[Federal Register Volume 77, Number 82 (Friday, April 27, 2012)]
[Notices]
[Pages 25170-25179]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-10097]


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FEDERAL TRADE COMMISSION


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Extension

AGENCY: Federal Trade Commission (``FTC'' or ``Commission'').

ACTION: Notice.

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SUMMARY: The FTC intends to ask the Office of Management and Budget 
(``OMB'') to extend through April 30, 2015, the current Paperwork 
Reduction Act (``PRA'') clearance for the information collection 
requirements in four consumer financial regulations enforced by the 
Commission. Those clearances expire on April 30, 2012.

DATES: Comments must be filed by May 29, 2012.

ADDRESSES: Interested parties may file a comment online or on paper, by 
following the instructions in the Request for Comment part of the 
SUPPLEMENTARY INFORMATION section below. Write ``Regs BEMZ, PRA 
Comments, P084812'' on your comment and file your comment online at 
https://ftcpublic.commentworks.com/ftc/RegsBEMZpra2 by following the 
instructions on the web-based form. If you prefer to file your comment 
on paper, mail or deliver your comment to the following address: 
Federal Trade Commission, Office of the Secretary, Room H-113 (Annex 
J), 600 Pennsylvania Avenue NW., Washington, DC 20580.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the proposed information requirements should be addressed to 
Carole Reynolds or Soyong Cho, Attorneys, Division of Financial 
Practices, Bureau of Consumer Protection, Federal Trade Commission, 600 
Pennsylvania Ave. NW., Washington, DC 20580, (202) 326-3224.

SUPPLEMENTARY INFORMATION: The four regulations covered by this notice 
are:
    (1) Regulations promulgated under The Equal Credit Opportunity Act, 
15 U.S.C. 1691 et seq. (``ECOA'') (``Regulation B'') (OMB Control 
Number: 3084-0087);
    (2) Regulations promulgated under The Electronic Fund Transfer Act, 
15 U.S.C. 1693 et seq. (``EFTA'') (``Regulation E'') (OMB Control 
Number: 3084-0085);
    (3) Regulations promulgated under The Consumer Leasing Act, 15 
U.S.C. 1667 et seq. (``CLA'') (``Regulation M'') (OMB Control Number: 
3084-0086); and
    (4) Regulations promulgated under The Truth-In-Lending Act, 15 
U.S.C. 1601 et seq. (``TILA'') (``Regulation Z'') (OMB Control Number: 
3084-0088).
    The FTC enforces these statutes as to all businesses engaged in 
conduct these laws cover unless these businesses (such as federally 
chartered or insured depository institutions) are subject to the 
regulatory authority of another federal agency.
    Under the Dodd-Frank Wall Street Reform and Consumer Protection Act 
(``Dodd-Frank Act''), Public Law 111-203,124 Stat. 1376 (2010), almost 
all rulemaking authority for the ECOA, EFTA, CLA, and TILA transferred 
from the Board of Governors of the Federal Reserve System (Board) to 
the Consumer Financial Protection Bureau (CFPB) on July 21, 2011 
(``transfer date''). To implement this transferred authority, the CFPB 
has published for public comment interim final rules for new 
regulations in 12 CFR part 1002 (Regulation B), 12 CFR part 1005 
(Regulation E), 12 CFR part 1013 (Regulation M), and 12 CFR part 1026 
(Regulation Z) for those entities under its rulemaking jurisdiction.\1\ 
Although the Dodd-Frank Act transferred most rulemaking authority under 
ECOA, EFTA, CLA, and TILA to the CFPB, the Board retained rulemaking 
authority for certain motor vehicle dealers \2\ under all of these 
statutes and also for certain interchange-related requirements under 
EFTA.\3\
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    \1\ 12 CFR part 1002 (Reg. B) (76 FR 79442, Dec. 21, 2011); 12 
CFR part 1005 (Reg. E) (76 FR 81020, Dec. 27, 2011) (amended, 77 FR 
6194, Fed. 7, 2012); 12 CFR part 1013 (Reg. M) (76 FR 78500, Dec. 
19, 2011) (corrected, 76 FR 81789, Dec. 29, 2011); 12 CFR part 1026 
(Reg. Z) (76 FR 79768, Dec. 22, 2011).
    \2\ Generally, these are dealers ``predominantly engaged in the 
sale and servicing of motor vehicles, the leasing and servicing of 
motor vehicles, or both.'' See Dodd-Frank Act, Sec.  1029(a), -(c).
    \3\ See Dodd-Frank Act, Sec.  1075 (these requirements are 
implemented through Board Regulation II, 12 CFR part 235, rather 
than EFTA's implementing Regulation E).
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    As a result of the Dodd-Frank Act, the FTC and the CFPB now share 
the authority to enforce Regulations B, E, M, and Z for entities for 
which the FTC had enforcement authority before the Act, except for 
certain motor vehicle dealers. Because of this shared enforcement 
jurisdiction, the two agencies have divided the FTC's previously-
cleared PRA burden between them,\4\ except that the FTC retained all of 
the part of that burden associated with certain motor vehicle dealers 
(for brevity, referred to in the burden summaries below as a ``carve-
out'').\5\ The division of PRA burden hours not attributable to certain 
motor vehicle dealers is reflected in the CFPB's recent PRA clearance 
requests to OMB,\6\ as well as in the FTC's burden estimates below.
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    \4\ The CFPB also factored into its burden estimates respondents 
over which it has jurisdiction but the FTC does not.
    \5\ These are dealers specified by the Dodd-Frank Act under 
Sec.  1029 (a), but as limited by subsection (b). Subsection (b) 
does not preclude CFPB regulatory oversight regarding, among others, 
businesses that extend retail credit or retail leases for motor 
vehicles in which the credit or lease offered is provided directly 
from those businesses, rather than unaffiliated third parties, to 
consumers. It is not practicable, however, for PRA purposes, to 
estimate the portion of dealers that engage in one form of financing 
versus another (and that would or would not be subject to CFPB 
oversight). Thus, FTC staff's ``carve-out'' for this PRA burden 
analysis reflects a general estimated volume of motor vehicle 
dealers. This attribution does not change actual enforcement 
authority.
    \6\ OMB Control Numbers 3170-0013 (Regulation B), 3170-0014 
(Regulation E), 3170-0008 (Regulation M), and 3170-0015 (Regulation 
Z).
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    As a result of the Dodd-Frank Act, the FTC generally has sole 
authority to enforce Regulations B, E, M, and Z regarding motor vehicle 
dealers predominantly engaged in the sale and servicing of motor 
vehicles, the leasing and servicing of motor vehicles, or both.\7\ 
Because the FTC has exclusive jurisdiction to enforce these rules for 
such motor vehicle dealers, it is including the entire PRA burden for 
them in the burden estimates below.
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    \7\ See Dodd-Frank Act, Sec.  1029(a), -(c).
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    Under the PRA, 44 U.S.C. 3501-3521, Federal agencies must get OMB 
approval for each collection of

