82 FR 61567 - Agency Information Collection Activities: Proposed Collection Renewal; Comment Request (OMB No. 3064-0084)
FEDERAL DEPOSIT INSURANCE CORPORATION Federal Register Volume 82, Issue 248 (December 28, 2017)
Federal Register Volume 82, Issue 248 (December 28, 2017)
| Page Range | 61567-61569 | |
| FR Document | 2017-28067 |
[Federal Register Volume 82, Number 248 (Thursday, December 28, 2017)] [Notices] [Pages 61567-61569] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-28067] ----------------------------------------------------------------------- FEDERAL DEPOSIT INSURANCE CORPORATION Agency Information Collection Activities: Proposed Collection Renewal; Comment Request (OMB No. 3064-0084) AGENCY: Federal Deposit Insurance Corporation (FDIC). ACTION: Notice and request for comment. ----------------------------------------------------------------------- SUMMARY: The FDIC, as part of its continuing effort to reduce paperwork and respondent burden, invites the [[Page 61568]] general public and other Federal agencies to take this opportunity to comment on the renewal of the existing information collection, as required by the Paperwork Reduction Act of 1995. Currently, the FDIC is soliciting comment on renewal of the information collection described below. DATES: Comments must be submitted on or before February 26, 2018. ADDRESSES: Interested parties are invited to submit written comments to the FDIC by any of the following methods:http://www.FDIC.gov/regulations/laws/federal/notices.html. Email: [email protected]. Include the name and number of the collection in the subject line of the message. Mail: Jennifer Jones (202-898-6768), Counsel, MB-3105, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429. Hand Delivery: Comments may be hand-delivered to the guard station at the rear of the 17th Street Building (located on F Street), on business days between 7:00 a.m. and 5:00 p.m. All comments should refer to the relevant OMB control number. A copy of the comments may also be submitted to the OMB desk officer for the FDIC: Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Washington, DC 20503. FOR FURTHER INFORMATION CONTACT: Jennifer Jones (202-898-6768), at the FDIC address above. SUPPLEMENTARY INFORMATION: Proposal to renew the following currently approved collections of information: 1. Title: Account Based Disclosures in Connection with Consumer Financial Protection Bureau Regulations E and DD and Federal Reserve Regulation CC. OMB Number: 3064-0084. Form Number: None. Affected Public: FDIC-Supervised Institutions. Burden Estimate: Summary of Annual Burden -------------------------------------------------------------------------------------------------------------------------------------------------------- Estimated Total Obligation to Estimated time per Estimated Frequency of annual Type of burden respond number of response frequency response estimated respondents (hours) burden -------------------------------------------------------------------------------------------------------------------------------------------------------- Reg E--12 C.F.R. Part 1005 -------------------------------------------------------------------------------------------------------------------------------------------------------- Initial disclosures:.............. General (1005.7(b))........... Disclosure........... Mandatory............ 3,674 0.025 83 On Occasion.......... 7,624 Payroll cards (1005.18(c)(1)). Disclosure........... Mandatory............ 6 0.025 5,000 On Occasion.......... 750 Change-in-terms (1005.8(a))....... Disclosure........... Mandatory............ 3,674 0.017 113 On Occasion.......... 6,919 Transaction disclosures (sections Disclosure........... ..................... ........... .......... .......... ..................... 0 1005.9(a) and 1005.10). Periodic statements (section Disclosure........... ..................... ........... .......... .......... ..................... 0 1005.9(b)). Error resolution rules:........... General (1005.8(b) and Disclosure........... Mandatory............ 3,674 0.500 3 On Occasion.......... 5,511 1005.11). Payroll cards (1005.18)....... Disclosure........... Mandatory............ 6 0.500 8 On Occasion.......... 24 Overdraft opt-in disclosures (1005.17, FRB r-1343):. Revise and update initial Disclosure........... Mandatory............ 3,645 16.000 1 On Occasion.......... 58,320 disclosures (1005.17(c)(2)) for new customers. Prepare and send new opt-in Disclosure........... Mandatory............ 3,645 16.000 1 On Occasion.......... 58,320 notices to existing customers (1005.17(c)(1)). Consumer response (section Recordkeeping........ Voluntary............ 3,645 0.083 7,207 On Occasion.......... 2,189,126 1005.17). Gift card/gift certificate (section 1005.20, FRB R-1377):. Exclusion policies & Recordkeeping........ Mandatory............ 6 40.000 1 On Occasion.......... 240 procedures (1005.20(b)(2)) one-time. Exclusion policies & Recordkeeping........ Mandatory............ 6 8.000 1 On Occasion.......... 