New collection (Request for a new OMB Control Number)
No
Emergency
10/24/2011
Approved without change
11/07/2011
10/23/2011
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
05/31/2012
6 Months From Approved
378,960
0
0
23,000
0
0
903,671
0
0
Federal agencies and private litigants use the records to ascertain whether accurate and complete disclosures of depository accounts have been provided to consumers. This information also provides the primary evidence of law violations in TISA enforcement actions brought by the CFPB. Without the Regulation DD recordkeeping requirement, the CFPB's ability to enforce TISA would be significantly impaired.
Consumers rely on the disclosures required by TISA and Regulation DD to facilitate informed decision making regarding deposit accounts offered at depository institutions. Without this information, consumers would be severely hindered in their ability to assess the true costs and terms of the deposit accounts offered. These disclosures and provisions are necessary for the CFPB and private litigants to enforce TISA and Regulation DD.
The Bureau of Consumer Financial Protection (CFPB) respectfully requests emergency processing and approval of the collection of information discussed below because the use of normal clearance procedures is reasonably likely to prevent and disrupt an existing collection of information.
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 consumers 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.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), rulemaking authority for TISA transferred from the Board of Governors of the Federal Reserve System (Board) to the CFPB on July 21, 2011. (The National Credit Union Administration continues to set TISA rules for credit unions.) In addition to the transfer of rulemaking authority under the Dodd-Frank Act, the CFPB received certain enforcement authorities with respect to the TISA. The CFPB is in the process of publishing for public comment an interim final rule establishing a new regulation in 12 CFR Part 1030 (Regulation DD). This interim final rule substantially replicates the BoardÂs TISA rule, and will not impose any new substantive obligations on regulated entities or any new information collection requirements.
As the CFPB now has enforcement authority over certain populations that have been under the jurisdiction of other agencies, the CFPB is requesting approval of a new OMB control number for its collection activities under Regulation DD. To prevent disruption of an approved information collection, the CFPB is requesting emergency processing and approval of the following information collection request. Upon receipt of emergency approval from the Office of Management and Budget, the CFPB will begin a standard approval process for this collection and will seek public input at that time.
US Code:
12 USC 4301
Name of Law: Truth in Savings Act
PL: Pub.L. 111 - 203 X Name of Law: Wall Street Reform and Consumer Protection Act
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.
Supporting Statement for Regulation DD 20111021 v1.docx
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