[Federal Register Volume 74, Number 59 (Monday, March 30, 2009)]
[Notices]
[Pages 14126-14127]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-6923]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: Background. On June 15, 1984, the Office of Management and 
Budget (OMB) delegated to the Board of Governors of the Federal Reserve 
System (Board) its approval authority under the Paperwork Reduction Act 
(PRA), as per 5 CFR 1320.16, to approve of and assign OMB control 
numbers to collection of information requests and requirements 
conducted or sponsored by the Board under conditions set forth in 5 CFR 
1320 Appendix A.1. 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 instruments 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.

Request for Comment on Information Collection Proposals

    The following information collections, which are being handled 
under this delegated authority, have received initial Board approval 
and are hereby published for comment. At the end of the comment period, 
the proposed information collections, along with an analysis of 
comments and recommendations received, will be submitted to the Board 
for final approval under OMB delegated authority. Comments are invited 
on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Federal Reserve's functions; including 
whether the information has practical utility;
    b. The accuracy of the Federal Reserve's estimate of the burden of 
the proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected; and
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology.

DATES: Comments must be submitted on or before May 29, 2009.

ADDRESSES: You may submit comments, identified by FR 1380 or FR 3051 by 
any of the following methods:
    <bullet> Agency Web Site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
    <bullet> Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
    <bullet> E-mail: <a href="/cdn-cgi/l/email-protection#50223537237e333f3d3d353e2423103635343522313c223523352226357e373f26"><span class="__cf_email__" data-cfemail="c7b5a2a0b4e9a4a8aaaaa2a9b3b487a1a2a3a2b5a6abb5a2b4a2b5b1a2e9a0a8b1">[email protected]</span></a>. Include docket 
number in the subject line of the message.
    <bullet> Fax: 202/452-3819 or 202/452-3102.
    <bullet> Mail: Jennifer J. Johnson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue, 
NW., Washington, DC 20551.

All public comments are available from the Board's Web site at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as submitted, 
unless modified for technical reasons. Accordingly, your comments will 
not be edited to remove any identifying or contact information. Public 
comments may also be viewed electronically or in paper form in Room MP-
500 of the Board's Martin Building (20th and C Streets, NW.) between 9 
a.m. and 5 p.m. on weekdays.
    Additionally, commenters should send a copy of their comments to 
the OMB Desk Officer by mail to the Office of Information and 
Regulatory Affairs, U.S. Office of Management and Budget, New Executive 
Office Building, Room 10235, 725 17th Street, NW., Washington, DC 20503 
or by fax to 202-395-6974.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission 
including, the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once approved. These documents will also be made 
available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/boarddocs/reportforms/review.cfm or may be 
requested from the agency clearance officer, whose name appears below.
    Michelle Shore, Federal Reserve Board Clearance Officer (202-452-
3829), Division of Research and Statistics, Board of Governors of the 
Federal Reserve System, Washington, DC 20551. Telecommunications Device 
for the Deaf (TDD) users may contact (202-263-4869), Board of Governors 
of the Federal Reserve System, Washington, DC 20551.
    Proposal to approve under OMB delegated authority the extension for 
three years, without revision, of the following report:
    Report title: Studies to Develop and Test Consumer Regulatory 
Disclosures.
    Agency form number: FR 1380.
    OMB control number: 7100-0312.
    Frequency: Consumer surveys: Qualitative testing, 4; Quantitative 
testing, and 4; Institution or Stakeholder surveys: Qualitative survey, 
50; Quantitative survey, 2.
    Reporters: Consumers, financial institutions, or stakeholders that 
engage in consumer lending and provide other financial products and 
services.
    Estimated Annual Reporting Hours: 20,884 hours.
    Estimated Average Hours per Response: Consumer surveys: Qualitative 
testing, 2 hours; Quantitative testing, 0.33 hours; and Institution or 
Stakeholder surveys: Qualitative survey, 10 hours; Quantitative survey, 
15 hours.
    Estimated Number of Respondents: Consumer surveys: Qualitative 
testing, 225; Quantitative testing, 1,200; and Institution or 
Stakeholder surveys: Qualitative survey, 20; Quantitative survey, 250.
    General Description of Report: This information collection is 
authorized pursuant to the: Home Mortgage Act, Section 806 (12 U.S.C. 
2804(a)); Community Reinvestment Act, Section 806 (12 U.S.C. 2905); 
Competitive Equality Banking Act, Section 1204 (12 U.S.C. 3806) 
(adjustable rate mortgage caps); Expedited Funds Availability Act, 
Section 609 (12 U.S.C. 4008); Truth in Saving Act, Section 269 (12 
U.S.C. 4308); Federal Trade Commission Act, Section 18(f) (15 U.S.C. 
57a(f)); Truth in Lending Act, Section 105 (15 U.S.C. 1604); Mortgage 
Disclosure

[[Page 14127]]