[[Page 25171]]

information they conduct or sponsor. ``Collection of information'' 
includes agency requests or requirements to keep records or provide 
information to a third party. See 44 U.S.C. 3502(3); 5 CFR 1320.3(c). 
The regulations impose certain recordkeeping and disclosure 
requirements associated with providing credit or with other financial 
transactions.
    On February 7, 2012, the Commission sought comment on the 
information collection requirements associated with these four 
regulations. 77 FR 6114.\8\ The Commission received one comment from 
the National Automobile Dealers Association (``NADA'') pertaining to 
regulatory burden affecting Regulations B, M, and Z.\9\
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    \8\ The Commission published a follow-up notice in the Federal 
Register on March 5, 2012 (77 FR 13127) to correct certain 
formatting errors in the Regulation M burden hours table that had 
initially resulted in misaligned and missing columnar information in 
that table.
    \9\ NADA's comment is available at http://www.ftc.gov/os/comments/regsbemzpra/index.shtm.
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    NADA stated, as a general matter, that the FTC staff estimates 
greatly underestimate the recordkeeping, disclosure, and other related 
compliance requirements for NADA members \10\ for the rules at issue, 
particularly Regulations B, M, and Z. NADA provided two illustrations 
of this point for Regulations M and Z (discussed and analyzed below 
under their applicable sub-headings), but did not provide sufficient 
specific information from which staff could revisit and revise its 
estimates. Pursuant to the OMB rules, 5 CFR part 1320, that implement 
the PRA, 44 U.S.C. 3501 et seq., the FTC is providing this second 
opportunity for NADA and the general public to comment while the FTC 
seeks OMB approval to renew the pre-existing clearance for these rules.
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    \10\ NADA states that it represents approximately 16,000 new car 
and truck dealers, both domestic and import, with over 32,500 
separate franchises. Id.
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    Although all four of the regulations require covered entities to 
keep certain records, FTC staff believes these records are kept in the 
normal course of business even absent the particular recordkeeping 
requirements.\11\ Covered entities, however, may incur some burden 
associated with ensuring that they do not prematurely dispose of 
relevant records (i.e., during the time span they must retain records 
under the applicable regulation).
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    \11\ PRA ``burden'' does not include effort expended in the 
ordinary course of business, regardless of any regulatory 
requirement. 5 CFR 1320.3(b)(2).
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    The regulations also require covered entities to make disclosures 
to third-parties. Related compliance involves set-up/monitoring and 
transaction-specific costs. ``Set-up'' burden, incurred only by covered 
new entrants, includes their identifying the applicable required 
disclosures, determining how best to comply, and designing and 
developing compliance systems and procedures. ``Monitoring'' burden, 
incurred by all covered entities, includes their time and costs to 
review changes to regulatory requirements, make necessary revisions to 
compliance systems and procedures, and to monitor the ongoing operation 
of systems and procedures to ensure continued compliance. 
``Transaction-related'' burden refers to the time and cost associated 
with providing the various required disclosures in individual 
transactions. While this burden varies with the number of transactions, 
the figures shown for transaction-related burden in the tables that 
follow are estimated averages.
    The required disclosures do not impose PRA burden on some covered 
entities because they make those disclosures in their normal course of 
activities. For other covered entities that do not, their compliance 
burden will vary widely depending on the extent to which they have 
developed effective computer-based or electronic systems and procedures 
to communicate and document required disclosures.\12\
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    \12\ For example, large companies may use computer-based and/or 
electronic means to provide required disclosures, including issuing 
some disclosures en masse, e.g., notices of changes in terms. 
Smaller companies may have less automated compliance systems but may 
nonetheless rely on electronic mechanisms for disclosures and 
recordkeeping. Regardless of size, some entities may utilize 
compliance systems that are fully integrated into their general 
business operational system; if so, they may have minimal additional 
burden. Other entities may have incorporated fewer of these 
approaches into their systems and thus may have a higher burden.
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    Calculating the burden associated with the four regulations' 
disclosure requirements is very difficult because of the highly diverse 
group of affected entities. The ``respondents'' included in the 
following burden calculations consist of, among others, credit and 
lease advertisers, creditors, owners (such as purchasers and assignees) 
of credit obligations, financial institutions, service providers, 
certain government agencies and others involved in delivering 
electronic fund transfers (``EFTs'') of government benefits, and 
lessors.\13\ The burden estimates represent FTC staff's best 
assessment, based on its knowledge and expertise relating to the 
financial services industry. Staff considered the wide variations in 
covered entities' (1) Size and location; (2) credit or lease products 
offered, extended, or advertised, and their particular terms; (3) EFT 
types used; (4) types and frequency of adverse actions taken; (5) types 
of appraisal reports utilized; and (6) computer systems and electronic 
features of compliance operations.
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    \13\ The Commission generally does not have jurisdiction over 
banks, thrifts, and federal credit unions under the applicable 
regulations.
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    The cost estimates that follow relate solely to labor costs, and 
they include the time necessary to train employees how to comply with 
the regulations. Staff calculated labor costs by multiplying 
appropriate hourly wage rates by the burden hours described above. The 
hourly rates used were $49 for managerial oversight, $30 for skilled 
technical services, and $16 for clerical work. These figures are 
averages drawn from Bureau of Labor Statistics data.\14\ Further, the 
FTC cost estimates assume the following labor category apportionments, 
except where otherwise indicated below: recordkeeping--10% skilled 
technical, 90% clerical; disclosure--10% managerial, 90% skilled 
technical.
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    \14\ These inputs are based broadly on mean hourly data found 
within the National Compensation Survey: Occupational Earnings in 
the United States, 2010, Bulletin 2753 (May 2011), Table 3 (http://www.bls.gov/ncs/ocs/sp/nctb1477.pdf).
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    The applicable PRA requirements impose minimal capital or other 
non-labor costs. Affected entities generally already have the necessary 
equipment for other business purposes. Similarly, FTC staff estimates 
that compliance with these rules entails minimal printing and copying 
costs beyond that associated with documenting financial transactions in 
the ordinary course of business.

