[Federal Register Volume 80, Number 76 (Tuesday, April 21, 2015)]
[Notices]
[Pages 22186-22189]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-09193]
-----------------------------------------------------------------------
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: 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 OMB Regulations on
Controlling Paperwork Burdens on the Public. 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 instrument(s) 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.
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Acting Clearance
[[Page 22187]]
Officer--Mark Tokarski--Office of the Chief Data Officer, Board of
Governors of the Federal Reserve System, Washington, DC 20551 (202)
452-5241. Telecommunications Device for the Deaf (TDD) users may
contact (202) 263-4869, Board of Governors of the Federal Reserve
System, Washington, DC 20551.
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.
Final approval under OMB delegated authority the extension for
three years, with revision, of the following information collection:
Report title: Information Collection Associated with the
Recordkeeping and Disclosure Requirements of Regulation B (Equal Credit
Opportunity Act (ECOA)).
Agency form number: Regulation B.
OMB control number: 7100-0201.
Frequency: Event-generated.
Reporters: State member banks, branches and agencies of foreign
banks (other than federal branches, federal agencies, and insured state
branches of foreign banks), commercial lending companies owned or
controlled by foreign banks, and organizations operating under section
25 or 25A of the Federal Reserve Act.
Estimated annual reporting hours: Notifications: 76,536 hours;
Furnishing of credit information: 31,890 hours; Record retention,
applications, actions, and prescreened solicitations: 8,504 hours;
Information for monitoring purposes: 3,189 hours; Rules on providing
appraisal reports, providing appraisal reports: 38,268 hours; Self-
testing record retention, incentives, 400 hours and self-correction,
400 hours; Rules concerning requests for information, disclosure for
optional self-test: 8,400 hours.
Estimated average hours per response: Notifications: 6 hours;
Furnishing of credit information: 2.5 hours; Record retention,
applications, actions, and prescreened solicitations: 8 hours;
Information for monitoring purposes: 15 minutes; Rules on providing
appraisal reports, providing appraisal reports: 3 hours; Self-testing
record retention, incentives, 2 hours and self-correction, 8 hours;
Rules concerning requests for information, disclosure for optional
self-test: 3.5 hours.
Number of respondents: 1,063.
General description of report: This information collection is
authorized by 15 U.S.C. 1691b, which authorizes the Consumer Financial
Protection Bureau (CFPB) to prescribe regulations to carry out the
purposes of ECOA. An institution's recordkeeping and disclosure
obligations under Regulation B are mandatory. The Federal Reserve does
not collect any information; therefore, no issue of confidentiality
normally arises.
Abstract: ECOA was enacted in 1974 and is implemented by Regulation
B. ECOA prohibits discrimination in any aspect of a credit transaction
because of race, color, religion, national origin, sex, marital status,
age (provided the applicant has the capacity to contract), or other
specified bases (receipt of public assistance, or the fact that the
applicant has in good faith exercised any right under the Consumer
Credit Protection Act (15 U.S.C. 1600 et seq.)). To aid in
implementation of this prohibition, the statute and regulation subject
creditors to various mandatory disclosure requirements, notification
provisions informing applicants of action taken on the credit
application, credit history reporting, monitoring rules, and
recordkeeping requirements. These requirements are triggered by
specific events and disclosures must be provided within the time
periods established by the statute and regulation. There are no
required reporting forms associated with the CFPB's Regulation B. To
ease the burden and cost of compliance (particularly for small
entities), Regulation B provides model disclosure forms.
Current Actions: On January 28, 2015, the Federal Reserve published
a notice in the Federal Register (80 FR 4571) requesting public comment
for 60 days on the extension, with revision, of the information
collection associated with Regulation B. The comment period for this
notice expired on March 30, 2015. The Federal Reserve did not receive
any comments. The revisions will be implemented as proposed.
Final approval under OMB delegated authority the extension for
three years, without revision, of the following information
collections:
1. Report title: Information Collection Associated with the
Recordkeeping, Reporting, and Disclosure Requirements of Regulation BB
(Community Reinvestment Act (CRA)).
Agency form number: Regulation BB.
OMB control number: 7100-0197.
Frequency: Annually.
Reporters: State member banks (SMBs).
Estimated annual reporting hours: Recordkeeping requirement, small
business and small farm loan register: 16,863 hours; Optional
recordkeeping requirements, consumer loan data, 4,238 hours and other
loan data, 275 hours; Reporting requirements, assessment area
delineation, 164 hours; loan data: Small business and small farm, 616
hours, community development, 1,066 hours, and HMDA out of MSA, 17,963
hours; Optional reporting requirements, data on lending by a consortium
or third party, 153 hours; affiliate lending data, 152 hours; request
for strategic plan approval, 275 hours; request for designation as a
wholesale or limited purpose bank, 4 hours; Disclosure requirement,
public file, 8,510 hours.
