budget, New Executive Office
Building, Room 10235, Washington, DC 20503, or e-mail to
mmenchik@omb.eop.gov.
Final approval under OMB delegated authority the extension for three
years, without revision, of the following reports:
1. Report title: Recordkeeping and Disclosure Requirements in
Connection with Regulation B (Equal Credit Opportunity)
Agency form number: Reg B
OMB control number: 7100-0201
Frequency: Event-generated
Reporters: State member banks, branches and agencies of foreign
banks (other than federal branches, federal agencies, and insured state
branches of foreign banks), commercial lending companies owned or
controlled by foreign banks, and Edge and agreement corporations.
Annual reporting hours: 189,540 hours
Estimated average hours per response: Notice of action, 2.5
minutes; credit history reporting, 2 minutes; recordkeeping for
applications & actions, 8 hours; monitoring data, 0.50 minutes;
appraisal report upon request, 5 minutes; notice of right to appraisal,
0.25 minutes; recordkeeping of self test, 2 hours; recordkeeping of
corrective action, 8 hours; and disclosure of optional self-test, 1
minute.
Number of respondents: 1,341
General description of report: This information collection is
mandatory (15 U.S.C. 1691(b)(a)(1)). The adverse action disclosure is
confidential between the institution and the consumer involved. Since
the Federal Reserve does not collect any information, no issue of
confidentiality normally arises. However, the information may be
protected from disclosure under the exemptions (b)(4), (6), and (8) of
the Freedom of Information Act (5 USC 522(b)).
Abstract: The Equal Credit Opportunity Act (the Act) and Regulation
B prohibit discrimination in any aspect of a credit transaction because
of race, color, religion, national origin, sex, marital status, age, or
other specified bases. To aid in implementation of this prohibition,
the statute and regulation also subject creditors to various mandatory
disclosure requirements, notification provisions, credit history
reporting, monitoring rules, and recordkeeping requirements. These
requirements are triggered by specific events and disclosures must be
provided within the time periods established by the Act and regulation.
2. Report title: Recordkeeping and Disclosure Requirements in
Connection
[[Page 2943]]
with Regulation E (Electronic Funds Transfer)
Agency form number: Reg E
OMB control number: 7100-0200
Frequency: Event-generated
Reporters: State member banks, branches and agencies of foreign
banks (other than Federal branches, Federal agencies, and insured state
branches of foreign banks), commercial lending companies owned or
controlled by foreign banks, and Edge and agreement corporations.
Annual reporting hours: 63,047 hours
Estimated average hours per response: Initial terms disclosure, 1.5
minutes; change in terms disclosure, 1 minute; periodic disclosure, 7
hours; and error resolution rules, 30 minutes.
Number of respondents: 1,289
General description of report: This information collection is
mandatory (15 U.S.C. 1693 et seq.). The disclosures required by the
rule and information about error allegations and their resolution are
confidential between the institution and the consumer. Since the
Federal Reserve does not collect any information, no issue of
confidentiality arises. However, the information, if made available to
the Federal Reserve, may be protected from disclosure under exemptions
(b)(4), (6), and (8) of the Freedom of Information Act (5 U.S.C. 552
(b)(4), (6), and (8)).
Abstract: The Electronic Funds Transfer Act and Regulation E are
designed to ensure adequate disclosure of basic terms, costs, and
rights relating to electronic fund transfer (EFT) services provided to
consumers. Institutions offering EFT services must disclose to
consumers certain information, including: Initial and updated EFT
terms, transaction information, periodic statements of activity, the
consumer's potential liability for unauthorized transfers, and error
resolution rights and procedures. EFT services include automated teller
machines, telephone bill payment, point-of- sale transfers in retail
stores, fund transfers initiated through the internet, and
preauthorized transfers to or from a consumer's account.
Board of Governors of the Federal Reserve System, January 11,
2006.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E6-427 Filed 1-17-06; 8:45 am]
BILLING CODE 6210-01-S