1. Regulation B

    The ECOA prohibits discrimination in the extension of credit. 
Regulation B implements the ECOA, establishing disclosure requirements 
to assist customers in understanding their rights under the ECOA and 
recordkeeping requirements to assist agencies in enforcement. 
Regulation B applies to retailers, mortgage lenders, mortgage brokers, 
finance companies, and others.

Recordkeeping

    FTC staff estimates that Regulation B's general recordkeeping 
requirements affect 530,479 credit firms subject to the Commission's 
jurisdiction, at an average annual burden of 1.25 hours per firm \15\

[[Page 25172]]

for a total of 663,099 hours.\16\ Staff also estimates that the 
requirement that mortgage creditors monitor information about race/
national origin, sex, age, and marital status imposes a maximum burden 
of one minute each (of skilled technical time) for approximately 2.25 
million credit applications (based on industry data regarding the 
approximate number of mortgage purchase and refinance originations), 
for a total of 37,500 hours.\17\ Staff also estimates that 
recordkeeping of self-testing subject to the regulation would affect 
1,375 firms, with an average annual burden of one hour (of skilled 
technical time) per firm, for a total of 1,375 hours, and that 
recordkeeping of any corrective action as a result of self-testing 
would affect 10% of them, i.e., 138 firms, with an average annual 
burden of four hours (of skilled technical time) per firm, for a total 
of 552 hours.\18\ Keeping records of race/national origin, sex, age, 
and marital status requires an estimated one minute of skilled 
technical time. Recordkeeping for the self-test responsibility and of 
any corrective actions requires an estimated one hour and four hours, 
respectively, of skilled technical time.
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    \15\ This is an increase from past estimates of one hour per 
respondent in view of more complex transactions and their associated 
impact on recordkeeping.
    \16\ Section 1071 of the Dodd-Frank Act amends the ECOA to 
require financial institutions to collect and report information 
concerning credit applications by women- or minority-owned 
businesses and small businesses, effective on the July 21, 2011 
transfer date. Both the CFPB and the Board have exempted affected 
entities from complying with this requirement until a date set by 
the prospective final rules these agencies issue to implement the 
Dodd-Frank Act's requirements. The Commission will address PRA 
burden for its enforcement of these requirements after the CFPB and 
the Board have issued the associated final rules.
    \17\ Regulation B contains model forms that creditors may use to 
gather and retain the required information.
    \18\ In contrast to banks, for example, entities under FTC 
jurisdiction are not subject to audits for compliance with 
Regulation B; rather they may be subject to FTC investigations and 
enforcement actions. This may impact the level of self-testing (as 
specifically defined by Regulation B) in a given year, and staff has 
sought to address such factors in its burden estimates.
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Disclosure

    Regulation B requires that creditors (i.e., entities that regularly 
participate in the decision whether to extend credit under Regulation 
B) provide notices whenever they take adverse action, such as denial of 
a credit application. It requires entities that extend various types of 
mortgage credit to provide a copy of the appraisal report to applicants 
or to notify them of their right to a copy of the report (and 
thereafter provide a copy of the report, upon the applicant's request). 
Finally, Regulation B also requires that for accounts which spouses may 
use or for which they are contractually liable, creditors who report 
credit history must do so in a manner reflecting both spouses' 
participation. Further, it requires creditors that collect applicant 
characteristics for purposes of conducting a self-test to disclose to 
those applicants that: (1) Providing the information is optional; (2) 
the creditor will not take the information into account in any aspect 
of the credit transactions; and (3) if applicable, the information will 
be noted by visual observation or surname if the applicant chooses not 
to provide it.\19\
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    \19\ The disclosure may be provided orally or in writing. The 
model form provided by Regulation B assists creditors in providing 
the written disclosure.
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Burden Totals

    Recordkeeping: 702,526 hours (625,977 + 76,549 carve-out for motor 
vehicles); $12,720,734 ($11,384,370 + $1,336,364 carve-out for motor 
vehicles), associated labor costs.
    Disclosures: 1,164,458 hours (1,032,206 + 132,252 carve-out for 
motor vehicles); $37,146,214 ($32,927,360 + $4,218,854 carve-out for 
motor vehicles), associated labor costs.

                                                         Regulation B: Disclosures--Burden Hours
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                                                       Setup/Monitoring \1\                                   Transaction-related \2\
                                         ---------------------------------------------------------------------------------------------------------------
                                                                           Total setup/                       Average          Total
               Disclosures                                Average burden    monitoring       Number of      burden per      transaction    Total burden
                                            Respondents   per respondent      burden       transactions     transaction       burden          (hours)
                                                              (hours)         (hours)                        (minutes)        (hours)
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Credit history reporting................         133,000             .25          33,250      66,309,750             .25         276,291         309,541
Adverse action notices..................         530,000             .75         397,500     106,096,000             .25         442,067         839,567
Appraisal notices.......................           5,000             .5            2,500       1,125,000             .25           4,688           7,188
Appraisal reports.......................           5,000             .5            2,500       1,125,000             .25           4,688           7,188
Self-test disclosures...................           1,375             .5              688          68,750             .25             286             974
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    Total...............................  ..............  ..............  ..............  ..............  ..............  ..............       1,164,458
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\1\ The estimates shown reflect a decrease in applicable mortgage entities regarding appraisal notices and appraisal reports. The figures assume that
  approximately half of mortgage entities (.5 x 10,000, or 5,000 businesses) would not otherwise provide this information and thus would be affected.
  The figures also assume that all applicable entities would provide notices first and thereafter provide the reports upon request.
\2\ The above figures reflect a decrease in mortgage transactions, compared to prior FTC estimates. They also assume that half of applicable mortgage
  transactions (.5 x 2,250,000, or 1,125,000) would not otherwise provide the appraisal notices and reports and thus would be affected.


