[Federal Register Volume 76, Number 162 (Monday, August 22, 2011)]
[Notices]
[Pages 52326-52327]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-21280]
=======================================================================
-----------------------------------------------------------------------
FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities: Proposed Collection
Renewals; Comment Request
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 general public and other Federal
agencies to take this opportunity to comment on renewal of an existing
information collection, as required by the Paperwork Reduction Act of
1995 (44 U.S.C. chapter 35). Currently, the FDIC is soliciting comments
on renewal of the information collection described below.
DATES: Comments must be submitted on or before October 21, 2011.
ADDRESSES: Interested parties are invited to submit written comments to
the FDIC by any of the following methods:
http://www.FDIC.gov/regulations/laws/federal/notices.html.
E-mail: [email protected] Include the name of the
collection in the subject line of the message.
Mail: Leneta G. Gregorie (202-898-3719), Counsel, Room F-
1084, 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 a.m. and 5 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: Leneta G. Gregorie, at the FDIC
address above.
SUPPLEMENTARY INFORMATION:
Proposal to renew the following currently approved collections of
information:
1. Title: Notification of Performance of Bank Services.
OMB Number: 3064-0029.
Form Number: FDIC 6120/06.
Frequency of Response: On occasion.
Affected Public: Business or other financial institutions.
Estimated Number of Respondents: 412.
Estimated Time per Response: \1/2\ hour.
Total Annual Burden: 206 hours.
General Description of Collection: Insured state nonmember banks
are required to notify the FDIC, under section 7 of the Bank Service
Corporation Act (12 U.S.C. 1867), of the relationship with a bank
service corporation. Form FDIC 6120/06 (Notification of Performance of
Bank Services) may be used by banks to satisfy the notification
requirement.
2. Title: Account Based Disclosures in Connection with Federal
Reserve Regulations E, CC, and DD.
OMB Number: 3064-0084.
Frequency of Response: On occasion.
Affected Public: State chartered banks that are not members of the
Federal Reserve System.
Estimated Number of Respondents: 5,192.
[[Page 52327]]
Annual Burden: Regulation E--29,404 hours; Regulation CC--528,513
hours; and Regulation DD--302,434 hours.
Total Estimated Burden: 860,351 hours.
General Description of Collection: This FDIC information collection
provides for the application of Regulations E (Electronic Fund
Transfers), CC (Availability of Funds), and DD (Truth in Savings) to
State nonmember banks. Regulations E, CC, and DD are issued by the
Federal Reserve Board of Governors (FRB) to ensure, among other things,
that consumers are provided 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. Although the FRB regulations require
institutions to retain evidence of compliance with the disclosure
requirements, the regulations do not specify the types of records that
must be retained.
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 information
collection 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 this 16th day of August 2011.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2011-21280 Filed 8-19-11; 8:45 am]
BILLING CODE 6714-01-P