[Federal Register Volume 80, Number 36 (Tuesday, February 24, 2015)]
[Notices]
[Page 9719]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-03684]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: Notice is hereby given of the final approval of proposed 
information collection by the Board of Governors of the Federal Reserve 
System (Board) under OMB delegated authority, as per 5 CFR 1320.16 (OMB 
Regulations on Controlling Paperwork Burdens on the Public). Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. Copies 
of the Paperwork Reduction Act Submission, supporting statements and 
approved collection of information instrument(s) are placed into OMB's 
public docket files. The Federal Reserve may not conduct or sponsor, 
and the respondent is not required to respond to, an information 
collection that has been extended, revised, or implemented on or after 
October 1, 1995, unless it displays a currently valid OMB control 
number.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Acting Clearance 
Officer--John Schmidt--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202) 
452-3829. Telecommunications Device for the Deaf (TDD) users may 
contact (202) 263-4869, Board of Governors of the Federal Reserve 
System, Washington, DC 20551.
    OMB Desk Officer--Shagufta Ahmed --Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, 725 17th Street NW., Washington, DC 20503.
    Final approval under OMB delegated authority of the extension for 
three years, without revision, of the following information collection:
    Report title: Disclosure Requirements in Connection with Regulation 
DD (Truth in Savings Act).
    Agency form number: Regulation DD.
    OMB control number: 7100-0271.
    Frequency: Monthly.
    Reporters: State member banks, branches & agencies of foreign 
banks, commercial lending companies, and Edge Act or agreement 
corporations.
    Estimated annual reporting hours: Account disclosures: 12,504 
hours; Change in terms notices: 18,756 hours; Notices prior to 
maturity: 18,756 hours; Periodic statement disclosure: 100,032 hours; 
and Advertising: 6,252 hours.
    Estimated average hours per response: Account disclosures: 1 hour; 
Change in terms notices: 1.5 hours; Notices prior to maturity: 1.5 
hours; Periodic statement disclosure: 8 hours; and Advertising: 30 
minutes.
    Number of respondents: 1,042.
    General description of report: This information collection is 
mandatory pursuant section 269 of Truth in Savings Act (TISA) (12 
U.S.C. 4308), which authorizes the Consumer Financial Protection Bureau 
(CFPB) to issue regulations to carry out the provisions of the act. The 
Board's imposition of the disclosure requirements on Federal Reserve 
supervised institutions is authorized by the Dodd-Frank amendments to 
TISA (12 U.S.C. 4309), and the provisions of Regulation DD (12 CFR 
1030.1(a), 1030.2(j)). An institution's disclosure obligations under 
Regulation DD are mandatory. The Federal Reserve does not collect any 
information; therefore, no issue of confidentiality arises.
    Abstract: TISA was contained in the Federal Deposit Insurance 
Corporation Improvement Act of 1991. The purpose of TISA and its 
implementing regulation is to assist consumers in comparing deposit 
accounts offered by institutions, principally through the disclosure of 
fees, the annual percentage yield (APY), and other account terms. TISA 
requires depository institutions to disclose key terms for deposit 
accounts at account opening, upon request, when changes in terms occur, 
and in periodic statements. It also includes rules about advertising 
for deposit accounts. TISA does not provide exemptions from compliance 
for small institutions.
    On July 21, 2011, rulemaking authority for TISA was transferred 
from the Board to the CFPB under the Dodd-Frank Wall Street Reform and 
Consumer Protection Act of 2010 (Dodd-Frank Act). In December 2011, the 
CFPB published an interim final rule establishing its own Regulation DD 
to implement TISA at 12 CFR part 1030 that substantially duplicated the 
Board's Regulation DD. The Board repealed its version of Regulation DD 
(12 CFR part 230) effective June 30, 2014.
    Current Actions: On December 11, 2014, the Federal Reserve 
published a notice in the Federal Register (79 FR 73583) requesting 
public comment for 60 days on the extension, without revision, of the 
Disclosure Requirements in Connection with Regulation DD. The comment 
period for this notice expired on February 9, 2015. The Federal Reserve 
did not receive any comments.

    Board of Governors of the Federal Reserve System, February 19, 
2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015-03684 Filed 2-23-15; 8:45 am]
BILLING CODE 6210-01-P