[Federal Register Volume 84, Number 241 (Monday, December 16, 2019)]
[Notices]
[Pages 68452-68453]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-27041]
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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: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, without revision, the
Payments Research Survey (FR 3067; OMB No. 7100-0355).
FOR FURTHER INFORMATION CONTACT:
[[Page 68453]]
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.
Office of Management and Budget (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.
A copy of the Paperwork Reduction Act (PRA) OMB submission,
including the reporting form and instructions, supporting statement,
and other documentation will be placed into OMB's public docket files.
These documents also are available on the Federal Reserve Board's
public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance officer,
whose name appears above.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the PRA to approve and assign OMB control numbers to
collections of information conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official
OMB inventory of currently approved collections of information. Copies
of the PRA Submission, supporting statements, and approved collection
of information instrument(s) are placed into OMB's public docket files.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of the Following Information Collection
Report title: Payments Research Survey.
Agency form number: FR 3067.
OMB control number: 7100-0355.
Frequency: As needed.
Respondents: Private sector, individuals or households, and state
and local governments.
Estimated number of respondents: Private sector: 4,300; individuals
or households: 5,500; state and local governments: 200.
Estimated average hours per response: Private sector: 1.5;
individuals or households: 1.5; state and local governments: 1.5.
Estimated annual burden hours: Private sector: 12,900; individuals
or households: 16,500; state and local governments: 600; total: 30,000.
General description of report: The Board uses this collection to
obtain information, as needed, on specific and time sensitive issues
related to payments research. Respondents may comprise depository
institutions, financial and nonfinancial businesses, for profit and
nonprofit enterprises, federal, state, and local governments,
individual consumers, or households. The Board may conduct various
surveys under this collection, as needed. The frequency and content of
the questions depend on changing economic, regulatory, supervisory, or
legislative developments.
Legal authorization and confidentiality: The legal framework for
the collection of checks and other items by Reserve Banks and for funds
transfers through Fedwire is provided by section 13 of the Federal
Reserve Act (FRA),\1\ section 16 of the FRA,\2\ the Expedited Funds
Availability Act,\3\ and the Check Clearing for the 21st Century
Act.\4\ Within the Federal Reserve System, the Reserve Banks are
generally the entities engaged in the payments system. The Board has
broad authority to supervise the actions of Reserve Banks, provided by
section 11 of the FRA.\5\ To successfully maintain the operation of the
payments system, the Board must collect payments related data and
information related to the performance of Reserve Banks involved in the
payments system. The Federal Reserve System has a long history of
conducting surveys, including surveys of supervised institutions and of
outside parties. Accordingly, FR 3067 is authorized by sections 11, 13,
and 16 of the FRA, as well as the Expedited Funds Availability Act and
the Check Clearing for the 21st Century Act. Depending on the survey
respondent, the information collection may also be authorized under a
specific statute. These statutes include:
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\1\ 12 U.S.C. 342.
\2\ 12 U.S.C. 360.
\3\ 12 U.S.C. 4001-4010.
\4\ 12 U.S.C. 5001-5018.
\5\ 12 U.S.C. 248.
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Section 809 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act,\6\
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\6\ 12 U.S.C. 5468.
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Section 7 of the Bank Service Company Act,\7\ and
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\7\ 12 U.S.C. 1867.
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Section 920 of the Electronic Fund Transfer Act.\8\
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\8\ 15 U.S.C. 1693o-2.
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Survey submissions are voluntary.
While unlikely, individual respondents may request that information
submitted to the Board through a survey under FR 3067 be kept
confidential. If a respondent requests confidential treatment, the
Board will determine whether the information is entitled to
confidential treatment on a case-by-case basis. Information collected
through these surveys may be kept confidential under exemption 4 for
the Freedom of Information Act, which protects privileged or
confidential commercial or financial information,\9\ or under FOIA
exemption 6, which covers personal information, the disclosure of which
would constitute an unwarranted invasion of privacy.\10\
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\9\ 5 U.S.C. 552(b)(4).
\10\ 5 U.S.C. 552(b)(6).
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Current actions: On September 10, 2019, the Board published a
notice in the Federal Register (84 FR 47511) requesting public comment
for 60 days on the extension, without revision, of the Payments
Research Survey. The comment period for this notice expired on November
12, 2019. The Board did not receive any comments.
Board of Governors of the Federal Reserve System, December 11,
2019.
Ann Misback,
Secretary of the Board.
[FR Doc. 2019-27041 Filed 12-13-19; 8:45 am]
BILLING CODE 6210-01-P