| 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
| 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 |