[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
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