                                                    Regulation B: Recordkeeping and Disclosures--Cost
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                                                    Managerial                   Skilled technical                   Clerical
                                         ------------------------------------------------------------------------------------------------   Total cost
              Required task                                 Cost  ($49/                     Cost  ($30/                     Cost  ($16/         ($)
                                           Time  (hours)       hr.)        Time  (hours)       hr.)        Time  (hours)       hr.)
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General recordkeeping...................               0               0          66,310       1,989,300         596,789       9,548,624      11,537,924
Other recordkeeping.....................               0               0          37,500       1,125,000               0               0       1,125,000
Recordkeeping of test...................               0               0           1,375          41,250               0               0          41,250
Recordkeeping of corrective action......               0               0             552          16,560               0               0          16,650
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    Total Recordkeeping.................  ..............  ..............  ..............  ..............  ..............  ..............      12,720,734

[[Page 25173]]

 
Disclosures:
    Credit history reporting............          30,954       1,516,746         278,587       8,357,610               0               0       9,874,356
    Adverse action notices..............          83,957       4,113,893         755,610      22,668,300               0               0      26,782,193
    Appraisal notices...................             719          35,231           6,469         194,070               0               0         229,301
    Appraisal reports...................             719          35,231           6,469         194,070               0               0         229,301
    Self-test disclosure................              97           4,753             877          26,310               0               0          31,063
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        Total Disclosures...............  ..............  ..............  ..............  ..............  ..............  ..............      37,146,214
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        Total Recordkeeping and           ..............  ..............  ..............  ..............  ..............  ..............      49,866,948
         Disclosures....................
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2. Regulation E

    The EFTA requires that covered entities provide consumers with 
accurate disclosure of the costs, terms, and rights relating to EFT and 
certain other services. Regulation E implements the EFTA, establishing 
disclosure and other requirements to aid consumers and recordkeeping 
requirements to assist agencies with enforcement. It applies to 
financial institutions, retailers, gift card issuers and others that 
provide gift cards, service providers, various federal and state 
agencies offering EFTs, remittance transfer providers, etc. Staff 
estimates that Regulation E's recordkeeping requirements affect 391,120 
firms offering EFT services to consumers and that are subject to the 
Commission's jurisdiction, at an average annual burden of one hour per 
firm, for a total of 391,120 hours. This is further detailed below.

Burden Totals

    Recordkeeping: 391,120 hours (375,881 + 15,239 carve-out); 
$6,805,488 ($6,540,328 + $265,160 carve-out), associated labor costs.
    Disclosures: 4,019,797 hours (4,002,868 + 16,929 carve-out); 
$128,236,961 ($127,696,924 + $540,037 carve-out), associated labor 
costs.

                                                         Regulation E: Disclosures--Burden Hours
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                                                         Setup/monitoring                                       Transaction-related
                                         ---------------------------------------------------------------------------------------------------------------
                                                              Average       Total setup                       Average          Total
               Disclosures                                  burden per      monitoring       Number of      burden per      transaction    Total burden
                                            Respondents     respondent        burden       transactions     transaction       burden          (hours)
                                                              (hours)         (hours)                        (minutes)        (hours)
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Initial terms...........................          50,000             .5           25,000         500,000             .02             167          25,167
Change in terms.........................          12,500             .5            6,250      16,500,000             .02           5,500          11,750
Periodic statements.....................          50,000             .5           25,000     600,000,000             .02         200,000         225,000
Error resolution........................          50,000             .5           25,000         500,000            5             41,667          66,667
Transaction receipts....................          50,000             .5           25,000   2,500,000,000             .02         833,333         858,333
Preauthorized transfers \1\.............         257,620             .5          128,810       6,440,500             .25          26,835         155,645
Service provider notices................          50,000             .25          12,500         500,000             .25           2,083          14,583
Govt. benefit notices...................           5,000             .5            2,500      50,000,000             .25         208,333         210,833
ATM notices \2\.........................             250             .25              63      50,000,000             .25         208,333         208,396
Electronic check conversion \3\.........          57,620             .5           28,810       1,152,400             .02             384          29,194
Payroll cards \4\.......................             125             .5               63         500,000            3             25,000          25,063
Overdraft services \5\..................          50,000             .5           25,000       2,500,000             .02             833          25,833
Gift cards \6\..........................          50,000             .5           25,000   2,500,000,000             .02         833,333         858,333
Remittance transfers: \7\
    Disclosures.........................          35,000            1             35,000      18,000,000            1            300,000         335,000
    Error resolution....................          35,000            1             35,000      36,000,000            1            600,000         635,000
    Agent compliance....................          35,000            1             35,000      18,000,000            1            300,000         335,000
                                         ---------------------------------------------------------------------------------------------------------------
        Total...........................  ..............  ..............  ..............  ..............  ..............  ..............       4,019,797
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\1\ Estimated preauthorized transfers have increased from the FTC's previously cleared estimate.
\2\ Estimated ATM transactions have increased from the FTC's previously cleared estimate.
\3\ Estimated electronic check conversion has decreased from the FTC's previously cleared estimate.
\4\ Payroll card entities and transactions have increased greatly over the years, in large part due to the evolving economy as well as companies seeking
  ways to cut costs and reduce the amount of paper used in daily operations.

[[Page 25174]]

 
\5\ Regulation E now covers overdraft services.
\6\ Regulation E now, in part, covers gift cards.
\7\ Regulation E now covers remittance transfers.


