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

ICR 201711-7100-006

OMB: 7100-0271

Federal Form Document

Forms and Documents
Document
Name
Status
Justification for No Material/Nonsubstantive Change
2017-11-06
ICR Details
7100-0271 201711-7100-006
Historical Active 201503-7100-001
FRS Reg DD
Disclosure Requirements Associated with CFPB's Regulation DD (Truth in Savings)
No material or nonsubstantive change to a currently approved collection   No
Delegated
Approved without change 11/06/2017
Retrieve Notice of Action (NOA) 11/06/2017
  Inventory as of this Action Requested Previously Approved
05/31/2018 05/31/2018 05/31/2018
56,160 0 62,520
140,400 0 156,300
0 0 0

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 The Federal Reserve Board repealed its version of Regulation DD (12 C.F.R. part 230) effective June 30, 2014.

US Code: 12 USC 4308 Name of Law: Truth in Savings Act
   US Code: 12 USC 4309 Name of Law: Truth in Savings Act
  
None

Not associated with rulemaking

  79 FR 73583 12/11/2014
80 FR 9719 02/24/2015
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 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
No
No
Decrease in burden reflects decrease in the respondent panel.

$0
No
    No
    No
No
Yes
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.
11/06/2017


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