81_FR_22722 81 FR 22648 - Agency Information Collection Activities: Account Based Disclosures in Connection With Truth in Savings; Comment Request

81 FR 22648 - Agency Information Collection Activities: Account Based Disclosures in Connection With Truth in Savings; Comment Request

NATIONAL CREDIT UNION ADMINISTRATION

Federal Register Volume 81, Issue 74 (April 18, 2016)

Page Range22648-22649
FR Document2016-08874

NCUA, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the submission for reinstatement of a previously approved collection, as required by the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. Chapter 35). NCUA is soliciting comment on the reinstatement of the information collection described below.

Federal Register, Volume 81 Issue 74 (Monday, April 18, 2016) 
[Federal Register Volume 81, Number 74 (Monday, April 18, 2016)]
[Notices]
[Pages 22648-22649]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-08874]


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NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Account Based 
Disclosures in Connection With Truth in Savings; Comment Request

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice and request for comment.

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SUMMARY: NCUA, as part of its continuing effort to reduce paperwork and 
respondent burden, invites the general public and other Federal 
agencies to comment on the submission for reinstatement of a previously 
approved collection, as required by the Paperwork Reduction Act of 1995 
(Pub. L. 104-13, 44 U.S.C. Chapter 35). NCUA is soliciting comment on 
the

[[Page 22649]]

reinstatement of the information collection described below.

DATES: Comments should be received on or before June 17, 2016 to be 
assured consideration.

ADDRESSES: Interested persons are invited to submit written comments on 
the information collection to Dawn Wolfgang, National Credit Union 
Administration, 1775 Duke Street, Alexandria, Virginia 22314-3428; Fax 
No. 703-519-8579; or Email at [email protected].

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to the address above.

SUPPLEMENTARY INFORMATION:

I. Abstract and Request for Comments

    The Truth in Savings Act, 12 U.S.C. 4301 et seq., (TISA) requires 
depository institutions to disclose to consumers certain information, 
including interest rates, dividends, bonuses, and fees associated with 
their deposit accounts and accompanying services. TISA directed the 
Federal Reserve Board (FRB) to issue a final regulation governing 
depository institution other than credit unions. FRB promulgated the 
TISA regulation, known as Regulation DD, 12 CFR part 230. The Dodd-
Frank Wall Street Reform and Consumer Protection Act transferred FRB's 
rulemaking authority for TISA to the Consumer Financial Protection 
Bureau (CFPB).
    TISA also directed the National Credit Union Administration (NCUA) 
to promulgate a TISA regulation governing credit unions. Section 272(b) 
of TISA, 12 U.S.C. 4311(b), mandated that NCUA regulation be 
``substantially similar'' to those issued by FRB (and now CFPB), but 
NCUA may take into account the unique nature of credit unions and the 
limitations under which they may pay dividends.
    To implement TISA, NCUA published its TISA regulation, 12 CFR part 
707, which applies to all credit unions whose accounts are either 
insured by, or eligible to be insured by, the National Credit Union 
Share Insurance Fund, except for any credit union that has been 
designated as a corporate credit union and any non-automated credit 
union that has $2 million or less in assets (together, ``credit 
unions''). In addition, the advertising rules apply to any person who 
advertises an account offered by a credit union. NCUA's TISA regulation 
requires credit unions to disclose fees, dividend rates and other terms 
concerning accounts to members or potential members.
    NCUA's TISA regulation requires credit unions to provide specific 
disclosures when an account is opened, when a disclosed term changes or 
a term account is close to renewal, on periodic statements of account 
activity, in advertisements, and upon a member's or potential member's 
request. 12 CFR 707.4, 707.5, 707.6, 707.8. Credit unions that provide 
periodic statements are required to include information about fees 
imposed, the annual percentage yield earned during those statement 
periods, and other account terms. The requirements for creating and 
disseminating account disclosures, change in terms notices, term share 
renewal notices, statement disclosures, and advertising disclosures are 
necessary to implement TISA's purpose of providing the public with 
information that will permit informed comparisons of accounts at 
depository institutions.
    The collection of information pursuant to Part 707 is triggered by 
specific events and disclosures and must be provided to consumers 
within the time periods established under the regulation. To ease the 
compliance cost (particularly for small credit unions), model clauses 
and sample forms are appended to the regulation.
    Although the regulation requires depository institutions to retain 
evidence of compliance with the disclosure requirements, the regulation 
does not specify the types of records that must be retained.
    Comments submitted in response to this notice will be summarized 
and included in the request for Office of Management and Budget 
approval. All comments will become a matter of public record. The 
public is invited to submit comments concerning: (a) Whether the 
collection of information is necessary for the proper performance of 
the function of the agency, including whether the information will have 
practical utility; (b) the accuracy of the agency's estimate of the 
burden of the collection of information, 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 collection of the information on the 
respondents, including the use of automated collection techniques or 
other forms of information technology.

