12034 Federal Register / Vol. 77, No. 39 / Tuesday, February 28, 2012 / Notices 

27For example, one consulting firm estimated 

that the 26 percent of checking accounts in which 

overdraft fees occur and the 23 percent of accounts 

with balances over $3000 are responsible for the 

vast majority of bank revenue (the former based on 

overdraft fees and the latter based on interest 

earned on deposits) while the remaining 51 percent 

of accounts were unprofitable, earning less in fee 

income and interest than it cost the banks to service 

them. (Celent blog posted March 10, 2010, viewable 

at http://bankingblog.celent.com/?p=1261). 

system of posting debit transactions; 

adoption of a system that separates 

different types of debit transactions 

(e.g., ATM and point of sale debit, ACH, 

check, and various account fees) and 

applies different rules to order 

transactions in discrete buckets; and 

adoption of a system which orders debit 

transactions from smallest to highest 

dollar amount. The Bureau is interested 

in learning how these changes have 

affected consumers. Comments could 

include information regarding: 

a. The different ways in which 

institutions currently group and order 

different types of transactions; 

b. How institutions disclose the ways 

in which they currently group and order 

transactions; 

c. The consequences in practice of 

different grouping and ordering policies 

for the frequency with which consumers 

may incur overdrafts and related fees. 

Or the consequences for whether certain 

overdraft items will or will not be paid; 

or 

d. The impact of funds availability 

policies on when overdrafts are 

determined to have occurred. 

10. In addition to transaction ordering 

policies, the Bureau is also aware that 

some institutions have adopted other 

new policies with respect to overdrafts. 

For example, some institutions have 

declined to permit consumers to opt in 

to overdraft coverage of electronic debits 

and instead reject those transactions or 

allow consumers to opt in at the point 

of the transaction. Other institutions 

have adopted cushions on the amount 

by which an account must be overdrawn 

to incur an overdraft fee; caps on the 

number of fees that may be incurred in 

a given day; tiered overdraft fees; a grace 

period to cover an overdraft item 

without incurring a fee; or a waiver of 

fees on a certain number of overdraft 

items per month. In what way do such 

changes—or other new policies with 

respect to overdraft—affect the 

incidence and/or severity of overdraft 

charges? 

The Economics of Overdraft Programs 

11. The Bureau is interested in the 

economics of overdraft programs, 

including their contribution to overall 

costs and revenues associated with 

checking accounts. There is concern 

based on the FDIC study’s data from 

2006 that many institutions are reliant 

on fees from a small group of frequent 

overdrafters for a disproportionate share 

of revenue from checking accounts, 

while many other accountholders 

benefit as ‘‘free riders.’’ 27 The Bureau is 

interested to learn the extent to which 

the FDIC study’s findings from 2006 are 

representative of the market today. At 

the same time, the Bureau also seeks to 

learn what costs regulations affecting 

overdrafts might impose on institutions. 

Comments may address, among other 

things: 

a. How the distribution of overdraft 

revenue from consumers may have 

evolved since the FDIC study and the 

implementation of changes in 

Regulations DD and E; 

b. The distribution of overdraft fees by 

type of transaction (check, ACH, debit, 

ATM, etc.) today relative to what the 

FDIC found in its study; 

c. The extent to which different 

groups of consumers incur overdrafts 

and related fees disproportionately (for 

example, the FDIC study suggested that 

young adults and consumers with low 

or moderate incomes might incur 

overdrafts more frequently than other 

groups); 

d. The share of deposit service fees 

charged to consumer accounts that are 

attributable to overdrafts and NSFs 

today; 

e. The costs to institutions of 

administering overdraft programs; and 

f. The losses (e.g., charge-offs) that 

occur as a result of extending overdraft 

coverage. 

