Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Regulation E-Electronic Fund Transfer Act; Prepaid Account Provisions, 64541-64543 [2022-23114]
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Federal Register / Vol. 87, No. 205 / Tuesday, October 25, 2022 / Notices
Review’’ from the drop-down menu.
From the ‘‘Currently under Review’’
drop-down menu, select ‘‘Department of
Treasury’’ and then click ‘‘submit.’’ This
information collection can be located by
searching by OMB control number
‘‘1557–0266’’ or ‘‘General Reporting and
Recordkeeping Requirements by Savings
Associations.’’ Upon finding the
appropriate information collection, click
on the related ‘‘ICR Reference Number.’’
On the next screen, select ‘‘View
Supporting Statement and Other
Documents’’ and then click on the link
to any comment listed at the bottom of
the screen.
• For assistance in navigating
www.reginfo.gov, please contact the
Regulatory Information Service Center
at (202) 482–7340.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, OCC Clearance
Officer, (202) 649–5490, Chief Counsel’s
Office, Office of the Comptroller of the
Currency, 400 7th Street SW,
Washington, DC 20219. If you are deaf,
hard of hearing, or have a speech
disability, please dial 7–1–1 to access
telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the
PRA (44 U.S.C. 3501 et seq.), Federal
agencies must obtain approval from the
OMB for each collection of information
that they conduct or sponsor.
‘‘Collection of information’’ is defined
in 44 U.S.C. 3502(3) and 5 CFR
1320.3(c) to include agency requests or
requirements that members of the public
submit reports, keep records, or disclose
information to a third party. The OCC
asks that OMB extend its approval of the
collection in this notice.
Title: General Reporting and
Recordkeeping Requirements by Savings
Associations.
OMB Control No.: 1557–0266.
Type of Review: Regular review.
Abstract: Federal savings associations
must comply with the following
regulations, which require them to
establish prudent internal controls, so
that examiners will have an accurate
picture of the savings assocations’
performance and condition:
• 12 CFR 144.8 (communications
between members of a Federal mutual
savings association);
• 12 CFR 163.47(e) (pension plans—
records); and
• 12 CFR 163.76(c) (offers and sales of
securities at an office of a Federal
savings association—form of
certification).
Federal savings associations use the
required reports and records for internal
management control purposes, and
examiners use them to determine
whether savings associations are being
VerDate Sep<11>2014
16:52 Oct 24, 2022
Jkt 259001
operated safely, soundly, and in
compliance with regulations. Without
these reporting and recordkeeping
requirements, it would be difficult for
Federal savings associations to establish
prudent internal controls and would
limit the ability of examiners to
determine the accurate performance and
condition of Federal savings
associations.
Affected Public: Businesses or other
for-profit.
Burden Estimates:
Estimated Number of Respondents:
266.
Estimated Total Burden: 26,833
hours.
Frequency of Response: On occasion.
Comments: On April 21, 2022, the
OCC published a 60-day notice for this
information collection, 87 FR 23916. No
comments were received. Comments
continue to be invited on:
(a) Whether the collections of
information are necessary for the proper
performance of the OCC’s functions,
including whether the information has
practical utility;
(b) The accuracy of the OCC’s
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;
(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.
Patrick T. Tierney,
Assistant Director, Bank Advisory, Office of
the Comptroller of the Currency.
[FR Doc. 2022–23116 Filed 10–24–22; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
Agency Information Collection
Activities: Information Collection
Renewal; Submission for OMB Review;
Regulation E—Electronic Fund
Transfer Act; Prepaid Account
Provisions
Office of the Comptroller of the
Currency (OCC), Treasury.
ACTION: Notice and request for comment.
AGENCY:
The OCC, as part of its
continuing effort to reduce paperwork
SUMMARY:
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64541
and respondent burden, invites
comment on a continuing information
collection as required by the Paperwork
Reduction Act of 1995 (PRA). An agency
may not conduct or sponsor, and
respondents are not required to respond
to, an information collection unless it
displays a currently valid Office of
Management and Budget (OMB) control
number. The OCC is soliciting comment
concerning its information collection
titled ‘‘Regulation E—Electronic Fund
Transfer Act; Prepaid Card Provisions.’’
