Federal Register / Vol. 66, No. 44 / Tuesday, March 6, 2001 / Rules and Regulations 13409

utilities more time and money because

each utility would have to pursue an

exemption.

Approval of the direct final rule will

eliminate the problems described above

and is consistent with previous

Commission actions. Further, the direct

final rule will have no adverse effect on

public health and safety. This direct

final rule has no significant identifiable

impact or benefit on other Government

agencies.

Based on this discussion of the

benefits and impacts of the alternatives,

the NRC concludes that the

requirements of the direct final rule are

commensurate with the NRC’s

responsibilities for public health and

safety and the common defense and

security. No other available alternative

is believed to be as satisfactory, and

thus, this action is recommended.

Regulatory Flexibility Certification

In accordance with the Regulatory

Flexibility Act of 1980 (5 U.S.C. 605(b)),

the NRC certifies that this rule will not,

if promulgated, have a significant

economic impact on a substantial

number of small entities. This direct

final rule affects only the operation of

nuclear power plants, independent

spent fuel storage facilities, and NAC.

The companies that own these plants do

not fall within the scope of the

definition of ‘‘small entities’’ set forth in

the Regulatory Flexibility Act or the

Small Business Size Standards set out in

regulations issued by the Small

Business Administration at 13 CFR Part

121.

Backfit Analysis

The NRC has determined that the

backfit rule (10 CFR 50.109 or 10 CFR

72.62) does not apply to this direct final

rule because this amendment does not

involve any provisions that would

impose backfits as defined. Therefore, a

backfit analysis is not required.

Small Business Regulatory Enforcement

Fairness Act

In accordance with the Small

Business Regulatory Enforcement

Fairness Act of 1996, the NRC has

determined that this action is not a

major rule and has verified this

determination with the Office of

Information and Regulatory Affairs,

Office of Management and Budget.

List of Subjects in 10 CFR Part 72

Criminal penalties, Manpower

training programs, Nuclear materials,

Occupational safety and health,

Reporting and recordkeeping

requirements, Security measures, Spent

fuel.

For the reasons set out in the

preamble and under the authority of the

Atomic Energy Act of 1954, as amended;

the Energy Reorganization Act of 1974,

as amended; and 5 U.S.C. 553; the NRC

is adopting the following amendments

to 10 CFR Part 72.

PART 72—LICENSING

REQUIREMENTS FOR THE

INDEPENDENT STORAGE OF SPENT

NUCLEAR FUEL AND HIGH-LEVEL

RADIOACTIVE WASTE

1. The authority citation for Part 72

continues to read as follows:

Authority: Secs. 51, 53, 57, 62, 63, 65, 69,

81, 161, 182, 183, 184, 186, 187, 189, 68 Stat.

929, 930, 932, 933, 934, 935, 948, 953, 954,

955, as amended, sec. 234, 83 Stat. 444, as

amended (42 U.S.C. 2071, 2073, 2077, 2092,

2093, 2095, 2099, 2111, 2201, 2232, 2233,

2234, 2236, 2237, 2238, 2282); sec. 274, Pub.

L. 86–373, 73 Stat. 688, as amended (42

U.S.C. 2021); sec. 201, as amended, 202, 206,

88 Stat. 1242, as amended, 1244, 1246 (42

U.S.C. 5841, 5842, 5846); Pub. L. 95–601, sec.

10, 92 Stat. 2951 as amended by Pub. L. 10d–

48b, sec. 7902, 10b Stat. 31b3 (42 U.S.C.

5851); sec. 102, Pub. L. 91–190, 83 Stat. 853

(42 U.S.C. 4332); secs. 131, 132, 133, 135,

137, 141, Pub. L. 97–425, 96 Stat. 2229, 2230,

2232, 2241, sec. 148, Pub. L. 100–203, 101

Stat. 1330–235 (42 U.S.C. 10151, 10152,

10153, 10155, 10157, 10161, 10168).

Section 72.44(g) also issued under secs.

142(b) and 148(c), (d), Pub. L. 100–203, 101

Stat. 1330–232, 1330–236 (42 U.S.C.

10162(b), 10168(c),(d)). Section 72.46 also

issued under sec. 189, 68 Stat. 955 (42 U.S.C.