II. Data

    Title: Account Based Disclosures in Connection with 12 CFR part 
707.
    OMB Number: 3133-0134.
    Type of Review: Reinstatement with change of a previously approved 
collection.
    Description: NCUA's TISA regulation requires credit unions to 
provide specific disclosures when an account is opened, when a 
disclosed term changes or a term account is close to renewal, on 
periodic statements of account activity, in advertisements, and upon a 
member's or potential member's request. 12 CFR 707.4, 707.5, 707.6, 
707.8. Credit unions that provide periodic statements are required to 
include information about fees imposed, the annual percentage yield 
earned during those statement periods, and other account terms. The 
requirements for creating and disseminating account disclosures, change 
in terms notices, term share renewal notices, statement disclosures, 
and advertising disclosures are necessary to implement TISA's purpose 
of providing the public with information that will permit informed 
comparisons of accounts at depository institutions.
    Respondents: All credit unions whose accounts are either insured 
by, or eligible to be insured by, the National Credit Union Share 
Insurance Fund, except for any credit union that has been designated as 
a corporate credit union and any non-automated credit union that has $2 
million or less in assets.
    Estimated Number of Respondents: 6,247.
    Frequency of Response: Upon occurrence of triggering action.
    Estimated Burden Hours per Response: For account disclosures, 1.5 
minutes; for change-in-terms notices, 1 minute; for notices prior to 
maturity, 1 minute; for periodic statement disclosures, 4 hours; and 
for advertising, 30 minutes.
    Estimated Total Annual Burden Hours: 438,852.

    By Gerard Poliquin, Secretary of the Board, the National Credit 
Union Administration, on April 13, 2016.

    Dated: April 13, 2016
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2016-08874 Filed 4-15-16; 8:45 am]
 BILLING CODE 7535-01-P

