[Federal Register: July 8, 1999 (Volume 64, Number 130)]
[Notices]               
[Page 36874-36875]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr08jy99-64]                         

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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 collection(s) 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: Recordkeeping and Disclosure Requirements in 
Connection with Regulation B (Equal Credit Opportunity).
    Agency form number: unnum Reg B.
    OMB Control number: 7100-0201.

[[Page 36875]]

    Frequency: Event-generated.
    Reporters: State Member Banks.
    Annual reporting hours: 123,892 hours.
    Estimated average hours per response: Notification: 2.50 minutes; 
Credit history reporting: 2 minutes; Monitoring: 30 seconds; Appraisal 
report upon request: 5 minutes; Notice of right to appraisal: 15 
seconds; Recordkeeping of self-test: 2 hours; Recordkeeping of 
corrective action: 8 hours.
    Number of respondents: Notification, Credit history reporting, 
Monitoring, Appraisal report upon request, and Notice of right to 
appraisal 988; Recordkeeping of self-test 45; Recordkeeping of 
corrective action 11.
Small businesses are affected.
    General description of report: This information collection is 
mandatory (15 USC 1691b(a)(1) and Public Law 104-208, Sec.  2302(a)). 
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 (80 of the Freedom of Information Act (5 USC 522(b)).
    Abstract: The act and regulation prohibit discrimination in any 
aspect of a credit transaction because of race, color, religion, 
national origin, sex, marital status, age, or other specified bases. 
Creditors are subject to various mandatory, event-generated disclosure 
requirements, notification provisions, credit history reporting, and 
monitoring rules. Creditors are also required to retain records for 
twelve or twenty-five months as evidence of compliance.

    Board of Governors of the Federal Reserve System, July 1, 1999.
 Jennifer J. Johnson,
 Secretary of the Board.
[FR Doc. 99-17268 Filed 7-7-99; 8:45am]
Billing Code 6210-01-F