Disclosure Requirements Associated with CFPB's Regulation DD (Truth in Savings)

Forms and Documents

Document Name	Status
FR DD 83c.pdf Justification for No Material/Nonsubstantive Change	2017-11-06

IC Document Collections

IC ID	Document Title	Status
36300	Account disclosures (Section 1030.4)	Modified
180730	Advertising (Section 1030.8)	Modified
180729	Periodic statement disclosure (Section 1030.6)	Modified
180728	Subsequent notices: Notices prior to maturity (Sections 1030.5(b) and (c))	Modified
180727	Subsequent notices: Change in terms notices (Section 1030.5(a))	Modified

ICR Details

OMB Control No: 7100-0271	ICR Reference No: 201711-7100-006
Status: Historical Active	Previous ICR Reference No: 201503-7100-001
Agency/Subagency: FRS	Agency Tracking No: Reg DD
Title: Disclosure Requirements Associated with CFPB's 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: 11/06/2017
	Date Received in OIRA: 11/06/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2018	05/31/2018	05/31/2018
Responses	56,160	0	62,520
Time Burden (Hours)	140,400	0	156,300
Cost Burden (Dollars)	0	0	0

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Abstract: Truth in Savings Act (TISA) was contained in the Federal Deposit Insurance Corporation Improvement Act of 1991. The purpose of TISA and its implementing regulation is to assist consumers in comparing deposit accounts offered by institutions, principally through the disclosure of fees, the annual percentage yield (APY), and other account terms. TISA requires depository institutions to disclose key terms for deposit accounts at account opening, upon request, when changes in terms occur, and in periodic statements. It also includes rules about advertising for deposit accounts. TISA does not provide exemptions from compliance for small institutions. On July 21, 2011, rulemaking authority for TISA was transferred from the Federal Reserve Board to the CFPB under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). In December 2011, the CFPB published an interim final rule establishing its own Regulation DD to implement TISA at 12 C.F.R. part 1030 that substantially duplicated the Federal Reserve Board's Regulation DD. The Federal Reserve Board repealed its version of Regulation DD (12 C.F.R. part 230) effective June 30, 2014.

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

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 73583	12/11/2014
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 9719	02/24/2015
Did the Agency receive public comments on this ICR? No

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

IC Title	Form No.	Form Name
Advertising (Section 1030.8)
Subsequent notices: Change in terms notices (Section 1030.5(a))
Account disclosures (Section 1030.4)
Subsequent notices: Notices prior to maturity (Sections 1030.5(b) and (c))
Periodic statement disclosure (Section 1030.6)

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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	56,160	62,520	0	0	-6,360	0
Annual Time Burden (Hours)	140,400	156,300	0	0	-15,900	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.

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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]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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: 11/06/2017

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