[Federal Register Volume 78, Number 187 (Thursday, September 26, 2013)]
[Notices]
[Pages 59378-59379]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-23471]


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NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Submission to OMB for 
Reinstatement, With Change, of a Previously Approved Collection; 
Comment Request

AGENCY: National Credit Union Administration (NCUA).

ACTION: Request for comment.

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SUMMARY: NCUA intends to submit the following information collection to 
the Office of Management and Budget (OMB) for reinstatement under the 
Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. Chapter 35). 
This information collection is published to obtain comments from the 
public. The Truth in Savings Act (TISA) requires depository 
institutions to disclose to consumers certain information, including 
interest rates, bonuses, and fees associated with their deposit 
accounts and accompanying services. TISA also requires NCUA to 
promulgate implementing regulations governing all credit unions. NCUA 
regulations require credit unions to provide specific disclosures when 
an account is opened, when a disclosed term changes or a term account 
is close to renewal, on periodic statements of account activity, in 
advertisements, and upon a member or potential member's request. The 
disclosures are for the benefit of credit union members and consumers; 
NCUA does not collect the information. Additionally, NCUA regulations 
contain a recordkeeping requirement for compliance purposes.

DATES: Comments will be accepted until October 28, 2013.

ADDRESSES: Interested parties are invited to submit written comments to 
the NCUA Contact and the OMB Reviewer listed below:

NCUA Contact: Tracy Crews, National Credit Union Administration, 1775 
Duke Street, Alexandria, Virginia 22314-3428, Fax No. 703-837-2861, 
Email: [email protected].
OMB Contact: Office of Management and Budget, ATTN: Desk Officer for 
the National Credit Union Administration, Office of Information and 
Regulatory Affairs, Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Requests for additional information, a 
copy of the information collection request or a copy of submitted 
comments should be directed to Tracy Crews at the National Credit Union 
Administration, 1775 Duke Street, Alexandria, VA 22314-3428, or at 
(703) 518-6444. For other questions, you may contact NCUA's Office of 
Consumer Protection, Division of Consumer Compliance Policy and 
Outreach, at the above address, or at (703) 518-1140, or 
[email protected].

SUPPLEMENTARY INFORMATION:

I. Abstract and Request for Comments

    NCUA is reinstating the information collection approved as OMB 
control number 3133-0134, under the Truth in Savings Act, 12 U.S.C. 
4301 et seq. TISA requires depository institutions to disclose to 
consumers certain information, including interest rates, bonuses, and 
fees associated with their deposit accounts and accompanying services. 
Clear and uniform disclosures of the interest rates payable on deposit 
accounts and the fees assessable against them by depository 
institutions permits consumers to make meaningful decisions about their 
finances.
    Under TISA, NCUA must promulgate regulations substantially similar 
to those issued by the Consumer Financial Protection Bureau, taking 
into account the nature of credit unions. See 12 U.S.C. 4311. NCUA's 
regulations governing all credit unions are found in 12 CFR Part 707. 
For the benefit of credit union members and consumers, NCUA regulations 
require credit unions to provide specific disclosures when an account 
is opened, when a disclosed term changes or a term account is close to 
renewal, on periodic statements of

[[Page 59379]]

account activity, in advertisements, and upon a member or potential 
member's request. See 12 CFR 707.4, 707.5, 707.6, 707.8. Credit unions 
are not required to report compliance with the statute and regulations 
to NCUA, but must retain evidence of compliance for two years after the 
disclosures are required. See 12 CFR 707.9(c).
    The NCUA requests that you send your comments on this collection to 
the location listed in the addresses section. Your comments should 
address: (a) The necessity of the information collection for the proper 
performance of NCUA, including whether the information will have 
practical utility; (b) the accuracy of our estimate of the burden 
(hours and cost) of the collection of information, including the 
validity of the methodology and assumptions used; (c) ways we could 
enhance the quality, utility, and clarity of the information to be 
collected; and (d) ways we could minimize the burden of the collection 
of the information on the respondents such as through the use of 
automated collection techniques or other forms of information 
technology. It is NCUA's policy to make all comments available to the 
public for review.

II. Data

    Title: Truth in Savings.
    OMB Number: 3133-0134.
    Form Number: None.
    Type of Review: Reinstatement, with change, of a previously 
approved collection.
    Description: TISA requires depository institutions to disclose to 
consumers certain information, including interest rates, dividends, 
bonuses, and fees associated with their deposit accounts and 
accompanying services. Clear and uniform disclosures of the interest 
rates payable on deposit accounts and the fees assessable against them 
by depository institutions permits consumers to make meaningful 
decisions about their finances.
    Under TISA, NCUA must promulgate regulations substantially similar 
to those issued by the Consumer Financial Protection Bureau, taking 
into account the nature of credit unions. See 12 U.S.C. 4311. NCUA's 
regulations governing all credit unions are found in 12 CFR Part 707.
    Respondents: Credit Unions.
    Estimated No. of Respondents/Recordkeepers: 6,859.
    Estimated Burden Hours per Response: Various.
    Frequency of Response: Quarterly per member.
    Estimated Total Annual Burden Hours: 43,456,180,359 hours.
    Estimated Total Annual Cost: Inestimable.

    By the National Credit Union Administration Board on September 
20, 2013.
Gerard Poliquin,
Secretary of the Board.
[FR Doc. 2013-23471 Filed 9-25-13; 8:45 am]
BILLING CODE 7535-01-P