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 Boards 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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