22648 Federal Register / Vol. 81, No. 74 / Monday, April 18, 2016 / Notices TABLE E—U.S. DEPARTMENT OF LABOR EMPLOYMENT AND TRAINING ADMINISTRATION—Continued WORKFORCE INFORMATION GRANTS TO STATES [PY 2016 vs PY 2015 allotments] State PY 2015 PY 2016 Difference % Difference Washington ...................................................................................... 666,958 671,496 4,538 0.68 West Virginia .................................................................................... 341,935 339,090 (2,845) ¥0.83 Wisconsin ......................................................................................... 619,893 618,500 (1,393) ¥0.22 Wyoming .......................................................................................... 282,549 281,988 (561) ¥0.20 State Total ................................................................................ 31,823,200 31,823,200 0 0.00 Guam ............................................................................................... 93,090 93,090 0 0.00 Virgin Islands ................................................................................... 83,710 83,710 0 0.00 Outlying Areas Total ................................................................. 176,800 176,800 0 0.00 Portia Wu, I. Background IV. Request for Comments Assistant Secretary for Employment and Comments are invited on: (1) Whether Training. The Aviation Safety Reporting System (ASRS) is a NASA program developed the proposed collection of information [FR Doc. 2016–08747 Filed 4–15–16; 8:45 am] is necessary for the proper performance to enable the voluntary collection of BILLING CODE 4510–FN–P aviation safety incident/situation of the functions of NASA, including reports from individuals to include but whether the information collection has not limited to pilots, air traffic practical utility; (2) the accuracy of controllers, dispatchers, cabin crew, and NASA’s estimate of the burden NATIONAL AERONAUTICS AND (including hours and cost) of the maintenance technicians. The ASRS SPACE ADMINISTRATION proposed collection of information; (3) represents the continuing effort by government, industry, and individuals ways to enhance the quality, utility, and [Notice: 16–025] to maintain and improve aviation safety. clarity of the information to be The information collected is used by collected; and (4) ways to minimize the Notice of Information Collection NASA, the Federal Aviation burden of the collection of information Administration, and the aviation on respondents, including automated AGENCY: National Aeronautics and community in the promotion of flight collection techniques or the use of other Space Administration (NASA). safety. forms of information technology. ACTION: Notice of information collection. Comments submitted in response to Data collected is used to identify deficiencies and discrepancies in the this notice will be summarized and SUMMARY: The National Aeronautics and included in the request for OMB Space Administration, as part of its National Airspace System, support approval of this information collection. continuing effort to reduce paperwork policy formulation and planning, and They will also become a matter of and respondent burden, invites the strengthen the foundation of aviation public record. general public and other Federal safety research. Comments submitted in agencies to take this opportunity to response to this notice will be Frances Teel, comment on proposed and/or summarized and included in the request NASA PRA Clearance Officer. continuing information collections, as for OMB approval of this information [FR Doc. 2016–08851 Filed 4–15–16; 8:45 am] required by the Paperwork Reduction collection. They will also become a BILLING CODE 7510–13–P Act of 1995 (Pub. L. 104–13, 44 U.S.C. matter of public record. 3506(c)(2)(A)). II. Method of Collection DATES: All comments should be NATIONAL CREDIT UNION NASA collects the information ADMINISTRATION submitted within 60 calendar days from electronically, however information the date of this publication. may also be collected via mail. Agency Information Collection ADDRESSES: Interested persons are Activities: Account Based Disclosures invited to submit written comments on III. Data in Connection With Truth in Savings; the proposed information collection to Title: NASA Aviation Safety Comment Request NASA Paperwork Reduction Act Reporting System. Clearance Officer, Code JF000, National OMB Control Number: 2700–XXXX. AGENCY: National Credit Union Aeronautics and Space Administration, Type of Review: Existing information Administration (NCUA). Washington, DC 20546–0001 or collection in use without OMB ACTION: Notice and request for comment. Frances.C.Teel@nasa.gov. Approval. SUMMARY: NCUA, as part of its FOR FURTHER INFORMATION CONTACT: Affected Public: Individuals. continuing effort to reduce paperwork Requests for additional information or Estimated Number of Respondents: mstockstill on DSK4VPTVN1PROD with NOTICES and respondent burden, invites the copies of the information collection 92,228. general public and other Federal instrument(s) and instructions should Estimated Time per Response: 30 agencies to comment on the submission be directed to Ms. Frances Teel, NASA minutes. for reinstatement of a previously Clearance Officer, NASA Headquarters, Estimated Total Annual Burden approved collection, as required by the 300 E Street SW., JF000, Washington, Hours: 46,114 hours. Paperwork Reduction Act of 1995 (Pub. DC 20546, or Frances.C.Teel@nasa.gov. Estimated Total Annual Cost: L. 104–13, 44 U.S.C. Chapter 35). NCUA SUPPLEMENTARY INFORMATION: $311,945. is soliciting comment on the VerDate Sep<11>2014 17:54 Apr 15, 2016 Jkt 238001 PO 00000 Frm 00082 Fmt 4703 Sfmt 4703 E:\FR\FM\18APN1.SGM 18APN1