2239); sec. 134, Pub. L. 97–425, 96 Stat. 2230

(42 U.S.C. 10154). Section 72.96(d) also

issued under sec. 145(g), Pub. L. 100–203,

101 Stat. 1330–235 (42 U.S.C. 10165(g)).

Subpart J also issued under secs. 2(2), 2(15),

2(19), 117(a), 141(h), Pub. L. 97–425, 96 Stat.

2202, 2203, 2204, 2222, 2244, (42 U.S.C.

10101, 10137(a), 10161(h)). Subparts K and L

are also issued under sec. 133, 98 Stat. 2230

(42 U.S.C. 10153) and sec. 218(a), 96 Stat.

2252 (42 U.S.C. 10198).

2. In § 72.214, Certificate of

Compliance 1007 is revised to read as

follows:

§ 72.214 List of approved spent fuel

storage casks.

* * * * *

Certificate Number: 1007.

Initial Certificate Effective Date: May

7, 1993.

Amendment Number 1 Effective Date:

May 30, 2000.

Amendment Number 2 Effective Date:

September 5, 2000.

Amendment Number 3 Effective Date:

May 21, 2001.

SAR Submitted by: Pacific Sierra

Nuclear Associates.

SAR Title: Final Safety Analysis

Report for the Ventilated Storage Cask

System.

Docket Number: 72–1007.

Certificate Expiration Date: May 7,

2013.

Model Number: VSC–24.

* * * * *

Dated at Rockville, Maryland, this 8th day

of February, 2001.

For the Nuclear Regulatory Commission.

William D. Travers,

Executive Director for Operations.

[FR Doc. 01–5399 Filed 3–5–01; 8:45 am]

BILLING CODE 7590–01–P

FEDERAL RESERVE SYSTEM

12 CFR Part 205

[Regulation E; Docket No. R–1077]

Electronic Fund Transfers

AGENCY: Board of Governors of the

Federal Reserve System.

ACTION: Final rule.

SUMMARY: The Board is publishing

revisions to Regulation E, which

implements the Electronic Fund

Transfer Act. The revisions implement

amendments to the act contained in the

Gramm-Leach-Bliley Act that require

the disclosure of certain fees associated

with automated teller machine (ATM)

transactions. The amendments require

ATM operators that impose a fee for

providing electronic fund transfer

services to post a notice in a prominent

and conspicuous location on or at the

ATM. The operator must also disclose

that a fee will be imposed and the

amount of the fee, either on the screen

of the machine or on a paper notice,

before the consumer is committed to

completing the transaction. In addition,

when the consumer contracts for an

electronic fund transfer service,

financial institutions are required to

provide initial disclosures, including a

notice that a fee may be imposed for

electronic fund transfers initiated at an

ATM operated by another entity.

DATES: This rule is effective March 9,

2001; however, to provide adequate

time to make any necessary systems

changes, mandatory compliance date is

delayed until October 1, 2001.

FOR FURTHER INFORMATION CONTACT: John

C. Wood, Counsel, or David A. Stein,

Attorney, Division of Consumer and

Community Affairs, Board of Governors

of the Federal Reserve System,

Washington, DC 20551, at (202) 452–

2412 or (202) 452–3667.

SUPPLEMENTARY INFORMATION:

I. The Electronic Fund Transfer Act

The Electronic Fund Transfer Act

(EFTA or Act), 15 U.S.C. 1693 et seq.,

13410 Federal Register / Vol. 66, No. 44 / Tuesday, March 6, 2001 / Rules and Regulations

enacted in 1978, provides a basic

framework establishing the rights,

liabilities, and responsibilities of

participants in electronic fund transfer

(EFT) systems. The Board’s Regulation E

(12 CFR part 205) implements the Act.

Types of transfers covered by the Act

and regulation include transfers

initiated through an ATM, point-of-sale

terminal, automated clearinghouse,

telephone bill-payment plan, or homebanking program. The Act and

regulation prescribe restrictions on the

unsolicited issuance of ATM cards and

other access devices; disclosure of terms

and conditions of an EFT service;

documentation of EFT services by

means of terminal receipts and periodic

account statements; limitations on

consumer liability for unauthorized

transfers; procedures for error

resolution; and certain rights related to

preauthorized EFT services.

