Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 8012 [2021-02201]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 86, Number 21 (Wednesday, February 3, 2021)]
[Notices]
[Page 8012]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-02201]



[[Page 8012]]

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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 
Disclosure Requirements Associated with CFPB's Regulation DD (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.
    Office of Management and Budget (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.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the PRA to approve and assign OMB control numbers to 
collections of information conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. The OMB 
inventory, as well as copies of the PRA Submission, supporting 
statements, and approved collection of information instrument(s) are 
available at https://www.reginfo.gov/public/do/PRAMain. These documents 
are also available on the Federal Reserve Board's public website at 
https://www.federalreserve.gov/apps/reportforms/review.aspx or may be 
requested from the agency clearance officer, whose name appears above.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of the Following Information Collection

    Report title: Disclosure Requirements Associated with CFPB's 
Regulation DD.
    Agency form number: FR DD.
    OMB control number: 7100-0271.
    Frequency: Monthly.
    Respondents: Except those that are supervised by the Consumer 
Financial Protection Bureau (CFPB), state member banks, branches of 
foreign banks (other than federal branches and insured state branches 
of foreign banks), commercial lending companies owned or controlled by 
foreign banks, and organizations operating under section 25 of the 
Federal Reserve Act (12 U.S.C. 601-604a). The CFPB supervises, among 
other institutions, insured depository institutions with over $10 
billion in assets and their affiliates (including affiliates that are 
themselves depository institutions regardless of asset size and 
subsidiaries of such affiliates).
    Estimated number of respondents: Account disclosures, Change in 
terms notice, Notices prior to maturity, Periodic statement disclosure 
and additional disclosure requirements for overdraft services, and 
Advertising and additional disclosure requirements for overdraft 
services, 835.
    Estimated average hours per response: Account disclosures, 1 hour; 
Change in terms notice, 1.5 hours; Notices prior to maturity, 1.5 
hours; Periodic statement disclosure and additional disclosure 
requirements for overdraft services, 8 hours; and Advertising and 
additional disclosure requirements for overdraft services, 0.5 hour.
    Estimated annual burden hours: Account disclosures, 10,020 hours; 
Change in terms notice, 15,030 hours; Notices prior to maturity, 15,030 
hours; Periodic statement disclosure and additional disclosure 
requirements for overdraft services, 80,160 hours; and Advertising and 
additional disclosure requirements for overdraft services, 5,010 hours.
    General description of report: The Truth in Savings Act (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: 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. 
Regulation DD implements this statutory provision. The Board's 
imposition of the disclosure requirements on Board-supervised 
institutions is authorized by Section 270 of TISA.
    Current actions: On October 14, 2020, the Board published an 
initial notice in the Federal Register (85 FR 65049) requesting public 
comment for 60 days on the extension, without revision, of the FR DD. 
The comment period for this notice expired on December 14, 2020. The 
Board received one comment, however, this comment was outside the scope 
of FR DD. The Board will adopt the extension, without revision, of the 
FR DD as originally proposed.

    Board of Governors of the Federal Reserve System, January 28, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-02201 Filed 2-2-21; 8:45 am]
BILLING CODE 6210-01-P