Recordkeeping and Disclosure Requirements in Connection with Regulation DD (Truth in Savings)

Forms and Documents

Document Name	Status
RegDD_R1315.20090302.omb.doc Supporting Statement A	2009-03-03

IC Document Collections

IC ID	Document Title	Status
36300	Reg DD Account disclosures (230.4)	Unchanged
188202	One-time system update (R-1315) (230.11(a) and 230.11(c))	New
180730	Advertising (230.8)	Unchanged
180729	Periodic statement disclosure (230.6)	Unchanged
180728	Prematurity (Renewal) notices (230.5(b)(c))	Unchanged
180727	Change in terms (230.5(a))	Unchanged

ICR Details

OMB Control No: 7100-0271	ICR Reference No: 200902-7100-008
Status: Historical Active	Previous ICR Reference No: 200811-7100-014
Agency/Subagency: FRS	Agency Tracking No: Reg DD (R-1315)
Title: Recordkeeping and Disclosure Requirements in Connection with Regulation DD (Truth in Savings)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/06/2009
	Date Received in OIRA: 03/06/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2011	05/31/2011	05/31/2011
Responses	3,038,460	0	3,037,322
Time Burden (Hours)	189,192	0	170,984
Cost Burden (Dollars)	0	0	0

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Abstract: Regulation DD implements the Truth in Savings Act which applies to all depository institutions except credit unions. The Act is intended to enable consumers to make informed decisions about accounts at depository institutions.

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Authorizing Statute(s): US Code: 12 USC 4308 Name of Law: Truth in Savings Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD21	Final or interim final rulemaking	74 FR 5584	01/29/2009

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 6

IC Title	Form No.	Form Name
Reg DD Account disclosures (230.4)
Prematurity (Renewal) notices (230.5(b)(c))
Periodic statement disclosure (230.6)
Advertising (230.8)
Change in terms (230.5(a))
One-time system update (R-1315) (230.11(a) and 230.11(c))

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	3,038,460	3,037,322	0	1,138	0	0
Annual Time Burden (Hours)	189,192	170,984	0	18,208	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: On May 19, 2008, a notice of proposed rulemaking was published in the Federal Register for public comment (73 FR 28739). The proposed amendments would set forth content and timing requirements for a notice to consumers about any right to opt out of an institution’s overdraft service. Requirements for disclosing overdraft fees on periodic statements would be extended to apply to all institutions and not solely to institutions that promote the payment of overdrafts. In addition, the proposed amendments would require institutions that provide balance information in response to a balance inquiry by the consumer, to only include the consumer’s own funds, and not any funds added through the institution’s overdraft service. The comment period expired July 18, 2008. The Federal Reserve received over 700 comments from consumers, consumer advocates, federal and state regulators and officials, large financial institutions, credit unions, community banks, industry trade associations, members of Congress, core systems providers, and vendors of overdraft services. On January 29, 2009, a notice of final rulemaking was published in the Federal Register adopting the amendments regarding overdraft fee disclosure and balance disclosure, with mandatory compliance by January 1, 2010 (74 FR 5584). The proposed amendment regarding notice about a consumer’s right to opt out of an institution’s overdraft service was withdrawn. Instead, the Federal Reserve separately proposed to incorporate this notice requirement into Regulation E (7100-0200).

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 03/06/2009

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