Disclosure Requirements Associated with CFPB's Regulation DD

ICR 202103-7100-011

OMB: 7100-0271

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2021-03-30
ICR Details
7100-0271 202103-7100-011
Active 202008-7100-002
FRS FR DD
Disclosure Requirements Associated with CFPB's Regulation DD
Extension without change of a currently approved collection   No
Delegated
Approved without change 03/30/2021
Retrieve Notice of Action (NOA) 03/30/2021
  Inventory as of this Action Requested Previously Approved
03/31/2024 36 Months From Approved 05/31/2021
50,100 0 50,100
125,250 0 125,250
0 0 0

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. Although the Consumer Financial Protection Bureau (CFPB) is now responsible for issuing TISA regulations, the Board continues to be responsible under the Paperwork Reduction Act (PRA) for renewing every three years the information collections required by institutions the Board supervises.

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

Not associated with rulemaking

  85 FR 65049 10/14/2020
86 FR 8012 02/03/2021
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 50,100 50,100 0 0 0 0
Annual Time Burden (Hours) 125,250 125,250 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
    No
    No
No
No
No
No
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.
03/30/2021


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