Regulation I applies to all depository institutions lacking Federal deposit insurance. It requires the disclosure of certain insurance-related information in periodic statements, account records, locations where deposits are normally received, and advertising. This part also requires such depository institutions to obtain a written acknowledgment from depositors regarding the institutionâs lack of Federal deposit insurance.
The Bureau of Consumer Financial Protection (Bureau) respectfully requests emergency processing and approval of the collection of information discussed below because the use of normal clearance procedures would require the Bureau to collect information contrary to the requirements of the Paperwork Reduction Act for the length of the normal clearance process.
On December 16, 2011, the Bureau published an interim final rule (IFR) republishing Regulation I and making technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act (76 FR 78126 / RIN 3170-AA06). The IFR did not impose any new substantive obligations on persons subject to the existing regulations. As the Bureau added no new recordkeeping or reporting requirements, it adopted the PRA analysis from the original regulation. Upon further review, the Bureau has determined that the disclosures required by 12 CFR 1009.3 and 1009.4 and the signed acknowledgement required by 1009.5 are subject to the PRA and require OMB approval thereunder. The Bureau has determined that it cannot reasonably comply with the standard approval timelines because the use of normal clearance procedures is reasonably likely to prevent the collection of information and result in public harm. See 5 CFR 1320.13(a)(2); 44 U.S.C. § 3507(j).
In addition to the 15 day emergency comment period, upon receipt of emergency approval from the Office of Management and Budget, the Bureau will begin a standard approval process for this collection and will seek public input at that time.
Since this is a new information collection request, all of the burden is considered a program change. On December 16, 2011, the Bureau published an interim final rule (IFR) republishing Regulation I and making technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act (76 FR 78126 / RIN 3170-AA06). The IFR did not impose any new substantive obligations on persons subject to the existing regulations. As the Bureau added no new recordkeeping or reporting requirements, it adopted the PRA analysis from the original regulation. Upon further review, the Bureau has since determined that the disclosures required by 12 CFR 1009.4 and signed acknowledgement required by 1009.5 are subject to the PRA and require OMB approval thereunder.
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.
3170-XXXX Reg I Supporting Statement Final31416.pdf
Regulation I Disclosure Requirements