Federal Register / Vol. 61, No. 20 / Tuesday, January 30, 1996 / Notices 3035

be filed by Respondents and intervenors

in support no later than March 14, 1996;

It is further ordered That:

(a) Should any party believe that an

evidentiary hearing is required, that

party must submit a request for such

hearing together with a statement setting

forth in detail the facts to be proved, the

relevance of those facts to the issues in

this proceeding, a description of the

evidence which would be adduced, and

why such evidence cannot be submitted

by affidavit;

(b) Should any party believe that an

oral argument is required, that party

must submit a request specifying the

reasons therefore and why argument by

memorandum is inadequate to present

the party’s case; and

(c) Any request for evidentiary

hearing or oral argument shall be filed

no later than March 14, 1996;

It is further ordered That notice of this

Order to Show Cause be published in

the Federal Register, and that a copy

thereof be served upon Respondents;

It is further ordered That all

documents submitted by any party of

record in this proceeding shall be filed

in accordance with Rule 118 of the

Commission’s Rules of Practice and

Procedure, 46 C.F.R. 502.118, as well as

being mailed directly to all parties of

record;

Finally, it is ordered That pursuant to

the terms of Rule 61 of the

Commission’s Rules of Practice and

Procedure, 46 C.F.R. 502.61, the final

decision of the Commission in this

proceeding shall be issued by July 22,

1996.

By the Commission.

Joseph C. Polking,

Secretary.

[FR Doc. 96–1628 Filed 1–29–96; 8:45 am]

BILLING CODE 6730–01–M

FEDERAL RESERVE SYSTEM

Agency Forms Under Review

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 C.F.R. 1320.16 (OMB Regulations on

Controlling Paperwork Burdens on the

Public). 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:

Federal Reserve Board Clearance

Officer—Mary M. McLaughlin—

Division of Research and Statistics,

Board of Governors of the Federal

Reserve System, Washington, DC

20551 (202-452-3829)

OMB Desk Officer—Milo Sunderhauf—

Office of Information and Regulatory

Affairs, Office of Management and

Budget, New Executive Office

Building, Room 3208, Washington,

DC 20503 (202-395-7340)

Final approval under OMB delegated

authority of the extension, without

revision, of the following report:

1. Information collection title:

Recordkeeping and Disclosure

Requirements in Connection with

Regulation DD (Truth in Savings)

Agency form number: None

OMB Control number: 7100-0271

Frequency: Event-generated

Respondents: State member banks

Annual reporting hours: 1,447,225

Estimated average hours per response:

Complete account disclosures: 5

minutes; Subsequent change in terms

notice, Subsequent prematurity notice,

or Periodic statement: 1 minute; and

Advertising: 1 hour.

Number of respondents: 975

Small businesses are affected.

General description of report: This

information collection is mandatory (12

U.S.C. § 4308). No issue of

confidentiality under the Freedom of

Information Act normally arises.

Abstract: Regulation DD implements

the Truth in Savings Act (12 U.S.C. §

4301 et seq). The act and regulation

require depository institutions to

disclose information such as fees and

rates that apply to deposit accounts so

that consumers may more easily

compare deposit accounts offered by

depository institutions. Depository

institutions that provide periodic

statements are required to include

information about fees imposed, interest

earned, and the annual percentage yield

(APY) during those statement periods.

The substantive requirements of the act

and regulation mandate the methods by

which institutions determine the

balance on which interest is calculated.

Rules dealing with advertisements for

deposit accounts are also included in

the regulation. Model clauses and

sample forms are appended to the

regulation to provide guidance.

Depository institutions are required to

retain records as evidence of

compliance.

The Board’s Regulation DD applies to

all depository institutions, not just state

member banks. However, under

Paperwork Reduction Act regulations,

the Federal Reserve accounts for the

burden of the paperwork associated

with the regulation only for state

member banks. Other agencies account

for the Regulation DD paperwork

burden on their respective

constituencies.

This extension of authority under the

Paperwork Reduction Act has no

bearing on the pending rulemaking

related to the method of APY

calculation.

Board of Governors of the Federal Reserve

System, January 24, 1996.

William W. Wiles,

Secretary of the Board.

[FR Doc. 96–1649 Filed 1–29–96; 8:45 am]

BILLING CODE 6210–01–F

[Docket No. R–0914]

Federal Reserve Payment System Risk

Policy

AGENCY: Board of Governors of the

Federal Reserve System.

ACTION: Policy statement.

SUMMARY: The Board has approved

modifications to its Fedwire third-party

access policy that establish additional

requirements applicable to third-party

access arrangements involving a service

provider located outside the United

States (‘‘foreign service provider’’). On

August 9, 1995, the Board approved

certain interim modifications to its

Fedwire third-party access policy to

clarify its applicability and to reduce

the administrative burden of several

provisions. At that time, the Board

indicated the Federal Reserve Banks

would not approve any new third-party

access arrangements involving a foreign

service provider, pending a review of

the supervisory issues associated with

such arrangements. The Board has

completed its assessment and has

modified its policy to address the

conditions under which the Federal

Reserve would consider approving

foreign service provider arrangements.

The revised policy is intended to ensure

that the Federal Reserve’s oversight of

Fedwire is not diminished or

inappropriately limited by the conduct

of activity outside the United States and

that the Federal Reserve’s supervisory

and examination objectives are met. In

addition, the policy provides important

safeguards to both depository

institutions participating in third-party

access arrangements and to the Reserve

Banks. Among other things, the policy

requires depository institutions to

impose prudent controls over Fedwire

funds transfers and Fedwire book-entry

securities transfers initiated, received,

or otherwise processed on their behalf

by a third-party service provider.

EFFECTIVE DATE: February 1, 1996.