                                                    Regulation E: Recordkeeping and Disclosures--Cost
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                                                    Managerial                   Skilled technical                   Clerical
                                         ------------------------------------------------------------------------------------------------   Total cost
              Required task                                 Cost  ($49/                     Cost  ($30/                     Cost  ($16/         ($)
                                           Time  (hours)       hr.)        Time  (hours)       hr.)        Time  (hours)       hr.)
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Recordkeeping...........................               0               0          39,112       1,173,360         352,008       5,632,128       6,805,488
Disclosures:
    Initial terms.......................           2,517         123,333          22,650         679,500               0               0         802,833
    Change in terms.....................           1,175          57,575          10,750         322,500               0               0         380,075
    Periodic statements.................          22,500       1,102,500         202,500       6,075,000               0               0       7,177,500
    Error resolution....................           6,667         326,883          60,000       1,800,000               0               0       2,126,883
    Transaction receipts................          85,833       4,205,817         772,500      23,175,000               0               0      27,380,817
    Preauthorized transfers.............          15,565         762,685         140,080       4,202,400               0               0       4,965,085
    Service provider notices............           1,458          71,442          13,125         393,750               0               0         465,192
    Govt. benefit notices...............          21,083       1,033,067         189,750       5,692,500               0               0       6,725,567
    ATM notices.........................          20,840       1,021,160         187,556       5,626,680               0               0       6,647,840
    Electronic check conversion.........           2,919         143,031          26,275         788,250               0               0         931,281
    Payroll cards.......................           2,506         122,794          22,557         676,710               0               0         799,504
    Overdraft services..................           2,583         126,567          23,250         697,500               0               0         824,067
    Gift cards..........................          85,833       4,205,817         772,500      23,175,000               0               0      27,380,817
Remittance transfers:
        Disclosures.....................          33,500       1,641,500         301,500       9,045,000               0               0      10,686,500
        Error resolution................          63,500       3,111,500         571,500      17,145,000               0               0      20,256,500
        Agent compliance................          33,500       1,641,500         301,500       9,045,000               0               0      10,686,500
                                         ---------------------------------------------------------------------------------------------------------------
        Total Disclosures...............  ..............  ..............  ..............  ..............  ..............  ..............     128,236,961
                                         ---------------------------------------------------------------------------------------------------------------
        Total Record-keeping and          ..............  ..............  ..............  ..............  ..............  ..............     135,042,449
         Disclosures....................
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3. Regulation M

    The CLA requires that covered entities provide consumers with 
accurate disclosure of the costs and terms of leases. Regulation M 
implements the CLA, establishing disclosure requirements to help 
consumers comparison shop and understand the terms of leases and 
recordkeeping requirements. It applies to vehicle lessors (such as auto 
dealers, independent leasing companies, and manufacturers' captive 
finance companies), computer lessors (such as computer dealers and 
other retailers), furniture lessors, various electronic commerce 
lessors, diverse types of lease advertisers, and others.
    Staff estimates that Regulation M's recordkeeping requirements 
affect approximately 54,442 firms within the FTC's jurisdiction leasing 
products to consumers at an average annual burden of one hour per firm, 
for a total of 54,442 hours.
    In its comment NADA observed that preliminary reports from dealers 
suggest that the FTC estimate for Regulation M advertising compliance, 
as applied to lease advertisements for motor vehicle dealers, is 
understated. NADA, however, focused on the FTC estimate of 15 seconds 
for required disclosures in individual transactions, here, for 
advertisements. It is ``set-up/monitoring'' burden, defined above, 
though, that addresses the time (and associated labor cost) applicable 
to systems review and monitoring for continued compliance. For lease 
advertising, estimated setup/monitoring burden is a half-hour.
    As noted above, the Commission's jurisdiction covers a highly 
diverse universe of entities. The population of affected motor vehicle 
dealers is one component of a much larger universe of such entities. 
Thus, the FTC's estimates may understate some entities' actual 
experience and perhaps overstate others'. On balance, though, FTC staff 
believes these estimates are a fair reflection for the overall universe 
affected, and the estimates factor into consideration that PRA 
``burden'' does not include effort expended in the ordinary course of 
business, independent of regulatory requirements.\20\
---------------------------------------------------------------------------

    \20\ For example, some entities may advertise leases but may not 
promote the lease terms covered by Regulation M; instead, they may 
make general statements about offering leases, which do not trigger 
advertising compliance responsibilities under Regulation M.
---------------------------------------------------------------------------

Burden Totals

    Recordkeeping: 54,442 hours (40,558 + 13,884 carve-out); $947,288 
($705,712 + $241,576 carve-out), associated labor costs.
    Disclosures: 68,403 hours (42,139 + 26,264 carve-out); $2,182,050 
($1,344,228 + $837,822 carve-out), associated labor costs.

[[Page 25175]]



                                                         Regulation M: Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                         Setup/monitoring                                       Transaction-related
                                         ---------------------------------------------------------------------------------------------------------------
                                                                           Total setup/                   Average burden       Total
               Disclosures                                Average burden    monitoring       Number of          per         transaction    Total burden
                                            Respondents   per respondent      burden       transactions     transaction       burden          (hours)
                                                              (hours)        (minutes)                       (minutes)        (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Motor Vehicle Leases \1\................          29,442            1             29,442       1,972,614             .50          16,438          45,880
Other Leases \2\........................          25,000             .50          12,500         250,000             .25           1,042          13,542
Advertising.............................          13,471             .50           6,736         538,840             .25           2,245           8,981
                                         ---------------------------------------------------------------------------------------------------------------
    Total...............................  ..............  ..............  ..............  ..............  ..............  ..............          68,403
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ This category focuses on consumer vehicle leases. Vehicle leases are subject to more lease disclosure requirements (pertaining to computation of
  payment obligations) than other lease transactions. (Only consumer leases for more than four months are covered.) See 15 U.S.C. 1667(1); 12 CFR
  1013.2(e)(1). Leases up to $50,000 (plus an annual adjustment) are now covered, which increases the breadth of transactions subject to the FTC's
  jurisdiction under Regulation M. This increase, however, is more than offset by the FTC now sharing PRA burden with the CFPB, which thus yields a net
  decrease from past FTC estimates of the number of transactions.
\2\ This category focuses on all types of consumer leases other than vehicle leases. It includes leases for computers, other electronics, small
  appliances, furniture, and other transactions. (Only consumer leases for more than four months are covered.) See 15 U.S.C. 1667(1); 12 CFR
  1013.2(e)(1). The figures shown for respondents and transactions reflect a net decrease from prior FTC estimates, given current market conditions and
  the new PRA burden sharing with the CFPB while also recognizing that the CLA and Regulation M now cover leases up to $50,000 (plus an annual
  adjustment).


