Truth in Savings, Disclosure and Recordkeeping Requirements under 12 U.S.C. 4301 et seq. and 12 CFR Part 707

Forms and Documents

Document	Type	Status	Availability
FINALCorrectedSupporting Statement For TISA Reinstatement-0134 (2013).docx	Supporting Statement A	Uploaded 2013-11-07	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
32757	Notice to existing accountholders		Modified
213460	Model Form		New
208978	Continuing Training		New
208976	Advertising		New
208974	Periodic Statements		New
208973	Change-in-term notices		New
208972	Term account renewal notices		New
208970	New account/requested disclosures		New
208967	Advertising updates		New
208965	System updates		New
208963	Initial training and education of staff		New

ICR Details

OMB Control No: 3133-0134	ICR Reference No: 201310-3133-013
Status: Historical Inactive	Previous ICR Reference No: 200511-3133-002
Agency/Subagency: NCUA	Agency Tracking No:
Title: Truth in Savings, Disclosure and Recordkeeping Requirements under 12 U.S.C. 4301 et seq. and 12 CFR Part 707
Type of Information Collection: Reinstatement with change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Improperly submitted	Conclusion Date: 10/15/2014
	Date Received in OIRA: 10/28/2013
Terms of Clearance: NCUA will resubmit the collection and ensure that the next submission excludes items which are not information collections under the PRA and include any model disclosure as an instrument along with its corresponding burden. NCUA will also include an information collection instrument and burden for those entities it estimates will not use the model disclosures. NCUA will also include, in the information collection instrument, a reference to the specific regulatory provision where the information collection is contained.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: As required under Truth in Savings Act, credit unions must disclose interest rates, dividends, APRs, bonuses, and fees associated with share accounts and the accompanying services to members and potential members.

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

Citations for New Statutory Requirements: None

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

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 47424	08/05/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 59378	09/26/2013
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 11

IC Title	Form No.	Form Name
Model Form
Advertising updates
Term account renewal notices
Change-in-term notices
Periodic Statements
Advertising
Continuing Training
Notice to existing accountholders
Initial training and education of staff
System updates
New account/requested disclosures

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: This is a reinstatement of a previously approved collection. In comparison with prior submission and approval, the information collection involves a program change of -2269 respondents. This is due to a change in the number of credit unions. Due to a steady increase in credit union membership over the past five years, however, the disclosure and record keeping burden has increased by an inestimable number of hours.

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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]? No

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: 10/28/2013

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