Rules and Regulations. Notice, request for comment

Agency: Board of Governors of the Federal Reserve System
Action: Notice, request for comment
Citation: FR Doc. 2024-04891

Summary

The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision, the Recordkeeping Requirements Associated with Regulation GG (FR GG; OMB No. 7100-0317).

Dates

Comments must be submitted on or before May 6, 2024.

Supplementary Information

On June 15, 1984, OMB delegated to the Board authority under the Paperwork Reduction Act (PRA) to approve and assign OMB control numbers to collections of information conducted or sponsored by the Board. In exercising this delegated authority, the Board is directed to take every reasonable step to solicit comment. In determining whether to approve a collection of information, the Board will consider all comments received from the public and other agencies. During the comment period for this proposal, a copy of the proposed PRA OMB submission, including the draft reporting form and instructions, supporting statement (which contains more detail about the information collection and burden estimates than this notice), and other documentation, will be made available on the Board's public website at https://www.federalreserve.gov/apps/reportingforms/home/review or may be requested from the agency clearance officer, whose name appears above. Final versions of these documents will be made available at https://www.reginfo.gov/public/do/PRAMain, if approved. Request for Comment on Information Collection Proposal The Board invites public comment on the following information collection, which is being reviewed under authority delegated by the OMB under the PRA. Comments are invited on the following: a. Whether the proposed collection of information is necessary for the proper performance of the Board's functions, including whether the information has practical utility; b. The accuracy of the Board's estimate of the burden of the proposed 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; 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 startup costs and costs of operation, maintenance, and purchase of services to provide information. At the end of the comment period, the comments and recommendations received will be analyzed to determine the extent to which the Board should modify the proposal. Proposal Under OMB Delegated Authority To Extend for Three Years, Without Revision, the Following Information Collection Collection title: Recordkeeping Requirements Associated with Regulation GG. Collection identifier: FR GG. OMB control number: 7100-0317. General description of collection: Regulation GG—Prohibition on Funding of Unlawful internet Gambling (12 CFR part 233) is related to the Unlawful internet Gambling Enforcement Act of 2006. The FR GG is the Board's information collection associated with Regulation GG and requires participants in designated payment systems to establish written policies and procedures related to unlawful internet gambling. These recordkeeping requirements are contained in section 5 of Regulation GG. Policies and procedures reasonably designed to identify and block, or otherwise prevent or prohibit, restricted transactions are necessary because Congress found that internet gambling is primarily funded through personal use of payment system instruments, credit cards, and wire transfers. Frequency: Event-generated. Respondents: Depository institutions, card system operators, credit unions, and money transmitting business operators. Total estimated number of respondents: 4,635. Total estimated annual burden hours: 46,410. 1 1 More detailed information regarding this collection, including more detailed burden estimates, can be found in the OMB Supporting Statement posted at https://www.federalreserve.gov/apps/reportingforms/home/review. On the page displayed at the link, you can find the OMB Supporting Statement by referencing the collection identifier, FR GG. Board of Governors of the Federal Reserve System, March 4, 2024. Michele Taylor Fennell, Deputy Associate Secretary of the Board. [FR Doc. 2024-04891 Filed 3-6-24; 8:45 am]