25170 Federal Register / Vol. 77, No. 82 / Friday, April 27, 2012 / Notices 

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, § 1029(a), –(c). 

3See Dodd-Frank Act, § 1075 (these requirements 

are implemented through Board Regulation II, 12 

CFR part 235, rather than EFTA’s implementing 

Regulation E). 

4The CFPB also factored into its burden estimates 

respondents over which it has jurisdiction but the 

FTC does not. 

5These are dealers specified by the Dodd-Frank 

Act under § 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. 

6OMB Control Numbers 3170–0013 (Regulation 

B), 3170–0014 (Regulation E), 3170–0008 

(Regulation M), and 3170–0015 (Regulation Z). 

7See Dodd-Frank Act, § 1029(a), –(c). 

Unless otherwise noted, comments 

regarding each of these applications 

must be received at the Reserve Bank 

indicated or the offices of the Board of 

Governors not later than May 24, 2012. 

A. Federal Reserve Bank of Atlanta 

(Chapelle Davis, Assistant Vice 

President) 1000 Peachtree Street NE., 

Atlanta, Georgia 30309: 

1. Capital Bank Financial Corp., 

Miami, Florida; to acquire indirectly 

and then merge with Southern 

Community Financial Corporation, and 

thereby acquire its subsidiary, Southern 

Community Bank & Trust Company, 

both in Winston-Salem, North Carolina. 

In connection with this proposal, 

Applicant proposes to form a 

subsidiary, Winston 23 Corporation, 

Miami, Florida, which has applied to 

become a bank holding company by 

merging with Southern Community 

Financial Corporation, and its 

subsidiary, Southern Community Bank 

& Trust Company, both in WinstonSalem, North Carolina. 

Board of Governors of the Federal Reserve 

System, April 24, 2012. 

Robert deV. Frierson, 

Deputy Secretary of the Board. 

[FR Doc. 2012–10199 Filed 4–26–12; 8:45 am] 

BILLING CODE 6210–01–P 

FEDERAL TRADE COMMISSION 

Agency Information Collection 

Activities; Submission for OMB 

Review; Comment Request; Extension 

AGENCY: Federal Trade Commission 

(‘‘FTC’’ or ‘‘Commission’’). 

ACTION: Notice. 

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

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. 

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. 

Under the PRA, 44 U.S.C. 3501–3521, 

Federal agencies must get OMB 

approval for each collection of 

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Federal Register / Vol. 77, No. 82 / Friday, April 27, 2012 / Notices 25171 

8The 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. 

9NADA’s comment is available at http:// 

www.ftc.gov/os/comments/regsbemzpra/ 

index.shtm. 

10NADA states that it represents approximately 

16,000 new car and truck dealers, both domestic 

and import, with over 32,500 separate franchises. 

Id. 

11PRA ‘‘burden’’ does not include effort 

expended in the ordinary course of business, 

regardless of any regulatory requirement. 5 CFR 

1320.3(b)(2). 

12For 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. 

13The Commission generally does not have 

jurisdiction over banks, thrifts, and federal credit 

unions under the applicable regulations. 

14These 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). 

15This is an increase from past estimates of one 

hour per respondent in view of more complex 

transactions and their associated impact on 

recordkeeping. 

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

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. 

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). 

The regulations also require covered 

entities to make disclosures to thirdparties. Related compliance involves 

set-up/monitoring and transactionspecific 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

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. 

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. 

The applicable PRA requirements 

impose minimal capital or other nonlabor 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

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25172 Federal Register / Vol. 77, No. 82 / Friday, April 27, 2012 / Notices 

16Section 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. 

17Regulation 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. 

19The disclosure may be provided orally or in 

writing. The model form provided by Regulation B 

assists creditors in providing the written disclosure. 

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. 

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

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

Disclosures 

Setup/Monitoring 1 Transaction-related 2

Respondents 

Average burden 

per respondent 

(hours) 

Total setup/ 

monitoring 

burden 

(hours) 

Number of 

transactions 

Average 

burden per 

transaction 

(minutes) 

Total 

transaction 

burden 

(hours) 

Total burden 

(hours) 

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 

Total .................... ........................ .......................... ........................ ........................ ........................ ........................ 1,164,458 

1The 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 × 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. 2The above figures reflect a decrease in mortgage transactions, compared to prior FTC estimates. They also assume that half of applicable 

mortgage transactions (.5 × 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

Required task 

Managerial Skilled technical Clerical 

Total cost 

Time ($) 

(hours) 

Cost 

($49/hr.) 