Long-Term Impact on Consumers 

12. The long term impact of overdraft 

programs on consumer behavior and 

options is of particular interest to the 

Bureau. Some have argued that 

overdraft programs allow consumers to 

meet liquidity challenges while others 

argue that overdraft eventually adds to 

liquidity issues because of the high 

recurring fees that frequent overdrafters 

must pay. Further, there is concern that 

heavy use may lead a significant 

percentage of users to damage their 

credit records in databases institutions 

use to qualify consumers for checking 

accounts and thereby to lose access to 

the services of competing providers or 

to the banking system altogether. To 

what extent are these various 

perspectives valid? 

Dated: February 22, 2012. 

Meredith Fuchs, 

Chief of Staff, Consumer Financial Protection 

Bureau. 

[FR Doc. 2012–4576 Filed 2–27–12; 8:45 am] 

BILLING CODE 4810–AM–P 

THE BUREAU OF CONSUMER 

FINANCIAL PROTECTION 

[Docket No. CFPB–2012–0008] 

Privacy Act of 1974, as Amended 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Notice of Proposed Privacy Act 

System of Records. 

SUMMARY: In accordance with the 

Privacy Act of 1974, as amended, the 

Bureau of Consumer Financial 

Protection (‘‘CFPB’’ or the ‘‘Bureau’’) 

gives notice of the establishment of a 

Privacy Act System of Records. 

DATES: Comments must be received no 

later than March 29, 2012. The new 

system of records will be effective April 

9, 2012, unless the comments received 

result in a contrary determination. 

ADDRESSES: You may submit comments, 

identified by Docket No. CFPB–2012– 

0008, by any of the following methods: 

• Electronic: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• Mail or Hand Delivery/Courier in 

Lieu of Mail: Claire Stapleton, Chief 

Privacy Officer, Consumer Financial 

Protection Bureau, 1700 G Street NW., 

Washington, DC 20552. 

All submissions must include the 

agency name and docket number for this 

notice. In general all comments received 

will be posted without change to http:// 

www.regulations.gov. In addition, 

comments will be available for public 

inspection and copying at 1700 G Street 

NW., Washington, DC 20552, on official 

business days between the hours of 

10 a.m. and 5 p.m. Eastern Time. You 

can make an appointment to inspect 

comments by telephoning (202) 435– 

7220. All comments, including 

attachments and other supporting 

materials, will become part of the public 

record and subject to public disclosure. 

You should submit only information 

that you wish to make available 

publicly. 

FOR FURTHER INFORMATION CONTACT: 

Claire Stapleton, Chief Privacy Officer, 

Consumer Financial Protection Bureau, 

1700 G Street NW., Washington, DC 

20552, (202) 435–7220. 

SUPPLEMENTARY INFORMATION: The DoddFrank Wall Street Reform and Consumer 

Protection Act (‘‘Act’’), Public Law 111– 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 39 / Tuesday, February 28, 2012 / Notices 12035 

203, Title X, established the CFPB to 

administer and enforce federal 

consumer financial protection law. 

Section 1014 of the Act requires the 

Director of the CBPB to establish a 

Consumer Advisory Board (CAB) to 

advise and consult with the Bureau in 

the exercise of its functions under the 

Federal consumer financial laws, and to 

provide information on emerging 

practices in the consumer financial 

products or services industry, including 

regional trends, concerns, and other 

relevant information. The CFPB 

anticipates that it may establish 

additional advisory boards, groups, or 

committees in the future to advise and 

consult with the Bureau in the exercise 

of its functions. 

The new system of records described 

in this notice ‘‘CFPB.016–CFPB 

Advisory Boards and Committees’’ will 

maintain records concerning the 

activities and operations of the CFPB’s 

Advisory Boards and Committees, 

including the CAB. 

The report of the new system of 

records has been submitted to the 

Committee on Oversight and 

Government Reform of the House of 

Representatives, the Committee on 

Homeland Security and Governmental 

Affairs of the Senate, and the Office of 

Management and Budget, pursuant to 

Appendix I to OMB Circular A–130, 

‘‘Federal Agency Responsibilities for 

Maintaining Records About 

Individuals,’’ dated November 30, 2000, 

and the Privacy Act, 5 U.S.C. 552a(r). 