The Official Staff Commentary (12

CFR part 205 (Supp. I)) interprets the

regulation, and provides guidance to

financial institutions in applying the

regulation to specific transactions. The

commentary is a substitute for

individual staff interpretations; it is

updated periodically, as necessary, to

address significant questions that arise.

EFTA coverage is not limited to

traditional financial institutions holding

consumers’ asset accounts. For EFT

services made available by entities other

than an account-holding financial

institution, the act directs the Board to

assure, by regulation, that the provisions

of the act are made applicable.

II. The Gramm-Leach-Bliley

Amendments to the EFTA

The Gramm-Leach-Bliley Act (GLBA),

Pub. L. 106–102, 113 Stat. 1338,

amended the EFTA. Sections 702, 703,

and 705 of the GLBA require disclosure

of ATM fees (sometimes referred to as

‘‘surcharges’’) imposed by ATM

operators. Many ATM operators—

including financial institutions that

impose such a fee—currently disclose

information about the fee to satisfy

existing regulatory and network

requirements.

Section 702 of the GLBA amends

section 904(d) of the EFTA regarding

services provided by entities other than

the account-holding institution. An

ATM operator that imposes a fee on a

consumer for EFT services is required to

post a notice of that fact in a prominent

and conspicuous location on or at the

ATM. The ATM operator must also

disclose that a fee will be imposed and

the amount of the fee, either on the

screen of the ATM or on a paper notice,

before the consumer is committed to

completing the transaction. No fee may

be imposed unless proper notice is

provided and the consumer elects to

complete the transaction.

Section 703 of the GLBA amends

section 905(a) of the EFTA regarding the

disclosure of terms and conditions at

the time a consumer signs up for EFT

services. The financial institution

holding the consumer’s account must

include in its initial disclosures a notice

that a fee may be imposed by (1) An

ATM operator not holding the

consumer’s account, or (2) any national,

regional, or local network used to

complete the transaction.

Section 705 of the GLBA amends

section 910 of the EFTA regarding

liability of financial institutions. ATM

operators are not liable for failing to

comply with the requirement to post

notice if the notice posted at an ATM is

subsequently removed, damaged, or

altered by any person other than the

ATM operator.

III. Revisions to Regulation E

Implementing the GLBA Amendments

to the EFTA

In July 2000, the Board published

proposed revisions to Regulation E to

implement the EFTA amendments made

by the GLBA. (65 FR 44481, July 18,

2000.) The proposal paralleled the

statutory provisions for the most part.

The Board received approximately 50

comment letters. The majority of

comments on the proposed revisions

were from financial institutions and

industry associations. Several

commenters requested action outside

the scope of the Board’s authority, such

as deleting the statutory requirement to

post a sign about fees at the ATM as

unnecessary and burdensome or

prohibiting ATM surcharges.

In general, most commenters

supported the Board’s proposed

revisions. Many industry commenters,

however, requested a longer period than

30 days after issuance to comply with a

final rule. They stated that while the

proposed revisions will not require

extensive software or other system

changes, ATM operators will need more

than 30 days to implement them. In

response to comments received, the

mandatory compliance date for the final

rule is October 1, 2001.

Pursuant to its authority under

section 904(a) of the EFTA, the Board is

adopting a final rule amending

Regulation E to implement sections 702

and 703 of the GLBA. The final rule is

substantially similar to the proposal

with some technical and editorial

revisions. To facilitate compliance, a

new § 205.16 addresses in a single

location most of the rules related to

disclosure of fees by ATM operators.

Below is a section-by-section analysis of

the final rule.

IV. Section-by-Section Analysis of the

Final Rule

Section 205.3—Coverage

3(b) Electronic Fund Transfer

Section 205.3(b) generally defines the

term ‘‘electronic fund transfer.’’ The

GLBA treats a balance inquiry as an EFT

for purposes of the ATM fee disclosure

requirement. Therefore, the proposed

rule added balance inquiries at ATMs to

the list of examples of an EFT in

paragraph (b), but only for purposes of

ATM fee disclosure requirements. Based

on comments, the final rule does not

include a balance inquiry as an example

of an ‘‘electronic fund transfer,’’ since

such an inquiry does not fit within the

literal definition of a ‘‘fund transfer.’’