48 procedures (1005.20(b)(2)) ongoing. Policy & procedures Recordkeeping........ Mandatory............ 6 40.000 1 On Occasion.......... 240 (1005.20(e)(1)) one-time. Policy & procedures Recordkeeping........ Mandatory............ 6 8.000 1 On Occasion.......... 48 (1005.20(e)(1)) ongoing. Systems change to implement Disclosure........... Mandatory............ 6 40.000 1 On Occasion.......... 240 disclosure update (1005.20(e)(3)). ----------- Subtotal Reg E Burden..... ..................... ..................... ........... .......... .......... ..................... 2,327,410 -------------------------------------------------------------------------------------------------------------------------------------------------------- Regulation CC--12 C.F.R. Part 229 -------------------------------------------------------------------------------------------------------------------------------------------------------- Specific availability policy Disclosure........... Mandatory............ 3,674 0.017 140 On Occasion.......... 8,573 disclosure (initial notice, upon request, upon change in policy) (sections 229.16, 229.17 and 229.18(d)). Case-by-case hold notice (section Disclosure........... Mandatory............ 3,674 0.050 717 On Occasion.......... 131,713 229.16(c)). Notice of exceptions to hold Disclosure........... Mandatory............ 3,674 0.050 247 On Occasion.......... 45,374 policy (section 229.13(g)). Notice posted where consumers make Disclosure........... Mandatory............ 3,674 0.250 1 On Occasion.......... 919 deposits (including at ATMs) (sections 229.18(b) and 229.18(c)). Notice of changes in policy Disclosure........... Mandatory............ 16 20.000 1 On Occasion.......... 320 (section 229.18(e)). Annual notice of new ATMs (section Disclosure........... Mandatory............ 3,674 5.000 1 On Occasion.......... 18,370 229.18(e)) (see Appendix E to Part 229, Commentary, section XII, E., comment no. 3). Notice of nonpayment--notice to Disclosure........... Mandatory............ 3,674 0.017 2,211 On Occasion.......... 135,387 depositary bank (section 229.33(a) and (d)). Response to consumer's recredit Disclosure........... Mandatory............ 3,674 0.250 12 On Occasion.......... 11,022 claim (validation, denial, reversal) (section 229.54(e)). Bank's claim against an Reporting............ Mandatory............ 3,674 0.250 5 On Occasion.......... 4,593 indemnifying bank (section 229.55). Consumer awareness disclosure Disclosure........... Mandatory............ 3,674 0.017 170 On Occasion.......... 10,410 (section 229.57). Reg CC Consumer Burden--Expedited Reporting............ Mandatory............ 3,674 0.250 8 On Occasion.......... 7,348 recredit claim notice (section 229.54(a) and (b)(2)). ----------- [[Page 61569]] Subtotal Reg CC Burden........ ..................... ..................... ........... .......... .......... ..................... 374,027 -------------------------------------------------------------------------------------------------------------------------------------------------------- Regulation DD--12 C.F.R. Part 1030 -------------------------------------------------------------------------------------------------------------------------------------------------------- Account disclosures (upon request Disclosure........... Mandatory............ 3,674 0.025 170 On Occasion.......... 15,615 and new accounts) (section 1030.4). Subsequent notices (section 1030.5):. Change in terms............... Disclosure........... Mandatory............ 3,674 0.017 380 On Occasion.......... 23,269 Prematurity (renewal) notices. Disclosure........... Mandatory............ 3,674 0.017 340 On Occasion.......... 20,819 Disclosures on periodic statements Disclosure........... Mandatory............ 3,674 4.000 12 On Occasion.......... 176,352 (section 1030.6). Advertising (section 1030.8)...... Disclosure........... Mandatory............ 3,674 0.500 12 On Occasion.......... 22,044 ----------- Subtotal Reg DD Burden........ ..................... ..................... ........... .......... .......... ..................... 258,099 ----------- Total Burden.............. ..................... ..................... ........... .......... .......... ..................... 2,959,536 -------------------------------------------------------------------------------------------------------------------------------------------------------- General Description of Collection: Regulations E & DD (Consumer Financial Protection Bureau's Regulations) and Regulation CC (the Federal Reserve's Regulation) ensure adequate disclosures regarding accounts, including electronic fund transfer services, availability of funds, and fees and annual percentage yield for deposit accounts. Generally, the Regulation E disclosures are designed to ensure consumers receive adequate disclosure of basic terms, costs, and rights relating to electronic fund transfer (EFT) services provided to them so that they can make informed decisions. Institutions