[Federal Register Volume 78, Number 247 (Tuesday, December 24, 2013)]
[Notices]
[Pages 77680-77684]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-30641]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: 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),
pursuant to 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 part 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.
DATES: Comments must be submitted on or before February 24, 2014.
ADDRESSES: You may submit comments, identified by FR 1378 or FR 3073,
by any of the following methods:
Agency Web site: http://www.federalreserve.gov. Follow the
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
Email: [email protected]. Include OMB
number in the subject line of the message.
Fax: (202) 452-3819 or (202) 452-3102.
Mail: Robert deV. Frierson, 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/apps/foia/proposedregs.aspx 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
9:00 a.m. and 5:00 p.m. on weekdays.
Additionally, commenters may send a copy of their comments to the
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.
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/apps/reportforms/review.aspx or may be requested
from the agency clearance officer, whose name appears below.
Federal Reserve Board Clearance Officer--Cynthia Ayouch--Office of
the Chief Data Officer, Board of Governors of the Federal Reserve
System, Washington, DC 20551 (202) 452-3829. Telecommunications Device
for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors
of the Federal Reserve System, Washington, DC 20551.
SUPPLEMENTARY INFORMATION:
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;
[[Page 77681]]
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
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; and
e. Estimates of capital or start up costs and costs of operation,
maintenance, and purchase of services to provide information.
Proposal To Approve Under OMB Delegated Authority the Implementation of
the Following Information Collections
1. Report title: Surveys of Consumer and Community Affairs
Publications and Resources.
Agency form number: FR 1378.
OMB control number: 7,100--to be assigned.
Frequency: On occasion.
Reporters: Individuals, households, nonprofits, community
development organizations, consumer groups, financial institutions and
other financial companies offering consumer financial products and
services, other for profit companies, state or local agencies, and
researchers from academic, government, policy and other institutions.
Estimated annual reporting hours: 2,300 hours.
Estimated average hours per response:
Consumer surveys: quantitative surveys, 0.25 hours; qualitative
surveys, 1.5 hours.
Stakeholder surveys: quantitative surveys, 0.25 hours; qualitative
surveys, 1.5 hours.
Number of respondents:
Consumer surveys: quantitative surveys, 1,000; qualitative surveys,
50.
Stakeholder surveys: quantitative surveys, 800; qualitative
surveys, 50.
General description of report: This information collection is
generally authorized under sections 2A and 12A of the Federal Reserve
Act. Section 2A requires that the Board of Governors of the Federal
Reserve System and the Federal Open Market Committee (FOMC) maintain
long run growth of the monetary and credit aggregates commensurate with
the economy's long run potential to increase production, so as to
promote effectively the goals of maximum employment, stable prices, and
moderate long-term interest rates. 12 U.S.C. 225a. In addition, under
section 12A of the Federal Reserve Act, the FOMC is required to
implement regulations relating to the open market operations conducted
by Federal Reserve Banks with a view to accommodating commerce and
business and with regard to the regulations' bearing upon the general
credit situation of the country. 12 U.S.C. 263. The authority of the
Federal Reserve to collect information to carry out the requirements of
these provisions is implicit. Accordingly, the Federal Reserve is
authorized to collect the information called for by the FR 1378 by
sections 2A and 12A of the Federal Reserve Act.
In addition, the Board is responsible for implementing and drafting
regulations and interpretations for various consumer protection laws.
The information obtained from the FR 1378 may be used in support of the
Board's development and implementation of regulatory provisions for
these laws. Therefore, depending on the survey questions asked, the
FR1378 may be authorized pursuant to the Board's authority under one or
more of the following consumer protection statutes:
Community Reinvestment Act, (12 U.S.C. 2905);
Competitive Equality Banking Act, (12 U.S.C. 3806);
Expedited Funds Availability Act, (12 U.S.C. 4008);
Truth in Lending Act, (15 U.S.C. 1604); \1\
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\1\ Although the Dodd-Frank Act (DFA) cut back the Board's
authority under the Truth in Lending Act, the Board retains rule
writing authority for implementing regulations with respect to auto
dealers. DFA Sec. 1100A(7).
