83 FR 6849 - Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB

FEDERAL RESERVE SYSTEM

Federal Register Volume 83, Issue 32 (February 15, 2018)

The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, without revision, the mandatory disclosure requirements associated with CFPB's Regulation DD (Truth in Savings Act) (FR DD; OMB No. 7100-0271).

[Federal Register Volume 83, Number 32 (Thursday, February 15, 2018)]
[Notices]
[Pages 6849-6850]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-03149]


=======================================================================
-----------------------------------------------------------------------

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 
mandatory disclosure requirements associated with CFPB's Regulation DD 
(Truth in Savings Act) (FR DD; OMB No. 7100-0271).

FOR FURTHER INFORMATION CONTACT: 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. Telecommunications Device for the Deaf (TDD) users may 
contact (202) 263-4869, Board of Governors of the Federal Reserve 
System, Washington, DC 20551.
    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.

[[Page 6850]]


SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management 
and Budget (OMB) delegated to the Board authority under the Paperwork 
Reduction Act (PRA) to approve of and assign OMB control numbers to 
collection of information requests and requirements 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 Paperwork Reduction Act 
Submission, supporting statements and approved collection of 
information instrument(s) are placed into OMB's public docket files. 
The Board may not conduct or sponsor, and the respondent is not 
required to respond to, an information collection that has been 
extended, revised, or implemented on or after October 1, 1995, unless 
it displays a currently valid OMB control number.
    Final approval under OMB delegated authority of the extension for 
three years, without revision, of the following report:
    Report title: Disclosure Requirements Associated with CFPB's 
Regulation DD (Truth in Savings Act (TISA)).
    Agency form number: FR DD.
    OMB control number: 7100-0271.
    Frequency: Monthly.
    Respondents: State member banks, branches and agencies of foreign 
banks (other than federal branches, federal agencies, and insured state 
branches of foreign banks), commercial lending companies owned or 
controlled by foreign banks, and organizations operating under section 
25 or 25A of the Federal Reserve Act.
    Estimated number of respondents: 936.
    Estimated average hours per response: Account disclosures, 1 hour; 
Change in terms notices, 1.5 hours; Notices prior to maturity, 1.5 
hours; Periodic statement disclosure, 8 hours; and Advertising, 30 
minutes.
    Estimated annual burden hours: Account disclosures: 11,232 hours; 
Change in terms notices: 16,848 hours; Notices prior to maturity: 
16,848 hours; Periodic statement disclosure: 89,856 hours; and 
Advertising: 5,616 hours.
    General description of report: TISA was contained in the Federal 
Deposit Insurance Corporation Improvement Act of 1991. The purpose of 
TISA and its implementing regulation is to assist consumers in 
comparing deposit accounts offered by institutions, principally through 
the disclosure of fees, the annual percentage yield (APY), and other 
account terms. TISA requires depository institutions to disclose key 
terms for deposit accounts at account opening, upon request, when 
certain changes in terms occur, and in periodic statements. It also 
includes rules about advertising for deposit accounts. TISA does not 
provide exemptions from compliance for small institutions.
    Legal authorization and confidentiality: The Board's Legal Division 
has determined that section 269 of TISA specifically authorizes the 
CFPB ``to prescribe regulations'' to carry out the purposes and 
provisions of the Act, as well as to adopt model forms and clauses for 
common disclosures to facilitate compliance (12 U.S.C. 4308). FR DD 
implements this statutory provision (12 CFR part 1030). The Board's 
imposition of the disclosure requirements on Board-supervised 
institutions is authorized by Section 270 of TISA, 12 U.S.C. 4309, and 
the provisions of Regulation DD (12 CFR 1030.1(a), 1030.2(j)). An 
institution's disclosure obligations under Regulation DD are mandatory. 
The Board does not collect any information; therefore, no issue of 
confidentiality arises.
    Current actions: On November 22, 2017, the Board published a notice 
in the Federal Register (82 FR 55608) requesting public comment for 60 
days on the extension, without revision, of the Disclosure Requirements 
Associated with CFPB's Regulation DD (Truth in Savings Act (TISA)). The 
comment period for this notice expired on January 22, 2018. The Board 
did not receive any comments.

    Board of Governors of the Federal Reserve System, February 12, 
2018.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2018-03149 Filed 2-14-18; 8:45 am]
BILLING CODE 6210-01-P