The OCC also is giving notice that it has
sent the collection to OMB for review.
DATES: Comments must be submitted on
or before November 25, 2022.
ADDRESSES: Commenters are encouraged
to submit comments by email, if
possible. You may submit comments by
any of the following methods:
• Email: prainfo@occ.treas.gov.
• Mail: Chief Counsel’s Office,
Attention: Comment Processing, 1557–
0346, Office of the Comptroller of the
Currency, 400 7th Street SW, Suite 3E–
218, Washington, DC 20219.
• Hand Delivery/Courier: 400 7th
Street SW, Suite 3E–218, Washington,
DC 20219.
• Fax: (571) 293–4835.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0346’’ in your comment. In general, the
OCC will publish comments on
www.reginfo.gov without change,
including any business or personal
information provided, such as name and
address information, email 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 include any
information in your comment or
supporting materials that you consider
confidential or inappropriate for public
disclosure.
Written comments and
recommendations for the proposed
information collection should also be
sent within 30 days of publication of
this notice to www.reginfo.gov/public/
do/PRAMain. You can find this
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function.
On June 29, 2022, the OCC published
a 60-day notice for this information
collection, 87 FR 38827. You may
review comments and other related
materials that pertain to this
information collection following the
close of the 30-day comment period for
this notice by the method set forth in
the next bullet.
• Viewing Comments Electronically:
Go to www.reginfo.gov. Hover over the
E:\FR\FM\25OCN1.SGM
25OCN1
khammond on DSKJM1Z7X2PROD with NOTICES
64542
Federal Register / Vol. 87, No. 205 / Tuesday, October 25, 2022 / Notices
‘‘Information Collection Review’’ tab
and click on ‘‘Information Collection
Review’’ from the drop-down menu.
From the ‘‘Currently under Review’’
drop-down menu, select ‘‘Department of
Treasury’’ and then click ‘‘submit.’’ This
information collection can be located by
searching by OMB control number
‘‘1557–0346’’ or ‘‘Regulation E—
Electronic Fund Transfer Act; Prepaid
Card Provisions.’’ Upon finding the
appropriate information collection, click
on the related ‘‘ICR Reference Number.’’
On the next screen, select ‘‘View
Supporting Statement and Other
Documents’’ and then click on the link
to any comment listed at the bottom of
the screen.
• For assistance in navigating
www.reginfo.gov, please contact the
Regulatory Information Service Center
at (202) 482–7340.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, OCC Clearance
Officer, (202) 649–5490, Chief Counsel’s
Office, Office of the Comptroller of the
Currency, 400 7th Street SW,
Washington, DC 20219. If you are deaf,
hard of hearing, or have a speech
disability, please dial 7–1–1 to access
telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the
PRA (44 U.S.C. 3501 et seq.), Federal
agencies must obtain approval from the
OMB for each collection of information
that they conduct or sponsor.
‘‘Collection of information’’ is defined
in 44 U.S.C. 3502(3) and 5 CFR
1320.3(c) to include agency requests or
requirements that members of the public
submit reports, keep records, or disclose
information to a third party. The OCC
asks that OMB approve the revision of
the collection in this notice.
Title: Regulation E—Electronic Fund
Transfer Act; Prepaid Account
Provisions.
OMB Control No.: 1557–0346.
Type of Review: Regular review.
Abstract: The Electronic Fund
Transfer Act (EFTA) 1 and Regulation E 2
require disclosure of basic terms, costs,
and rights relating to electronic fund
transfer services debiting or crediting a
consumer’s account.
The prepaid accounts final rules
issued by the Consumer Financial
Protection Bureau (CFPB) 3 require
financial institutions to make
disclosures available to consumers
before a consumer acquires a prepaid
account. This notice outlines the
requirements of the 2016 rule as
1 15
U.S.C. 1693 et seq.
CFR part 1005.
3 81 FR 83934 (November 22, 2016), 82 FR 18975
(April 25, 2017), and 83 FR 6364 (February 13,
2018).
2 12
VerDate Sep<11>2014
16:52 Oct 24, 2022
Jkt 259001
amended by the 2017 and 2018 rules.
