Federal Register / Vol. 75, No. 219 / Monday, November 15, 2010 / Notices 69665 

1Under section 217, the term ‘‘financial 

institution’’ is defined broadly to have the same 

meaning as in the privacy provisions of the GrammLeach-Bliley Act of 1999 (GLB Act), which defines 

financial institution to mean ‘‘any institution the 

business of which is engaging in financial activities 

as described in section 4(k) of the Bank Holding 

Company Act of 1956,’’ whether or not affiliated 

with a bank. 15 U.S.C. 6809(3). 

INSTITUTIONS IN LIQUIDATION

[In alphabetical order] 

FDIC Ref. No. Bank name City State Date closed 

10307 ......................................... First Vietnamese American Bank ........................ Westminster ............................... CA 11/05/2010. 

10308 ......................................... K Bank .................................................................. Randallstown .............................. MD 11/05/2010. 

10309 ......................................... Pierce Commercial Bank ..................................... Tacoma ...................................... WA 11/05/2010. 

10310 ......................................... Western Commercial Bank .................................. Woodland Hills ........................... CA 11/05/2010. 

[FR Doc. 2010–28628 Filed 11–12–10; 8:45 am] 

BILLING CODE P 

FEDERAL RESERVE SYSTEM 

Agency Information Collection 

Activities: Announcement of Board 

Approval Under Delegated Authority 

and Submission to OMB 

SUMMARY: Background. Notice is hereby 

given of the final approval of proposed 

information collection by the Board of 

Governors of the Federal Reserve 

System (Board) under OMB delegated 

authority, as per 5 CFR 1320.16 (OMB 

Regulations on Controlling Paperwork 

Burdens on the Public). Board-approved 

collections of information are 

incorporated into the official OMB 

inventory of currently approved 

collections of information. Copies of the 

Paperwork Reduction Act Submission, 

supporting statements and approved 

collection of information instrument(s) 

are placed into OMB’s public docket 

files. The Federal Reserve may not 

conduct or sponsor, and the respondent 

is not required to respond to, an 

information collection that has been 

extended, revised, or implemented on or 

after October 1, 1995, unless it displays 

a currently valid OMB control number. 

FOR FURTHER INFORMATION CONTACT: 

Acting Federal Reserve Board Clearance 

Officer—Cynthia Ayouch—Division of 

Research and Statistics, Board of 

Governors of the Federal Reserve 

System, Washington, DC 20551 (202– 

452–3829). 

OMB Desk Officer—Shagufta 

Ahmed—Office of Information and 

Regulatory Affairs, Office of 

Management and Budget, New 

Executive Office Building, Room 10235, 

Washington, DC 20503. 

Final approval under OMB delegated 

authority of the extension for three 

years, without revision, of the following 

information collection: 

Report title: Recordkeeping and 

Disclosure requirements associated with 

Regulation V. 

Agency form number: Regulation V. 

OMB control number: 7100–0308. 

Frequency: On occasion. 

Reporters: Financial institutions.1

Estimated annual reporting hours: 

2,162,864 hours. 

Estimated average time per response: 

Negative information notice, 15 

minutes. Affiliate marketing opt-out 

notice, financial institutions, 18 hours; 

consumer response, 5 minutes. Red flags 

provision, 41 hours. Risk-based pricing 

notices and disclosures, one-time 

update, 40 hours; ongoing, 5 hours. 

Information furnished to consumer 

reporting agencies, policy & procedures, 

40 hours; irrelevant dispute notices, 14 

minutes. 

Number of respondents: Negative 

information notice, 30,000 financial 

institutions. Affiliate marketing opt-out 

notice, 2,619 financial institutions; 

638,380 consumer response. Red flags 

provision, 1,172 financial institutions. 

Risk-based pricing notice and 

disclosure, one-time update, 18,173 

financial institutions; ongoing, 18,173 

financial institutions. Information 

furnished to consumer reporting 

agencies, policy & procedures, 1,172 

financial institutions; irrelevant dispute 

notices, 611,966. 

General description of report: This 

information collection is authorized 

pursuant to the Fair Credit Reporting 

Act (FCRA) (15 U.S.C. 1681b, 1681c, 

1681m, and 1681s–2 and 1681s–3). The 

obligation to comply with the notice 

and disclosure requirements of 

Regulation V is mandatory. Because the 

records are maintained at state member 

banks and the notices are not provided 

to the Federal Reserve, no issue of 

confidentiality arises under the 

Freedom of Information Act. 

Abstract: Regulation V, which 

implements FCRA, as amended by the 

Fair and Accurate Credit Transactions 

Act of 2003 (FACT Act), contains 

several requirements that impose 

information collection requirements. 

Under the negative information notice 

provisions of the FACT Act, financial 

institutions that (1) extend credit and 

regularly in the ordinary course of 

business furnish information to a 

nationwide consumer reporting agency 

(CRA) and (2) furnish negative 

information to a CRA regarding credit 

extended to a customer must provide a 

clear and conspicuous notice to the 

customer, in writing, about furnishing 

this negative information. Regulation V 

contains model forms developed by the 

Federal Reserve that financial 

institutions may use to comply with this 

notice requirement. Under the affiliate 

marketing provisions of Regulation V, 

financial institutions are prohibited 

from using certain information received 

from an affiliate to make a solicitation 

to a consumer unless the consumer is 

given notice and a reasonable 

opportunity to opt out of such 

solicitations, and the consumer does not 

opt out. Under the Red Flags provisions 

of Regulation V, financial institutions 

are required to develop and implement 

a written identity theft prevention 

program to detect, prevent, and mitigate 

identity theft in connection with the 

opening of certain accounts or certain 

existing accounts. In addition, credit 

and debit card issuers, under certain 

circumstances, are required to assess the 

validity of notifications of changes of 

address. 

Current Actions: On September 2, 

2010, the Federal Reserve published a 

notice in the Federal Register (75 FR 

53966) requesting public comment for 

60 days on the extension, without 

revision, of this information collection. 

The comment period for this notice 

expired on November 1, 2010. The 

Federal Reserve did not receive any 

comments. 

Board of Governors of the Federal Reserve 

System, November 8, 2010. 

Jennifer J. Johnson, 

Secretary of the Board. 

[FR Doc. 2010–28568 Filed 11–12–10; 8:45 am] 

BILLING CODE 6210–01–P 


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