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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:
3170-0004
ICR Reference No:
201204-3170-004
Status:
Historical Active
Previous ICR Reference No:
201110-3170-004
Agency/Subagency:
CFPB
Agency Tracking No:
Title:
Truth in Savings (Regulation DD) 12 CFR 1030
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
07/16/2012
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/17/2012
Terms of Clearance:
After discussing with CFPB the issues of incorporating burden and cost estimates, possible exemptions and both the scope and somewhat opaque specificity of some of the aspects of Regulation DD and this ICR - mainly due to having so much of the information corralled from other agencies - OIRA will approve the current ICR for one year. This should be sufficient time for CFPB to perform its cost and burden estimates and to analyze and implement Regulation DD as it sees fit. This amount of time will likely produce results that CFPB can use in its next ICR submission one year from now. CFPB related the processes they are currently undertaking to resolve and update the various pieces of regulatory authority (from multiple agencies) now under their control. OIRA's hope is that within the next year, CFPB can perform their own analysis of this new Regulation and accompanying ICR, followed by submission of an updated, vetted ICR for approval over a longer period of time.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
07/31/2013
36 Months From Approved
07/31/2012
Responses
378,960
0
378,960
Time Burden (Hours)
23,000
0
23,000
Cost Burden (Dollars)
903,671
0
903,671
Abstract:
Federal agencies and private litigants use the records to ascertain whether accurate and complete disclosures of depository accounts have been provided to consumers. This information also provides the primary evidence of law violations in TISA enforcement actions brought by the CFPB. Without the Regulation DD recordkeeping requirement, the CFPB's ability to enforce TISA would be significantly impaired. Consumers rely on the disclosures required by TISA and Regulation DD to facilitate informed decision making regarding deposit accounts offered at depository institutions. Without this information, consumers would be severely hindered in their ability to assess the true costs and terms of the deposit accounts offered. These disclosures and provisions are necessary for the CFPB and private litigants to enforce TISA and Regulation DD.
Authorizing Statute(s):
US Code:
12 USC 4301
Name of Law: Truth in Savings Act
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 X Name of Law: Wall Street Reform and Consumer Protection Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3170-AA06
Final or interim final rulemaking
76 FR 79276
12/21/2011
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
77 FR 2685
01/19/2012
30-day Notice:
Federal Register Citation:
Citation Date:
77 FR 22764
04/17/2012
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
6
IC Title
Form No.
Form Name
Advertising Updates
Change in Term Notices
Continuting Training
New Account Disclosures
Periodic Statements
Term Account Renewal Notices
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
378,960
378,960
0
0
0
0
Annual Time Burden (Hours)
23,000
23,000
0
0
0
0
Annual Cost Burden (Dollars)
903,671
903,671
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:
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]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Yes
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Lea Mosena 202 435-7152
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:
04/17/2012
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