[Federal Register Volume 76, Number 216 (Tuesday, November 8, 2011)]
[Notices]
[Pages 69269-69270]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-28812]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Submission for OMB 
Review; Comment Request

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice of information collection to be submitted to OMB for 
review and approval under the Paperwork Reduction Act.

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SUMMARY: In accordance with requirements of the Paperwork Reduction Act 
of 1995 (``PRA''), 44 U.S.C. 3501 et seq., the FDIC may not conduct or 
sponsor, and the respondent is not required to respond to, an 
information collection unless it displays a currently valid Office of 
Management and Budget (OMB) control number. The FDIC, as part of its 
continuing effort to reduce paperwork and respondent burden, invites 
the general public and other Federal agencies to take this opportunity 
to comment on the renewal of existing information collections, as 
required by the PRA. On August 22, 2011 (76 FR 52326), the FDIC 
solicited public comment for a 60-day period on renewal of the 
following information collection: Account Based Disclosures in 
Connection with Federal Reserve Regulations E, CC, and DD (OMB No. 
3064-0084). No comments were received. Therefore, the FDIC hereby gives 
notice of submission of its requests for renewal to OMB for review.

DATES: Comments must be submitted on or before December 8, 2011.

ADDRESSES: Interested parties are invited to submit written comments to 
the FDIC by any of the following methods:
     http://www.FDIC.gov/regulations/laws/federal/notices.html
     Email: [email protected] Include the name of the 
collection in the subject line of the message.
     Mail: Leneta G. Gregorie (202) 898-3719), Counsel, Room F-
1084, Federal Deposit Insurance Corporation, 550 17th Street NW., 
Washington, DC 20429.
     Hand Delivery: Comments may be hand-delivered to the guard 
station at the rear of the 17th Street Building (located on F Street), 
on business days between 7 a.m. and 5 p.m.
    All comments should refer to the relevant OMB control number. A 
copy of the comments may also be submitted to the OMB desk officer for 
the FDIC: Office of Information and Regulatory Affairs, Office of 
Management and Budget, New Executive Office Building, Washington, DC 
20503.

FOR FURTHER INFORMATION CONTACT: Leneta G. Gregorie, at the FDIC 
address above.

SUPPLEMENTARY INFORMATION:

Proposal To Renew the Following Currently Approved Collection of 
Information

    1. Title: Account Based Disclosures in Connection with Federal 
Reserve Regulations E, CC, and DD.
    OMB Number: 3064-0084.
    Frequency of Response: On occasion.
    Affected Public: State chartered banks that are not members of the 
Federal Reserve System.
    Number of Respondents: 4,632.
    Burden per Response: Varied
    Annual Burden: Regulation E--2,664,895 hours; Regulation CC--
471,551 hours; and Regulation DD--325,398 hours.
    General Description of Collection: This FDIC information collection 
provides for the application of Regulations E (Electronic Fund 
Transfers), CC (Availability of Funds), and DD (Truth in Savings) to 
State nonmember banks. Regulations E, CC, and DD are issued by the 
Federal Reserve Board of Governors (FRB) to ensure, among other things, 
that consumers are provided 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

[[Page 69270]]

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. 
Although the FRB regulations require institutions to retain evidence of 
compliance with the disclosure requirements, the regulations do not 
specify the types of records that must be retained.

Request for Comment

    Comments are invited on: (a) Whether the collection of information 
is necessary for the proper performance of the FDIC's functions, 
including whether the information has practical utility; (b) the 
accuracy of the estimates of the burden of the information collection, 
including the validity of the methodology and assumptions used; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; and (d) ways to minimize the burden of the information 
collection on respondents, including through the use of automated 
collection techniques or other forms of information technology. All 
comments will become a matter of public record.

    Dated at Washington, DC, this 2nd day of November 2011.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2011-28812 Filed 11-7-11; 8:45 am]
BILLING CODE 6714-01-P