Disclosure Requirements Associated with CFPB's Regulation DD

Forms and Documents

Document	Type	Status	Availability
FR DD 83C.pdf	Justification for No Material/Nonsubstantive Change	Uploaded 2020-08-17	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
36300	Disclosure Section 1030.4 Account disclosures		Modified
180730	Disclosure Sections 1030.8 and 1030.11 Advertising and additional disclosure requirements for overdraft services		Modified
180729	Disclosure Sections 1030.6 and 1030.11 Periodic statement disclosure and additional disclosure requirements for overdraft services		Modified
180728	Disclosure Sections 1030.5(b) and (c) Notices prior to maturity		Modified
180727	Disclosure Section 1030.5(a) Change in terms notice		Modified

ICR Details

OMB Control No: 7100-0271	ICR Reference No: 202008-7100-002
Status: Active	Previous ICR Reference No: 201805-7100-003
Agency/Subagency: FRS	Agency Tracking No: FR DD
Title: Disclosure Requirements Associated with CFPB's Regulation DD
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: 08/17/2020
	Date Received in OIRA: 08/17/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2021	05/31/2021	05/31/2021
Responses	50,100	0	56,160
Time Burden (Hours)	125,250	0	140,400
Cost Burden (Dollars)	0	0	0

---

Abstract: The 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 certain 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.

---

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

Citations for New Statutory Requirements: None

---

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

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 55608	11/22/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 6849	02/15/2018
Did the Agency receive public comments on this ICR? No

---

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

IC Title	Form No.	Form Name
Disclosure Section 1030.5(a) Change in terms notice
Disclosure Section 1030.4 Account disclosures
Disclosure Sections 1030.5(b) and (c) Notices prior to maturity
Disclosure Sections 1030.6 and 1030.11 Periodic statement disclosure and additional disclosure requirements for overdraft services
Disclosure Sections 1030.8 and 1030.11 Advertising and additional disclosure requirements for overdraft services

---

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	50,100	56,160	0	0	-6,060	0
Annual Time Burden (Hours)	125,250	140,400	0	0	-15,150	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.

---

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? No

---

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: 08/17/2020

---