Section 205.7—Initial Disclosures

7(b) Content of Disclosures

Section 205.7(b) is revised

substantially as proposed to implement

section 703 of the GLBA. At the time a

consumer contracts for an EFT service

or before the first EFT, a financial

institution is required to provide initial

disclosures related to the EFT service,

such as fees imposed and a summary of

the consumer’s liability for

unauthorized transfers. Section 703 of

the GLBA amends section 905(a) of the

EFTA by adding to the initial

disclosures a notice that a fee may be

imposed for an EFT or balance inquiry

at an ATM by an ATM operator or by

a national, regional, or local network

used to complete the transfer.

The Board solicited specific comment

on whether national, regional, or local

networks separately impose fees and

thus should be distinguished, or

whether it is sufficient to refer to ‘‘any

network’’ in the disclosures as an

alternative to the statutory language.

Many commenters, including network

owners, indicated that while networks

currently charge an interchange fee to a

financial institution whose customers

use the network, they do not separately

impose a fee on the consumer.

Commenters requested clarification

that reference to network-imposed fees

may be excluded from the disclosure in

paragraph § 205.7(b)(11), if networks are

not imposing fees on consumers.

Disclosures are generally required only

to the extent applicable. Therefore, an

institution may omit any reference to a

network fee if the disclosure does not

apply to the consumer’s account. Model

language in appendix A–2 regarding

ATM fees is amended to reflect this

flexibility. If networks begin to impose

Federal Register / Vol. 66, No. 44 / Tuesday, March 6, 2001 / Rules and Regulations 13411

fees on consumers to complete an EFT

or a balance inquiry, institutions that

choose to exclude the reference to

network fees from their section 7(b)

disclosures will be required to send a

change-in-terms notice to account

holders who contract for EFT services

on or after October 1, 2001.

Section 205.16—Disclosures at

Automated Teller Machines

A new § 205.16 is added, as proposed,

to implement section 702 of the GLBA.

Section 205.16(a) defines ATM operator.

The ATM disclosure requirements are

set forth in §§ 205.16(b) and (c).

Some ATM operators only impose a

fee for a specific type of transfer such

as a cash withdrawal, and not for a

balance inquiry. In such cases, the

notice in § 205.16(b)(1) may contain a

general statement that a fee will be

imposed for providing EFT services or

may specify the type of service for

which a fee is imposed. If a financial

institution provides a specific notice,

and subsequently imposes fees on a

broader category of transactions, the

notice must be revised to reflect changes

in an ATM operator’s practice.

Comment 16(b)(1)–1 is added to provide

this guidance.

Several commenters requested

guidance on how the requirements in

§ 205.4(a), that disclosures be clear and

readily understandable and in a form

the consumer may keep, apply to the

ATM disclosure requirements. The

notice required to be posted on or at the

ATM under § 205.16(c)(1) must be

placed in a prominent and conspicuous

location. The ‘‘clear and readily

understandable’’ standard applies to the

content of the notice.

Regulation E provides that disclosures

required to be given to a consumer must

generally be in a retainable format. The

notices posted on the screen (and, of

course, those provided on or at the

ATM) need not be in retainable format.

If a paper notice is provided to comply

with § 205.16(c)(2), the notice must be

provided in a form that may be retained

by the consumer.

Based on the comments received,

§ 205.16(c) is revised from the proposed

language to clarify that two notices are

required—one on or at the ATM and

another on the screen or in paper form.

Editorial changes are for clarity; no

substantive change is intended.

Section 205.16(d) provides, in

accordance with the statute, that the

requirement for a disclosure on the

screen or on a paper notice does not

apply—through December 31, 2004—to

any ATM that lacks the technical

capability to provide such information.

Commenters noted that many ATM

operators are already providing notices

about ATM fees in compliance with

state law or network rules and

guidelines. A few commenters urged the

Board to eliminate the temporary

exemption. The exemption is statutory

and is adopted as proposed. The burden

of proof rests on any ATM operator

relying on the temporary exemption.

Appendix A to Part 205—Model

Disclosure Clauses and Forms

Model language added to Appendix

A–2 reflects the new disclosure in

§ 205.7(b)(11) regarding fees that may be

imposed by an ATM operator and by

any network. Brackets indicate that

institutions may omit terms and

conditions not applicable to the

consumer’s account, such as fees

imposed directly by networks.

