Agency Information Collection Activities: Proposed Collection Renewal; Comment Request (OMB No. 3064-0084), 61567-61569 [2017-28067]
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61567
Federal Register / Vol. 82, No. 248 / Thursday, December 28, 2017 / Notices
Burden Estimate:
Number of
respondents
Source and burden type
Annual
frequency
Average time
per response
(minutes)
Total
responses
Estimated
annual
burden
(hours)
Form MSD–4 Reporting ....................................................
Form MSD–5 Reporting ....................................................
2
2
On Occasion .....
On Occasion .....
2
2
60
15
2
0.5
Total Estimated Annual Burden .................................
........................
...........................
........................
........................
2.5
There is no change in the method or
substance of the collection. The overall
reduction in burden hours is a result of
economic fluctuation. In particular, the
number of respondents has decreased
while the reporting frequency and the
estimated time per response remain the
same.
General Description of Collection: The
1975 Amendments to the Securities
Exchange Act of 1934 established a
comprehensive framework for the
regulation of the activities of municipal
securities dealers. Under Section 15B(a)
of the Securities Exchange Act,
municipal securities dealers which are
banks, or separately identifiable
departments or divisions of banks
engaging in municipal securities
activities, are required to be registered
with the Securities and Exchange
Commission in accordance with such
rules as the Municipal Securities
Rulemaking Board (MSRB), a
rulemaking authority established by the
1975 Amendments, may prescribe as
necessary or appropriate in the public
interest or for the protection of
investors.
One of the areas in which the Act
directed the MSRB to promulgate rules
is the qualifications of persons
associated with municipal securities
dealers as municipal securities
principals and municipal securities
representatives. The MSRB Rules
require persons who are or seek to be
associated with municipal securities
dealers as municipal securities
principals or municipal securities
representatives to provide certain
background information and conversely,
require the municipal securities dealers
to obtain the information from such
persons. Generally, the information
required to be furnished relates to
employment history and professional
background including any disciplinary
sanctions and any claimed bases for
exemption from MSRB examination
requirements.
The FDIC and the other two Federal
bank regulatory agencies, the
Number of
respondents
Source and burden type
sradovich on DSK3GMQ082PROD with NOTICES
Form 6342/12 Reporting ...................................................
There is no change in the method or
substance of the collection. There is an
overall reduction in burden hours
which is the result of (1) economic
fluctuation reflected by a decrease in the
number of FDIC-supervised institutions
and (2) a decrease in the number of
requests for deregistration of a registered
transfer agent forms submitted to the
FDIC.
General Description of Collection:
Under the Securities Exchange Act of
1934 (15 U.S.C. 78q–1), an insured
nonmember bank (or a subsidiary of
such a bank) that functions as a transfer
agent may withdraw from registration as
a transfer agent by filing a written notice
of withdrawal with the FDIC. The FDIC
requires such banks to file FDIC Form
6342/12 as the written notice of
withdrawal.
VerDate Sep<11>2014
18:14 Dec 27, 2017
Jkt 244001
Annual
frequency
1
Dated at Washington, DC, on December 22,
2017.
Frm 00035
Fmt 4703
Total
responses
On Occasion .....
Request for Comment: Comments are
invited on: (a) Whether the collections
of information are 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 collections, 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
collections 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.
PO 00000
Comptroller of the Currency, and the
Federal Reserve Board, have prescribed
Forms MSD–4 to satisfy these
requirements and have prescribed Form
MSD–5 for notification by a bank
municipal securities dealer that a
municipal securities principal’s or a
municipal securities representative’s
association with the dealer has
terminated and the reason for such
termination. State nonmember banks
and state savings associations that are
municipal security dealers submit these
forms, as applicable, to the FDIC as their
appropriate regulatory agency for each
person associated with the dealer as a
municipal securities principal or
municipal securities representative.
2. Title: Request for Deregistration for
Registered Transfer Agents.
OMB Number: 3064–0027
Form Number: 6342/12
Affected Public: Insured state
nonmember banks and state savings
associations.
Burden Estimate:
Sfmt 4703
Average time
per response
1
Estimated
annual
burden
(hours)
0.42
0.42
Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 2017–28068 Filed 12–27–17; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL DEPOSIT INSURANCE
CORPORATION
Agency Information Collection
Activities: Proposed Collection
Renewal; Comment Request (OMB No.
