Truth in Savings (Regulation DD) 12 CFR 1030

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Supporting Statement for Regulation DD.docx	Supporting Statement A	Uploaded 2012-04-17	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
199851	Continuting Training		Unchanged
199850	Advertising Updates		Unchanged
199849	Periodic Statements		Unchanged
199848	Change in Term Notices		Unchanged
199847	Term Account Renewal Notices		Unchanged
199846	New Account Disclosures	Other-Model Disclosures	Unchanged

ICR Details

OMB Control No: 3170-0004	ICR Reference No: 201204-3170-004
Status: Historical Active	Previous ICR Reference No: 201110-3170-004
Agency/Subagency: CFPB	Agency Tracking No:
Title: Truth in Savings (Regulation DD) 12 CFR 1030
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/16/2012
Retrieve Notice of Action (NOA)	Date Received in OIRA: 04/17/2012
Terms of Clearance: After discussing with CFPB the issues of incorporating burden and cost estimates, possible exemptions and both the scope and somewhat opaque specificity of some of the aspects of Regulation DD and this ICR - mainly due to having so much of the information corralled from other agencies - OIRA will approve the current ICR for one year. This should be sufficient time for CFPB to perform its cost and burden estimates and to analyze and implement Regulation DD as it sees fit. This amount of time will likely produce results that CFPB can use in its next ICR submission one year from now. CFPB related the processes they are currently undertaking to resolve and update the various pieces of regulatory authority (from multiple agencies) now under their control. OIRA's hope is that within the next year, CFPB can perform their own analysis of this new Regulation and accompanying ICR, followed by submission of an updated, vetted ICR for approval over a longer period of time.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2013	36 Months From Approved	07/31/2012
Responses	378,960	0	378,960
Time Burden (Hours)	23,000	0	23,000
Cost Burden (Dollars)	903,671	0	903,671

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Abstract: 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.

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Authorizing Statute(s): US Code: 12 USC 4301 Name of Law: Truth in Savings Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 X Name of Law: Wall Street Reform and Consumer Protection Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3170-AA06	Final or interim final rulemaking	76 FR 79276	12/21/2011

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 2685	01/19/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 22764	04/17/2012
Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
Advertising Updates
Change in Term Notices
Continuting Training
New Account Disclosures
Periodic Statements
Term Account Renewal Notices

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ICR Summary of Burden

table that charts list 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	378,960	378,960	0	0	0	0
Annual Time Burden (Hours)	23,000	23,000	0	0	0	0
Annual Cost Burden (Dollars)	903,671	903,671	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement:

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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]? No

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

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

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: 04/17/2012

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