Notice2022-22242
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
October 13, 2022
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 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 197 (Thursday, October 13, 2022)</title>
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[Federal Register Volume 87, Number 197 (Thursday, October 13, 2022)]
[Notices]
[Pages 62101-62102]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-22242]
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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
Disclosure Requirements and Recordkeeping Requirements Associated with
Regulation CC (FR CC; OMB No. 7100-0235).
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, <a href="/cdn-cgi/l/email-protection#95fbe0fdf4bbf0f9f8f4f2fde7f4f7fcd5f3e7f7bbf2fae3"><span class="__cf_email__" data-cfemail="bad4cfd2db94dfd6d7dbddd2c8dbd8d3fadcc8d894ddd5cc">[email protected]</span></a>, (202)
452-3884.
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.
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. 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
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 inflation adjustments for disclosures
(annualized), 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
(annualized), 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
[[Page 62102]]
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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Current actions: On May 24, 2022, the Board published a notice in
the Federal Register (87 FR 31560) requesting public comment for 60
days on the extension, without revision, of the FR CC. The comment
period for this notice expired on July 25, 2022. The Board did not
receive any comments.
Board of Governors of the Federal Reserve System, October 7,
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-22242 Filed 10-12-22; 8:45 am]
BILLING CODE 6210-01-P
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