3064–0084)
Federal Deposit Insurance
Corporation (FDIC).
ACTION: Notice and request for comment.
AGENCY:
The FDIC, as part of its
continuing effort to reduce paperwork
and respondent burden, invites the
SUMMARY:
E:\FR\FM\28DEN1.SGM
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Federal Register / Vol. 82, No. 248 / Thursday, December 28, 2017 / Notices
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.
Comments must be submitted on
or before February 26, 2018.
DATES:
Interested parties are
invited to submit written comments to
the FDIC by any of the following
methods:
• https://www.FDIC.gov/regulations/
laws/federal/notices.html.
ADDRESSES:
• Email: comments@fdic.gov. 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
Type of
burden
Obligation to
respond
Estimated
number of
respondents
Estimated
time per
response
(hours)
Estimated
frequency
Frequency
of response
Total
annual
estimated
burden
Reg E—12 C.F.R. Part 1005
Initial disclosures:.
General (1005.7(b)) ................................................
Payroll cards (1005.18(c)(1)) ..................................
Change-in-terms (1005.8(a)) .........................................
Transaction disclosures (sections 1005.9(a) and
1005.10).
Periodic statements (section 1005.9(b)) ........................
Error resolution rules:.
General (1005.8(b) and 1005.11) ...........................
Payroll cards (1005.18) ..........................................
Overdraft opt-in disclosures (1005.17, FRB r–1343):.
Revise
and
update
initial
disclosures
(1005.17(c)(2)) for new customers.
Prepare and send new opt-in notices to existing
customers (1005.17(c)(1)).
Consumer response (section 1005.17) ..................
Gift card/gift certificate (section 1005.20, FRB R–
1377):.
Exclusion policies & procedures (1005.20(b)(2))
one-time.
Exclusion policies & procedures (1005.20(b)(2))
ongoing.
Policy & procedures (1005.20(e)(1)) one-time .......
Policy & procedures (1005.20(e)(1)) ongoing ........
Systems change to implement disclosure update
(1005.20(e)(3)).
Subtotal Reg E Burden ...................................
Disclosure
Disclosure
Disclosure
Disclosure
.......
.......
.......
.......
Mandatory .......
Mandatory .......
Mandatory .......
.........................
3,674
6
3,674
....................
0.025
0.025
0.017
..................
83
5,000
113
..................
On Occasion ...
On Occasion ...
On Occasion ...
.........................
7,624
750
6,919
0
Disclosure .......
.........................
....................
..................
..................
.........................
0
Disclosure .......
Disclosure .......
Mandatory .......
Mandatory .......
3,674
6
0.500
0.500
3
8
On Occasion ...
On Occasion ...
5,511
24
Disclosure .......
Mandatory .......
3,645
16.000
1
On Occasion ...
58,320
Disclosure .......
Mandatory .......
3,645
16.000
1
On Occasion ...
58,320
Recordkeeping
Voluntary .........
3,645
0.083
7,207
On Occasion ...
2,189,126
Recordkeeping
Mandatory .......
6
40.000
1
On Occasion ...
240
Recordkeeping
Mandatory .......
6
8.000
1
On Occasion ...
48
Recordkeeping
Recordkeeping
Disclosure .......
Mandatory .......
Mandatory .......
Mandatory .......
6
6
6
40.000
8.000
40.000
1
1
1
On Occasion ...
On Occasion ...
On Occasion ...
240
48
240
.........................
.........................
....................
..................
..................
.........................
2,327,410
sradovich on DSK3GMQ082PROD with NOTICES
Regulation CC—12 C.F.R. Part 229
Specific availability policy disclosure (initial notice,
upon request, upon change in policy) (sections
229.16, 229.17 and 229.18(d)).
Case-by-case hold notice (section 229.16(c)) ...............
Notice of exceptions to hold policy (section 229.13(g))
Notice posted where consumers make deposits (including at ATMs) (sections 229.18(b) and 229.18(c)).
Notice of changes in policy (section 229.18(e)) ............
Annual notice of new ATMs (section 229.18(e)) (see
Appendix E to Part 229, Commentary, section XII,
E., comment no. 3).
Notice of nonpayment—notice to depositary bank (section 229.33(a) and (d)).
Response to consumer’s recredit claim (validation, denial, reversal) (section 229.54(e)).
Bank’s claim against an indemnifying bank (section
229.55).
