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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:
201304-3170-005
Status:
Historical Active
Previous ICR Reference No:
201204-3170-004
Agency/Subagency:
CFPB
Agency Tracking No:
CFPB-2013-0025
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:
09/10/2013
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/31/2013
Terms of Clearance:
Pursuant to the previous terms of clearance, CFPB will make sure to revise the collection, even within the 3 year-approval period that OMB has granted, as revised estimates on burden and cost estimates become available from CFPB's own research efforts and/or from the other three agencies that enforce Reg DD (OCC/TRES, FDIC, and FRB).
Inventory as of this Action
Requested
Previously Approved
Expiration Date
09/30/2016
36 Months From Approved
09/30/2013
Responses
378,960
0
378,960
Time Burden (Hours)
23,000
0
23,000
Cost Burden (Dollars)
0
0
903,671
Abstract:
The Truth in Savings Act (TISA), 12 U.S.C. 4301 et seq. was enacted to enhance economic stability, improve competition between depository institutions, and strengthen consumer ability to make informed decisions regarding deposit accounts by requiring uniformity in the disclosure of interest rates and fees. 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. 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.
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:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
78 FR 28204
05/14/2013
30-day Notice:
Federal Register Citation:
Citation Date:
78 FR 46325
07/31/2013
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Advertising Updates
Change in Term Notices
Continuting Training
New Account Disclosures
Periodic Statements
Recordkeeping and disclosure requirements under Regulation DD
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)
0
903,671
0
0
-903,671
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:
An adjustment of -903,671 results from removing burden hour costs (labor costs) from the annual cost burden.
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:
Darrin King 202-693-4129 King.Darrin@dol.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:
07/31/2013
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