The remainder of Regulation E is
approved under OMB Control No. 1557–
0176.
Under 12 CFR 1005.18(b), a financial
institution is required to make available
a short form and a long form disclosure
before the consumer acquires a prepaid
account, subject to certain exceptions.
Section 1005.18(f)(3) generally requires
that certain disclosures, including the
name of the financial institution and the
URL of its website, and a telephone
number the consumer may use to
contact the financial institution about
the prepaid account, be made on the
actual prepaid account access device.
Financial institutions offering prepaid
accounts that qualify for the retail
location exception in § 1005.18(b)(1)(ii)
may meet the requirement of providing
the long form disclosure after
acquisition by allowing the long form
disclosure to be delivered electronically,
without receiving consumer consent
under the E-Sign Act,4 if the disclosure
is not provided inside the prepaid
account packaging material and the
financial institution is not otherwise
mailing or delivering to the consumer
written account-related communications
within 30 days of obtaining the
consumer’s contact information. If a
financial institution provides preacquisition disclosures in writing and a
consumer subsequently completes the
acquisition process online or by
telephone, the financial institution is
not required to provide the disclosures
again either electronically or orally.
Section 1005.18(b)(9)(i) includes a
requirement that a financial institution
provide pre-acquisition disclosures in a
foreign language if the financial
institution provides a means for the
consumer to acquire a prepaid account
by telephone or electronically
principally in that foreign language.
That requirement is not applicable to
payroll card accounts and government
benefit accounts where the foreign
language is offered by telephone only
via a real-time language interpretation
service provided by a third party or
directly by an employer or government
agency on an informal or ad hoc basis
as an accommodation to prospective
payroll card account or government
benefit account recipients.
Under § 1005.18(c)(1), a financial
institution need not furnish periodic
statements to the consumer if the
provider uses the alternative method of
compliance. Under this alternative
method, the periodic statements must
include: (1) the consumer’s account
4 Electronic Signatures in Global and National
Commerce Act (E-Sign Act) (15 U.S.C. 7001 et seq.).
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Frm 00111
Fmt 4703
Sfmt 4703
balance, through a readily available
phone number; (2) the means by which
the consumer can obtain an electronic
account history, such as the address of
a website; and (3) a written history of
the consumer’s account transactions
that is provided promptly in response to
an oral or written request and that
covers at least 24 months preceding the
date the financial institution receives
the consumer’s request. Section
1005.18(c)(5) requires that financial
institutions disclose to consumers a
summary total of the amount of fees
assessed against the consumer’s prepaid
account for both the prior month as well
as the calendar year to date. This
information must be disclosed on any
periodic statement and any history of
account transactions provided or made
available by the financial institution.
For prepaid accounts that are not
payroll card accounts or government
benefit accounts, a financial institution
is not required to comply with the
liability limits and error resolution
requirements of Regulation E for any
prepaid account for which it has not
successfully completed its consumer
identification and verification process,
provided certain disclosures are given.
Regarding accounts where the
consumer’s identity is later verified,
financial institutions must limit the
consumer’s liability for unauthorized
transfers and resolve errors that occur
following verification in accordance
with relevant Regulation E provisions.
For accounts in programs where there is
no verification process, financial
institutions must either explain in their
initial disclosures their error resolution
process and limitations on consumers’
liability for unauthorized transfers or
explain that there are no such
protections and that such financial
institutions comply with the process (if
any) that they disclose.5
Pursuant to § 1005.18(h)(1), except as
provided in § 1005.18(h)(2) and (3), the
effective date for the prepaid accounts
rules is April 1, 2019. If, as a result of
§ 1005.18(h)(1), a financial institution
changes the terms and conditions of a
prepaid account, such that a change-interms notice would have been required
under § 1005.8(a) or § 1005.18(f)(2) for
existing customers, the financial
institution must notify consumers with
accounts acquired before April 1, 2019,
at least 21 days in advance of the change
becoming effective, provided the
financial institution has the consumer’s
contact information. If the financial
institution obtains the consumer’s
contact information fewer than 30 days
in advance of the change becoming
5 12
E:\FR\FM\25OCN1.SGM
CFR 1005.18(e)(3)(ii)(C).