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Fair Credit Reporting Act, (15 U.S.C. 1681s(e)); \2\
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\2\ Although the DFA cut back the Board's authority under the
Fair Credit Reporting Act, the Board retains rule writing authority
for red flags, address changes, and disposal of records. DFA
Sec. Sec. 1002(12)(F) and 1088(a)(2)(D).
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Equal Credit Opportunity Act, (15 U.S.C. 1691b); \3\
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\3\ Although the DFA cut back the Board's authority under the
Equal Credit Opportunity Act, the Board retains rule writing
authority for implementing regulations with respect to auto dealers.
DFA Sec. 1085(3).
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Electronic Funds Transfer Act, (15 U.S.C. 1693b & 1693o-
2); \4\
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\4\ Although the DFA cut back the Board's authority under the
Electronic Fund Transfers Act, the Board retains rule writing
authority for interchange fee regulations and authority to implement
regulations with respect to auto dealers. DFA Sec. Sec. 1075 &
1084.
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Gramm-Leach-Bliley Act, (15 U.S.C. 6801(b)); \5\ and
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\5\ Although the DFA cut back the Board's authority under the
Gramm-Leach-Bliley Act, the Board maintains the authority to
establish appropriate standards for the financial institutions
relating to administrative, technical and physical safeguards for
certain customer records and information. DFA Sec. 1002(12).
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Flood Disaster Protection Act of 1973, Section 102 (42
U.S.C. 4012a).
Participation in the FR 1378 is voluntary and the information
collected on these surveys is not considered confidential. Access to
contact information which is considered Personally Identifying
Information (PII) is typically necessary to recruit respondents for the
consumer and stakeholder surveys in this collection. Any PII used in
recruiting respondents for these surveys would be handled in accordance
with Board procedures.
Abstract: The Federal Reserve Board would use the FR 1378 surveys
to seek input from users or potential users of its publications and
resources to understand their interests and needs; to inform decisions
concerning content, design, and dissemination strategies; to gauge
public awareness of its publications and resources; and to assess the
effectiveness of its communications with various respondents.
Qualitative surveys would include data gathering methods such as
focus groups and individual interviews. Quantitative surveys would
include surveys conducted online or via mobile device, by phone, or by
mail, or a combination of these methods. The Federal Reserve may choose
to contract with an outside vendor to conduct focus groups, interviews,
or surveys, or may choose to collect the data directly. The Federal
Reserve may also work with outside parties when appropriate to identify
potential respondents (e.g. networks of community groups or
researchers) and to collect data.
As the Federal Reserve's publications and resources continue to
evolve, the Federal Reserve may seek input from users or potential
users of our publications on questions such as:
Was the content relevant and of value?
Was the length and nature of the discussion appropriate
and useful for this topic?
How did the reader access the publication or other
content--in hard copy distributed at an event, online, or using a
mobile device? If online or through a mobile device, was the document
printed for reading, read on a tablet or other e-reader, or read on a
computer screen?
Could the Federal Reserve improve the format and
appearance of the print or electronic presentation? This could include
the readability of type size or of charts and graphs; organization of
information; and ease of locating information through indexing, search
tools, and links.
Was the reader able to use the information to inform their
work?
The frequency of the surveys and content of the questions would
vary as needs arise for feedback on different resources and from
different audiences.
[[Page 77682]]
2. Report title: Consumer and Stakeholder Surveys.
Agency form number: FR 3073.
OMB control number: 7,100--to be assigned.
Frequency: Quarterly, annually, and on occasion.
Reporters: Individuals, households, community groups, community
development organizations, non-profit service providers, faith-based
service organizations, public sector agencies, small business owners,
health care organizations, food banks, K-12 public and private schools,
community colleges, community development financial institutions,
credit unions, banks, and other financial institutions and companies
offering financial products and services.
Estimated annual reporting hours: 10,700 hours.
Estimated average hours per response:
Consumer surveys: Quantitative surveys (medium), 0.25 hours;
Quantitative surveys (large), .40 hours; Qualitative surveys, 1.5
hours.