Time 

(hours) 

Cost 

($30/hr.) 

Time 

(hours) 

Cost 

($16/hr.) 

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 

Total Recordkeeping .............. ........................ ........................ ........................ ........................ ........................ ........................ 12,720,734 

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Federal Register / Vol. 77, No. 82 / Friday, April 27, 2012 / Notices 25173 

REGULATION B: RECORDKEEPING AND DISCLOSURES—COST—Continued 

Required task 

Managerial Skilled technical Clerical 

Total cost 

Time ($) 

(hours) 

Cost 

($49/hr.) 

Time 

(hours) 

Cost 

($30/hr.) 

Time 

(hours) 

Cost 

($16/hr.) 

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 

Total Disclosures .......... ........................ ........................ ........................ ........................ ........................ ........................ 37,146,214 

Total Recordkeeping and 

Disclosures ........................ ........................ ........................ ........................ ........................ ........................ 49,866,948 

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

Disclosures 

Setup/monitoring Transaction-related 

Respondents 

Average 

burden per 

respondent 

(hours) 

Total setup 

monitoring 

burden 

(hours) 

Number of 

transactions 

Average 

burden per 

transaction 

(minutes) 

Total 

transaction 

burden 

(hours) 

Total burden 

(hours) 

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 

1Estimated preauthorized transfers have increased from the FTC’s previously cleared estimate. 

2Estimated ATM transactions have increased from the FTC’s previously cleared estimate. 

3Estimated electronic check conversion has decreased from the FTC’s previously cleared estimate. 

4Payroll 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. 

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25174 Federal Register / Vol. 77, No. 82 / Friday, April 27, 2012 / Notices 

20For 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. 

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

Required task 

Managerial Skilled technical Clerical 

Total cost 

Time ($) 

(hours) 

Cost 

($49/hr.) 

Time 

(hours) 

Cost 

($30/hr.) 

Time 

(hours) 

Cost 

($16/hr.) 

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 Recordkeeping and 

Disclosures ........................ ........................ ........................ ........................ ........................ ........................ 135,042,449 

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

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. 

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Federal Register / Vol. 77, No. 82 / Friday, April 27, 2012 / Notices 25175 

21Some 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. 

22This is an increase from past estimates of one 

hour per respondent in recognition of the breadth 

of amendments to Regulation Z and their associated 

Continued 

REGULATION M: DISCLOSURES—BURDEN HOURS

Disclosures 

Setup/monitoring Transaction-related 

Respondents 

Average burden 

per respondent 

(hours) 

Total setup/ 

monitoring 

burden 

(minutes) 

Number of 

transactions 

Average burden per transaction 

(minutes) 

Total transaction burden 

(hours) 

Total burden 

(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 

1This 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. 2This 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

Required task 

Managerial Skilled technical Clerical 

Total cost 

Time ($) 

(hours) 

Cost 

($49/hr.) 

Time 

(hours) 

Cost 

($30/hr.) 

Time 

(hours) 

Cost 

($16/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 

Disclosures ........................ ........................ ........................ ........................ ........................ ........................ $3,129,338 

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. 

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 

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25176 Federal Register / Vol. 77, No. 82 / Friday, April 27, 2012 / Notices 

impact on recordkeeping though increased coverage 

and more complex transactions. 

total of 663,099 hours. This is further 

detailed below along with estimates for 

disclosures under Regulation Z. 