25OCN1
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Federal Register / Vol. 87, No. 205 / Tuesday, October 25, 2022 / Notices
effective or after it has become effective,
the financial institution is permitted
instead to provide notice of the change
within 30 days of obtaining the
consumer’s contact information.
If a financial institution has not
obtained a consumer’s consent to
provide disclosures in electronic form
pursuant to the E-Sign Act, or is not
otherwise already mailing or delivering
to the consumer written account-related
communications, the financial
institution may provide to the consumer
a notice of a change in terms and
conditions or required or voluntary
updated initial disclosures under Reg. E
taking effect in electronic form without
regard to the consumer notice and
consent requirements of the E-Sign Act.
Section 1005.18(h)(2)(ii) requires that
financial institutions notify any
consumer who acquires a prepaid
account after the effective date specified
in packaging produced prior to the
effective date of any changes as a result
of § 1005.18(h)(1) taking effect that
would have caused a change-in-terms
notice to be required under § 1005.8(a)
(or § 1005.18(f)(2) for existing
customers) within 30 days of acquiring
the customer’s contact information. In
addition, financial institutions must
mail or deliver updated initial
disclosures pursuant to §§ 1005.7 and
1005.18(f)(1) within 30 days of
obtaining the consumer’s contact
information. Financial institutions that
are affected should not incur significant
costs associated with notifying
consumers and providing updated
initial disclosures. Consumers who have
consented to electronic communication
may receive the notices and updated
disclosures electronically at a minimal
cost to financial institutions. A financial
institution that has not obtained the
consumer’s contact information is not
required to comply with the
requirements set forth in
§ 1005.18(h)(2)(ii) or (iii).
Section 1005.19(b) requires certain
issuers to submit to the CFPB, on a
rolling basis, prepaid account
agreements (including fee schedules)
that are offered, amended, or
withdrawn. Prepaid account issuers are
permitted to delay submitting a change
in the list of names of other relevant
parties to a particular prepaid account
agreement until the earlier of such time
as the issuer is otherwise submitting an
amended agreement or changes to other
identifying information about the issuer
and its submitted agreements to the
CFPB or May 1 of each year (for updates
between the last submission and April
1 of that year). Changes in agreement
provisions or fee information may be
VerDate Sep<11>2014
16:52 Oct 24, 2022
Jkt 259001
integrated into the text of the agreement
or provided through fee addenda.
Affected Public: Businesses or other
for-profit.
Burden Estimates:
Estimated Number of Respondents:
1,106.
Estimated Annual Burden: 6,605
hours.
Frequency of Response: On occasion.
Comments: On June 29, 2022, the
OCC published a 60-day notice for this
information collection, 87 FR 38827. No
comments were received. Comments
continue to be invited on:
(a) Whether the collections of
information are necessary for the proper
performance of the functions of the
OCC, including whether the information
has practical utility;
(b) The accuracy of the OCC’s
estimates of the information collection
burden;
(c) Ways to enhance the quality,
utility, and clarity of the information to
be collected;
(d) Ways to minimize the burden of
the collection 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.
Patrick T. Tierney,
Assistant Director, Bank Advisory, Office of
the Comptroller of the Currency.
[FR Doc. 2022–23114 Filed 10–24–22; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
Agency Information Collection
Activities: Information Collection
Renewal; Comment Request; Retail
Foreign Exchange Transactions
Office of the Comptroller of the
Currency (OCC), Treasury.
ACTION: Notice and request for
comment.
AGENCY:
The OCC, as part of its
continuing effort to reduce paperwork
and respondent burden, invites
comment on the renewal of an
information collection as required by
the Paperwork Reduction Act of 1995
(PRA). An agency may not conduct or
sponsor, and a respondent is not
required to respond to, an information
collection unless it displays a currently
valid Office of Management and Budget
(OMB) control number. The OCC is
SUMMARY:
PO 00000
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Fmt 4703
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64543
soliciting comment concerning renewal
of an information collection titled
‘‘Retail Foreign Exchange Transactions.’’
DATES: Comments must be submitted on
or before December 27, 2022.
ADDRESSES: Commenters are encouraged
to submit comments by email, if
possible. You may submit comments by
any of the following methods:
• Email: prainfo@occ.treas.gov.
