Federal Register, Volume 81 Issue 56 (Wednesday, March 23, 2016)

[Federal Register Volume 81, Number 56 (Wednesday, March 23, 2016)]
[Notices]
[Pages 15509-15510]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-06469]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No: CFPB-2016-0014]


Agency Information Collection Activities: Comment Request; 
Emergency Processing 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 a new 
information collection titled, ``Regulation I: Disclosure Requirements 
for Depository Institutions Lacking Federal Deposit Insurance (12 CFR 
1009).''

DATES: An emergency review has been requested in accordance with the 
PRA (44 U.S.C. Chapter 3507(j)). Approval by the Office of Management 
and Budget (OMB) has been requested within 15 days of submission to 
OMB. A standard PRA clearance process is also beginning. Interested 
persons are invited to submit comments on or before May 23, 2016.

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.
     Mail: Consumer Financial Protection Bureau (Attention: PRA 
Office), 1700 G Street NW., Washington, DC 20552.
     Hand Delivery/Courier: Consumer Financial Protection 
Bureau (Attention: PRA Office), 1275 First Street NE., Washington, DC 
20002.
    Please note that comments submitted after the comment period will 
not be accepted. In general, all comments will become public records, 
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: Regulation I: Disclosure Requirements for 
Depository Institutions Lacking Federal Deposit Insurance (12 CFR 
1009).
    OMB Control Number: 3170-XXXX.
    Type of Review: New collection (Request for a new OMB control 
number).
    Affected Public: Private sector (banks and credit unions).
    Estimated Number of Respondents: 136.

[[Page 15510]]

    Estimated Total Annual Burden Hours: 3,652.
    Abstract: Regulation I applies to all depository institutions 
lacking Federal deposit insurance. It requires the disclosure of 
certain insurance-related information in periodic statements, account 
records, locations where deposits are normally received, and 
advertising. This part also requires such depository institutions to 
obtain a written acknowledgment from depositors regarding the 
institution's lack of Federal deposit insurance. On December 16, 2011, 
the Bureau published an interim final rule (IFR) republishing 
Regulation I and making technical and conforming changes to reflect the 
transfer of authority and certain other changes made by the Dodd-Frank 
Act (76 FR 78126/RIN 3170-AA06). The IFR did not impose any new 
substantive obligations on persons subject to the existing regulations. 
As the Bureau added no new recordkeeping or reporting requirements, it 
adopted the PRA analysis from the original regulation. Upon further 
review, the Bureau has determined that the disclosures required by 12 
CFR 1009.3 and 1009.4 and the signed acknowledgement required by Sec.  
1009.5 are subject to the PRA and require OMB approval thereunder. The 
Bureau has determined that it cannot reasonably comply with the 
standard approval timelines because the use of normal clearance 
procedures is reasonably likely to prevent the collection of 
information and result in public harm. See 5 CFR 1320.13(a)(2); 44 
U.S.C. 3507(j).
    Contemporaneously with this request for emergency processing, the 
Bureau is also initiating standard clearance procedures by allowing the 
public 60 days to comment on this collection of information. 
Accordingly, this request will also be resubmitted to OMB under 
standard clearance procedures.
    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 will 
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. Comments submitted in response to this 
notice will be summarized and/or included in the request for OMB 
approval. All comments will become a matter of public record.

    Dated: March 17, 2016.
Darrin A. King,
Paperwork Reduction Act Officer, Bureau of Consumer Financial 
Protection.
[FR Doc. 2016-06469 Filed 3-22-16; 8:45 am]
 BILLING CODE 4810-AM-P