offering EFT services must disclose to consumers certain information, including: initial and updated EFT terms, transaction information, the consumer's potential liability for unauthorized transfers, and error resolution rights and procedures. Like Regulation E, Regulation CC has consumer protection disclosure requirements. Specifically, Regulation CC requires depository institutions to make funds deposited in transaction accounts available within specified time periods, disclose their availability policies to customers, and begin accruing interest on such deposits promptly. The disclosures are intended to alert customers that their ability to use deposited funds may be delayed, prevent unintentional (and costly) overdrafts, and allow customers to compare the policies of different institutions before deciding at which institution to deposit funds. Depository institutions must also provide an awareness disclosure regarding substitute checks. The regulation also requires notice to the depositary bank and to a customer of nonpayment of a check. Regulation DD also has similar consumer protection disclosure requirements that are intended to assist consumers in comparing deposit accounts offered by institutions, principally through the disclosure of fees, the annual percentage yield, and other account terms. Regulation DD requires depository institutions to disclose yields, fees, and other terms concerning deposit accounts to consumers at account opening, upon request, and when changes in terms occur. Depository institutions that provide periodic statements are required to include information about fees imposed, interest earned, and the annual percentage yield (APY) earned during those statement periods. It also contains rules about advertising deposit accounts. There is no change in the method or substance of the collection. The overall reduction in burden hours is the result of economic fluctuation and the reduced number of FDIC-supervised institutions since the last submission in 2014. In particular, the number of respondents has decreased while the hours per response and frequency of responses have remained the same. 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 collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. All comments will become a matter of public record. Dated at Washington, DC, on December 22, 2017. Federal Deposit Insurance Corporation. Valerie J. Best, Assistant Executive Secretary. [FR Doc. 2017-28067 Filed 12-27-17; 8:45 am] BILLING CODE 6714-01-P
![Federal Register / Vol. 82, No. 248 / Thursday, December 28, 2017 / Notices 61567
Burden Estimate:
Estimated
Average time
Number of Annual Total annual
Source and burden type per response
respondents frequency responses burden
(minutes) (hours)
Form MSD–4 Reporting .................................................... 2 On Occasion ..... 2 60 2
Form MSD–5 Reporting .................................................... 2 On Occasion ..... 2 15 0.5
Total Estimated Annual Burden ................................. ........................ ........................... ........................ ........................ 2.5
There is no change in the method or necessary or appropriate in the public Comptroller of the Currency, and the
substance of the collection. The overall interest or for the protection of Federal Reserve Board, have prescribed
reduction in burden hours is a result of investors. Forms MSD–4 to satisfy these
economic fluctuation. In particular, the One of the areas in which the Act requirements and have prescribed Form
number of respondents has decreased directed the MSRB to promulgate rules MSD–5 for notification by a bank
while the reporting frequency and the is the qualifications of persons municipal securities dealer that a
estimated time per response remain the associated with municipal securities municipal securities principal’s or a
same. dealers as municipal securities municipal securities representative’s
principals and municipal securities association with the dealer has
General Description of Collection: The representatives. The MSRB Rules terminated and the reason for such
1975 Amendments to the Securities require persons who are or seek to be termination. State nonmember banks
Exchange Act of 1934 established a associated with municipal securities and state savings associations that are
comprehensive framework for the dealers as municipal securities municipal security dealers submit these
regulation of the activities of municipal principals or municipal securities forms, as applicable, to the FDIC as their
securities dealers. Under Section 15B(a) representatives to provide certain appropriate regulatory agency for each
of the Securities Exchange Act, background information and conversely, person associated with the dealer as a
municipal securities dealers which are require the municipal securities dealers municipal securities principal or
banks, or separately identifiable to obtain the information from such municipal securities representative.