                                                    Regulation M: Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                    Managerial                   Skilled technical                   Clerical
                                         ------------------------------------------------------------------------------------------------   Total cost
              Required task                                 Cost  ($49/                     Cost  ($30/                     Cost  ($16/         ($)
                                           Time  (hours)       hr.)        Time  (hours)       hr.)        Time  (hours)       hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping...........................               0              $0           5,444        $163,320          48,998        $783,968        $947,288
Disclosures:
    Motor Vehicle Leases................           4,588         224,812          41,292       1,238,760               0               0       1,463,572
    Other Leases........................           1,354          66,346          12,188         365,640               0               0         431,986
    Advertising.........................             898          44,002           8,083         242,490               0               0         286,492
                                         ---------------------------------------------------------------------------------------------------------------
        Total Disclosures...............  ..............  ..............  ..............  ..............  ..............  ..............       2,182,050
                                         ---------------------------------------------------------------------------------------------------------------
        Total Recordkeeping and           ..............  ..............  ..............  ..............  ..............  ..............      $3,129,338
         Disclosures....................
--------------------------------------------------------------------------------------------------------------------------------------------------------

4. Regulation Z

    Congress enacted the TILA to foster comparison credit shopping and 
informed credit decision making by requiring creditors and others to 
provide accurate disclosures regarding the costs and terms of credit to 
consumers. Regulation Z implements the TILA, establishing disclosure 
requirements to assist consumers and recordkeeping requirements to 
assist agencies with enforcement. These requirements pertain to open-
end and closed-end credit and apply to various types of entities, 
including mortgage companies; finance companies; auto dealerships; 
private education loan companies; merchants who extend credit for goods 
or services; credit advertisers; acquirers of mortgages; and others.
    In its comment, NADA stated that Regulation Z closed-end credit 
advertising requires much more than one minute of review for individual 
dealers to gauge compliance with disclosure requirements. As with its 
point about the FTC's estimate for lease advertising under Regulation 
M, NADA focused here on the FTC estimate of the time per disclosure in 
an individual transaction, here, for advertisements, rather than on the 
time for ``set-up/monitoring.'' Under the latter category of PRA 
burden, the FTC estimate is a half-hour.
    NADA also stated that the estimated burden total appears to assume 
an average of two transactions per respondent for advertising, with an 
average burden per transaction of one minute. NADA stated that 
automobile dealers advertise hundreds, if not thousands of vehicles per 
year in print, on television, radio, and on sometimes numerous Web 
sites and other electronic media, and that many are subject to 
Regulation Z. Again, we note that PRA ``burden'' does not include 
effort expended in the ordinary course of business, independent of 
regulatory requirements.\21\ Here, too, as with the other regulations 
discussed above, we have sought to focus on average incremental PRA 
burden for the overall--and broad--universe of affected entities.
---------------------------------------------------------------------------

    \21\ Some entities may not promote credit terms covered by 
Regulation Z. For example, they may offer sale prices for products 
or make general statements about the availability of credit, which 
do not trigger advertising compliance responsibilities under 
Regulation Z. Others may offer specific credit terms but they may be 
subject to exceptions under Regulation Z, and disclosures would not 
be required, such as offers that no downpayment or no trade-in is 
required.
---------------------------------------------------------------------------

    Commission staff estimates that Regulation Z's recordkeeping 
requirements affect approximately 530,479 entities subject to the FTC's 
jurisdiction, at an average annual burden of 1.25 hours per entity,\22\ 
for a

[[Page 25176]]

total of 663,099 hours. This is further detailed below along with 
estimates for disclosures under Regulation Z.
---------------------------------------------------------------------------

    \22\ This is an increase from past estimates of one hour per 
respondent in recognition of the breadth of amendments to Regulation 
Z and their associated impact on recordkeeping though increased 
coverage and more complex transactions.
---------------------------------------------------------------------------

Burden Totals

    Recordkeeping: 663,099 hours (586,900 + 76,199 carve-out); 
$11,537,924 ($10,212,060 + $1,325,864 carve-out), associated labor 
costs.
    Disclosures: 12,000,274 hours (10,957,621 + 1,042,653 carve-out); 
$382,858,568 ($349,597,924 + $33,260,644 carve-out), associated labor 
costs.

