Agency Information Collection Activities: Proposed Collection; Comment Request

FEDERAL DEPOSIT INSURANCE CORPORATION

Agency Information Collection Activities: Proposed Collection;

Comment Request

agency: Federal Deposit Insurance Corporation (FDIC).

action: Notice and request for comment.

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summary: The FDIC, as part of its continuing effort to reduce paperwork

and respondent burden, invites the general public and other Federal

agencies to take this opportunity to comment on proposed and/or

continuing information collections, as required by the Paperwork

Reduction Act of 1995 (44 U.S.C. chapter 35). Currently, the FDIC is

soliciting comments concerning the following collections of information

titled: (1) Recordkeeping and Disclosure Requirements in Connection

with Regulation Z (Truth in Lending); (2) Recordkeeping and Disclosure

Requirements in Connection with Regulation M (Consumer Leasing); (3)

Recordkeeping and Disclosure Requirements in Connection with Regulation

E (Electronic Fund Transfers); and (4) Recordkeeping and Disclosure

Requirements in Connection with Regulation B (Equal Credit

Opportunity).

dates: Comments must be submitted on or before July 20, 1998.

addresses: Interested parties are invited to submit written comments to

Tamara R. Manly, Management Analyst (Regulatory Analysis), (202) 898-

7453, Office of the Executive Secretary, Room 4058, Attention:

Comments/OES, Federal Deposit Insurance Corporation, 550 17th Street

N.W., Washington, D.C. 20429. All comments should refer to the OMB

control number. Comments may be hand-delivered to the guard station at

the rear of the 17th Street Building (located of F Street), on business

days between 7:00 a.m. and 5:00 p.m. [FAX number (202) 898-3838;

Internet address: [email protected]].

A copy of the comments may also be submitted to the OMB desk

officer for the FDIC: Alexander Hunt, Office of Information and

Regulatory Affairs, Office of Management and Budget, New Executive

Office Building, Room 3208, Washington, D.C. 20503.

for further information contact: Tamara R. Manly, as the address

identified above.

supplementary information: Proposal to renew the following currently

approved collections of information:

1. Title: Recordkeeping and Disclosure Requirements in Connection

with Regulation Z (Truth in Lending).

OMB Number: 3064-0082.

Frequency of Response: On occasion.

Affected Public: Any businesses or individuals that regularly offer

or extend consumer credit.

Estimated Number of Respondents: 6,100.

Estimated Time per Response: 787.

Estimated Total Annual Burden: 4,800,700 hours.

General Description of Collection: Regulation Z (12 CFR 226)

prescribes uniform methods of computing the cost of credit, disclosure

of credit terms, and procedures for resolving billing errors on certain

credit accounts. Regulation Z is issued by the Board of Governors of

the Federal Reserve System (``FRB'') under the authority of Title I of

the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.). Section

105 of the Act (15 U.S.C. 1604) designates the FRB as the issuer of the

implementing regulations and section 108(a) of the Act (15 U.S.C. 1607)

designates the FDIC as having the enforcement responsibilities in the

case of insured nonmember banks.

2. Title: Recordkeeping and Disclosure Requirements in Connection

with Regulation M (Consumer Leasing).

OMB Number: 3064-0083.

Frequency of Response: On occasion.

Affected Pubic: Any businesses engaging in consumer leasing.

Estimated Number of Respondents: 6,100.

Estimated Time per Response: 4.

Estimated Total Annual Burden: 24,400 hours.

General Description of Collection: Regulation M (12 CFR 2123)

implements the consumer leasing provisions of the Truth in Lending Act.

Regulation M is issued by the Board of Governors of the Federal Reserve

System (``FRB'') under the authority of Title I of the Consumer Credit

Protection Act (15 U.S.C. 1601 et seq.). Section 105 of the Act (15

U.S.C. 1604) designates the FRB as the issuer of the implementing

regulations, and section 108(a) of the Act (15 U.S.C. 1607) designates

the FDIC as having the enforcement responsibilities in the case of

insured nonmember banks.

3. Title: Recordkeeping and Disclosure Requirements in Connection

with Regulation E (Electronic Fund Transfers).

[[Page 27576]]

OMB Number 3064-0084.

Frequency of Response: On occasion.

Affected Public: Any users of the electronic fund transfer system.

Estimated Number of Respondents: 6,100.

Estimated Time per Response: 120.4.

Estimated Total Annual Burden: 734,440 hours.

General Description of Collection: Regulation E (12 CFR 205)

establishes the rights liabilities, and responsibilities of parties in

electronic funds transfers (``EFT'') and protects consumers using EFT

systems. Regulation E is issued by the Board of Governors of the

Federal Reserve System (``FRB'') under the authority of Title IX of the

Consumer Credit Protection Act (15 U.S.C. 1693.) Section 904 of the Act

(15 U.S.C. 1693b) designates the FRB as the issuer of the implementing

regulations, and section 917(a) of the Act (15 U.S.C. 1693o) designates

the FDIC as having the enforcement responsibilities in the case of

insured nonmember banks.

4. Title: Recordkeeping and Disclosure Requirements in Connection

with Regulation B (Equal Credit Opportunity).

OMB Number: 3064-0085.

Frequency of Response: On occasion.

Affected Public: Any financial institution engaging in credit

transactions.

Estimated Number of Respondents: 6,100.

Estimated Time per Response: 43.

Estimated Total Annual Burden: 262,300 hours.

General Description of Collection: Regulation B (12 CFR 202)

prohibits creditors from discriminating against applicants on any of

the bases specified by the Equal Credit Opportunity Act, establishes

guidelines for gathering and evaluating credit information, and

requires creditors to give applicants a written notification of

rejection of an application. Regulation B is issued by the Board of

Governors of the Federal Reserve System (``FRB'') under the authority

of Title VII of the Consumer Credit Protection Act (15 U.S.C. 1691).

Section 703 of the Act (15 U.S.C. 1691b) designates the FRB as the

issuer of the implementing regulations, and section 704(a) of the Act

(15 U.S.C. 1691c) designates the FDIC as having the enforcement

responsibilities in the case of insured nonmember banks.

Request for Comment

Comments are invited on: (a) Whether the collection of information

is necessary for the proper performance of the FDIC's functions,

including whether the information has practical utility; (b) the

accuracy of the estimates of the burden of the information collection,

including the validity of the methodology and assumptions used; (c)

ways to enhance the quality, utility, and clarity of the information to

be collected; and (d) ways to minimize the burden of the information

collection on respondents, including through the use of automated

collection techniques or other forms of information technology.

At the end of the comment period, the comments and recommendations

received will be analyzed to determine the extent to which the

collection should be modified prior to submission to OMB for review and

approval. Comments submitted in response to this notice also will be

summarized or included in the FDIC's requests to OMB for renewal of

this collection. All comments will become a matter of public record.

Dated at Washington, D.C., this 13th day of May, 1998.

Federal Deposit Insurance Corporation.

Robert E. Feldman,

Executive Secretary.

[FR Doc. 98-13164 Filed 5-18-98; 8:45 am]

BILLING CODE 6714-01-M