departments or divisions of banks persons. Generally, the information 2. Title: Request for Deregistration for
engaging in municipal securities required to be furnished relates to Registered Transfer Agents.
activities, are required to be registered employment history and professional
with the Securities and Exchange OMB Number: 3064–0027
background including any disciplinary
Commission in accordance with such sanctions and any claimed bases for Form Number: 6342/12
rules as the Municipal Securities exemption from MSRB examination Affected Public: Insured state
Rulemaking Board (MSRB), a requirements. nonmember banks and state savings
rulemaking authority established by the The FDIC and the other two Federal associations.
1975 Amendments, may prescribe as bank regulatory agencies, the Burden Estimate:
Estimated
Number of Annual Total Average time annual
Source and burden type respondents frequency responses per response burden
(hours)
Form 6342/12 Reporting ................................................... 1 On Occasion ..... 1 0.42 0.42
There is no change in the method or Request for Comment: Comments are Federal Deposit Insurance Corporation.
substance of the collection. There is an invited on: (a) Whether the collections Valerie J. Best,
overall reduction in burden hours of information are necessary for the Assistant Executive Secretary.
which is the result of (1) economic proper performance of the FDIC’s [FR Doc. 2017–28068 Filed 12–27–17; 8:45 am]
fluctuation reflected by a decrease in the functions, including whether the BILLING CODE 6714–01–P
number of FDIC-supervised institutions information has practical utility; (b) the
and (2) a decrease in the number of accuracy of the estimates of the burden
requests for deregistration of a registered of the information collections, including FEDERAL DEPOSIT INSURANCE
transfer agent forms submitted to the the validity of the methodology and CORPORATION
FDIC. assumptions used; (c) ways to enhance
General Description of Collection: the quality, utility, and clarity of the Agency Information Collection
Under the Securities Exchange Act of information to be collected; and (d) Activities: Proposed Collection
1934 (15 U.S.C. 78q–1), an insured ways to minimize the burden of the Renewal; Comment Request (OMB No.
nonmember bank (or a subsidiary of collections of information on 3064–0084)
sradovich on DSK3GMQ082PROD with NOTICES
such a bank) that functions as a transfer respondents, including through the use
AGENCY: Federal Deposit Insurance
agent may withdraw from registration as of automated collection techniques or
Corporation (FDIC).
a transfer agent by filing a written notice other forms of information technology.
ACTION: Notice and request for comment.
of withdrawal with the FDIC. The FDIC All comments will become a matter of
requires such banks to file FDIC Form public record. SUMMARY: The FDIC, as part of its
6342/12 as the written notice of Dated at Washington, DC, on December 22, continuing effort to reduce paperwork
withdrawal. 2017. and respondent burden, invites the
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![Federal Register / Vol. 82, No. 248 / Thursday, December 28, 2017 / Notices 61569
SUMMARY OF ANNUAL BURDEN—Continued
Estimated Total
Estimated
Type of Obligation to time per Estimated Frequency annual
number of
burden respond response frequency of response estimated
respondents (hours) burden
Subtotal Reg CC Burden ........................................ ......................... ......................... .................... .................. .................. ......................... 374,027
Regulation DD—12 C.F.R. Part 1030
Account disclosures (upon request and new accounts) Disclosure ....... Mandatory ....... 3,674 0.025 170 On Occasion ... 15,615
(section 1030.4).
Subsequent notices (section 1030.5):.
Change in terms ..................................................... Disclosure ....... Mandatory ....... 3,674 0.017 380 On Occasion ... 23,269
Prematurity (renewal) notices ................................. Disclosure ....... Mandatory ....... 3,674 0.017 340 On Occasion ... 20,819
Disclosures on periodic statements (section 1030.6) .... Disclosure ....... Mandatory ....... 3,674 4.000 12 On Occasion ... 176,352
Advertising (section 1030.8) .......................................... Disclosure ....... Mandatory ....... 3,674 0.500 12 On Occasion ... 22,044
Subtotal Reg DD Burden ........................................ ......................... ......................... .................... .................. .................. ......................... 258,099
Total Burden .................................................... ......................... ......................... .................... .................. .................. ......................... 2,959,536
General Description of Collection: requirements that are intended to assist Dated at Washington, DC, on December 22,
Regulations E & DD (Consumer consumers in comparing deposit 2017.