                                                         Regulation Z: Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                         Setup/monitoring                               Transaction-related
                                         ------------------------------------------------------------------------------------------------
                                                                                                          Average burden                   Total burden
             Disclosures \1\                              Average burden   Total setup/      Number of          per            Total          (hours)
                                            Respondents   per respondent    monitoring     transactions     transaction     transaction
                                                            \2\ (hours)   burden (hours)                   \3\ (minutes)  burden (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Open-end credit:
    Initial terms.......................          45,000             .75          33,750      20,000,000            .375         125,000         158,750
    Rescission notices \4\..............           1,875             .5              938         100,000             .25             417           1,355
    Subsequent disclosures..............          10,000             .75           7,500      62,500,000            .188         195,833         203,333
    Periodic statements.................          45,000             .75          33,750   1,750,000,000           .0938       2,735,833       2,769,583
    Error resolution....................          45,000             .75          33,750       4,000,000               6         400,000         433,750
    Credit and charge card accounts.....          25,000             .75          18,750      12,500,000            .375          78,125          96,875
    Settlement of estate debts \5\......          45,000             .75          33,750       1,000,000            .375           6,250          40,000
    Special credit card requirements \6\          25,000             .75          18,750      12,500,000            .375          78,125          96,875
    Home equity lines of credit \7\.....           1,875             .5              938         875,000             .25           3,646           4,584
    College student credit card                    2,500             .5    1,250 250,000             .25           1,042           2,292
     marketing--ed. institutions \8\....
    College student credit card                      300             .75             225          18,000             .75             225             450
     marketing--card issuer reports \9\.
    Posting and reporting of credit card          25,000             .75          18,750      12,500,000            .375          78,125          96,875
     agreements \10\....................
    Advertising.........................         100,000             .75          75,000         300,000             .75           3,750          78,750
    Sale, transfer, or assignment of               1,875             .5              938       1,750,000             .25           7,292           8,230
     mortgages \11\.....................
    Appraiser misconduct reporting \12\.         625,000             .75         468,750      12,500,000            .375          78,125         546,875
Closed-end credit:
    Credit disclosures \13\.............         380,480             .75         285,360     163,225,920            2.25       6,120,972       6,406,332
    Rescission notices \14\.............          18,750             .5            9,375       7,500,000               1         125,000         134,375
    Redisclosures \15\..................         200,000             .5          100,000       1,000,000            2.25          37,500         137,500
    Variable rate mortgages \16\........          17,500             .5            8,750         500,000             1.5          12,500          21,250
    High rate/high-fee mortgages and              10,000             .5            5,000         125,000             1.5           3,125           8,125
     higher priced mortgages \17\.......
    Reverse mortgages \18\..............          12,500             .5            6,250          43,750               1             729           6,979
    Advertising.........................         240,240             .5          120,120         480,480               1           8,008         128,128
    Private education loans \19\........             100             .5               50          50,000             1.5           1,250           1,300
    Sale, transfer, or assignment of             100,000             .5           50,000       5,000,000             .25          20,833          70,833
     mortgages \20\.....................

[[Page 25177]]

 
    Appraiser misconduct reporting \21\.         625,000             .75         468,750      12,500,000            .375          78,125         546,875
                                         ---------------------------------------------------------------------------------------------------------------
        Total open-end credit...........  ..............  ..............  ..............  ..............  ..............  ..............       4,538,577
                                         ---------------------------------------------------------------------------------------------------------------
        Total closed-end credit.........  ..............  ..............  ..............  ..............  ..............  ..............       7,461,697
                                         ---------------------------------------------------------------------------------------------------------------
        Total credit....................  ..............  ..............  ..............  ..............  ..............  ..............      12,000,274
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Regulation Z requires disclosures for closed-end and open-end credit. TILA and Regulation Z now cover credit up to $50,000 plus an annual adjustment
  (except that real estate credit and private education loans are covered regardless of amount), generally causing an increase in transactions. In some
  instances noted below, market changes have reduced estimated PRA burden. In other instances noted below, changes to Regulation Z have increased
  estimated PRA burden. The overall effect of these competing factors, combined with the FTC now sharing with the CFPB estimated PRA burden (for all but
  certain motor vehicle dealers) yields a net decrease from the FTC's prior reported estimate for open-end credit and a net increase from the FTC's
  prior burden estimate for closed-end credit.
\2\ Burden per respondent in many categories has increased compared to prior FTC estimates, due to changes in rules.
\3\ Burden per transaction in many categories has increased compared to prior FTC estimates, due to changes in rules.
\4\ Mortgages have decreased.
\5\ Regulation Z now requires disclosures for timely settlement of estate debts.
\6\ Regulation Z now has special credit card requirements.
\7\ Home equity lines of credit have decreased.
\8\ Regulation Z now requires higher education institutions to disclose credit card marketing agreements.
\9\ Regulation Z now requires card issuers to submit reports on college student credit card marketing.
\10\ Regulation Z now requires card issuers to post and report general credit card agreements.
\11\ Regulation Z now requires certain acquirers of legal title to disclose the sale, transfer, or assignment of mortgages.
\12\ Regulation Z now requires reporting of appraiser misconduct.
\13\ Estimated closed-end credit disclosure transactions have increased from the FTC's previously cleared estimate.
\14\ Mortgages have decreased.
\15\ Regulation Z now has substantial redisclosure requirements. Previously, redisclosures generally were provided in the ordinary course of business.
  Rule changes since set numerous procedures and circumstances for redisclosures.
\16\ Variable rate mortgages have decreased.
\17\ Mortgages have decreased.
\18\ Reverse mortgages have decreased.
\19\ Regulation Z now requires disclosures for private education loans.
\20\ Regulation Z now requires certain acquirers of legal title to disclose the sale, transfer, or assignment of mortgages.
\21\ Regulation Z now requires reporting of appraiser misconduct.


                                                    Regulation Z: Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                    Managerial                   Skilled technical                   Clerical
                                         ------------------------------------------------------------------------------------------------
              Required task                                 Cost  ($49/                     Cost  ($30/                     Cost  ($16/   Total cost ($)
                                           Time (hours)        hr.)        Time (hours)        hr.)        Time (hours)        hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping...........................               0              $0          66,310      $1,989,300         596,789      $9,548,624     $11,537,924
Open-end credit Disclosures:
    Initial terms.......................          15,875         777,875         142,875       4,286,250               0               0       5,064,125
    Rescission notices..................             135           6,615           1,220          36,600               0               0          43,215
    Subsequent disclosures..............          20,333         996,317         183,000       5,490,000               0               0       6,486,317
    Periodic statements.................         276,958      13,570,942       2,492,625      74,778,750               0               0      88,349,692
    Error resolution....................          43,375       2,125,375         390,375      11,711,250               0               0      13,836,625
    Credit and charge card accounts.....           9,688         474,712          87,187       2,615,610               0               0       3,090,322
    Settlement of estate debts..........           4,000         196,000          36,000       1,080,000               0               0       1,276,000
    Special credit card requirements....           9,688         474,712          87,187       2,615,610               0               0       3,090,322
    Home equity lines of credit.........             458          22,442           4,126         123,780               0               0         146,222
    College student credit card                      229          11,221           2,063          61,890               0               0          73,111
     marketing--ed institutions.........