Estimated average hours per response: Recordkeeping requirement,
small business and small farm loan register: 219 hours; Optional
recordkeeping requirements, consumer loan data, 326 hours, and other
loan data, 25 hours; Reporting requirements, assessment area
delineation, 2 hours; loan data: Small business and small farm, 8
hours, community development, 13 hours, and HMDA out of MSA, 253 hours;
Optional reporting requirements, data on lending by a consortium or
third party, 17 hours; affiliate lending data, 38 hours; request for
strategic plan approval, 275 hours; request for designation as a
wholesale or limited purpose bank, 4 hours; Disclosure requirement,
public file, 10 hours.
Number of respondents: Recordkeeping requirement, small business
and small farm loan register, 77; Optional recordkeeping requirements,
consumer loan data, 13, and other loan data, 11; Reporting
requirements, assessment area delineation, 82; loan data: Small
business and small farm, 77, community development, 82, and HMDA out of
MSA, 71; Optional reporting requirements, data on lending by a
consortium or third party, 9; affiliate lending data, 4; request for
strategic plan approval, 1; request for designation as a wholesale or
limited purpose bank, 1; Disclosure requirement, public file, 851.
General description of report: This information collection is
authorized by section 806 of the CRA, which permits the Board to issue
regulations to carry out the purpose of CRA (12 U.S.C. 2905), Section
11 of the Federal Reserve Act (FRA), which permits the Board to require
such statements as reports of SMBs as it deems necessary (12 U.S.C.
248(a)(1)), and section 9 of the FRA, which permits the Board to
examine SMBs (12 U.S.C. 325). The obligation to comply with the
recordkeeping, reporting, and disclosure requirements of Regulation BB
is generally mandatory and varies depending on whether the bank is a
large bank. Other parts of the
[[Page 22188]]
collection--specifically, the request for designation as a wholesale or
limited purpose bank, the strategic plan, and the recordkeeping and
reporting requirements associated with data regarding consumer loans
and lending performance, affiliate lending data, data on lending by a
consortium or a third party, are required to obtain a benefit. The data
that are reported to the Federal Reserve are not considered
confidential.
Abstract: CRA was enacted in 1977 and is implemented by Regulation
BB. The CRA directs the federal banking agencies \1\ to evaluate
financial institutions' records of helping to meet the credit needs of
their entire communities, including low- and moderate-income areas
consistent with the safe and sound operation of the institutions. The
CRA is implemented through regulations issued by the federal banking
agencies.\2\
---------------------------------------------------------------------------
\1\ In addition to the Board, the federal banking agencies
currently responsible for CRA rules are the Office of the
Comptroller of the Currency (OCC) and the Federal Deposit Insurance
Corporation (FDIC).
\2\ The Dodd-Frank Wall Street Reform and Consumer Protection
Act of 2010 transferred from the Office of Thrift Supervision (OTS)
all authorities (including rulemaking) relating to savings
associations to the OCC and all authorities (including rulemaking)
relating to savings and loan holding companies (SLHCs) to the Board
on July 21, 2011.
---------------------------------------------------------------------------
In 1995, the federal banking agencies issued substantially
identical regulations under CRA to reduce unnecessary compliance
burden, promote consistency in CRA assessments, and encourage improved
performance.\3\ As a result, the current recordkeeping, reporting, and
disclosure requirements under Regulation BB depend in part on a bank's
size, and are discussed more fully below in the description of
information collection.
---------------------------------------------------------------------------
\3\ 60 FR 22156 (May 4, 1995).
---------------------------------------------------------------------------
Under Regulation BB, large banks are defined as those with assets
of $1.202 billion or more for the past two consecutive year-ends; all
other banks are considered small or intermediate.\4\ The banking
agencies amend the definition of a small bank and an intermediate small
bank in their CRA regulations each year when the asset thresholds are
adjusted for inflation pursuant to Regulation BB, most recently in
December 2013.\5\
---------------------------------------------------------------------------
\4\ Beginning January 1, 2014, banks and savings associations
that, as of December 31 of either of the prior two calendar years,
had assets of less than $1.202 billion are small banks or small
savings associations. Small banks or small savings associations with
assets of at least $300 million as of December 31 of both of the
prior two calendar years, and less than $1.202 billion as of
December 31 of either of the prior two calendar years, are
intermediate small banks or intermediate small savings associations.
\5\ 78 FR 79283 (December 30, 2013).
---------------------------------------------------------------------------
Other than the information collections pursuant to the CRA, the
Board has no information collection that supplies data regarding the
community reinvestment activities of SMBs.
