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

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Reg DD_20141219_83c.pdf	Justification for No Material/Nonsubstantive Change	Uploaded 2014-12-19	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
36300	Reg DD Account disclosures (1030.4)		Modified
180730	Reg DD Advertising (1030.8)		Modified
180729	Reg DD Periodic statement disclosure (1030.6)		Modified
180728	Reg DD Notices prior to maturity (renewal) (1030.5(b) and (c))		Modified
180727	Reg DD Change in terms (1030.5(a))		Modified

ICR Details

OMB Control No: 7100-0271	ICR Reference No: 201412-7100-007
Status: Historical Active	Previous ICR Reference No: 201103-7100-001
Agency/Subagency: FRS	Agency Tracking No: Reg DD
Title: Recordkeeping and Disclosure Requirements in Connection with Regulation DD (Truth in Savings)
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/19/2014
	Date Received in OIRA: 12/19/2014
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2015	36 Months From Approved	05/31/2015
Responses	62,520	0	66,420
Time Burden (Hours)	156,300	0	166,050
Cost Burden (Dollars)	0	0	0

---

Abstract: 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

---

Authorizing Statute(s): US Code: 12 USC 4308 and 4309 Name of Law: Truth in Savings Act
  

Citations for New Statutory Requirements: None

---

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:
	76 FR 11246	03/01/2011
30-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 29242	05/20/2011
Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 5

table that charts list of burden

IC Title	Form No.	Form Name
Reg DD Change in terms (1030.5(a))
Reg DD Account disclosures (1030.4)
Reg DD Notices prior to maturity (renewal) (1030.5(b) and (c))
Reg DD Periodic statement disclosure (1030.6)
Reg DD Advertising (1030.8)

---

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	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

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: Decrease in burden reflects decrease in the respondent panel.

---

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

---

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: 12/19/2014

---