The system of records entitled 

‘‘CFPB.016—CFPB Advisory Boards and 

Committees’’ is published in its entirety 

below. 

Dated: February 23, 2012. 

Claire Stapleton, 

Chief Privacy Officer. 

CFPB.016 

SYSTEM NAME: 

CFPB Advisory Boards and 

Committees. 

SYSTEM LOCATION: 

Consumer Financial Protection 

Bureau, 1700 G Street NW., Washington 

DC 20552. 

CATEGORIES OF INDIVIDUALS COVERED BY THE

SYSTEM: 

Individuals covered by this system 

include any individual who nominated 

an individual to be on an advisory board 

or committee to the CFPB (CFPB board 

or committee), served as a reference for 

a CFPB board or committee nominee, or 

was nominated to be on a CFPB board 

or committee, is currently serving on a 

CFPB board or committee, and/or has 

served on a CFPB board or committee 

and is no longer serving. Board and 

committee alternatives are also included 

in this system. Individuals covered by 

this system also will include any 

individual, including the public, who, 

upon invitation from the CFPB board or 

committee, provided advice or 

comments on issues or otherwise 

interacted with the CFPB board or 

committee. 

CATEGORIES OF RECORDS IN THE SYSTEM: 

Information maintained on 

individuals who are past, present or 

nominated members of CFPB boards or 

committees will include: (1) Contact 

information (i.e. name, business phone 

number, email address); (2) travel 

records, including dates, locations, 

travel orders and travel vouchers; (3) 

information relevant to a determination 

of suitability for serving on the board or 

committee, including but not limited to 

social security number (SSN), place of 

birth, date of birth, gender, education, 

registration in professional societies, 

work experience, record of performance, 

publications authored, membership on 

boards and committees, professional 

awards, declaration of desire and 

eligibility to serve, lobbyist registration, 

prior criminal or terrorist activity, and 

other information that can be used to 

determine if the individual is fit to serve 

on the board or committee; (4) financial 

disclosure information for board or 

committee members; (5) names of 

nominee’s references and notes and 

records of conversations with those 

references; (6) miscellaneous 

correspondence. Information 

maintained on experts and consultants 

invited to provide advice or comments 

to a CFPB board or committee will 

include: (1) Contact information (i.e. 

name, business phone number, email 

address); and (2) travel records, 

including dates, locations, travel orders 

and travel vouchers. Information 

maintained on members of the public 

invited to provide advice or comment or 

otherwise interact with a CFPB board or 

committee will include contact 

information (i.e. name, business phone 

number, email address). 

AUTHORITY FOR MAINTENANCE OF THE SYSTEM: 

Pub. L. 111–203, Title X, sections 

1011, 1012, 1014, codified at 12 U.S.C. 

5491, 5492, 5494. 

PURPOSE(S): 

The purpose of the system is to collect 

and maintain information on CFPB 

board or committee nominees and 

members and those that may interact 

with CFPB regarding the board or 

committee. The records are used for 

administration of the committees or 

boards, including the preparation of 

minutes and reports; listings of past, 

present, and recommended advisory 

board or committee members; lists of 

vacancies, acceptances, and separations; 

and documentation of nominations. 

ROUTINE USES OF RECORDS MAINTAINED IN THE

SYSTEM, INCLUDING CATEGORIES OF USERS AND

THE PURPOSES OF SUCH USES: 

These records may be disclosed, 

consistent with the CFPB’s rules relating 

to Disclosure of Records and 

Information, promulgated at 12 CFR 

1070 et seq. to the following: 