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

Disclosures 1

Setup/monitoring Transaction-related 

Total burden 

(hours) Respondents 

Average burden 

per 

respondent 2

(hours) 

Total setup/ 

monitoring 

burden 

(hours) 

Number of 

transactions 

Average 

burden per 

transaction 3

(minutes) 

Total 

transaction 

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 marketing—ed. institutions 8 ........ 2,500 .5 1,250 250,000 .25 1,042 2,292 

College student 

credit card marketing—card 

issuer reports 9 300 .75 225 18,000 .75 225 450 

Posting and reporting of credit 

card agreements 10 ........... 25,000 .75 18,750 12,500,000 .375 78,125 96,875 

Advertising .......... 100,000 .75 75,000 300,000 .75 3,750 78,750 

Sale, transfer, or 

assignment of 

mortgages 11 .... 1,875 .5 938 1,750,000 .25 7,292 8,230 

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 

higher priced 

mortgages 17 .... 10,000 .5 5,000 125,000 1.5 3,125 8,125 

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 

mortgages 20 .... 100,000 .5 50,000 5,000,000 .25 20,833 70,833 

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Federal Register / Vol. 77, No. 82 / Friday, April 27, 2012 / Notices 25177 

REGULATION Z: DISCLOSURES—BURDEN HOURS—Continued 

Disclosures 1

Setup/monitoring Transaction-related 

Total burden 

(hours) Respondents 

Average burden 

per 

respondent 2

(hours) 

Total setup/ 

monitoring 

burden 

(hours) 

Number of 

transactions 

Average 

burden per 

transaction 3

(minutes) 

Total 

transaction 

burden 

(hours) 

Appraiser misconduct reporting 21 ................ 625,000 .75 468,750 12,500,000 .375 78,125 546,875 

Total openend credit ........................ .......................... ........................ ........................ ........................ ........................ 4,538,577 

Total closedend 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. 2Burden per respondent in many categories has increased compared to prior FTC estimates, due to changes in rules. 

3Burden 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. 13Estimated 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. 16Variable 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

Required task 

Managerial Skilled technical Clerical 

Total cost 

Time ($) 

(hours) 

Cost 

($49/hr.) 

Time 

(hours) 

Cost 

($30/hr.) 

Time 

(hours) 

Cost 

($16/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 marketing—ed institutions ................ 229 11,221 2,063 61,890 0 0 73,111 

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25178 Federal Register / Vol. 77, No. 82 / Friday, April 27, 2012 / Notices 

23 In particular, the written request for 

confidential treatment that accompanies the 

REGULATION Z: RECORDKEEPING AND DISCLOSURES—COST—Continued 

Required task 

Managerial Skilled technical Clerical 

Total cost 

Time ($) 

(hours) 

Cost 

($49/hr.) 

Time 

(hours) 

Cost 

($30/hr.) 

Time 

(hours) 

Cost 

($16/hr.) 

College student 

credit card marketing—card 

issuer reports .... 45 2,205 405 12,150 0 0 14,355 

Posting and reporting of credit card 

agreements ....... 9,688 474,712 87,187 2,615,610 0 0 3,090,322 

Advertising ............ 7,875 385,875 70,875 2,126,250 0 0 2,512,125 

Sale, transfer, or 

assignment of 

mortgages ......... 823 40,327 7,407 222,210 0 0 262,537 

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 

higher priced 

mortgages ......... 969 47,481 8,719 261,570 0 0 309,051 

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 

mortgages ......... 7,083 347,067 63,750 1,912,500 0 0 2,259,567 

Appraiser misconduct reporting 54,687 2,679,663 492,188 14,765,640 0 0 17,445,303 

Total closedend credit ... ........................ ........................ ........................ ........................ ........................ ........................ 238,077,975 

Total Disclosures .......... ........................ ........................ ........................ ........................ ........................ ........................ 382,858,568 

Total Recordkeeping and 

Disclosures ........................ ........................ ........................ ........................ ........................ ........................ 394,396,492 

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 

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Federal Register / Vol. 77, No. 82 / Friday, April 27, 2012 / Notices 25179 

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). 

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. 

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 

DEPARTMENT OF HEALTH AND 

HUMAN SERVICES 

Agency for Healthcare Research and 

Quality 

Patient Safety Organizations: Expired 

Listing for Medkinetics, LLC 

AGENCY: Agency for Healthcare Research 

and Quality (AHRQ), HHS. 

ACTION: Notice of delisting. 

