[Federal Register Volume 78, Number 150 (Monday, August 5, 2013)]
[Notices]
[Pages 47424-47425]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-18744]
=======================================================================
-----------------------------------------------------------------------
NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities: Submission to OMB for
Reinstatement, With Change, of a Previously Approved Collection;
Comment Request
AGENCY: National Credit Union Administration (NCUA).
ACTION: Request for comment.
-----------------------------------------------------------------------
SUMMARY: NCUA intends to submit the following information collection to
the Office of Management and Budget (OMB) for reinstatement under the
Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. Chapter 35).
This information collection is published to obtain comments from the
public. The Truth in Savings Act (TISA) requires depository
institutions to disclose to consumers certain information, including
interest rates, bonuses, and fees associated with their deposit
accounts and accompanying services. TISA also requires NCUA to
promulgate implementing regulations governing all credit unions. NCUA
regulations require credit unions to provide specific disclosures when
an account is opened, when a disclosed term changes or a term account
is close to renewal, on periodic statements of account activity, in
advertisements, and upon a member or potential member's request. The
disclosures are for the benefit of credit union members and consumers;
NCUA does not collect the information. Additionally, NCUA regulations
contain a recordkeeping requirement for compliance purposes.
DATES: Comments will be accepted until October 4, 2013.
ADDRESSES: Interested parties are invited to submit written comments to
the NCUA Contact and the OMB Reviewer listed below:
NCUA Contact: Tracy Crews, National Credit Union Administration,
1775 Duke Street, Alexandria, Virginia 22314-3428, Fax No. 703-837-
2861, Email: [email protected].
OMB Contact: Office of Management and Budget, ATTN: Desk Officer
for the National Credit Union Administration, Office of Information and
Regulatory Affairs, Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT: Requests for additional information, a
copy of the information collection request or a copy of submitted
comments should be directed to Tracy Crews at the National Credit Union
Administration, 1775 Duke Street, Alexandria, VA 22314-3428, or at
(703) 518-6444.
SUPPLEMENTARY INFORMATION:
I. Abstract and Request for Comments
NCUA is reinstating the information collection approved as OMB
control number 3133-0134, under the Truth in Savings Act (TISA), 12
U.S.C. 4301 et seq. TISA requires depository institutions to disclose
to consumers certain information, including interest rates, bonuses,
and fees associated with their deposit accounts and accompanying
services. Clear and uniform disclosures of the interest rates payable
on deposit accounts and the fees assessable against them by depository
institutions permits consumers to make meaningful decisions about their
finances.
Under TISA, NCUA must promulgate regulations substantially similar
to those issued by the Consumer Financial Protection Bureau, taking
into account the nature of credit unions. See 12 U.S.C. 4311. NCUA's
regulations governing all credit unions are found in 12 CFR Part 707.
For the benefit of credit union members and consumers, NCUA regulations
require credit unions to provide specific disclosures when an
[[Page 47425]]
account is opened, when a disclosed term changes or a term account is
close to renewal, on periodic statements of account activity, in
advertisements, and upon a member or potential member's request. See 12
CFR 707.4, 707.5, 707.6, 707.8. Credit unions are not required to
report compliance with the statute and regulations to NCUA, but must
retain evidence of compliance for two years after the disclosures are
required. See 12 CFR 707.9(c).
The NCUA requests that you send your comments on this collection to
the location listed in the addresses section. Your comments should
address: (a) The necessity of the information collection for the proper
performance of NCUA, including whether the information will have
practical utility; (b) the accuracy of our estimate of the burden
(hours and cost) of the collection of information, including the
validity of the methodology and assumptions used; (c) ways we could
enhance the quality, utility, and clarity of the information to be
collected; and (d) ways we could minimize the burden of the collection
of the information on the respondents such as through the use of
automated collection techniques or other forms of information
technology. It is NCUA's policy to make all comments available to the
public for review.
II. Data
Title: Truth in Savings.
OMB Number: 3133-0134.
Form Number: None.
Type of Review: Reinstatement, with change, of a previously
approved collection.
Description: The Truth in Savings Act (TISA) requires depository
institutions to disclose to consumers certain information, including
interest rates, dividends, bonuses, and fees associated with their
deposit accounts and accompanying services. Clear and uniform
disclosures of the interest rates payable on deposit accounts and the
fees assessable against them by depository institutions permits
consumers to make meaningful decisions about their finances.
Under TISA, NCUA must promulgate regulations substantially similar
to those issued by the Consumer Financial Protection Bureau, taking
into account the nature of credit unions. See 12 U.S.C. 4311. NCUA's
regulations governing all credit unions are found in 12 CFR Part 707.
Respondents: Credit Unions.
Estimated No. of Respondents/Recordkeepers: 6,859.
Estimated Burden Hours per Response: Various.
Frequency of Response: Quarterly per member.
Estimated Total Annual Burden Hours: 43,456,180,359 hours.
Estimated Total Annual Cost: Inestimable.
By the National Credit Union Administration Board on July 30,
2013.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2013-18744 Filed 8-2-13; 8:45 am]
BILLING CODE 7535-01-P