• Mail: Chief Counsel’s Office,
Attention: Comment Processing, Office
of the Comptroller of the Currency,
Attention: 1557–0250, 400 7th Street
SW, Suite 3E–218, Washington, DC
20219.
• Hand Delivery/Courier: 400 7th
Street SW, Suite 3E–218, Washington,
DC 20219.
• Fax: (571) 293–4835.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0250’’ in your comment. In general, the
OCC will publish comments on
www.reginfo.gov without change,
including any business or personal
information provided, such as name and
address information, email 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 include any
information in your comment or
supporting materials that you consider
confidential or inappropriate for public
disclosure.
Following the close of this notice’s
60-day comment period, the OCC will
publish a second notice with a 30-day
comment period. You may review
comments and other related materials
that pertain to this information
collection beginning on the date of
publication of the second notice for this
collection by the method set forth in the
next bullet.
• Viewing Comments Electronically:
Go to www.reginfo.gov, and hover over
the ‘‘Information Collection Review’’
drop down menu. Click on ‘‘Information
Collection Review.’’ From the
‘‘Currently under Review’’ drop-down
menu, select ‘‘Department of Treasury’’
and then click ‘‘submit.’’ This
information collection can be located by
searching by OMB control number
‘‘1557–0250’’ or ‘‘Retail Foreign
Exchange Transactions.’’ Upon finding
the appropriate information collection,
click on the related ‘‘ICR Reference
Number.’’ On the next screen, select
‘‘View Supporting Statement and Other
Documents’’ and then click on the link
to any comment listed at the bottom of
the screen.
• For assistance in navigating
www.reginfo.gov, please contact the
E:\FR\FM\25OCN1.SGM
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]]>Agencies
[Federal Register Volume 87, Number 205 (Tuesday, October 25, 2022)]
[Notices]
[Pages 64541-64543]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-23114]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Submission for OMB Review; Regulation E--Electronic Fund
Transfer Act; Prepaid Account Provisions
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites comment on a continuing information
collection as required by the Paperwork Reduction Act of 1995 (PRA). An
agency may not conduct or sponsor, and respondents are not required to
respond to, an information collection unless it displays a currently
valid Office of Management and Budget (OMB) control number. The OCC is
soliciting comment concerning its information collection titled
``Regulation E--Electronic Fund Transfer Act; Prepaid Card
Provisions.'' The OCC also is giving notice that it has sent the
collection to OMB for review.
DATES: Comments must be submitted on or before November 25, 2022.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
Email: [email protected].
Mail: Chief Counsel's Office, Attention: Comment
Processing, 1557-0346, Office of the Comptroller of the Currency, 400
7th Street SW, Suite 3E-218, Washington, DC 20219.
Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Fax: (571) 293-4835.
Instructions: You must include ``OCC'' as the agency name and
``1557-0346'' in your comment. In general, the OCC will publish
comments on www.reginfo.gov without change, including any business or
personal information provided, such as name and address information,
email 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 include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
Written comments and recommendations for the proposed information
collection should also be sent within 30 days of publication of this
notice to www.reginfo.gov/public/do/PRAMain. You can find this
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
On June 29, 2022, the OCC published a 60-day notice for this
information collection, 87 FR 38827. You may review comments and other
related materials that pertain to this information collection following
the close of the 30-day comment period for this notice by the method
set forth in the next bullet.
Viewing Comments Electronically: Go to www.reginfo.gov.
Hover over the
[[Page 64542]]
``Information Collection Review'' tab and click on ``Information
Collection Review'' from the drop-down menu. From the ``Currently under
Review'' drop-down menu, select ``Department of Treasury'' and then
click ``submit.'' This information collection can be located by
searching by OMB control number ``1557-0346'' or ``Regulation E--
Electronic Fund Transfer Act; Prepaid Card Provisions.'' Upon finding
the appropriate information collection, click on the related ``ICR
Reference Number.'' On the next screen, select ``View Supporting
Statement and Other Documents'' and then click on the link to any
comment listed at the bottom of the screen.
For assistance in navigating www.reginfo.gov, please
contact the Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance
Officer, (202) 649-5490, Chief Counsel's Office, Office of the
Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219.