V. Revisions to the Official Staff

Commentary

Section 205.7—Initial Disclosures

Comment 7(b)(5)–3 to § 205.7(b)(5),

which addresses interchange system

fees, is revised to provide a crossreference to § 205.7(b)(11).

Section 205.9—Receipts at Electronic

Terminals; Periodic Statements

Section 205.9(a)(1) requires financial

institutions that include in the

transaction amount a fee for completing

an EFT at an electronic terminal to

disclose the amount of the fee on the

receipt and to display it on or at the

terminal. Comment 9(a)(1)–1, which

provides guidance on complying with

the disclosure requirement, is revised to

provide a cross-reference to the notice

requirements in § 205.16 for ATM

operators. The cross-reference is

intended to alert financial institutions of

additional requirements in § 205.16. In

addition, a new comment 9(a)(1)–2 is

added to give guidance on the

relationship between § 205.9(a)(1) and

§ 205.16.

Section 205.16—Disclosures at

Automated Teller Machines

Comment 16(b)(1)–1 is added to

clarify that an institution may state

generally that a fee will be imposed for

providing EFT services or may specify

the type of service for which a fee is

imposed.

VI. Regulatory Flexibility Analysis

In accordance with section 3(a) of the

Regulatory Flexibility Act and section

904(a)(2) of the EFTA, the Board has

reviewed the amendments to Regulation

E. The amendments impose disclosure

requirements on ATM operators and

account-holding financial institutions

about ATM fees. In accordance with the

GLBA, the final rule exempts ATMs

lacking technical capabilities from

certain notice requirements until

December 31, 2004.

The amendments are not expected to

have any significant impact on small

entities. Many financial institutions that

impose a fee for carrying out a

transaction at an ATM already disclose

the fee to satisfy existing requirements

under § 205.9(a)(1). The amendment

would require that a disclosure

regarding the fee be posted at the

terminal and on the screen. The notice

is generic, however, and can easily be

programmed for display on the screen

and at the terminal.

VII. Paperwork Reduction Act

In accordance with the Paperwork

Reduction Act of 1995 (44 U.S.C. 3506;

5 CFR 1320 Appendix A.1), the Board

reviewed the rule under the authority

delegated to the Board by the Office of

Management and Budget (OMB). The

Federal Reserve may not conduct or

sponsor, and an organization is not

required to respond to, an information

collection unless it displays a currently

valid OMB number. The OMB control

number for Regulation E is 7100–0200.

The information collection

requirements relevant to this

rulemaking are in 12 CFR part 205 and

Appendix A. This information

collection is mandatory (15 U.S.C. 1693

et seq.) to evidence compliance with the

requirements of Regulation E and the

Electronic Fund Transfer Act (EFTA).

The revised requirements help ensure

adequate disclosure of fees imposed for

electronic fund transfers at ATMs

owned by a party other than the

account-holding financial institution.

The respondents/recordkeepers are forprofit financial institutions, including

small businesses. Institutions are

required to retain records for 24 months.

This regulation applies to all types of

financial 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 paperwork burden on their

respective constituencies under this

regulation.

The revisions are not expected to

increase the ongoing annual burden of

Regulation E. With respect to state

member banks, it is estimated that there

are 884 respondents/recordkeepers and

an average frequency of about 85,800

responses per respondent each year. The

current annual burden is estimated to be

approximately 480,786 hours. The

Federal Reserve estimates that there

13412 Federal Register / Vol. 66, No. 44 / Tuesday, March 6, 2001 / Rules and Regulations

would be associated start-up cost of

$3,500 with a range from $1,600 to

$5,000 per respondent, depending on

size and location, for changing

disclosures (or disclosure producing

software) to include disclosures relating

to ATM surcharges and for posting a

notice regarding the surcharge on or at

the ATM and on the screen of the ATM.

Because the records would be

maintained at state member banks and

the notices are not provided to the

Federal Reserve, no issue of

confidentiality under the Freedom of

Information Act arises; however, any

information obtained by the Federal

Reserve may be protected from

disclosure under exemptions (b)(4), (6),

and (8) of the Freedom of Information

Act (5 U.S.C. 522(b)(4), (6) and (8)). The

disclosures and information about error

allegations are confidential between

institutions and the customer.

