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

Forms and Documents

Document Name	Status
RegCC_201709_83c.pdf Justification for No Material/Nonsubstantive Change	2017-09-27

IC Document Collections

IC ID	Document Title	Status
36259	Specific availability policy disclosure (229.16) & Initial disclosures (229.17)	Modified
181043	Consumers - Expedited recredit claim notice (229.54(b)(2))	Modified
181042	Consumer awareness (229.57)	Modified
181041	Expedited recredit for banks (229.55)	Modified
181040	Expedited recredit for consumers (229.54(a))	Modified
181039	Notice of nonpayment (229.33(a) & (d))	Modified
181038	ATM changes in policy (229.18(e))	Modified
181036	Annual notice of new ATMs (229.18(e))	Modified
181035	Locations where employees accept consumer deposits (229.18(b)) ATMs (229.18(c))	Modified
181034	Notice of exceptions (229.13(g))	Modified
181032	Longer delays on a case-by-case basis. Notice in specific policy disclosure. (229.16(c))	Modified

ICR Details

OMB Control No: 7100-0235	ICR Reference No: 201709-7100-013
Status: Historical Active	Previous ICR Reference No: 201409-7100-012
Agency/Subagency: FRS	Agency Tracking No: Reg CC
Title: Disclosure Requirements in Connection with Regulation CC to Implement the Expedited Funds Availability Act
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: 09/27/2017
	Date Received in OIRA: 09/27/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2017	09/30/2017	09/30/2017
Responses	4,453,799	0	4,578,875
Time Burden (Hours)	190,605	0	195,846
Cost Burden (Dollars)	0	0	0

---

Abstract: 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.

---

Authorizing Statute(s): US Code: 12 USC 4008 Name of Law: Expedited Funds Availability Act
   US Code: 12 USC 5014 Name of Law: Check 21 Act
  

Citations for New Statutory Requirements: None

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD68	Proposed rulemaking	79 FR 6673	02/04/2014

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 6673	02/04/2014
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 56581	09/22/2014
Did the Agency receive public comments on this ICR? No

---

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

IC Title	Form No.	Form Name
Notice of nonpayment (229.33(a) & (d))
Locations where employees accept consumer deposits (229.18(b)) ATMs (229.18(c))
Longer delays on a case-by-case basis. Notice in specific policy disclosure. (229.16(c))
Annual notice of new ATMs (229.18(e))
ATM changes in policy (229.18(e))
Notice of exceptions (229.13(g))
Expedited recredit for banks (229.55)
Consumer awareness (229.57)
Specific availability policy disclosure (229.16) & Initial disclosures (229.17)
Expedited recredit for consumers (229.54(a))
Consumers - Expedited recredit claim notice (229.54(b)(2))

---

ICR Summary 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	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

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 hours reflects update to the Reg CC respondent count.

---

Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 09/27/2017

---