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.
US Code:
12 USC 4308
Name of Law: Truth in Savings Act
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 institutionÂs 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 consumerÂs own funds, and not any funds added through the institutionÂs 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 The proposed amendment regarding notice about a consumerÂs right to opt out of an institutionÂs overdraft service was withdrawn. Instead, the Federal Reserve separately proposed to incorporate this notice requirement into Regulation E (7100-0200).
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:
(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;
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.
RegDD_R1315.20090302.omb.doc
Reg DD Account disclosures (230.4)