[Federal Register Volume 78, Number 93 (Tuesday, May 14, 2013)]
[Notices]
[Pages 28204-28205]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-11439]
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BUREAU OF CONSUMER FINANCIAL PROTECTION
[Docket No. CFPB-2013-0014]
Agency Information Collection Activities; Comment Request
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Notice and request for comment.
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SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (PRA),
the Consumer Financial Protection Bureau (Bureau) is proposing to renew
the Office and Management and Budget (OMB) approval for an existing
information collection titled, Truth in Savings (Regulation DD) 12 CFR
1030.
DATES: Written comments are encouraged and must be received on or
before July 15, 2013 to be assured of consideration.
ADDRESSES: You may submit comments, identified by the title of the
information collection, OMB Control Number (see below), and docket
number (see above), by any of the following methods:
Electronic: http://www.regulations.gov. Follow the
instructions for submitting comments.
[[Page 28205]]
Mail/Hand Delivery/Courier: Consumer Financial Protection
Bureau (Attention: PRA Office), 1700 G Street NW., Washington, DC
20552.
Please note that comments submitted by fax or email and those
submitted after the comment period will not be accepted. In general,
all comments received will be posted without change to regulations.gov,
including any personal information provided. Sensitive personal
information, such as account numbers or social security numbers, should
not be included.
FOR FURTHER INFORMATION CONTACT: Documentation prepared in support of
this information collection request is available at
www.regulations.gov. Requests for additional information should be
directed to the Consumer Financial Protection Bureau, (Attention: PRA
Office), 1700 G Street NW., Washington, DC 20552, (202) 435-9575, or
email: [email protected]. Please do not submit comments to
this mailbox.
SUPPLEMENTARY INFORMATION:
Title of Collection: Truth in Savings (Regulation DD) 12 CFR 1030.
OMB Control Number: 3170-0004.
Type of Review: Extension without change of a currently approved
collection.
Affected Public: Businesses or other for-profits (insured
depository institutions with total assets of more than $10 billion and
their depository affiliates).
Estimated Number of Respondents: 146.
Estimated Total Annual Burden Hours: 19,000.
Abstract: The Truth in Savings Act (TISA), 12 U.S.C. 4301 et seq.
was enacted to enhance economic stability, improve competition between
depository institutions, and strengthen consumer ability to make
informed decisions regarding deposit accounts by requiring uniformity
in the disclosure of interest rates and fees. TISA assists consumers in
comparing deposit accounts offered by depository institutions,
principally through the disclosure of fees, the annual percentage
yield, the interest rate, and other account terms. 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. 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. Regulation DD requires
depository institutions subject to TISA to retain evidence of
compliance with the regulation. These recordkeeping requirements ensure
that records that might contain evidence of violations of TISA remain
available to Federal enforcement agencies, as well as to private
litigants.
Request for Comments: Comments are invited on: (a) Whether the
collection of information is necessary for the proper performance of
the functions of the Bureau, including whether the information shall
have practical utility; (b) The accuracy of the Bureau's estimate of
the burden of the collection of information, including the validity of
the methods and the 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. Please note that the Bureau may revise
the burden estimates of these information collection requirements as it
engages in its compliance cost research efforts and obtains data
allowing for revisions to its burden calculation methodology. In this
regard, the Bureau especially appreciates comments providing insights
into the time and effort (``burden'') for supervised entities to comply
with the recordkeeping and disclosure requirements of Regulation DD.
Comments submitted in response to this notice will be summarized and/or
included in the request for Office of Management and Budget approval.
All comments will become a matter of public record.
Dated: May 7, 2013.
Matthew Burton,
Acting Chief Information Officer, Bureau of Consumer Financial
Protection.
[FR Doc. 2013-11439 Filed 5-13-13; 8:45 am]
BILLING CODE 4810-AM-P