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)

Page Range		6849-6850
FR Document		2018-03149

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 Issue 32 (Thursday, February 15, 2018)

[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]


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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

6850 Federal Register / Vol. 83, No. 32 / Thursday, February 15, 2018 / Notices

SUPPLEMENTARY INFORMATION: On June opening, upon request, when certain indicated. The applications will also be
15, 1984, the Office of Management and changes in terms occur, and in periodic available for inspection at the offices of
Budget (OMB) delegated to the Board statements. It also includes rules about the Board of Governors. Interested
authority under the Paperwork advertising for deposit accounts. TISA persons may express their views in
Reduction Act (PRA) to approve of and does not provide exemptions from writing on the standards enumerated in
assign OMB control numbers to compliance for small institutions. the BHC Act (12 U.S.C. 1842(c)). If the
collection of information requests and Legal authorization and proposal also involves the acquisition of
requirements conducted or sponsored confidentiality: The Board’s Legal a nonbanking company, the review also
by the Board. Board-approved Division has determined that section includes whether the acquisition of the
collections of information are 269 of TISA specifically authorizes the nonbanking company complies with the
incorporated into the official OMB CFPB ‘‘to prescribe regulations’’ to carry standards in section 4 of the BHC Act
inventory of currently approved out the purposes and provisions of the (12 U.S.C. 1843). Unless otherwise
collections of information. Copies of the Act, as well as to adopt model forms noted, nonbanking activities will be
Paperwork Reduction Act Submission, and clauses for common disclosures to conducted throughout the United States.
supporting statements and approved facilitate compliance (12 U.S.C. 4308). Unless otherwise noted, comments
collection of information instrument(s) FR DD implements this statutory regarding each of these applications
are placed into OMB’s public docket provision (12 CFR part 1030). The must be received at the Reserve Bank
files. The Board may not conduct or Board’s imposition of the disclosure indicated or the offices of the Board of
sponsor, and the respondent is not requirements on Board-supervised Governors not later than March 12,
required to respond to, an information institutions is authorized by Section 270 2018.
collection that has been extended, of TISA, 12 U.S.C. 4309, and the A. Federal Reserve Bank of Kansas
revised, or implemented on or after provisions of Regulation DD (12 CFR City (Dennis Denney, Assistant Vice
October 1, 1995, unless it displays a 1030.1(a), 1030.2(j)). An institution’s President) 1 Memorial Drive, Kansas
currently valid OMB control number. disclosure obligations under Regulation City, Missouri 64198–0001:
Final approval under OMB delegated DD are mandatory. The Board does not 1. FFP Group, Inc., and its newly
authority of the extension for three collect any information; therefore, no formed merger subsidiary, FFP Merger
years, without revision, of the following issue of confidentiality arises. Sub, Inc., both of Denver, Colorado; to
report: Current actions: On November 22, become bank holding companies by
Report title: Disclosure Requirements 2017, the Board published a notice in acquiring Raton Capital Corporation,
Associated with CFPB’s Regulation DD the Federal Register (82 FR 55608) Raton, New Mexico and thereby acquire
(Truth in Savings Act (TISA)). requesting public comment for 60 days International Bank, Raton, New Mexico.
Agency form number: FR DD. on the extension, without revision, of
the Disclosure Requirements Associated Board of Governors of the Federal Reserve
OMB control number: 7100–0271.
System, February 12, 2018.
Frequency: Monthly. with CFPB’s Regulation DD (Truth in
Respondents: State member banks, Savings Act (TISA)). The comment Ann Misback,
branches and agencies of foreign banks period for this notice expired on January Secretary of the Board.
(other than federal branches, federal 22, 2018. The Board did not receive any [FR Doc. 2018–03158 Filed 2–14–18; 8:45 am]
agencies, and insured state branches of comments. BILLING CODE P
foreign banks), commercial lending Board of Governors of the Federal Reserve
companies owned or controlled by System, February 12, 2018.
foreign banks, and organizations FEDERAL RESERVE SYSTEM
Ann E. Misback,
operating under section 25 or 25A of the
Secretary of the Board. Agency Information Collection
Federal Reserve Act.
Estimated number of respondents: [FR Doc. 2018–03149 Filed 2–14–18; 8:45 am] Activities: Announcement of Board
936. BILLING CODE 6210–01–P Approval Under Delegated Authority
Estimated average hours per response: and Submission to OMB
Account disclosures, 1 hour; Change in AGENCY: Board of Governors of the
terms notices, 1.5 hours; Notices prior to FEDERAL RESERVE SYSTEM
Federal Reserve System.
maturity, 1.5 hours; Periodic statement Formations of, Acquisitions by, and
disclosure, 8 hours; and Advertising, 30 SUMMARY: The Board of Governors of the
Mergers of Bank Holding Companies Federal Reserve System (Board) is
minutes.
Estimated annual burden hours: The companies listed in this notice adopting a proposal to extend for three
Account disclosures: 11,232 hours; have applied to the Board for approval, years, without revision, the
Change in terms notices: 16,848 hours; pursuant to the Bank Holding Company Recordkeeping and Disclosure
Notices prior to maturity: 16,848 hours; Act of 1956 (12 U.S.C. 1841 et seq.) Requirements Associated with
Periodic statement disclosure: 89,856 (BHC Act), Regulation Y (12 CFR part Securities Transactions Pursuant to
hours; and Advertising: 5,616 hours. 225), and all other applicable statutes Regulation H (Reg H–3; OMB No. 7100–
General description of report: TISA and regulations to become a bank 0196).
was contained in the Federal Deposit holding company and/or to acquire the FOR FURTHER INFORMATION CONTACT:
Insurance Corporation Improvement Act assets or the ownership of, control of, or Federal Reserve Board Clearance
of 1991. The purpose of TISA and its the power to vote shares of a bank or Officer—Nuha Elmaghrabi—Office of
implementing regulation is to assist the Chief Data Officer, Board of
sradovich on DSK3GMQ082PROD with NOTICES

bank holding company and all of the
consumers in comparing deposit banks and nonbanking companies Governors of the Federal Reserve
accounts offered by institutions, owned by the bank holding company, System, Washington, DC, 20551 (202)
principally through the disclosure of including the companies listed below. 452–3829. Telecommunications Device
fees, the annual percentage yield (APY), The applications listed below, as well for the Deaf (TDD) users may contact
and other account terms. TISA requires as other related filings required by the (202) 263–4869, Board of Governors of
depository institutions to disclose key Board, are available for immediate the Federal Reserve System,
terms for deposit accounts at account inspection at the Federal Reserve Bank Washington, DC 20551.

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Document Created: 2018-02-15 00:21:11
Document Modified: 2018-02-15 00:21:11

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		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.
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.
FR Citation		83 FR 6849