Notice2022-11091
Proposed Agency Information Collection Activities; Comment Request
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
May 24, 2022
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision, the Disclosure Requirements and Recordkeeping Requirements Associated with Regulation CC (FR CC; OMB No. 7100-0235).
Full Text
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<title>Federal Register, Volume 87 Issue 100 (Tuesday, May 24, 2022)</title>
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[Federal Register Volume 87, Number 100 (Tuesday, May 24, 2022)]
[Notices]
[Pages 31560-31561]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-11091]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, without
revision, the Disclosure Requirements and Recordkeeping Requirements
Associated with Regulation CC (FR CC; OMB No. 7100-0235).
DATES: Comments must be submitted on or before July 25, 2022.
ADDRESSES: You may submit comments, identified by FR CC, by any of the
following methods:
<bullet> Agency Website: <a href="https://www.federalreserve.gov/">https://www.federalreserve.gov/</a>. Follow
the instructions for submitting comments at <a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#3b495e5c4815585456565e554f487b5d5e5f5e495a57495e485e494d5e155c544d"><span class="__cf_email__" data-cfemail="84f6e1e3f7aae7ebe9e9e1eaf0f7c4e2e1e0e1f6e5e8f6e1f7e1f6f2e1aae3ebf2">[email protected]</span></a>. Include the OMB
number or FR number in the subject line of the message.
<bullet> FAX: (202) 452-3819 or (202) 452-3102.
<bullet> Mail: Federal Reserve Board of Governors, Attn: Ann E.
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St NW,
Washington, DC 20551.
All public comments are available from the Board's website at
<a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a> as
submitted, unless modified for technical reasons or to remove
personally identifiable information at the commenter's request.
Accordingly, comments will not be edited to remove any confidential
business information, identifying information, or contact information.
Public comments may also be viewed electronically or in paper in Room
M-4365A, 2001 C St NW, Washington, DC 20551, between 9:00 a.m. and 5:00
p.m. on weekdays. For security reasons, the Board requires that
visitors make an appointment to inspect comments. You may do so by
calling (202) 452-3684. Upon arrival, visitors will be required to
present valid government-issued photo identification and to submit to
security screening in order to inspect and photocopy comments.
Additionally, commenters may send a copy of their comments to the
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, 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.
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.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to collections of information conducted or
sponsored by the Board. In exercising this delegated authority, the
Board is directed to take every reasonable step to solicit comment. In
determining whether to approve a collection of information, the Board
will consider all comments received from the public and other agencies.
During the comment period for this proposal, a copy of the proposed
PRA OMB submission, including the draft reporting form and
instructions, supporting statement, and other documentation, will be
made available on the 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
versions of these documents will be made available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>, if approved.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Board's functions, including whether the
information has practical utility;
b. The accuracy of the Board's estimate of the burden of the
proposed 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;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Board
should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years,
Without Revision, the Following Information Collection
Collection title: Disclosure Requirements and Recordkeeping
Requirements Associated with Regulation CC.
Collection identifier: FR CC.
OMB control number: 7100-0235.
Frequency: Event-generated.
Respondents: State member banks and uninsured state branches and
agencies of foreign banks.
Estimated number of respondents: Bank burden: 686 (except for
Changes in policy, 100); Consumer burden: 17,150.
Estimated average hours per response: Specific availability policy
disclosures and initial disclosures, 0.02; Longer delays on a case-by-
case basis--Notice in specific policy disclosure, 0.05; Notice of
exceptions, 0.05; Locations where employees accept consumer deposits
and ATMs, 0.25; Quinquennial
[[Page 31561]]
inflation adjustments for disclosures, 8; Annual notice of new ATMs, 5;
Changes in policy, 20; Notification of quinquennial inflation
adjustments (annualized), 4; Notice of nonpayment on paying bank, 0.02;
Notification to customer, 0.02; Expedited recredit for consumers, 0.25;
Expedited recredit for banks, 0.25; Consumer awareness, 0.02; Expedited
recredit claim notice, 0.25.