[[Page 25178]]

 
    College student credit card                       45           2,205             405          12,150               0               0          14,355
     marketing--card issuer reports.....
    Posting and reporting of credit card           9,688         474,712          87,187       2,615,610               0               0       3,090,322
     agreements.........................
    Advertising.........................           7,875         385,875          70,875       2,126,250               0               0       2,512,125
    Sale, transfer, or assignment of                 823          40,327           7,407         222,210               0               0         262,537
     mortgages..........................
    Appraiser misconduct reporting......          54,687       2,679,663         492,188      14,765,640               0               0      17,445,303
                                         ---------------------------------------------------------------------------------------------------------------
        Total open-end credit...........  ..............  ..............  ..............  ..............  ..............  ..............     144,780,593
Closed-end credit Disclosures:
    Credit disclosures..................         640,633      31,391,017       5,765,699     172,970,970               0               0     204,361,987
    Rescission notices..................          13,437         658,413         120,938       3,628,140               0               0       4,286,553
    Redisclosures.......................          13,750         673,750         123,750       3,712,500               0               0       4,386,250
    Variable rate mortgages.............           2,125         104,125          19,125         573,750               0               0         677,875
    High-rate/high-fee mortgages and                 969          47,481           8,719         261,570               0               0         309,051
     higher priced mortgages............
    Reverse mortgages...................             698          34,202           6,281         188,430               0               0         222,632
    Advertising.........................          12,813         627,837         115,315       3,459,450               0               0       4,087,287
    Private education loans.............             130           6,370           1,170          35,100               0               0          41,470
    Sale, transfer, or assignment of               7,083         347,067          63,750       1,912,500               0               0       2,259,567
     mortgages..........................
    Appraiser misconduct reporting......          54,687       2,679,663         492,188      14,765,640               0               0      17,445,303
                                         ---------------------------------------------------------------------------------------------------------------
        Total closed-end credit.........  ..............  ..............  ..............  ..............  ..............  ..............     238,077,975
                                         ---------------------------------------------------------------------------------------------------------------
        Total Disclosures...............  ..............  ..............  ..............  ..............  ..............  ..............     382,858,568
                                         ---------------------------------------------------------------------------------------------------------------
        Total Recordkeeping and           ..............  ..............  ..............  ..............  ..............  ..............     394,396,492
         Disclosures....................
--------------------------------------------------------------------------------------------------------------------------------------------------------

    Request for Comment: You can file a comment online or on paper. For 
the Commission to consider your comment, we must receive it on or 
before May 29, 2012. Write ``Regs BEMZ, PRA Comments, P084812'' on your 
comment. Your comment--including your name and your state--will be 
placed on the public record of this proceeding, including to the extent 
practicable, on the public Commission Web site, at http://www.ftc.gov/os/publiccomments.shtm. As a matter of discretion, the Commission tries 
to remove individuals' home contact information from comments before 
placing them on the Commission Web site.
    Because you comment will be made public, you are solely responsible 
for making sure that your comment does not include any sensitive 
personal information, like anyone's Social Security number, date of 
birth, driver's license number or other state identification number or 
foreign country equivalent, passport number, financial account number, 
or credit or debit card number. You are also solely responsible for 
making sure that your comment does not include any sensitive health 
information, like medical records or other individually identifiable 
health information. In addition, do not include any ``[t]rade secret or 
any commercial or financial information which is obtained from any 
person and which is privileged or confidential'' as provided in Section 
6(f) of the FTC Act 15 U.S.C. 46(f), and FTC Rule 4.10(a)(2), 16 CFR 
4.10(a)(2). In particular, do not include competitively sensitive 
information such as costs, sales statistics, inventories, formulas, 
patterns devices, manufacturing processes, or customer names.
    If you want the Commission to give your comment confidential 
treatment, you must file it in paper form, with a request for 
confidential treatment, and you have to follow the procedure explained 
in FTC Rule 4.9(c)).\23\ Your

[[Page 25179]]

comment will be kept confidential only if the FTC General Counsel, in 
his or her sole discretion, grants your request in accordance with the 
law and the public interest.
---------------------------------------------------------------------------

    \23\ In particular, the written request for confidential 
treatment that accompanies the comment must include the factual and 
legal basis for the request, and must identify the specific portions 
of the comment to be withheld from the public record. See FTC Rule 
4.9(c), CFR 4.9(c), 16 CFR 4.9(c).
---------------------------------------------------------------------------

    Postal mail addressed to the Commission is subject to delay due to 
heightened security screening. As a result, we encourage you to submit 
your comments online. To make sure that the Commission considers your 
online comment, you must file it at https://ftcpublic.commentworks.com/ftc/RegsBEMZpra2 by following the instructions on the web-based form. 
If this Notice appears at http://www.regulations.gov/#!home, you also 
may file a comment through that Web site.
    If you file your comment on paper, write ``Regs BEMZ, PRA Comments, 
P084812'' on your comment and on the envelope, and mail or deliver it 
to the following address: Federal Trade Commission, Office of the 
Secretary, Room H-113 (Annex J) 600 Pennsylvania Avenue NW., 
Washington, DC 20580. If possible, submit your paper comment to the 
Commission by courier or overnight service.
    Comments on the information collection requirements subject to 
review under the PRA should additionally be submitted to OMB. If sent 
by U.S. mail, they should be addressed to Office of Information and 
Regulatory Affairs, Office of Management and Budget, Attention: Desk 
Officer for the Federal Trade Commission, New Executive Office 
Building, Docket Library, Room 10102, 725 17th Street NW., Washington, 
DC 20503. Comments sent to OMB by U.S. postal mail, however, are 
subject to delays due to heightened security precautions. Thus, 
comments instead should be sent by facsimile to (202) 395-5167.
    Visit the Commission Web site at to read this Notice and the news 
release describing it. The FTC Act and other laws that the Commission 
administers permit the collection of public comments to consider and 
use in this proceeding as appropriate. The Commission will consider all 
timely and responsive public comments that it receives on or before May 
29, 2012. You can find more information, including routine uses 
permitted by the Privacy Act, in the Commission's privacy policy, at 
http://www.ftc.gov/ftc/privacy.htm.

Willard K. Tom,
General Counsel.
[FR Doc. 2012-10097 Filed 4-26-12; 8:45 am]
BILLING CODE 6750-01-P