Stakeholder surveys: Quantitative surveys, 0.25 hours; Qualitative
surveys, 1.5 hours.
Number of respondents:
Consumer surveys: Quantitative surveys (medium), 2,500;
Quantitative surveys (large), 5,000; Qualitative surveys, 50.
Stakeholder surveys: Quantitative surveys, 1,500; Qualitative
surveys, 50.
General description of report: This information collection is
generally authorized under sections 2A and 12A of the Federal Reserve
Act. Section 2A requires that the Board of Governors of the Federal
Reserve System and the FOMC maintain long run growth of the monetary
and credit aggregates commensurate with the economy's long run
potential to increase production, so as to promote effectively the
goals of maximum employment, stable prices, and moderate long-term
interest rates. 12 U.S.C. 225a. In addition, under section 12A of the
Federal Reserve Act, the FOMC is required to implement regulations
relating to the open market operations conducted by Federal Reserve
Banks with a view to accommodating commerce and business and with
regard to the regulations' bearing upon the general credit situation of
the country. 12 U.S.C. 263. The authority of the Federal Reserve to
collect information to carry out the requirements of these provisions
is implicit. Accordingly, the Federal Reserve is authorized to collect
the information called for by the FR 3073 by sections 2A and 12A of the
Federal Reserve Act.
The Board is responsible for implementing and drafting regulations
and interpretations for various consumer protection laws. The
information obtained from the FR 3073 may be used in support of the
Board's development and implementation of regulatory provisions for
these laws. Therefore, depending on the survey questions asked, the FR
3073 may be authorized pursuant to the Board's authority under one or
more of the following consumer protection statutes:
Community Reinvestment Act, (12 U.S.C. 2905);
Competitive Equality Banking Act, (12 U.S.C. 3806);
Expedited Funds Availability Act, (12 U.S.C. 4008);
Truth in Lending Act, (15 U.S.C. 1604); \6\
---------------------------------------------------------------------------
\6\ Although the Dodd-Frank Act (DFA) cut back the Board's
authority under the Truth in Lending Act, the Board retains rule
writing authority for implementing regulations with respect to auto
dealers. DFA Sec. 1100A(7).
---------------------------------------------------------------------------
Fair Credit Reporting Act, (15 U.S.C. 1681s(e)); \7\
---------------------------------------------------------------------------
\7\ Although the DFA cut back the Board's authority under the
Fair Credit Reporting Act, the Board retains rule writing authority
for red flags, address changes, and disposal of records. DFA
Sec. Sec. 1002(12)(F) and 1088(a)(2)(D).
---------------------------------------------------------------------------
Equal Credit Opportunity Act, (15 U.S.C. 1691b); \8\
---------------------------------------------------------------------------
\8\ Although the DFA cut back the Board's authority under the
Equal Credit Opportunity Act, the Board retains rule writing
authority for implementing regulations with respect to auto dealers.
DFA Sec. 1085(3).
---------------------------------------------------------------------------
Electronic Funds Transfer Act, (15 U.S.C. 1693b & 1693o-
2); \9\
---------------------------------------------------------------------------
\9\ Although the DFA cut back the Board's authority under the
Electronic Fund Transfers Act, the Board retains rule writing
authority for interchange fee regulations and authority to implement
regulations with respect to auto dealers. DFA Sec. Sec. 1075 &
1084.
---------------------------------------------------------------------------
Gramm-Leach-Bliley Act, (15 U.S.C. 6801(b)); \10\ and
---------------------------------------------------------------------------
\10\ Although the DFA cut back the Board's authority under the
Gramm-Leach-Bliley Act, the Board maintains the authority to
establish appropriate standards for the financial institutions
relating to administrative, technical and physical safeguards for
certain customer records and information. DFA Sec. 1002(12).
---------------------------------------------------------------------------
Flood Disaster Protection Act of 1973, Section 102 (42
U.S.C. 4012a).
Additionally, depending upon the survey respondent, the information
collection may be authorized under a more specific statute.
Specifically, the Board is authorized to collect information from state
member banks under section 9 of the Federal Reserve Act (12 U.S.C.