The Board has a continuing interest in

the public’s opinion of the Federal

Reserve’s collections of information.

Comments regarding the burden

estimates, or any other aspect of this

collection of information, including

suggestions for reducing the burden

estimate, may be sent at any time to:

Secretary, Board of Governors of the

Federal Reserve System, 20th and C

Streets, NW., Washington, DC 20551;

and to the Office of Management and

Budget, Paperwork Reduction Project

(7100–0200), Washington, DC 20503.

List of Subjects in 12 CFR Part 205

Consumer protection, Electronic fund

transfers, Federal Reserve System,

Reporting and recordkeeping

requirements.

For the reasons set forth in the

preamble, the Board amends Regulation

E, 12 CFR part 205, as set forth below:

PART 205—ELECTRONIC FUND

TRANSFERS (REGULATION E)

1. The authority citation for part 205

would continue to read as follows:

Authority: 15 U.S.C. 1693–1693r.

2. Section 205.7 is amended by

adding a new paragraph (b)(11) to read

as follows:

§ 205.7 Initial disclosures.

* * * * *

(b) Content of disclosures. ***

(11) ATM fees. A notice that a fee may

be imposed by an automated teller

machine operator as defined in

§ 205.16(a)(1), when the consumer

initiates an electronic fund transfer or

makes a balance inquiry, and by any

network used to complete the

transaction.

* * * * *

3. A new § 205.16 is added to read as

follows:

§ 205.16 Disclosures at automated teller

machines.

(a) Definition. Automated teller

machine operator means any person

that operates an automated teller

machine at which a consumer initiates

an electronic fund transfer or a balance

inquiry and that does not hold the

account to or from which the transfer is

made, or about which an inquiry is

made.

(b) General. An automated teller

machine operator that imposes a fee on

a consumer for initiating an electronic

fund transfer or a balance inquiry shall:

(1) Provide notice that a fee will be

imposed for providing electronic fund

transfer services or a balance inquiry;

and

(2) Disclose the amount of the fee.

(c) Notice requirement. An automated

teller machine operator must comply

with the following:

(1) On the machine. Post the notice

required by paragraph (b)(l) of this

section in a prominent and conspicuous

location on or at the automated teller

machine; and

(2) Screen or paper notice. Provide

the notice required by paragraphs (b)(1)

and (b)(2) of this section either by

showing it on the screen of the

automated teller machine or by

providing it on paper, before the

consumer is committed to paying a fee.

(d) Temporary exemption. Through

December 31, 2004, the notice

requirement in paragraph (c)(2) of this

section does not apply to any automated

teller machine that lacks the technical

capability to provide such information.

(e) Imposition of fee. An automated

teller machine operator may impose a

fee on a consumer for initiating an

electronic fund transfer or a balance

inquiry only if

(1) The consumer is provided the

notices required under paragraph (c) of

this section, and

(2) The consumer elects to continue

the transaction or inquiry after receiving

such notices.

4. Under Appendix A, A–2 is

amended by adding a new paragraph (j)

to read as follows:

Appendix A to Part 205—Model Disclosure

Clauses and Forms

* * * * *

A–2—Model Clauses for Initial Disclosures

(§ 205.7(B))

* * * * *

(j) ATM fees (§ 205.7(b)(11)). When you use

an ATM not owned by us, you may be

charged a fee by the ATM operator [or any

network used] (and you may be charged a fee

for a balance inquiry even if you do not

complete a fund transfer).

* * * * *

5. In Supplement I to Part 205, the

following amendments would be made:

a. Under Section 205.7—Initial

Disclosures, under Paragraph 7(b)(5)—

Fees, paragraph 3. is revised;

b. Under Section 205.9—Receipts at

Electronic Terminals; Periodic

Statements, under Paragraph 9(a)(1)—

Amount, paragraph 1. is revised and a

new paragraph 2 is added; and

c. A new Section 205.16—Disclosures

at Automated Teller Machines is added.