If you are deaf, hard of hearing, or have a speech disability, please
dial 7-1-1 to access telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.),
Federal agencies must obtain approval from the OMB for each collection
of information that they conduct or sponsor. ``Collection of
information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to
include agency requests or requirements that members of the public
submit reports, keep records, or disclose information to a third party.
The OCC asks that OMB approve the revision of the collection in this
notice.
Title: Regulation E--Electronic Fund Transfer Act; Prepaid Account
Provisions.
OMB Control No.: 1557-0346.
Type of Review: Regular review.
Abstract: The Electronic Fund Transfer Act (EFTA) \1\ and
Regulation E \2\ require disclosure of basic terms, costs, and rights
relating to electronic fund transfer services debiting or crediting a
consumer's account.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 1693 et seq.
\2\ 12 CFR part 1005.
---------------------------------------------------------------------------
The prepaid accounts final rules issued by the Consumer Financial
Protection Bureau (CFPB) \3\ require financial institutions to make
disclosures available to consumers before a consumer acquires a prepaid
account. This notice outlines the requirements of the 2016 rule as
amended by the 2017 and 2018 rules. The remainder of Regulation E is
approved under OMB Control No. 1557-0176.
---------------------------------------------------------------------------
\3\ 81 FR 83934 (November 22, 2016), 82 FR 18975 (April 25,
2017), and 83 FR 6364 (February 13, 2018).
---------------------------------------------------------------------------
Under 12 CFR 1005.18(b), a financial institution is required to
make available a short form and a long form disclosure before the
consumer acquires a prepaid account, subject to certain exceptions.
Section 1005.18(f)(3) generally requires that certain disclosures,
including the name of the financial institution and the URL of its
website, and a telephone number the consumer may use to contact the
financial institution about the prepaid account, be made on the actual
prepaid account access device.
Financial institutions offering prepaid accounts that qualify for
the retail location exception in Sec. 1005.18(b)(1)(ii) may meet the
requirement of providing the long form disclosure after acquisition by
allowing the long form disclosure to be delivered electronically,
without receiving consumer consent under the E-Sign Act,\4\ if the
disclosure is not provided inside the prepaid account packaging
material and the financial institution is not otherwise mailing or
delivering to the consumer written account-related communications
within 30 days of obtaining the consumer's contact information. If a
financial institution provides pre-acquisition disclosures in writing
and a consumer subsequently completes the acquisition process online or
by telephone, the financial institution is not required to provide the
disclosures again either electronically or orally.
---------------------------------------------------------------------------
\4\ Electronic Signatures in Global and National Commerce Act
(E-Sign Act) (15 U.S.C. 7001 et seq.).
---------------------------------------------------------------------------
Section 1005.18(b)(9)(i) includes a requirement that a financial
institution provide pre-acquisition disclosures in a foreign language
if the financial institution provides a means for the consumer to
acquire a prepaid account by telephone or electronically principally in
that foreign language. That requirement is not applicable to payroll
card accounts and government benefit accounts where the foreign
language is offered by telephone only via a real-time language
interpretation service provided by a third party or directly by an
employer or government agency on an informal or ad hoc basis as an
accommodation to prospective payroll card account or government benefit
account recipients.
Under Sec. 1005.18(c)(1), a financial institution need not furnish
periodic statements to the consumer if the provider uses the
alternative method of compliance. Under this alternative method, the
periodic statements must include: (1) the consumer's account balance,
through a readily available phone number; (2) the means by which the
consumer can obtain an electronic account history, such as the address
of a website; and (3) a written history of the consumer's account
transactions that is provided promptly in response to an oral or
written request and that covers at least 24 months preceding the date
the financial institution receives the consumer's request. Section
1005.18(c)(5) requires that financial institutions disclose to
consumers a summary total of the amount of fees assessed against the
consumer's prepaid account for both the prior month as well as the
calendar year to date. This information must be disclosed on any
periodic statement and any history of account transactions provided or
made available by the financial institution.
