Guidance on Deposit-Related Consumer Credit Products, 39989 [2011-16942]

Download as PDF Federal Register / Vol. 76, No. 130 / Thursday, July 7, 2011 / Notices for the proper performance of the agencies’ functions, including whether the information has practical utility; (b) The accuracy of the agencies’ estimates of the burden of the information collections as they are proposed to be revised, including the validity of the methodology and assumptions used; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; (d) Ways to minimize the burden of information collections on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) Estimates of capital or start up costs and costs of operation, maintenance, and purchase of services to provide information. Comments submitted in response to this joint notice will be shared among the agencies. All comments will become a matter of public record. Dated: June 29, 2011. Michele Meyer, Assistant Director, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency. Board of Governors of the Federal Reserve System, dated: June 30, 2011. Jennifer J. Johnson, Secretary of the Board. Dated at Washington, DC, this 1st day of July 2011. Federal Deposit Insurance Corporation. Robert E. Feldman, Executive Secretary. Dated: July 1, 2011. Ira L. Mills, Paperwork Clearance Officer, Office of Chief Counsel, Office of Thrift Supervision. [FR Doc. 2011–17100 Filed 7–6–11; 8:45 am] BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P; 6720–01–P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency [Docket ID OCC–2011–0012] Guidance on Deposit-Related Consumer Credit Products Office of the Comptroller of the Currency, Treasury (OCC). ACTION: Extension of comment period. sroberts on DSK5SPTVN1PROD with NOTICES AGENCY: On June 8, 2011, the OCC published in the Federal Register a proposed guidance with request for comment to clarify the OCC’s SUMMARY: VerDate Mar<15>2010 16:26 Jul 06, 2011 Jkt 223001 application of the principles of safe and sound banking practices in connection with deposit-related consumer credit products such as automated overdraft protection and direct deposit advance programs. Due to the complexity of the proposed guidance, and to allow parties more time to consider its potential impact, the OCC has determined that an extension of the comment period until August 7, 2011 is appropriate. This action will allow interested persons additional time to analyze the proposed guidance and prepare their comments. DATES: Comments must be submitted on or before August 7, 2011. ADDRESSES: Because paper mail in the Washington, DC area and at the OCC is subject to delay, commenters are encouraged to submit comments by email, if possible. Please use the title ‘‘Guidance on Deposit-Related Consumer Credit Products’’ to facilitate the organization and distribution of the comments. You may submit comments by any of the following methods: • E-mail: regs.comments@occ.treas.gov. • Mail: Office of the Comptroller of the Currency, 250 E Street, SW., Mail Stop 2–3, Washington, DC 20219. • Fax: (202) 874–5274. • Hand Delivery/Courier: 250 E Street, SW., Mail Stop 2–3, Washington, DC 20219. Instructions: You must include ‘‘OCC’’ as the agency name and ‘‘Docket ID OCC–2011–0012’’ in your comment. In general, OCC will enter all comments received into the docket and publish them on the Regulations.gov Web site without change, including any business or personal information that you provide such as name and address information, e-mail addresses, or phone numbers. Comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure. Do not enclose any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure. You may review comments and other related materials that pertain to this notice by any of the following methods: • Viewing Comments Personally: You may personally inspect and photocopy comments at the OCC, 250 E Street, SW., Washington, DC. For security reasons, the OCC requires that visitors make an appointment to inspect comments. You may do so by calling (202) 874–4700. Upon arrival, visitors PO 00000 Frm 00179 Fmt 4703 Sfmt 9990 39989 will be required to present valid government-issued photo identification and to submit to security screening in order to inspect and photocopy comments. • Docket: You may also view or request available background documents and project summaries using the methods described above. FOR FURTHER INFORMATION CONTACT: Michael S. Bylsma, Director, Community and Consumer Law Division, (202) 874–5750; Grovetta Gardineer, Deputy Comptroller for Compliance Policy, (202) 874–4428; or Kevin Russell, Director, Retail Credit Risk, (202) 874–5170, Office of the Comptroller of the Currency, 250 E Street, SW., Washington, DC 20219. SUPPLEMENTARY INFORMATION: On June 8, 2011, the proposed guidance was published in the Federal Register.1 The proposed guidance would detail the principles that the OCC expects national banks to follow in connection with any deposit-related consumer credit product to address potential operational, reputational, compliance, and credit risks. The request for comment stated that the public comment period would close on July 8, 2011.2 Pursuant to Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act, effective July 21, 2011, all functions of the Office of Thrift Supervision (OTS) and the Director of the OTS relating to Federal savings associations is transferred to the OCC. As a result, the OCC will assume responsibilities for the ongoing examination, supervision, and regulation of Federal savings associations. Any final guidance on deposit-based credit products in effect for national banks on or after July 21, 2011 will also apply to Federal savings associations. The OCC has received requests from the public for an extension of the comment period. In order to allow parties, particularly Federal savings associations, additional time to consider the impact of the proposal, the OCC is extending the deadline for submitting comments on the proposed guidance from July 8, 2011 to August 7, 2011. Dated: June 30, 2011. John Walsh, Acting Comptroller of the Currency. [FR Doc. 2011–16942 Filed 7–6–11; 8:45 am] BILLING CODE 4810–33–P 1 See 2 See E:\FR\FM\07JYN1.SGM 76 FR 33,409. id. 07JYN1