Federal Register / Vol. 81, No. 74 / Monday, April 18, 2016 / Notices 22649 reinstatement of the information disclosures when an account is opened, Description: NCUA’s TISA regulation collection described below. when a disclosed term changes or a term requires credit unions to provide DATES: Comments should be received on account is close to renewal, on periodic specific disclosures when an account is or before June 17, 2016 to be assured statements of account activity, in opened, when a disclosed term changes consideration. advertisements, and upon a member’s or or a term account is close to renewal, on ADDRESSES: Interested persons are potential member’s request. 12 CFR periodic statements of account activity, invited to submit written comments on 707.4, 707.5, 707.6, 707.8. Credit unions in advertisements, and upon a member’s the information collection to Dawn that provide periodic statements are or potential member’s request. 12 CFR Wolfgang, National Credit Union required to include information about 707.4, 707.5, 707.6, 707.8. Credit unions Administration, 1775 Duke Street, fees imposed, the annual percentage that provide periodic statements are Alexandria, Virginia 22314–3428; Fax yield earned during those statement required to include information about No. 703–519–8579; or Email at periods, and other account terms. The fees imposed, the annual percentage PRAComments@ncua.gov. requirements for creating and yield earned during those statement disseminating account disclosures, periods, and other account terms. The FOR FURTHER INFORMATION CONTACT: change in terms notices, term share requirements for creating and Requests for additional information renewal notices, statement disclosures, disseminating account disclosures, should be directed to the address above. and advertising disclosures are change in terms notices, term share SUPPLEMENTARY INFORMATION: necessary to implement TISA’s purpose renewal notices, statement disclosures, I. Abstract and Request for Comments of providing the public with and advertising disclosures are information that will permit informed necessary to implement TISA’s purpose The Truth in Savings Act, 12 U.S.C. comparisons of accounts at depository of providing the public with 4301 et seq., (TISA) requires depository institutions. information that will permit informed institutions to disclose to consumers The collection of information comparisons of accounts at depository certain information, including interest pursuant to Part 707 is triggered by institutions. rates, dividends, bonuses, and fees specific events and disclosures and Respondents: All credit unions whose associated with their deposit accounts must be provided to consumers within accounts are either insured by, or and accompanying services. TISA the time periods established under the eligible to be insured by, the National directed the Federal Reserve Board regulation. To ease the compliance cost Credit Union Share Insurance Fund, (FRB) to issue a final regulation (particularly for small credit unions), except for any credit union that has governing depository institution other model clauses and sample forms are been designated as a corporate credit than credit unions. FRB promulgated appended to the regulation. union and any non-automated credit the TISA regulation, known as Although the regulation requires union that has $2 million or less in Regulation DD, 12 CFR part 230. The depository institutions to retain assets. Dodd-Frank Wall Street Reform and Estimated Number of Respondents: Consumer Protection Act transferred evidence of compliance with the disclosure requirements, the regulation 6,247. FRB’s rulemaking authority for TISA to Frequency of Response: Upon the Consumer Financial Protection does not specify the types of records that must be retained. occurrence of triggering action. Bureau (CFPB). Estimated Burden Hours per TISA also directed the National Credit Comments submitted in response to this notice will be summarized and Response: For account disclosures, 1.5 Union Administration (NCUA) to minutes; for change-in-terms notices, 1 promulgate a TISA regulation governing included in the request for Office of Management and Budget approval. All minute; for notices prior to maturity, 1 credit unions. Section 272(b) of TISA, minute; for periodic statement 12 U.S.C. 4311(b), mandated that NCUA comments will become a matter of public record. The public is invited to disclosures, 4 hours; and for advertising, regulation be ‘‘substantially similar’’ to 30 minutes. those issued by FRB (and now CFPB), submit comments concerning: (a) Estimated Total Annual Burden but NCUA may take into account the Whether the collection of information is Hours: 438,852. unique nature of credit unions and the necessary for the proper performance of the function of the agency, including By Gerard Poliquin, Secretary of the Board, limitations under which they may pay whether the information will have the National Credit Union Administration, on dividends. April 13, 2016. To implement TISA, NCUA published practical utility; (b) the accuracy of the agency’s estimate of the burden of the Dated: April 13, 2016 its TISA regulation, 12 CFR part 707, which applies to all credit unions collection of information, including the Dawn D. Wolfgang, whose accounts are either insured by, or validity of the methodology and NCUA PRA Clearance Officer. eligible to be insured by, the National assumptions used; (c) ways to enhance [FR Doc. 2016–08874 Filed 4–15–16; 8:45 am] Credit Union Share Insurance Fund, the quality, utility, and clarity of the BILLING CODE 7535–01–P except for any credit union that has information to be collected; and (d) been designated as a corporate credit ways to minimize the burden of the union and any non-automated credit collection of the information on the NATIONAL CREDIT UNION union that has $2 million or less in respondents, including the use of ADMINISTRATION assets (together, ‘‘credit unions’’). In automated collection techniques or addition, the advertising rules apply to other forms of information technology. Agency Information Collection Activities; Proposed Collections; mstockstill on DSK4VPTVN1PROD with NOTICES any person who advertises an account II. Data offered by a credit union. NCUA’s TISA Comment Request regulation requires credit unions to Title: Account Based Disclosures in AGENCY: National Credit Union disclose fees, dividend rates and other Connection with 12 CFR part 707. Administration (NCUA). terms concerning accounts to members OMB Number: 3133–0134. ACTION: Notice and request for comment. or potential members. Type of Review: Reinstatement with NCUA’s TISA regulation requires change of a previously approved SUMMARY: NCUA, as part of its credit unions to provide specific collection. continuing effort to reduce paperwork VerDate Sep<11>2014 17:54 Apr 15, 2016 Jkt 238001 PO 00000 Frm 00083 Fmt 4703 Sfmt 4703 E:\FR\FM\18APN1.SGM 18APN1


Document Created: 2016-04-16 01:46:07
Document Modified: 2016-04-16 01:46:07
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice and request for comment.
DatesComments should be received on or before June 17, 2016 to be assured consideration.
ContactRequests for additional information
FR Citation81 FR 22648 
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