324); from bank holding companies (and their subsidiaries) under
section 5(c) of the Bank Holding Company Act (12 U.S.C. 1844(c)); from
Edge and agreement corporations under section 25 and 25A of the Federal
Reserve Act (12 U.S.C. 602 and 625); and from U.S. branches and
agencies of foreign banks under section 7(c)(2) of the International
Banking Act of 1978 (12 U.S.C. 3105(c)(2)) and under section 7(a) of
the Federal Deposit Insurance Act (12 U.S.C. 1817(a)).
Participation in the FR 3073 is voluntary. The ability of the
Federal Reserve to maintain the confidentiality of information provided
by respondents to the FR 3073 surveys will have to be determined on a
case by case basis depending on the type of information provided for a
particular survey. Some of the information collected on the surveys may
be protected from Freedom of Information Act (FOIA) disclosure by FOIA
exemptions 4 and 6. Exemption 4 protects from disclosure trade secrets
and commercial or financial information, while Exemption 6 protects
information ``the disclosure of which would constitute a clearly
unwarranted invasion of personal privacy.'' See 5 U.S.C. 552(b)(4) and
(6).
Access to contact information which is considered PII is typically
necessary to recruit respondents for the consumer and stakeholder
surveys in this collection. Any PII used in recruiting respondents for
these surveys would be handled in accordance with Board procedures.
Outside vendors who conduct consumer surveys under contract with the
Board remove PII before providing survey data to the Board. Consumer
survey data, whether collected by an outside vendor or by the Board,
would be collected for research purposes only and any identifying
information on respondents would be removed before any data is publicly
released.
Abstract: The Federal Reserve would use the FR 3073 surveys to
gather quantitative and qualitative information directly from
individual consumers or households (consumer surveys) on consumer
finance topics. This collection also would be used to gather
quantitative and qualitative information on current and emerging
community economic issues from stakeholders (stakeholder surveys). The
Federal Reserve would use this collection to inform consumer-focused
supervision, research, and policy analysis; implement statutory
requirements; and facilitate community development. The surveys in this
collection would inform the Federal Reserve's work by identifying
emerging risks and providing additional data on the issues that affect
the well-being of consumers and communities and the function of the
market for financial services.
Topics explored in quantitative and qualitative consumer surveys
are likely to vary over time, although some topics
[[Page 77683]]
may be repeated. Surveys may relate to various aspects of consumer
financial knowledge, attitudes, and behavior, and may inform
understanding of changes in the markets for consumer financial
services, including changes stemming from regulatory or legislative
developments as well as from changes in technology and business
practices. Some surveys may be needed to address issues of immediate
concern, and such issues may not be anticipated in advance. Examples of
topics for consumer surveys may include:
Use of financial products and services;
Use of technology and various service delivery channels;
Ability to notice, comprehend, and use disclosures,
Ability to comprehend terms of credit or account
agreements;
Preferences about the delivery of information (content,
format, timing, and method);
Comprehension of particular deliveries of information
(electronic and paper media);
Abilities to use a particular method of delivery, such as
web-based disclosures;
Sources and incidence of financial stress, and resources
for coping with adverse shocks;
Behaviors related to searching, shopping, and negotiating
for credit or asset purchases;
Financial planning, borrowing, investment, and insurance
decisions;
Financial knowledge, attitudes, and advice-seeking
behaviors; and
Human capital investment decisions and labor market
outcomes.
For the quantitative consumer surveys, the Federal Reserve would
typically contract with an outside vendor to collect the data.
For surveys administered via an outside vendor, the Federal Reserve
would design the survey and draft the survey questions in consultation
with the vendor. The questions asked on any given survey would be
specific to the particular topic of interest. Some questions may be
repeated in subsequent surveys, but others may be asked on a single
survey. The firm would be responsible for testing the survey
procedures, following the sampling protocol and conducting the survey
as specified by the Federal Reserve, preparing data files containing
the responses, computing analysis weights, and documenting all survey
procedures. Data editing and analysis of the results may be conducted
either solely by the Federal Reserve and any research partner or
jointly with the firm depending on the needs of the project.