Improvement Act, Sections 2501 through 2503 of the Housing and Economic 
Recovery Act of 2008 (15 U.S.C. 1638(b)(2)) (early disclosures for home 
refinance loans and home equity loans) Higher Education Opportunity Act 
of 2008, Section 1021(a) (15 U.S.C. 1638(e)(5)) (private student loan 
disclosures) Fair Credit Reporting Act, Section 621 (15 U.S.C. 
1681s(e)); Equal Credit Opportunity Act, Section 703 (15 U.S.C. 
1691b(a)); Electronic Funds Transfer Act, Section 904 (15 U.S.C. 
1693b); and Gramm-Leach-Bliley Act, Section 504 (15 U.S.C. 6804). 
Respondent participation in the survey is voluntary. If the Federal 
Reserve contracts with an outside firm that retains the respondent 
identifying data and, pursuant to a contractual agreement, that data 
cannot be reported to the Federal Reserve, then the respondent 
identifying data cannot be considered an agency record and would not be 
subject to disclosure under the Freedom of Information Act (FOIA). 
However, if there is no contractual agreement between the Federal 
Reserve and an outside firm regarding the reporting of respondent 
identifying data, or if the Federal Reserve conducted the survey 
itself, the information could be considered an agency record subject to 
subsection (b)(6) of the FOIA. The confidentiality of the information 
obtained from financial institutions and other stakeholders will be 
determined on a case-by-case basis when the specific questions to be 
asked on each particular survey are formulated, but before respondents 
are contacted. Depending upon the survey questions, confidential 
treatment could be warranted under subsection (b)(4) of the FOIA. 5 
U.S.C. Sec.  552(b)(4) and (6).
    Abstract: The FR 1380 is used to gather qualitative and 
quantitative information directly from consumers (consumer studies), 
and also to gather qualitative and quantitative information from 
financial institutions offering consumer financial products and 
services and from other stakeholders, such as brokers, appraisers, 
settlement agents, software vendors, and consumer groups (stakeholder 
studies). This information collection is specifically targeted to the 
development of consumer regulations. The consumer studies gather 
information about individual consumers' knowledge of, and attitudes 
toward, consumer disclosures used by financial institutions in 
compliance with Federal Reserve regulations. The consumer studies may 
also enable the Federal Reserve to develop and test consumer education 
resources. The stakeholder studies gather information from the 
institutions offering financial products and services and other third 
parties regarding products, disclosure, marketing, advertising, and 
sales practices.
    Proposal to approve under OMB delegated authority the 
implementation of the following report:
    Report Title: Microeconomic Survey.
    Agency Form Number: FR 3051.
    OMB Control Number: 7100-0321.
    Frequency: Annually and monthly, as needed.
    Reporters: Individuals, households, and financial and non-financial 
businesses.
    Estimated Annual Reporting Hours: Annual, 6,000 hours; Monthly, 
18,000 hours.
    Estimated Average Hours per Response: Annual, 30 minutes; Monthly, 
60 minutes.
    Estimated Number of Respondents: Annual, 6,000; Monthly, 3,000.
    General Description of Report: This information collection is 
voluntary (12 U.S.C. 225A and 263). Generally, when the survey or study 
is conducted by an outside firm, names or other such directly 
identifying characteristics would not be reported to the Federal 
Reserve. In circumstances where identifying information is provided to 
the Federal Reserve, such information could possibly be protected from 
Freedom of Information Act disclosure by FOIA exemptions 4 and 6 (5 
U.S.C. 552(b)(4) and (6)).
    The Federal Reserve Board's Microeconomic Surveys section in the 
Division of Research and Statistics is an official statistical unit, as 
defined under the Confidential Information Protection and Statistical 
Efficiency Act (CIPSEA) of 2002 (44 U.S.C. 3501). When information is 
collected by a private contractor under the oversight of that section, 
there are stringent requirements for protecting the data and 
respondents may be given a legally binding pledge of confidentiality. 
The pledge would disallow any use of the data for a non-statistical 
purpose.\1\ When the Federal Reserve collects data directly (that is, 
without the use of a private data collection company or other such 
agent), respondents may also be offered such a pledge if the data are 
intended for a statistical purpose.
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    \1\ ``Non-statistical'' is defined precisely in CIPSEA. Loosely, 
an information collection undertaken for a non-statistical purpose 
would be one intended to support a regulatory action or other action 
specifically targeted to the entity on which data were collected.
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    Abstract: The Federal Reserve would use this event-driven survey to 
obtain information specifically tailored to the Federal Reserve's 
supervisory, regulatory, operational, and other responsibilities. The 
Federal Reserve proposes to conduct the FR 3051 up to 13 times per year 
(including one survey on an annual basis and another on a monthly 
basis). The frequency and content of the questions would depend on 
changing economic, regulatory, or legislative developments.

    Board of Governors of the Federal Reserve System, March 24, 
2009.
Jennifer J. Johnson,
Secretary of the Board.
 [FR Doc. E9-6923 Filed 3-27-09; 8:45 am]
BILLING CODE 6210-01-P


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