Estimated annual burden hours: Specific availability policy
disclosures and initial disclosures, 6,860; Longer delays on a case-by-
case basis--Notice in specific policy disclosure, 24,010; Notice of
exceptions, 68,600; Locations where employees accept consumer deposits
and ATMs, 172; Quinquennial inflation adjustments for disclosures,
5,488; Annual notice of new ATMs, 3,430; Changes in policy, 4,000;
Notification of quinquennial inflation adjustments (annualized), 2,744;
Notice of nonpayment on paying bank, 480; Notification to customer,
5,076; Expedited recredit for consumers, 6,003; Expedited recredit for
banks, 2,573; Consumer awareness, 4,116; Expedited recredit claim
notice, 4,288.
General description of collection: Regulation CC--Availability of
Funds and Collection of Checks (12 CFR 229), which implements the
Expedited Funds Availability Act of 1987 (EFA Act) \1\ and the Check
Clearing for the 21st Century Act of 2003 (Check 21 Act),\2\ requires
banks \3\ to make funds deposited in transaction accounts available
within specified time periods, disclose their availability policies to
customers, and begin accruing interest on such deposits promptly. The
disclosures are intended to alert customers that their ability to use
deposited funds may be delayed, prevent unintentional (and potentially
costly) overdrafts, and allow customers to compare the policies of
different banks before deciding at which bank to deposit funds.
Regulation CC also requires notice to the depositary bank and to a
customer of nonpayment of a check. Model disclosure forms, clauses, and
notices are appended to the regulation to ease compliance.
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\1\ See 12 U.S.C. 4001 et seq.
\2\ See 12 U.S.C. 5001 et seq.
\3\ For purposes of Regulation CC, banks are commercial banks,
savings associations, credit unions, and U.S. branches and agencies
of foreign banks.
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Legal authorization and confidentiality: Section 609 of the EFA
Act, as amended by section 1086 of the Dodd-Frank Wall Street Reform
and Consumer Protection Act (Dodd-Frank Act),\4\ states that, ``the
Board, jointly with the Director of the Bureau of Consumer Financial
Protection, shall prescribe regulations--(1) to carry out the
provisions of this chapter; (2) to prevent the circumvention or evasion
of such provisions; and (3) to facilitate compliance with such
provisions.'' Additionally, section 15 of the Check 21 Act \5\
authorizes the Board to ``prescribe such regulations as the Board
determines to be necessary to implement, prevent circumvention or
evasion of, or facilitate compliance with the provisions of this
chapter.'' The Board is therefore authorized by these statutory
provisions to promulgate the disclosure and recordkeeping requirements
contained in Regulation CC. The disclosure and recordkeeping
requirements in Regulation CC are mandatory. The information that
Regulation CC requires of consumers who are making an expedited
recredit claim is required to obtain a benefit.
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\4\ 12 U.S.C. 4008.
\5\ 12 U.S.C. 5014.
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Because records required by Regulation CC are maintained at each
banking organization, the Freedom of Information Act (FOIA) would only
be implicated if the Board obtained such records as part of the
examination or supervision of a banking organization. In the event the
records are obtained by the Board as part of an examination or
supervision of a financial institution, this information may be
considered confidential pursuant to exemption 8 of the FOIA, which
protects information contained in ``examination, operating, or
condition reports'' obtained in the bank supervisory process.\6\
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\6\ 5 U.S.C. 552(b)(8).
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Consultation outside the agency: Pursuant to sections 1086 and
1100H of the Dodd-Frank Act, the Board and the Consumer Financial
Protection Bureau (CFPB) assumed joint rulemaking authority with
respect to subpart B of Regulation CC. Given this joint authority, the
Board has communicated with the CFPB regarding this information
collection.
Board of Governors of the Federal Reserve System, May 17, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-11091 Filed 5-23-22; 8:45 am]
BILLING CODE 6210-01-P
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