Recordkeeping and Disclosure Requirements in Connection with Regulation DD (Truth in Savings)

ICR 201412-7100-007

OMB: 7100-0271

Federal Form Document

Forms and Documents
Document
Name
Status
Justification for No Material/Nonsubstantive Change
2014-12-19
ICR Details
7100-0271 201412-7100-007
Historical Active 201103-7100-001
FRS Reg DD
Recordkeeping and Disclosure Requirements in Connection with Regulation DD (Truth in Savings)
No material or nonsubstantive change to a currently approved collection   No
Delegated
Approved without change 12/19/2014
Retrieve Notice of Action (NOA) 12/19/2014
  Inventory as of this Action Requested Previously Approved
05/31/2015 36 Months From Approved 05/31/2015
62,520 0 66,420
156,300 0 166,050
0 0 0

Truth in Savings Act and Regulation DD require depository institutions to disclose yields, fees, and other terms concerning deposit accounts to consumers at account opening, upon request, and when changes in terms occur. Depository institutions that provide periodic statements are required to include information about fees imposed, interest earned, and the annual percentage yield earned during those statement periods. The act and regulation mandate the methods by which institutions determine the account balance on which interest is calculated. They also contain rules about advertising deposit accounts. Information collection pursuant to Regulation DD is triggered by specific events and disclosures must be provided to consumers within the time periods established by the law and regulation. There are no reporting forms associated with Regulation DD. To ease the compliance cost (particularly for small entities), model clauses and sample forms are appended to the regulation. Depository institutions are required to "retain evidence of compliance" for 24 months, but the regulation does not specify types of records that must be retained. On July 21, 2011, rulemaking authority for TISA was transferred from the Board to the CFPB under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). The Board accounts for the paperwork burden associated with the regulation only for Board-supervised institutions

US Code: 12 USC 4308 and 4309 Name of Law: Truth in Savings Act
  
None

Not associated with rulemaking

  76 FR 11246 03/01/2011
76 FR 29242 05/20/2011
No

  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 62,520 66,420 0 0 -3,900 0
Annual Time Burden (Hours) 156,300 166,050 0 0 -9,750 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
Decrease in burden reflects decrease in the respondent panel.

$0
No
No
No
No
No
Uncollected
Jennifer Williams 202 452-2446 [email protected]

  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:
 
 
 
 
 
 
 
    (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.
12/19/2014


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