SUMMARY: AHRQ has accepted a 

notification of expiration from the 

Medkinetics, LLC of its status as a 

Patient Safety Organization (PSO). The 

Patient Safety and Quality Improvement 

Act of 2005 (Patient Safety Act) 

authorizes the listing of PSOs, which are 

entities or component organizations 

whose mission and primary activity is 

to conduct activities to improve patient 

safety and the quality of health care 

delivery. HHS issued the Patient Safety 

and Quality Improvement Final Rule 

(Patient Safety Rule) to implement the 

Patient Safety Act. AHRQ administers 

the provisions of the Patient Safety Act 

and Patient Safety Rule relating to the 

listing and operation of PSOs. 

DATES: The directories for both listed 

and delisted PSOs are ongoing and 

reviewed weekly by AHRQ. The 

delisting was effective at 12 Midnight 

ET (2400) on January 6, 2012. 

ADDRESSES: Both directories can be 

accessed electronically at the following 

HHS Web site: http:// 

www.PSO.AHRQ.qov/index.html. 

FOR FURTHER INFORMATION CONTACT: 

Eileen Hogan, Center for Quality 

Improvement and Patient Safety, AHRQ, 

540 Gaither Road, Rockville, MD 20850; 

Telephone (toll free): (866) 403–3697; 

Telephone (local): (301) 427–1111; TTY 

(toll free): (866) 438–7231; TTY (local): 

(301) 427–1130; Email: 

PSO@AHRQ.hhs.gov. 

SUPPLEMENTARY INFORMATION: 

Background 

The Patient Safety Act, Public Law 

109–41, 42 U.S.C. 299b–21—b–26, 

provides for the formation of PSOs, 

which collect, aggregate, and analyze 

confidential information regarding the 

quality and safety of health care 

delivery. The Patient Safety Rule, 42 

CFR part 3, authorizes AHRQ, on behalf 

of the Secretary of HHS, to list as a PSO 

an entity that attests that it meets the 

statutory and regulatory requirements 

for listing. A PSO can be ‘‘delisted’’ by 

the Secretary if it is found to no longer 

meet the requirements of the Patient 

Safety Act and Patient Safety Rule. 

Section 3.108(d) of the Patient Safety 

Rule requires AHRQ to provide public 

notice when it removes an organization 

from the list of federally approved 

PSOs. Accordingly, Medkinetics, LLC, 

PSO number P0036, was delisted 

effective at 12 Midnight ET (2400) on 

January 6, 2012. 

More information on PSOs can be 

obtained through AHRQ’s PSO Web site 

at http://www.PSO.AHRQ.gov/ 

index.html. 

Dated: April 19, 2012. 

Carolyn M. Clancy, 

Director. 

[FR Doc. 2012–10013 Filed 4–26–12; 8:45 am] 

BILLING CODE 4160–90–M 

DEPARTMENT OF HEALTH AND 

HUMAN SERVICES 

Agency for Healthcare Research and 

Quality 

Patient Safety Organizations: 

Voluntary Relinquishment From 

Surgical Safety Institute 

AGENCY: Agency for Healthcare Research 

and Quality (AHRQ), HHS. 

ACTION: Notice of delisting. 

SUMMARY: AHRQ has accepted a 

notification of voluntary relinquishment 

from the Surgical Safety Institute of its 

status as a Patient Safety Organization 

(PSO). The Patient Safety and Quality 

Improvement Act of 2005 (Patient Safety 

Act) authorizes the listing of PSOs, 

which are entities or component 

organizations whose mission and 

primary activity is to conduct activities 

to improve patient safety and the quality 

of health care delivery. HHS issued the 

Patient Safety and Quality Improvement 

Final Rule (Patient Safety Rule) to 

implement the Patient Safety Act. 

AHRQ administers the provisions of the 

Patient Safety Act and Patient Safety 

Rule relating to the listing and operation 

of PS0s. 

DATES: The directories for both listed 

and delisted PSOs are ongoing and 

reviewed weekly by AHRQ. The 

delisting was effective at 12 Midnight 

ET (2400) on February 21, 2012. 

ADDRESSES: Both directories can be 

accessed electronically at the following 

HHS Web site: 

http://www.pso.AHRQ.gov/index.html. 

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