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FDIC Federal Register Citations

[Federal Register: June 21, 2004 (Volume 69, Number 118)]
[Notices]              
[Page 34352-34354]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr21jn04-45]                        

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FEDERAL DEPOSIT INSURANCE CORPORATION

 
Agency Information Collection Activities: Renewal of an
Information Collection; Comment Request

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice and request for comment.

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[[Page 34353]]

SUMMARY: The FDIC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to take this opportunity to comment on proposed and/or
continuing information collections, as required by the Paperwork
Reduction Act of 1995 (44 U.S.C. chapter 35). Currently, the FDIC is
soliciting comments concerning the following collections of information
titled: (1) Recordkeeping and Disclosure Requirements in Connection
with Regulation Z (Truth in Lending); (2) Recordkeeping and Disclosure
Requirements in Connection with Regulation M (Consumer Leasing); (3)
Recordkeeping and Disclosure Requirements in Connection with Regulation
E (Electronic Fund Transfers), and (4) Recordkeeping and Disclosure
Requirements in Connection with Regulation B (Equal Credit
Opportunity).

DATES: Comments must be submitted on or before August 20, 2004.

ADDRESSES: Interested parties are invited to submit written comments to
Thomas Nixon, Legal Division (202) 898-8766, Federal Deposit Insurance
Corporation, 550 17th Street NW., Washington, DC 20429. 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, at the address
identified above.

SUPPLEMENTARY INFORMATION:
    Proposal to renew the following currently approved collections of
information:
    1. Title: Recordkeeping and Disclosure Requirements in Connection
with Regulation Z (Truth in Lending).
    OMB Number: 3064-0082.
    Frequency of Response: On occasion.
    Affected Public: State nonmember banks that regularly offer or
extend consumer credit.
    General Description of Collection: Regulation Z (12 CFR 226),
issued by the Board of Governors of the Federal Reserve System,
prescribes uniform methods of computing the cost of credit, disclosure
of credit terms, and procedures for resolving billing errors on certain
credit accounts.
 
Burden estimate Number of respondents Annual
frequency
Response
Time
Annual
burden hours
                            Subpart B
Open-End Credit
  Initial Disclosures 4,941 1,150 \1\  1.5 142,054
  Change in Terms 4,941 2,500 \1\  1 205,875
Periodic Statements 4,941 12 \2\  8 474,336
Error Resolution:        
  Credit Cards 1,243 145 \1\  30 23,617
  Other Reg. Z complaints 4,941 2 \1\  30 4,941
Credit & Charge Card Accounts--Advance
disclosures
       
Home equity plans:        
  Advance disclosure 3,404 790 \1\  1.5 67,229
  Change in Terms 3,404 10 \1\  3 1,702

Subpart C

       
Closed-end credit disclosures 4,941 2,472 \1\  6.5 1,323,199
Sections 226.16 and 226.24 Advertising 4,941 5 1\1  25 9,882
Subpart E--Pre-closing disclosure 115 250 \1\  3 1,437
  Total       2,373,600

\1\ Minutes.
\2\ Hours.


    2. Title: Recordkeeping and Disclosure Requirements in Connection
with Regulation M (Consumer Leasing).
    OMB Number: 3064-0083.
    Frequency of Response: On occasion.
    Affected Public: State nonmember banks engaging in consumer
leasing.
    General Description of Collection: Regulation M (12 CFR 213),
issued by the Board of Governors of the Federal Reserve System,
implements the consumer leasing provisions of the Truth in Lending Act.
    Estimated Number of Respondents: 1,755.
    Estimated Time per Response: .75 hours.
    Estimated average frequency of transactions per year: 100.
    Total Annual Burden: 131,625 hours.
    3. Title: Recordkeeping and Disclosure Requirements in Connection
with Regulation E (Electronic Fund Transfers).
    OMB Number: 3064-0084.
    Frequency of Response: On occasion.
    Affected Public: Any users of the electronic fund transfer system.
    General Description of Collection: Regulation E (12 CFR 205),
issued by the Board of Governors of the Federal Reserve System,
establishes the rights, liabilities, and responsibilities of consumers
who use electronic fund transfer services and of financial institutions
that offer these services.
 

Burden estimate Number of respondents Annual
frequency
Response
Time
Annual
burden hours
Initial disclosures 
  Initial terms 5,318 250 \1\  1.5 33,238
  Change in terms 5,318 340 \1\  1 30,135
Periodic disclosure 5,318 12 \2\  7 446,712
Error resolution rules 5,318 8 \1\  30 21,272
  Total       531,357
Subpart E--Pre-closing disclosure 115 250 \1\  3 1,437
  Total 2,373,600
\1\ Minutes.
\2\ Hours.

    4. Title: Recordkeeping and Disclosure Requirements in Connection
with Regulation B (Equal Credit Opportunity).
    OMB Number: 3064-0085.
    Frequency of Response: On occasion.
    Affected Public: State nonmember banks engaging in credit
transactions.
    General Description of Collection: Regulation B (12 CFR 202),
issued by the Board of Governors of the Federal Reserve System,
prohibits creditors from discriminating against applicants on any of
the bases specified by the Equal Credit Opportunity Act, establishes
guidelines for gathering and evaluating credit information, and
requires creditors to give applicants a written notification of
rejection of an application.

 
Burden estimate Number of respondents Annual
frequency
Response
Time
Annual
burden hours
Notice of action 5,318 1,715 \1\  2.50 380,015
Credit history reporting 5,318 850 \1\  2.00 150,677
Monitoring data 5,318 360 \1\  0.50 15,954
Appraisal:
  Appraisal report upon request 5,318 190 \1\  5.00 84,202
  Notice of right to appraisal 5,318 1,650 \1\  0.25 36,561
Self-testing:
  Recordkeeping of test 1,100 1 \2\  2 2,200
  Recordkeeping of corrective action 275 1 \1\  8 2,200
Disclosure for optional self-test 1,100 2,500 \1\  1 45,833
  Total 717,642
\1\ Minutes.
\2\ Hours.

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 requests to OMB for renewal of
these collections. All comments will become a matter of public record.

    Dated at Washington, DC, this 16th day of June, 2004.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 04-13971 Filed 6-18-04; 8:45 am]
BILLING CODE 6714-01-P
 
 
Last Updated 06/21/2004 regs@fdic.gov