The additions and revision read as

follows:

Supplement I to Part 205—Official Staff

Interpretations

* * * * *

Section 205.7—Initial Disclosures

* * * * *

7(b) Content of Disclosures

* * * * *

Paragraph 7(b)(5)—Fees

* * * * *

3. Interchange system fees. Fees paid by

the account-holding institution to the

operator of a shared or interchange ATM

system need not be disclosed, unless they are

imposed on the consumer by the accountholding institution. Fees for use of an ATM

that are debited directly from the consumer’s

account by an institution other than the

account-holding institution (for example, fees

included in the transfer amount) need not be

disclosed. (See § 205.7(b)(11) for the general

notice requirement regarding fees that may be

imposed by ATM operators and by a network

used to complete the transfer.)

* * * * *

Section 205.9—Receipts at Electronic

Terminals; Periodic Statements

* * * * *

Paragraph 9(a)(1)—Amount

1. Disclosure of transaction fee. The

required display of a fee amount on or at the

terminal may be accomplished by displaying

the fee on a sign at the terminal or on the

terminal screen for a reasonable duration.

Displaying the fee on a screen provides

adequate notice, as long as a consumer is

given the option to cancel the transaction

after receiving notice of a fee. (See § 205.16

for the notice requirements applicable to

ATM operators that impose a fee for

providing EFT services.)

2. Relationship between § 205.9(a)(1) and

§ 205.16. The requirements of §§ 205.9(a)(1)

and 205.16 are similar but not identical.

i. Section 205.9(a)(1) requires that if the

amount of the transfer as shown on the

receipt will include the fee, then the fee must

be disclosed either on a sign on or at the

terminal, or on the terminal screen. Section

205.16 requires disclosure both on a sign on

or at the terminal (in a prominent and

conspicuous location) and on the terminal

Federal Register / Vol. 66, No. 44 / Tuesday, March 6, 2001 / Rules and Regulations 13413

screen. Section 205.16 permits disclosure on

a paper notice as an alternative to the onscreen disclosure.

ii. The disclosure of the fee on the receipt

under § 205.9(a)(1) cannot be used to comply

with the alternative paper disclosure

procedure under § 205.16, if the receipt is

provided at the completion of the transaction

because, pursuant to the statute, the paper

notice must be provided before the consumer

is committed to paying the fee.

iii. Section 205.9(a)(1) applies to any type

of electronic terminal as defined in

Regulation E (for example, to POS terminals

as well as to ATMs), while § 205.16 applies

only to ATMs.

* * * * *

Section 205.16—Disclosures at Automated

Teller Machines

16(b) General

Paragraph 16(b)(1)

1. Specific notices. An ATM operator that

imposes a fee for a specific type of

transaction such as a cash withdrawal, but

not a balance inquiry, may provide a general

statement that a fee will be imposed for

providing EFT services or may specify the

type of EFT for which a fee is imposed.

* * * * *

By order of the Board of Governors of the

Federal Reserve System, February 28, 2001.

Jennifer J. Johnson,

Secretary to the Board.

[FR Doc. 01–5295 Filed 3–5–01; 8:45 am]

BILLING CODE 6210–01–P

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. 2000–SW–17–AD; Amendment

39–12133; AD 2001–04–14]

RIN 2120–AA64

Airworthiness Directives; Eurocopter

France Model AS350B, AS350B1,

AS350B2, AS350B3, AS350BA,

AS350C, AS350D, AS350D1, AS355E,

AS355F, AS355F1, AS355F2, and

AS355N Helicopters

AGENCY: Federal Aviation

Administration, DOT.

ACTION: Final rule.

SUMMARY: This amendment supersedes

an existing airworthiness directive (AD)

for Societe Nationale Industrielle

Aerospatiale (currently Eurocopter

France) Model AS350 and AS355 series

helicopters that currently requires

inspecting the fuselage frame (frame) for

a crack at the fuselage-to-tailboom

interface and replacing or repairing, as

necessary. That AD also requires a

fastener torque check and retorquing, as

necessary. This amendment retains the

requirements of the existing AD but

would increase the inspection interval

from 1,200 hours time-in-service (TIS)

to 2,500 hours or 6 years TIS, whichever

occurs first. This amendment revises the

time interval for inspecting the frame at

the fuselage-to-tailboom interface to

coincide with the inspection interval

specified in the maintenance manual.