(1) Appropriate agencies, entities, and 

persons when: (a) The CFPB suspects or 

has confirmed that the security or 

confidentiality of information in the 

system of records has been 

compromised; (b) the CFPB has 

determined that, as a result of the 

suspected or confirmed compromise, 

there is a risk of harm to economic or 

property interests, identity theft or 

fraud, or harm to the security or 

integrity of this system or other systems 

or programs (whether maintained by the 

CFPB or another agency or entity) that 

rely upon the compromised 

information; and (c) the disclosure made 

to such agencies, entities, and persons is 

reasonably necessary to assist in 

connection with the CFPB’s efforts to 

respond to the suspected or confirmed 

compromise and prevent, minimize, or 

remedy such harm; 

(2) Another federal or state agency to 

(a) permit a decision as to access, 

amendment or correction of records to 

be made in consultation with or by that 

agency, or (b) verify the identity of an 

individual or the accuracy of 

information submitted by an individual 

who has requested access to or 

amendment or correction of records; 

(3) To the Office of the President in 

response to an inquiry from that office 

made at the request of the subject of a 

record or a third party on that person’s 

behalf; 

(4) Congressional offices in response 

to an inquiry made at the request of the 

individual to whom the record pertains; 

(5) Contractors, agents, or other 

authorized individuals performing work 

on a contract, service, cooperative 

agreement, job, or other activity on 

behalf of the CFPB or Federal 

Government and who have a need to 

access the information in the 

performance of their duties or activities; 

(6) A court, magistrate, or 

administrative tribunal in the course of 

an administrative proceeding or judicial 

proceeding, including disclosures to 

opposing counsel or witnesses 

(including expert witnesses) in the 


tkelley on DSK3SPTVN1PROD with NOTICES
12036 Federal Register / Vol. 77, No. 39 / Tuesday, February 28, 2012 / Notices 

course of discovery or other pre-hearing 

exchanges of information, litigation, or 

settlement negotiations, where relevant 

or potentially relevant to a proceeding, 

or in connection with criminal law 

proceedings; and 

(7) To the public in the form of 

names, affiliations, and other pertinent 

biographical information of board or 

committee members. 

POLICIES AND PRACTICES FOR STORING, 

RETRIEVING, ACCESSING, RETAINING, AND

DISPENSING OF RECORDS IN THE SYSTEM: 

STORAGE: 

Paper and electronic records. 

RETRIEVABILITY: 

Records are retrievable by the name of 

the individual, SSN, or another personal 

identifier. 

SAFEGUARDS: 

Access to electronic records is 

restricted to authorized personnel who 

have been issued non-transferrable 

access codes and passwords. Other 

records are maintained in locked file 

cabinets or rooms with access limited to 

those personnel whose official duties 

require access. 

RETENTION AND DISPOSAL: 

The CFPB will maintain electronic 

and paper records indefinitely until the 

National Archives and Records 

Administration (NARA) approves the 

CFPB’s records disposition schedule. 

SYSTEM MANAGER(S) AND ADDRESS: 

Consumer Financial Protection 

Bureau, Consumer Advisory Board 

Manager, 1500 Pennsylvania Ave NW. 

(Attn: 1801 L Street NW.), Washington, 

DC 20220. 

NOTIFICATION PROCEDURE: 

Individuals seeking notification and 

access to any record contained in this 

system of records, or seeking to contest 

its content, may inquire in writing in 

accordance with instructions appearing 

in Title 12, Chapter 10 of the CFR, 

‘‘Disclosure of Records and 

Information.’’ Address such requests to: 

Chief Privacy Officer, Bureau of 

Consumer Financial Protection, 1700 G 

Street NW., Washington, DC 20552. 

RECORD ACCESS PROCEDURES: 

See ‘‘Notification Procedures’’ above. 

CONTESTING RECORD PROCEDURES: 

See ‘‘Notification Procedures’’ above. 

RECORD SOURCE CATEGORIES: 

Information in this system is obtained 

directly from the individual who is the 

subject of these records. 

EXEMPTIONS CLAIMED FOR THE SYSTEM: 

None. 

