[Federal Register Volume 86, Number 135 (Monday, July 19, 2021)]
[Notices]
[Pages 38093-38094]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-15286]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting a proposal to extend for three years, without revision, the 
Recordkeeping Requirements Associated with Regulation GG (FR GG; OMB 
No. 7100-0317).

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, Washington, DC 20551, (202) 
452-3829.
    Office of Management and Budget (OMB) Desk Officer--Shagufta 
Ahmed--Office of Information and Regulatory Affairs, 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.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the PRA to approve and assign OMB control numbers to 
collections of information conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. The OMB 
inventory, as well as copies of the PRA Submission, supporting 
statements, and approved collection of information instrument(s) are 
available at https://www.reginfo.gov/public/do/PRAMain. These documents 
are also available on the Federal Reserve Board's public website at 
https://www.federalreserve.gov/apps/reportforms/review.aspx or may be 
requested from the agency clearance officer, whose name appears above.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of the Following Information Collection

    Report title: Recordkeeping Requirements Associated with Regulation 
GG.
    Agency form number: FR GG.
    OMB control number: 7100-0317.
    Frequency: Annually.
    Respondents: Depository institutions, credit unions, card system 
operators, and money transmitting business operators.
    Estimated number of respondents: Depository institutions: 2,331; 
credit unions: 2,575; card system operators: 7; money transmitting 
business operators: 62; and new or de novo institutions: 3.
    Estimated average hours per response: Ongoing annual burden of 8 
hours per recordkeeper for depository institutions, credit unions, card 
system operators, and money transmitting business operators. One time 
burden of 100 hours for new or de novo institutions.
    Estimated annual burden hours: Ongoing burden: 39,800; one-time 
burden: 300.
    General description of report: Section 5 of Regulation GG, 
Prohibition on Funding of Unlawful internet Gambling, requires all non-
exempt participants in designated payment systems to establish and 
implement policies and procedures reasonably designed to identify and 
block, or otherwise prevent or prohibit, transactions restricted by the 
Unlawful internet Gambling Enforcement Act of 2006.\1\ In addition, 
section 5 states that a participant in a designated payment system may 
rely on policies and procedures established by the designated payment 
system if the system's policies and procedures otherwise comply with 
the requirements of the regulation.\2\
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    \1\ 12 CFR 233.5(a).
    \2\ 12 CFR 233.5(b).
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    Section 6 of Regulation GG sets out non-exclusive examples of 
policies and procedures for each designated payment system that the 
Board and the Department of the Treasury believe are reasonably 
designed to prevent or prohibit restricted transactions for non-exempt 
participants in the system.\3\
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    \3\ See 12 CFR 233.6.
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    The internal agency tracking number previously assigned by the 
Board to this information collection was ``FR 4026.'' The Board has 
changed the internal agency tracking number to ``FR GG'' for the 
purpose of consistency.
    Legal authorization and confidentiality: FR GG is authorized by 
section 802 of the Unlawful internet Gambling Enforcement Act, which 
permits the Board to prescribe regulations requiring designated payment 
systems and participants therein to establish policies and procedures 
to identify and block or otherwise prevent and prohibit restricted 
transactions (31 U.S.C. 5364(a)). The obligation to respond is 
mandatory.
    The policies and procedures required by Regulation GG are not 
required to be submitted to the Board. To the extent such policies and 
procedures are obtained by the Board through the examination process, 
they may be kept confidential under exemption 8 of the Freedom of 
Information Act, which protects information contained in or related to 
an examination of a financial institution.\4\
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    \4\ 5 U.S.C. 552(b)(8).
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    Current actions: On March 8, 2021, the Board published a notice in 
the Federal Register (86 FR 13380) requesting public comment for 60 
days on the extension, without revision, of

[[Page 38094]]

the Recordkeeping Requirements Associated with Regulation GG. The 
comment period for this notice expired on May 7, 2021. The Board did 
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not receive any comments.

    Board of Governors of the Federal Reserve System, July 13, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-15286 Filed 7-16-21; 8:45 am]
BILLING CODE 6210-01-P