The actions specified by this AD are

intended to eliminate confusion and

unnecessary costs and to prevent a

cracked frame, tailboom failure, and

subsequent loss of control of the

helicopter.

EFFECTIVE DATE: April 10, 2001.

FOR FURTHER INFORMATION CONTACT: Jim

Grigg, Aviation Safety Engineer, FAA,

Rotorcraft Directorate, Regulations

Group, Fort Worth, Texas 76193–0111,

telephone (817) 222–5490, fax (817)

222–5961.

SUPPLEMENTARY INFORMATION: A

proposal to amend part 39 of the Federal

Aviation Regulations (14 CFR part 39)

by superseding AD 85–14–06,

Amendment 39–5089 (50 FR 28561, July

15, 1985) and AD 85–14–06 R1,

Amendment 39–5121 (50 FR 37173,

September 12, 1985), which apply to

Societe Nationale Industrielle

Aerospatiale (currently Eurocopter

France) Model AS350 and AS355 series

helicopters, was published in the

Federal Register on December 8, 2000

(65 FR 76953). That action proposed the

same actions as the existing AD’s and

also proposed increasing the inspection

interval from 1,200 hours TIS to 2,500

hours or 6 years TIS, whichever occurs

first, to coincide with the maintenance

manual and eliminate confusion and

unnecessary costs. To compensate for

the increase in the inspection interval,

reducing the initial inspection interval

from 100 hours TIS to 30 hours TIS and

changing the visual inspection to a dyepenetrant inspection were also

proposed.

Interested persons have been afforded

an opportunity to participate in the

making of this amendment. No

comments were received on the

proposal or the FAA’s determination of

the cost to the public. The FAA has

determined that air safety and the

public interest require the adoption of

the rule as proposed.

The FAA estimates that 475

helicopters of U.S. registry will be

affected by this AD, that it will take

approximately 8 work hours per

helicopter to accomplish the required

actions, and that the average labor rate

is $60 per work hour. Based on these

figures, the total cost impact of this AD

on U.S. operators is estimated to be

$228,000, assuming no cracked frames

are discovered.

The regulations adopted herein will

not have a substantial direct effect on

the States, on the relationship between

the national Government and the States,

or on the distribution of power and

responsibilities among the various

levels of government. Therefore, it is

determined that this final rule does not

have federalism implications under

Executive Order 13132.

For the reasons discussed above, I

certify that this action (1) is not a

‘‘significant regulatory action’’ under

Executive Order 12866; (2) is not a

‘‘significant rule’’ under DOT

Regulatory Policies and Procedures (44

FR 11034, February 26, 1979); and (3)

will not have a significant economic

impact, positive or negative, on a

substantial number of small entities

under the criteria of the Regulatory

Flexibility Act. A final evaluation has

been prepared for this action and it is

contained in the Rules Docket. A copy

of it may be obtained from the Rules

Docket at the FAA, Office of the

Regional Counsel, Southwest Region,

2601 Meacham Blvd., Room 663, Fort

Worth, Texas.

List of Subjects in 14 CFR Part 39

Air transportation, Aircraft, Aviation

safety, Safety.

Adoption of the Amendment

Accordingly, pursuant to the

authority delegated to me by the

Administrator, the Federal Aviation

Administration amends part 39 of the

Federal Aviation Regulations (14 CFR

part 39) as follows:

PART 39—AIRWORTHINESS

DIRECTIVES

1. The authority citation for part 39

continues to read as follows:

Authority: 49 U.S.C. 106(g), 40113, 44701.

§ 39.13 [Amended]

2. Section 39.13 is amended by

removing Amendment 39–5089 (50 FR

28561, July 15, 1985) and Amendment

39–5121 (50 FR 37173, September 12,

1985), and by adding a new

airworthiness directive (AD),

Amendment 39–12133, to read as

follows:

2001–04–14 Eurocopter France:

Amendment 39–12133. Docket No.

2000–SW–17–AD. Supersedes AD 85–

14–06, Amendment 39–5089, and AD

85–14–06 R1, Amendment 39–5121,

Docket No. 85–ASW–15.

Applicability: Model AS350B, AS350B1,

AS350B2, AS350B3, AS350BA, AS350C,

AS350D, AS350D1, AS355E, AS355F,