Agencies

[Federal Register Volume 76, Number 130 (Thursday, July 7, 2011)]
[Notices]
[Page 39989]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-16942]



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 DEPARTMENT OF THE TREASURY



Office of the Comptroller of the Currency



[Docket ID OCC-2011-0012]




Guidance on Deposit-Related Consumer Credit Products



AGENCY: Office of the Comptroller of the Currency, Treasury (OCC).



ACTION: Extension of comment period.



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SUMMARY: On June 8, 2011, the OCC published in the Federal Register a 

proposed guidance with request for comment to clarify the OCC's 

application of the principles of safe and sound banking practices in 

connection with deposit-related consumer credit products such as 

automated overdraft protection and direct deposit advance programs.

    Due to the complexity of the proposed guidance, and to allow 

parties more time to consider its potential impact, the OCC has 

determined that an extension of the comment period until August 7, 2011 

is appropriate. This action will allow interested persons additional 

time to analyze the proposed guidance and prepare their comments.



DATES: Comments must be submitted on or before August 7, 2011.



ADDRESSES: Because paper mail in the Washington, DC area and at the OCC 

is subject to delay, commenters are encouraged to submit comments by e-

mail, if possible. Please use the title ``Guidance on Deposit-Related 

Consumer Credit Products'' to facilitate the organization and 

distribution of the comments. You may submit comments by any of the 

following methods:

     E-mail: regs.comments@occ.treas.gov.

     Mail: Office of the Comptroller of the Currency, 250 E 

Street, SW., Mail Stop 2-3, Washington, DC 20219.

     Fax: (202) 874-5274.

     Hand Delivery/Courier: 250 E Street, SW., Mail Stop 2-3, 

Washington, DC 20219.

    Instructions: You must include ``OCC'' as the agency name and 

``Docket ID OCC-2011-0012'' in your comment. In general, OCC will enter 

all comments received into the docket and publish them on the 

Regulations.gov Web site without change, including any business or 

personal information that you provide such as name and address 

information, e-mail addresses, or phone numbers. Comments received, 

including attachments and other supporting materials, are part of the 

public record and subject to public disclosure. Do not enclose any 

information in your comment or supporting materials that you consider 

confidential or inappropriate for public disclosure.

    You may review comments and other related materials that pertain to 

this notice by any of the following methods:

     Viewing Comments Personally: You may personally inspect 

and photocopy comments at the OCC, 250 E Street, SW., Washington, DC. 

For security reasons, the OCC requires that visitors make an 

appointment to inspect comments. You may do so by calling (202) 874-

4700. Upon arrival, visitors will be required to present valid 

government-issued photo identification and to submit to security 

screening in order to inspect and photocopy comments.

     Docket: You may also view or request available background 

documents and project summaries using the methods described above.



FOR FURTHER INFORMATION CONTACT: Michael S. Bylsma, Director, Community 

and Consumer Law Division, (202) 874-5750; Grovetta Gardineer, Deputy 

Comptroller for Compliance Policy, (202) 874-4428; or Kevin Russell, 

Director, Retail Credit Risk, (202) 874-5170, Office of the Comptroller 

of the Currency, 250 E Street, SW., Washington, DC 20219.



SUPPLEMENTARY INFORMATION: On June 8, 2011, the proposed guidance was 

published in the Federal Register.\1\ The proposed guidance would 

detail the principles that the OCC expects national banks to follow in 

connection with any deposit-related consumer credit product to address 

potential operational, reputational, compliance, and credit risks. The 

request for comment stated that the public comment period would close 

on July 8, 2011.\2\

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    \1\ See 76 FR 33,409.

    \2\ See id.

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    Pursuant to Title III of the Dodd-Frank Wall Street Reform and 

Consumer Protection Act, effective July 21, 2011, all functions of the 

Office of Thrift Supervision (OTS) and the Director of the OTS relating 

to Federal savings associations is transferred to the OCC. As a result, 

the OCC will assume responsibilities for the ongoing examination, 

supervision, and regulation of Federal savings associations. Any final 

guidance on deposit-based credit products in effect for national banks 

on or after July 21, 2011 will also apply to Federal savings 

associations.

    The OCC has received requests from the public for an extension of 

the comment period. In order to allow parties, particularly Federal 

savings associations, additional time to consider the impact of the 

proposal, the OCC is extending the deadline for submitting comments on 

the proposed guidance from July 8, 2011 to August 7, 2011.



    Dated: June 30, 2011.

John Walsh,

Acting Comptroller of the Currency.

[FR Doc. 2011-16942 Filed 7-6-11; 8:45 am]

BILLING CODE 4810-33-P