Financial Protection Bureau’s accounts offered by institutions, Federal Deposit Insurance Corporation.
Regulations) and Regulation CC (the principally through the disclosure of Valerie J. Best,
Federal Reserve’s Regulation) ensure fees, the annual percentage yield, and Assistant Executive Secretary.
adequate disclosures regarding other account terms. Regulation DD
[FR Doc. 2017–28067 Filed 12–27–17; 8:45 am]
accounts, including electronic fund requires depository institutions to
BILLING CODE 6714–01–P
transfer services, availability of funds, disclose yields, fees, and other terms
and fees and annual percentage yield for concerning deposit accounts to
deposit accounts. Generally, the consumers at account opening, upon
Regulation E disclosures are designed to request, and when changes in terms FEDERAL DEPOSIT INSURANCE
ensure consumers receive adequate occur. Depository institutions that CORPORATION
disclosure of basic terms, costs, and provide periodic statements are required
Update to Notice of Financial
rights relating to electronic fund transfer to include information about fees
Institutions for Which the Federal
(EFT) services provided to them so that imposed, interest earned, and the
Deposit Insurance Corporation has
they can make informed decisions. annual percentage yield (APY) earned
Been Appointed Either Receiver,
Institutions offering EFT services must during those statement periods. It also
Liquidator, or Manager
disclose to consumers certain contains rules about advertising deposit
information, including: initial and accounts.
AGENCY: Federal Deposit Insurance
updated EFT terms, transaction There is no change in the method or
Corporation.
information, the consumer’s potential substance of the collection. The overall
liability for unauthorized transfers, and reduction in burden hours is the result ACTION: Update listing of financial
error resolution rights and procedures. of economic fluctuation and the reduced institutions in liquidation.
Like Regulation E, Regulation CC has number of FDIC-supervised institutions
consumer protection disclosure since the last submission in 2014. In SUMMARY: Notice is hereby given that
requirements. Specifically, Regulation particular, the number of respondents the Federal Deposit Insurance
CC requires depository institutions to has decreased while the hours per Corporation (Corporation) has been
make funds deposited in transaction response and frequency of responses appointed the sole receiver for the
accounts available within specified time have remained the same. following financial institutions effective
periods, disclose their availability Request for Comment: Comments are as of the Date Closed as indicated in the
policies to customers, and begin invited on: (a) Whether the collection of listing.
accruing interest on such deposits information is necessary for the proper
promptly. The disclosures are intended performance of the FDIC’s functions, SUPPLEMENTARY INFORMATION: This list
to alert customers that their ability to including whether the information has (as updated from time to time in the
use deposited funds may be delayed, practical utility; (b) the accuracy of the Federal Register) may be relied upon as
prevent unintentional (and costly) estimates of the burden of the ‘‘of record’’ notice that the Corporation
overdrafts, and allow customers to information collection, including the has been appointed receiver for
compare the policies of different validity of the methodology and purposes of the statement of policy
institutions before deciding at which assumptions used; (c) ways to enhance published in the July 2, 1992, issue of
institution to deposit funds. Depository the quality, utility, and clarity of the the Federal Register (57 FR 29491). For
institutions must also provide an information to be collected; and (d) further information concerning the
awareness disclosure regarding ways to minimize the burden of the identification of any institutions which
sradovich on DSK3GMQ082PROD with NOTICES
substitute checks. The regulation also collection of information on have been placed in liquidation, please
requires notice to the depositary bank respondents, including through the use visit the Corporation website at
and to a customer of nonpayment of a of automated collection techniques or www.fdic.gov/bank/individual/failed/
check. other forms of information technology. banklist.html, or contact the Manager of
Regulation DD also has similar All comments will become a matter of Receivership Oversight in the
consumer protection disclosure public record. appropriate service center.
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Document Created: 2017-12-28 00:43:53
Document Modified: 2017-12-28 00:43:53
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice and request for comment. | |
| Dates | Comments must be submitted on or before February 26, 2018. | |
| Contact | Jennifer Jones (202-898-6768), at the | |
| FR Citation | 82 FR 61567 |
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