[Federal Register Volume 76, Number 98 (Friday, May 20, 2011)]
[Notices]
[Pages 29242-29243]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-12418]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

SUMMARY:

Background

    Notice is hereby given of the final approval of proposed 
information collection by the Board of Governors of the Federal Reserve 
System (Board) under OMB delegated authority, as per 5 CFR 1320.16 (OMB 
Regulations on Controlling Paperwork Burdens on the Public). 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 Federal Reserve 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.

FOR FURTHER INFORMATION CONTACT: Cynthia Ayouch, Acting Federal Reserve 
Board Clearance Officer (202-452-3829), Division of Research and 
Statistics, Board of Governors of the Federal Reserve System, 
Washington, DC 20551. 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, Washington, DC 20503.
    Final approval under OMB delegated authority of the extension for 
three years, without revision, of the following report:
    Report title: The Disclosure Requirements in Connection with 
Regulation DD (Truth in Savings).
    Agency form number: Reg DD.
    OMB control number: 7100-0271.
    Frequency: Monthly.
    Reporters: State member banks, branches & agencies of foreign 
banks, commercial lending companies, and Edge Act or agreement 
corporations.
    Annual reporting hours: 166,050.
    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.
    Number of respondents: 1,107.
    General description of report: This information collection is 
mandatory (12 U.S.C. 4308)). The Federal Reserve does not collect any 
information; therefore, no issue of confidentiality arises.
    Abstract: The Truth in Savings Act (TISA) and Regulation DD require 
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.

[[Page 29243]]

Depository institutions that provide periodic statements are required 
to include information about fees imposed, interest earned, and the 
annual percentage yield earned during those statement periods. TISA and 
Regulation DD mandate the methods by which institutions determine the 
account balance on which interest is calculated. They also contain 
rules about advertising deposit accounts and overdraft services.
    Current Actions: On March 1, 2011, the Federal Reserve published a 
notice in the Federal Register (76 FR 11246) requesting public comment 
for 60 days on the extension, without revision, of the disclosure 
requirements in connection with Regulation DD. The comment period for 
this notice expired on May 2, 2011. The Federal Reserve did not receive 
any comments.

    Board of Governors of the Federal Reserve System, May 17, 2011.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2011-12418 Filed 5-19-11; 8:45 am]
BILLING CODE 6210-01-P