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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
7100-0271
ICR Reference No:
200902-7100-008
Status:
Historical Active
Previous ICR Reference No:
200811-7100-014
Agency/Subagency:
FRS
Agency Tracking No:
Reg DD (R-1315)
Title:
Recordkeeping and Disclosure Requirements in Connection with Regulation DD (Truth in Savings)
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
03/06/2009
Retrieve Notice of Action (NOA)
Date Received in OIRA:
03/06/2009
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2011
05/31/2011
05/31/2011
Responses
3,038,460
0
3,037,322
Time Burden (Hours)
189,192
0
170,984
Cost Burden (Dollars)
0
0
0
Abstract:
Regulation DD implements the Truth in Savings Act which applies to all depository institutions except credit unions. The Act is intended to enable consumers to make informed decisions about accounts at depository institutions.
Authorizing Statute(s):
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:
7100-AD21
Final or interim final rulemaking
74 FR 5584
01/29/2009
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
6
IC Title
Form No.
Form Name
Advertising (230.8)
Change in terms (230.5(a))
One-time system update (R-1315) (230.11(a) and 230.11(c))
Periodic statement disclosure (230.6)
Prematurity (Renewal) notices (230.5(b)(c))
Reg DD Account disclosures (230.4)
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
3,038,460
3,037,322
0
1,138
0
0
Annual Time Burden (Hours)
189,192
170,984
0
18,208
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
On May 19, 2008, a notice of proposed rulemaking was published in the Federal Register for public comment (73 FR 28739). The proposed amendments would set forth content and timing requirements for a notice to consumers about any right to opt out of an institutions overdraft service. Requirements for disclosing overdraft fees on periodic statements would be extended to apply to all institutions and not solely to institutions that promote the payment of overdrafts. In addition, the proposed amendments would require institutions that provide balance information in response to a balance inquiry by the consumer, to only include the consumers own funds, and not any funds added through the institutions overdraft service. The comment period expired July 18, 2008. The Federal Reserve received over 700 comments from consumers, consumer advocates, federal and state regulators and officials, large financial institutions, credit unions, community banks, industry trade associations, members of Congress, core systems providers, and vendors of overdraft services. On January 29, 2009, a notice of final rulemaking was published in the Federal Register adopting the amendments regarding overdraft fee disclosure and balance disclosure, with mandatory compliance by January 1, 2010 (74 FR 5584). The proposed amendment regarding notice about a consumers right to opt out of an institutions overdraft service was withdrawn. Instead, the Federal Reserve separately proposed to incorporate this notice requirement into Regulation E (7100-0200).
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
Uncollected
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
John Schmidt 202-728-5859 john.schmidt@frb.gov
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:
03/06/2009
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