Disclosure Requirements in Connection with Regulation CC to Implement the Expedited Funds Availability Act

ICR 201709-7100-013

OMB: 7100-0235

Federal Form Document

Forms and Documents
Document
Name
Status
Justification for No Material/Nonsubstantive Change
2017-09-27
ICR Details
7100-0235 201709-7100-013
Historical Active 201409-7100-012
FRS Reg CC
Disclosure Requirements in Connection with Regulation CC to Implement the Expedited Funds Availability Act
No material or nonsubstantive change to a currently approved collection   No
Delegated
Approved without change 09/27/2017
Retrieve Notice of Action (NOA) 09/27/2017
  Inventory as of this Action Requested Previously Approved
09/30/2017 09/30/2017 09/30/2017
4,453,799 0 4,578,875
190,605 0 195,846
0 0 0

Regulation CC requires banks to make funds deposited in transaction accounts available within specified time periods, disclose their availability policies to customers, and begin accruing interest on such deposits promptly. The disclosures are intended to alert customers that their ability to use deposited funds may be delayed, prevent unintentional (and potentially costly) overdrafts, and allow customers to compare the policies of different banks before deciding at which bank to deposit funds. The regulation also requires notice to the depositary bank and to a customer of nonpayment of a check. Model disclosure forms, clauses, and notices are appended to the regulation to ease compliance.

US Code: 12 USC 4008 Name of Law: Expedited Funds Availability Act
   US Code: 12 USC 5014 Name of Law: Check 21 Act
  
None

7100-AD68 Proposed rulemaking 79 FR 6673 02/04/2014

  79 FR 6673 02/04/2014
79 FR 56581 09/22/2014
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 4,453,799 4,578,875 0 0 -125,076 0
Annual Time Burden (Hours) 190,605 195,846 0 0 -5,241 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
Decrease in burden hours reflects update to the Reg CC respondent count.

$0
No
    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.
09/27/2017


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