The number of respondents to any given survey would vary depending
on the purpose of the survey and the sample size needed to obtain
statistically valid results. The Federal Reserve anticipates fielding
up to two large surveys each year and four medium (in sample size and
survey time length) surveys focused on particular topics for which data
needs have arisen.
Qualitative surveys with consumers such as focus groups and
interviews may be conducted on a variety of topics, either as a
standalone study or as a complement to a quantitative study as a part
of a larger project. Formal or informal qualitative surveys may be
conducted by the Federal Reserve and any outside partners collaborating
with the Federal Reserve. They also may be conducted through a private
contractor, which would be chosen in a competitive bidding process or
other acceptable negotiated process. The research instruments may be
developed by the Federal Reserve and any research partner or jointly
with the contractor working on behalf of the Board. As necessary, the
contractor may be responsible for testing the study procedures,
following the sampling protocol established by the Federal Reserve,
conducting the study as specified by the Federal Reserve, collecting
and coding responses, and documenting all procedures. Data editing and
analysis of the results may be conducted either by the Federal Reserve
and any research partner, by the contractor, or some combination of
these depending on the project.
The number of respondents to any given qualitative survey would
also vary depending on the purpose of the survey and the number of
respondents needed to provide a range of viewpoints. FR 3073 would
enable the Federal Reserve to conduct up eight qualitative surveys each
year with about 50 respondents per survey. For example, a qualitative
survey could include several focus groups on a particular topic for
which data needs have arisen.
The stakeholder surveys would be used to gather quantitative and
qualitative information directly from stakeholders (stakeholder
surveys). Stakeholders may include, for example, such organizations as
community groups, community development organizations, non-profit
service providers, faith-based service organizations, public sector
agencies, small business owners, health care organizations, food banks,
K-12 public and private schools, community colleges community
development financial institutions, credit unions, banks, and other
financial institutions and companies offering financial products and
services. Before initiating a new survey, the Federal Reserve would
determine if the information to be collected is available by other
means or sources within the Federal Reserve System to avoid imposing
additional burden on stakeholders.
Quantitative surveys would initially be collected in partnership
with an intermediary working with community-based nonprofits to gather
responses from their affiliates and grantees on a voluntary basis.
Quarterly invitations to complete the survey would be emailed to
stakeholders. The surveys would be administered through a web-based
platform and capture trends (information over time) as well as
geographical dispersion (representative coverage of all 12 Reserve Bank
districts). The Federal Reserve would continue to explore other avenues
for collecting data from community stakeholders, including building a
national stakeholder sampling frame.
The survey questions would include current and emerging community
economic issues including job availability, access to affordable rental
housing, access to credit, and non-profit organizational capacity to
meet community demands for services. Some topics would be covered each
quarter, while others may be included less frequently. The Federal
Reserve anticipates fielding up to eight quantitative stakeholder
surveys each year, although surveys may not be conducted that
frequently.
As with the consumer surveys described above, formal or informal
qualitative surveys with stakeholders would be conducted by the Federal
Reserve and any outside partners collaborating with the Board. Such
surveys may also be conducted through a private contractor. Topics for
qualitative surveys may vary and may include new issues of concern for
stakeholders or communities, or exploring an ongoing area of focus in
more depth. Such methods could also be used for testing and developing
the wording of survey questions, and complementing a quantitative
survey in a mixed method research design.
The number of respondents to any given qualitative stakeholder
survey would vary depending on the purpose of the survey and the number
of respondents needed to provide a range of viewpoints. FR 3073 would
enable the Federal Reserve to conduct up to eight qualitative surveys
each year with about 50 respondents per survey. For example, a
qualitative survey could include several focus groups with different
types of stakeholders or
[[Page 77684]]
stakeholders from different areas of the country.
The frequency and content of the questions may change depending on
economic conditions, regulatory, or legislative developments, as well
as changes in technology, business practices, and other factors
affecting consumers, stakeholders, and communities.
Board of Governors of the Federal Reserve System, December 19,
2013.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2013-30641 Filed 12-23-13; 8:45 am]
BILLING CODE 6210-01-P