Account Based Disclosures in
Connection with Consumer Financial Protection Bureau Regulations E
and DD and Federal Reserve Regulation CC
Revision of a currently approved collection
No
Regular
05/25/2021
Requested
Previously Approved
36 Months From Approved
05/31/2021
14,907,461
43,154,969
579,958
2,946,887
0
0
Regulations E & DD (Consumer
Financial Protection Bureau’s Regulations) and Regulation CC (the
Federal Reserve’s Regulation) ensure adequate disclosures regarding
accounts, including electronic fund transfer services, availability
of funds, and fees and annual percentage yield for deposit
accounts. Generally, the Regulation E disclosures are designed to
ensure consumers receive adequate disclosure of basic terms, costs,
and rights relating to electronic fund transfer (EFT) services
provided to them so that they can make informed decisions.
Institutions offering EFT services must disclose to consumers
certain information, including: initial and updated EFT terms,
transaction information, the consumer’s potential liability for
unauthorized transfers, and error resolution rights and procedures.
Like Regulation E, Regulation CC has consumer protection disclosure
requirements. Specifically, Regulation CC requires depository
institutions 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 costly) overdrafts, and allow customers
to compare the policies of different institutions before deciding
at which institution to deposit funds. Depository institutions must
also provide an awareness disclosure regarding substitute checks.
The regulation also requires notice to the depositary bank and to a
customer of nonpayment of a check. Regulation DD also has similar
consumer protection disclosure requirements that are intended to
assist consumers in comparing deposit accounts offered by
institutions, principally through the disclosure of fees, the
annual percentage yield, and other account terms. Regulation DD
requires depository institutions to disclose yields, fees, and
other terms concerning deposit accounts to consumers at account
opening, upon request, and when changes in terms occur. Depository
institutions that provide periodic statements are required to
include information about fees imposed, interest earned, and the
annual percentage yield (APY) earned during those statement
periods. It also contains rules about advertising deposit
accounts.
There are a number of ICs that
apply to FDIC-supervised banks subject to the CFPB’s Prepaid
Accounts Rule, which modified Regulation E that became effective
starting in 2019. Banks issuing prepaid account agreements are
required to submit to the CFPB documents containing, among other
things, the general terms and conditions of these agreements. For
ease of exposition, the ICs have been grouped into (a.) items that
apply to new products, (b.) implementation items that apply to new
entrants, and (c.) ongoing items that apply to active products that
are not new.
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.
FR2-0084 Consumer Disclosures 86 FR 27596 May 21 2021.pdf
SPST 0084 Account Based Disclosures 2021 Renewal.docx
Regulations CC - Case-by-case hold notice (sections 229.16(c) )