[FR Doc. 2012–4697 Filed 2–27–12; 8:45 am] 

BILLING CODE 4810–AM–P 

CORPORATION FOR NATIONAL AND 

COMMUNITY SERVICE 

Proposed Information Collection; 

Comment Request 

AGENCY: Corporation for National and 

Community Service. 

ACTION: Notice. 

SUMMARY: The Corporation for National 

and Community Service (the 

Corporation), as part of its continuing 

effort to reduce paperwork and 

respondent burden, conducts a preclearance consultation program to 

provide the general public and federal 

agencies with an opportunity to 

comment on proposed and/or 

continuing collections of information in 

accordance with the Paperwork 

Reduction Act of 1995 (PRA95) (44 

U.S.C. Sec. 3506(c)(2)(A)). This program 

helps to ensure that requested data can 

be provided in the desired format, 

reporting burden (time and financial 

resources) is minimized, collection 

instruments are clearly understood, and 

the impact of collection requirement on 

respondents can be properly assessed. 

Currently, the Corporation is 

soliciting comments concerning its 

Segal AmeriCorps Education Award 

Matching Program Commitment Form. 

This form is submitted by colleges and 

universities that provide incentives for 

AmeriCorps alumni such as matching or 

partially matching the AmeriCorps 

Education Award that members receive 

after successful completion of the 

AmeriCorps program. Completion of 

this information collection is required 

for colleges and universities to obtain 

approval for information on them to 

appear on the Segal AmeriCorps 

Education Awards section of the 

Corporation for National and 

Community Service Web site. 

Copies of the information collection 

request can be obtained by contacting 

the office listed in the addresses section 

of this notice. 

DATES: Written comments must be 

submitted to the individual and office 

listed in the ADDRESSES section by April 

30, 2012. 

ADDRESSES: You may submit comments, 

identified by the title of the information 

collection activity, by any of the 

following methods: 

(1) By mail sent to: Corporation for 

National and Community Service, 

Calvin Dawson, Room 9106C, 1201 New 

York Avenue NW., Washington, DC 

20525. 

(2) By hand delivery or by courier to 

the Corporation’s mailroom at Room 

8100 at the mail address given in 

paragraph (1) above, between 9 a.m. and 

4 p.m. Eastern Time, Monday through 

Friday, except Federal holidays. 

(3) By fax to: (202) 606–3475 Calvin 

Dawson, Program Specialist. 

(4) Electronically through 

cdawson@cns.gov or 

www.regulations.gov. Individuals who 

use a telecommunications device for the 

deaf (TTY–TDD) may call 1–800–833– 

3722 between 8 a.m. and 8 p.m. Eastern 

Time, Monday through Friday. 

FOR FURTHER INFORMATION CONTACT: 

Calvin Dawson, 202–606–6897 or by 

email at cdawson@cns.gov. 

SUPPLEMENTARY INFORMATION: The 

Corporation is particularly interested in 

comments that: 

• Evaluate whether the proposed 

collection of information is necessary 

for the proper performance of the 

functions of the Corporation, including 

whether the information will have 

practical utility; 

• Evaluate the accuracy of the 

agency’s estimate of the burden of the 

proposed collection of information, 

including the validity of the 

methodology and assumptions used; 

• Enhance the quality, utility, and 

clarity of the information to be 

collected; and 

• Minimize the burden of the 

collection of information on those who 

are expected to respond, including the 

use of appropriate automated, 

electronic, mechanical, or other 

technological collection techniques or 

other forms of information technology 

(e.g., permitting electronic submissions 

of responses). 

Background 

The information is provided by 

colleges and universities who are 

requesting to be listed on the Segal 

AmeriCorps Education Award Matching 

Program section of the Corporation for 

National and Community Service Web 

site. The information will be collected 

electronically by the Corporation for 

National and Community Service. 

Current Action 

This is a new information request. 

The information collected will be used 

to determine if colleges and universities 

are eligible to be listed on the Segal 

AmeriCorps Education Award Matching 

Program section of the Corporation for 

National and Community Service Web 

site. 

Type of Review: New. 


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