[Federal Register Volume 80, Number 235 (Tuesday, December 8, 2015)]
[Notices]
[Pages 76286-76287]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-30855]
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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: Notice is hereby given of the final approval of proposed
information collections by the Board of Governors of the Federal
Reserve System (Board) under OMB delegated authority. 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 Clearance
Officer--Nuha Elmaghrabi--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.
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 of the extension,
without revision, of the following reports:
1. Report title: Recordkeeping and Disclosure Requirements
Associated with Regulation II (Debit Card Interchange Fees and
Routing).
Agency form number: Reg II.
OMB control number: 7100-0349.
Frequency: On occasion.
Reporters: State member banks, national banks, insured nonmember
banks, savings associations, and Federally-chartered credit unions.
Estimated annual reporting hours: Implement policies & procedures,
2,400 hours; Review and update policies and procedures, 5,240 hours;
and Annual notification and change in status, 131 hours.
Estimated average hours per response: Implement policies &
procedures, 160 hours; Review and update policies and procedures, 40
hours; and Annual notification and change in status, 1 hour.
Number of respondents: Implement policies & procedures, 15
respondents; Review and update policies and procedures, 131
respondents; and Annual notification and change in status, 131
respondents.
General description of report: This information collection is
required to obtain or retain a benefit ((15 U.S.C. 1693o-2(a)(5)) and
is not given confidential treatment.
Abstract: Regulation II implements, among other things, standards
for assessing whether interchange transaction fees for electronic debit
transactions are reasonable and proportional to the cost incurred by
the issuer with respect to the transaction, as required by section 920
of the Electronic Fund Transfer Act. The regulation sets a cap of 21
cents plus 5 basis points of the transaction's value on interchange
transaction fees of covered issuers.
Regulation II allows adjustments to debit card interchange
transaction fees to make an allowance for fraud-prevention costs
incurred by issuers. The regulation permits an issuer to receive or
charge an amount of no more than 1 cent per transaction in addition to
its interchange transaction fee if the issuer develops and implements
policies and procedures that are reasonably designed to take effective
steps to reduce the occurrence of, and costs to all parties from,
fraudulent electronic debit transactions. An issuer must notify its
payment card networks annually that it complies with the Federal
Reserve's standards for the fraud-prevention adjustment.
Regulation II requires issuers to retain evidence of compliance
with the requirements imposed for a period of not less than five years
after the end of the calendar year in which the electronic debit
transaction occurred.
Current Actions: On September 15, 2015 the Federal Reserve
published a notice in the Federal Register (80 FR 55360) requesting
public comment for 60 days on the extension, without revision, of the
Recordkeeping and
[[Page 76287]]
Disclosure Requirements Associated with Regulation II (Debit Card
Interchange Fees and Routing). The comment period for this notice
expired on November 16, 2015. The Federal Reserve did not receive any
comments. The information collection will be extended for three years,
without revision, as proposed.
2. Report title: Recordkeeping Requirements of Regulation H and
Regulation K Associated with Bank Secrecy Act Compliance Programs.
Agency form number: Reg K.
OMB control number: 7100-0310.
Frequency: Annually.
Reporters: State member banks; Edge and agreement corporations; and
U.S. branches, agencies, and other offices of foreign banks supervised
by the Federal Reserve.
Estimated annual reporting hours: Establish compliance program, 160
hours; and maintenance of compliance program, 4,872 hours.
Estimated average hours per response: Establish compliance program,
16 hours; and maintenance of compliance program, 4 hours.
Number of respondents: Establish compliance program, 10; and
maintenance of compliance program, 1,218.
General description of report: The standards for Bank Secrecy Act
(BSA) compliance programs associated with section 208.63 of Regulation
H and with sections 211.5(m)(1) and 211.24(j)(1) of Regulation K are
generally authorized pursuant to the BSA. In addition, sections 11, 21,
25, and 25A of the Federal Reserve Act authorize the Board to require
the information collection and recordkeeping requirements set forth in
Regulations H and K. Section 5 of the Bank Holding Company Act and
section 13(a) of the International Banking Act provide further
authority for sections 211.5(m) and 211.24(j)(1) of Regulation K. Since
the Federal Reserve does not collect any information, no issue of
confidentiality normally arises. However, if a BSA compliance program
becomes a Federal Reserve record during an examination, the information
may be protected from disclosure under exemptions (b)(4) and (b)(8) of
the Freedom of Information Act.
Abstract: Section 208.63 of Regulation H requires state member
banks to establish and maintain the same procedures. Sections
211.5(m)(1) and 211.24(j)(1) of Regulation K require Edge and agreement
corporations and U.S. branches, agencies, and other offices of foreign
banks supervised by the Federal Reserve to establish and maintain
procedures reasonably designed to ensure and monitor compliance with
the BSA and related regulations. There are no required reporting forms
associated with this information collection.
Current Actions: On September 15, 2015 the Federal Reserve
published a notice in the Federal Register (80 FR 55360) requesting
public comment for 60 days on the extension, without revision, of the
Recordkeeping Requirements of Regulation H and Regulation K Associated
with Bank Secrecy Act Compliance Programs. The comment period for this
notice expired on November 16, 2015. The Federal Reserve did not
receive any comments. The information collection will be extended for
three years, without revision, as proposed.
Board of Governors of the Federal Reserve System, December 3,
2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015-30855 Filed 12-7-15; 8:45 am]
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