Current Actions: On January 28, 2015, the Federal Reserve published
a notice in the Federal Register (80 FR 4571) requesting public comment
for 60 days on the extension, without revision, of the Recordkeeping,
Reporting and Disclosure Requirements in Regulation BB. The comment
period for this notice expired on March 30, 2015. The Federal Reserve
did not receive any comments.
2. Report title: Information Collections Associated with the
Recordkeeping and Disclosure requirements of Regulation M (Consumer
Leasing).
Agency form number: Regulation M.
OMB control number: 7100-0202.
Frequency: On occasion.
Reporters: Consumer lessors.
Estimated annual reporting hours: Disclosures: 33 hours;
Advertising: 7 hours.
Estimated average hours per response: Disclosures: 2.08 hours;
Advertising: 25 minutes.
Number of respondents: 4.
General description of report: This information collection is
authorized by sections 105(a) and 187 of TILA (15 U.S.C. 1604(a) and
1667f respectively, which authorize the Consumer Financial Protection
Bureau (CFPB) to issue regulations to carry out the provisions of the
Consumer Leasing Act (CLA). The CFPB's Regulation M, 12 CFR part 1013,
implements these statutory provisions. An institution's recordkeeping
and disclosure obligations under Regulation M are mandatory. Because
the Federal Reserve does not collect any information pursuant to the
CFPB's Regulation M, no issue of confidentiality normally arises.
Furthermore, the lease information regarding individual leases with
consumers is confidential between the institution and the consumer. In
the event the Board were to retain regarding consumer leases during the
course of an examination, the information regarding the consumer and
the lease would be kept confidential pursuant to section (b)(8) of the
Freedom of Information Act (5 U.S.C. 522 (b)(8)).
Abstract: The CLA and Regulation M are intended to provide
consumers with meaningful disclosures about the costs and terms of
leases for personal property. The disclosures enable consumers to
compare the terms for a particular lease with those for other leases
and, when appropriate, to compare lease terms with those for credit
transactions. The CLA and Regulation M also contain rules about
advertising consumer leases and limit the size of balloon payments in
consumer lease transactions.
The CFPB's Regulation M applies to all types of lessors of personal
property (except motor vehicle dealers excluded from the Bureau's
authority under Dodd-Frank Act section 1029, which are covered by the
Board's Regulation M \6\). The CLA and Regulation M require lessors to
disclose to consumers uniformly the costs, liabilities, and terms of
consumer lease transactions. Disclosures are provided to consumers
before they enter into lease transactions and in advertisements that
state the availability of consumer leases on particular terms. The
regulation generally applies to consumer leases of personal property in
which the contractual obligation does not exceed $53,500 and has a term
of more than four months. The CLA does not provide exemptions for small
entities.
---------------------------------------------------------------------------
\6\ 12 U.S.C. 5519; 12 CFR part 213.
---------------------------------------------------------------------------
In April 2011, shortly before primary rule writing authority for
the CLA transferred to the CFPB, the Board published a final rule that
established a new dollar threshold for lease transactions subject to
Regulation M, implementing an amendment to the CLA by the Dodd-Frank
Act.\7\ This amendment increased the dollar threshold for lease
contracts subject to the CLA and Regulation M from $25,000 to $50,000.
The amendment also required that this threshold be adjusted annually
for inflation by the annual percentage increase in the Consumer Price
Index for Urban Wage Earners and Clerical Workers (CPI-W), as published
by the Bureau of Labor Statistics. For 2014, the Regulation M threshold
is $53,500,\8\ which will be increased to $54,600 effective January 1,
2015.\9\
---------------------------------------------------------------------------
\7\ Public Law 111-203, 1100E, 124 Stat. 1376 (2010), amending
15 U.S.C. 1667(1). See 76 FR 18349 (Apr. 4, 2011).
\8\ 78 FR 70193 (Nov. 25, 2013). This threshold adjustment was
issued jointly by the Board, for its Regulation M at 12 CFR part
213, and the CFPB, for its Regulation M at 12 CFR 1013.
\9\ 79 FR 56482 (Sept. 22, 2014).
---------------------------------------------------------------------------
Current Actions: On January 28, 2015, the Federal Reserve published
a notice in the Federal Register (80 FR 4571) requesting public comment
for 60 days on the extension, without revision, of the Board's
information collections associated with the Recordkeeping and
Disclosure Requirements of Regulation M. The comment period for this
notice expired on March 30, 2015. The Federal Reserve did not receive
any comments.
[[Page 22189]]
Board of Governors of the Federal Reserve System, April 16,
2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015-09193 Filed 4-20-15; 8:45 am]
BILLING CODE 6210-01-P