Truth in Savings (Regulation DD) 12 CFR 1030

Forms and Documents

Document Name	Status
3170-0004 Supporting_Statement_for_Regulation_DD(2013 renewal)_FINAL.pdf Supporting Statement A	2013-07-26

IC Document Collections

IC ID	Document Title	Status
207865	Recordkeeping and disclosure requirements under Regulation DD	New
199851	Continuting Training	Removed
199850	Advertising Updates	Removed
199849	Periodic Statements	Removed
199848	Change in Term Notices	Removed
199847	Term Account Renewal Notices	Removed
199846	New Account Disclosures Other-Model Disclosures	Removed

ICR Details

OMB Control No: 3170-0004	ICR Reference No: 201304-3170-005
Status: Historical Active	Previous ICR Reference No: 201204-3170-004
Agency/Subagency: CFPB	Agency Tracking No: CFPB-2013-0025
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: 09/10/2013
	Date Received in OIRA: 07/31/2013
Terms of Clearance: Pursuant to the previous terms of clearance, CFPB will make sure to revise the collection, even within the 3 year-approval period that OMB has granted, as revised estimates on burden and cost estimates become available from CFPB's own research efforts and/or from the other three agencies that enforce Reg DD (OCC/TRES, FDIC, and FRB).

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2016	36 Months From Approved	09/30/2013
Responses	378,960	0	378,960
Time Burden (Hours)	23,000	0	23,000
Cost Burden (Dollars)	0	0	903,671

---

Abstract: 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 consumer ability to make informed decisions regarding deposit accounts by requiring uniformity in the disclosure of interest rates and fees. 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. 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.

---

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

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 28204	05/14/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 46325	07/31/2013
Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Term Account Renewal Notices
Change in Term Notices
Periodic Statements
Advertising Updates
Recordkeeping and disclosure requirements under Regulation DD
Continuting Training
New Account Disclosures

---

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	378,960	378,960	0	0	0	0
Annual Time Burden (Hours)	23,000	23,000	0	0	0	0
Annual Cost Burden (Dollars)	0	903,671	0	0	-903,671	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: An adjustment of -903,671 results from removing burden hour costs (labor costs) from the annual cost burden.

---

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

---

Common Form ICR:  No

---

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: 07/31/2013

---