Notice2021-15286
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 19, 2021
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, without revision, the Recordkeeping Requirements Associated with Regulation GG (FR GG; OMB No. 7100-0317).
Full Text
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<title>Federal Register, Volume 86 Issue 135 (Monday, July 19, 2021)</title>
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[Federal Register Volume 86, Number 135 (Monday, July 19, 2021)]
[Notices]
[Pages 38093-38094]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-15286]
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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: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, without revision, the
Recordkeeping Requirements Associated with Regulation GG (FR GG; OMB
No. 7100-0317).
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of
Governors of the Federal Reserve System, Washington, DC 20551, (202)
452-3829.
Office of Management and Budget (OMB) Desk Officer--Shagufta
Ahmed--Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Room 10235, 725
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the PRA to approve and assign OMB control numbers to
collections of information conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official
OMB inventory of currently approved collections of information. The OMB
inventory, as well as copies of the PRA Submission, supporting
statements, and approved collection of information instrument(s) are
available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents
are also available on the Federal Reserve Board's public website at
<a href="https://www.federalreserve.gov/apps/reportforms/review.aspx">https://www.federalreserve.gov/apps/reportforms/review.aspx</a> or may be
requested from the agency clearance officer, whose name appears above.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of the Following Information Collection
Report title: Recordkeeping Requirements Associated with Regulation
GG.
Agency form number: FR GG.
OMB control number: 7100-0317.
Frequency: Annually.
Respondents: Depository institutions, credit unions, card system
operators, and money transmitting business operators.
Estimated number of respondents: Depository institutions: 2,331;
credit unions: 2,575; card system operators: 7; money transmitting
business operators: 62; and new or de novo institutions: 3.
Estimated average hours per response: Ongoing annual burden of 8
hours per recordkeeper for depository institutions, credit unions, card
system operators, and money transmitting business operators. One time
burden of 100 hours for new or de novo institutions.
Estimated annual burden hours: Ongoing burden: 39,800; one-time
burden: 300.
General description of report: Section 5 of Regulation GG,
Prohibition on Funding of Unlawful internet Gambling, requires all non-
exempt participants in designated payment systems to establish and
implement policies and procedures reasonably designed to identify and
block, or otherwise prevent or prohibit, transactions restricted by the
Unlawful internet Gambling Enforcement Act of 2006.\1\ In addition,
section 5 states that a participant in a designated payment system may
rely on policies and procedures established by the designated payment
system if the system's policies and procedures otherwise comply with
the requirements of the regulation.\2\
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\1\ 12 CFR 233.5(a).
\2\ 12 CFR 233.5(b).
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Section 6 of Regulation GG sets out non-exclusive examples of
policies and procedures for each designated payment system that the
Board and the Department of the Treasury believe are reasonably
designed to prevent or prohibit restricted transactions for non-exempt
participants in the system.\3\
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\3\ See 12 CFR 233.6.
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The internal agency tracking number previously assigned by the
Board to this information collection was ``FR 4026.'' The Board has
changed the internal agency tracking number to ``FR GG'' for the
purpose of consistency.
Legal authorization and confidentiality: FR GG is authorized by
section 802 of the Unlawful internet Gambling Enforcement Act, which
permits the Board to prescribe regulations requiring designated payment
systems and participants therein to establish policies and procedures
to identify and block or otherwise prevent and prohibit restricted
transactions (31 U.S.C. 5364(a)). The obligation to respond is
mandatory.
The policies and procedures required by Regulation GG are not
required to be submitted to the Board. To the extent such policies and
procedures are obtained by the Board through the examination process,
they may be kept confidential under exemption 8 of the Freedom of
Information Act, which protects information contained in or related to
an examination of a financial institution.\4\
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\4\ 5 U.S.C. 552(b)(8).
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Current actions: On March 8, 2021, the Board published a notice in
the Federal Register (86 FR 13380) requesting public comment for 60
days on the extension, without revision, of
[[Page 38094]]
the Recordkeeping Requirements Associated with Regulation GG. The
comment period for this notice expired on May 7, 2021. The Board did
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not receive any comments.
Board of Governors of the Federal Reserve System, July 13, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-15286 Filed 7-16-21; 8:45 am]
BILLING CODE 6210-01-P
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