For prepaid accounts that are not payroll card accounts or
government benefit accounts, a financial institution is not required to
comply with the liability limits and error resolution requirements of
Regulation E for any prepaid account for which it has not successfully
completed its consumer identification and verification process,
provided certain disclosures are given. Regarding accounts where the
consumer's identity is later verified, financial institutions must
limit the consumer's liability for unauthorized transfers and resolve
errors that occur following verification in accordance with relevant
Regulation E provisions. For accounts in programs where there is no
verification process, financial institutions must either explain in
their initial disclosures their error resolution process and
limitations on consumers' liability for unauthorized transfers or
explain that there are no such protections and that such financial
institutions comply with the process (if any) that they disclose.\5\
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\5\ 12 CFR 1005.18(e)(3)(ii)(C).
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Pursuant to Sec. 1005.18(h)(1), except as provided in Sec.
1005.18(h)(2) and (3), the effective date for the prepaid accounts
rules is April 1, 2019. If, as a result of Sec. 1005.18(h)(1), a
financial institution changes the terms and conditions of a prepaid
account, such that a change-in-terms notice would have been required
under Sec. 1005.8(a) or Sec. 1005.18(f)(2) for existing customers,
the financial institution must notify consumers with accounts acquired
before April 1, 2019, at least 21 days in advance of the change
becoming effective, provided the financial institution has the
consumer's contact information. If the financial institution obtains
the consumer's contact information fewer than 30 days in advance of the
change becoming
[[Page 64543]]
effective or after it has become effective, the financial institution
is permitted instead to provide notice of the change within 30 days of
obtaining the consumer's contact information.
If a financial institution has not obtained a consumer's consent to
provide disclosures in electronic form pursuant to the E-Sign Act, or
is not otherwise already mailing or delivering to the consumer written
account-related communications, the financial institution may provide
to the consumer a notice of a change in terms and conditions or
required or voluntary updated initial disclosures under Reg. E taking
effect in electronic form without regard to the consumer notice and
consent requirements of the E-Sign Act.
Section 1005.18(h)(2)(ii) requires that financial institutions
notify any consumer who acquires a prepaid account after the effective
date specified in packaging produced prior to the effective date of any
changes as a result of Sec. 1005.18(h)(1) taking effect that would
have caused a change-in-terms notice to be required under Sec.
1005.8(a) (or Sec. 1005.18(f)(2) for existing customers) within 30
days of acquiring the customer's contact information. In addition,
financial institutions must mail or deliver updated initial disclosures
pursuant to Sec. Sec. 1005.7 and 1005.18(f)(1) within 30 days of
obtaining the consumer's contact information. Financial institutions
that are affected should not incur significant costs associated with
notifying consumers and providing updated initial disclosures.
Consumers who have consented to electronic communication may receive
the notices and updated disclosures electronically at a minimal cost to
financial institutions. A financial institution that has not obtained
the consumer's contact information is not required to comply with the
requirements set forth in Sec. 1005.18(h)(2)(ii) or (iii).
Section 1005.19(b) requires certain issuers to submit to the CFPB,
on a rolling basis, prepaid account agreements (including fee
schedules) that are offered, amended, or withdrawn. Prepaid account
issuers are permitted to delay submitting a change in the list of names
of other relevant parties to a particular prepaid account agreement
until the earlier of such time as the issuer is otherwise submitting an
amended agreement or changes to other identifying information about the
issuer and its submitted agreements to the CFPB or May 1 of each year
(for updates between the last submission and April 1 of that year).
Changes in agreement provisions or fee information may be integrated
into the text of the agreement or provided through fee addenda.
Affected Public: Businesses or other for-profit.
Burden Estimates:
Estimated Number of Respondents: 1,106.
Estimated Annual Burden: 6,605 hours.
Frequency of Response: On occasion.
Comments: On June 29, 2022, the OCC published a 60-day notice for
this information collection, 87 FR 38827. No comments were received.
Comments continue to be invited on:
(a) Whether the collections of information are necessary for the
proper performance of the functions of the OCC, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimates of the information
collection burden;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the collection 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.
Patrick T. Tierney,
Assistant Director, Bank Advisory, Office of the Comptroller of the
Currency.
[FR Doc. 2022-23114 Filed 10-24-22; 8:45 am]
BILLING CODE 4810-33-P