Consumer awareness disclosure (section 229.57) ........
Reg CC Consumer Burden—Expedited recredit claim
notice (section 229.54(a) and (b)(2)).
VerDate Sep<11>2014
18:14 Dec 27, 2017
Jkt 244001
Disclosure .......
Mandatory .......
3,674
0.017
140
On Occasion ...
8,573
Disclosure .......
Disclosure .......
Disclosure .......
Mandatory .......
Mandatory .......
Mandatory .......
3,674
3,674
3,674
0.050
0.050
0.250
717
247
1
On Occasion ...
On Occasion ...
On Occasion ...
131,713
45,374
919
Disclosure .......
Disclosure .......
Mandatory .......
Mandatory .......
16
3,674
20.000
5.000
1
1
On Occasion ...
On Occasion ...
320
18,370
Disclosure .......
Mandatory .......
3,674
0.017
2,211
On Occasion ...
135,387
Disclosure .......
Mandatory .......
3,674
0.250
12
On Occasion ...
11,022
Reporting .........
Mandatory .......
3,674
0.250
5
On Occasion ...
4,593
Disclosure .......
Reporting .........
Mandatory .......
Mandatory .......
3,674
3,674
0.017
0.250
170
8
On Occasion ...
On Occasion ...
10,410
7,348
PO 00000
Frm 00036
Fmt 4703
Sfmt 4703
E:\FR\FM\28DEN1.SGM
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61569
Federal Register / Vol. 82, No. 248 / Thursday, December 28, 2017 / Notices
SUMMARY OF ANNUAL BURDEN—Continued
Type of
burden
Obligation to
respond
Estimated
number of
respondents
Estimated
time per
response
(hours)
Estimated
frequency
Frequency
of response
Total
annual
estimated
burden
Subtotal Reg CC Burden ........................................
.........................
.........................
....................
..................
..................
.........................
374,027
Account disclosures (upon request and new accounts)
(section 1030.4).
Subsequent notices (section 1030.5):.
Change in terms .....................................................
Prematurity (renewal) notices .................................
Disclosures on periodic statements (section 1030.6) ....
Advertising (section 1030.8) ..........................................
Disclosure .......
Mandatory .......
3,674
0.025
170
On Occasion ...
15,615
Disclosure
Disclosure
Disclosure
Disclosure
Mandatory
Mandatory
Mandatory
Mandatory
.......
.......
.......
.......
3,674
3,674
3,674
3,674
0.017
0.017
4.000
0.500
380
340
12
12
On
On
On
On
Regulation DD—12 C.F.R. Part 1030
.......
.......
.......
.......
Occasion
Occasion
Occasion
Occasion
...
...
...
...
23,269
20,819
176,352
22,044
.........................
.........................
....................
..................
..................
.........................
258,099
Total Burden ....................................................
sradovich on DSK3GMQ082PROD with NOTICES
Subtotal Reg DD 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
VerDate Sep<11>2014
18:14 Dec 27, 2017
Jkt 244001
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.
PO 00000
Frm 00037
Fmt 4703
Sfmt 4703
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 DEPOSIT INSURANCE
CORPORATION
Update to Notice of Financial
Institutions for Which the Federal
Deposit Insurance Corporation has
Been Appointed Either Receiver,
Liquidator, or Manager
Federal Deposit Insurance
Corporation.
AGENCY:
Update listing of financial
institutions in liquidation.
ACTION:
Notice is hereby given that
the Federal Deposit Insurance
Corporation (Corporation) has been
appointed the sole receiver for the
following financial institutions effective
as of the Date Closed as indicated in the
listing.
SUMMARY:
This list
(as updated from time to time in the
Federal Register) may be relied upon as
‘‘of record’’ notice that the Corporation
has been appointed receiver for
purposes of the statement of policy
published in the July 2, 1992, issue of
the Federal Register (57 FR 29491). For
further information concerning the
identification of any institutions which
have been placed in liquidation, please
visit the Corporation website at
www.fdic.gov/bank/individual/failed/
banklist.html, or contact the Manager of
Receivership Oversight in the
appropriate service center.
SUPPLEMENTARY INFORMATION:
E:\FR\FM\28DEN1.SGM
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]]>Agencies
[Federal Register Volume 82, Number 248 (Thursday, December 28, 2017)]
[Notices]
[Pages 61567-61569]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[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:
https://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
