[Federal Register Volume 82, Number 224 (Wednesday, November 22, 2017)]
[Notices]
[Pages 55608-55609]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-25247]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, without 
revision, the mandatory disclosure requirements associated with CFPB's 
Regulation DD (Truth in Savings Act) (FR DD; OMB No. 7100-0271).

DATES: Comments must be submitted on or before January 22, 2018.

ADDRESSES: You may submit comments, identified by FR DD, by any of the 
following methods:
     Agency Web site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Include OMB 
number in the subject line of the message.
     FAX: (202) 452-3819 or (202) 452-3102.
     Mail: Ann E. Misback, Secretary, Board of Governors of the 
Federal Reserve System, 20th Street and Constitution Avenue NW., 
Washington, DC 20551.
    All public comments are available from the Board's Web site at 
http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, 
unless modified for technical reasons. Accordingly, your comments will 
not be edited to remove any identifying or contact information. Public 
comments may also be viewed electronically or in paper form in Room 
3515, 1801 K Street (between 18th and 19th Streets NW.) Washington, DC 
20006 between 9:00 a.m. and 5:00 p.m. on weekdays.
    Additionally, commenters may send a copy of their comments to the 
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 or by 
fax to (202) 395-6974.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once

[[Page 55609]]

approved. These documents will also be made available on the Federal 
Reserve Board's public Web site at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance 
officer, whose name appears below.
    Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--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.

SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management 
and Budget (OMB) delegated to the Board authority under the Paperwork 
Reduction Act (PRA) to approve of and assign OMB control numbers to 
collection of information requests and requirements conducted or 
sponsored by the Board. In exercising this delegated authority, the 
Board is directed to take every reasonable step to solicit comment. In 
determining whether to approve a collection of information, the Board 
will consider all comments received from the public and other agencies.

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Federal Reserve's functions; including 
whether the information has practical utility;
    b. The accuracy of the Federal Reserve's estimate of the burden of 
the proposed 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;
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    e. Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Federal 
Reserve should modify the proposal prior to giving final approval.
    Proposal to approve under OMB delegated authority the extension for 
three years, without revision, of the following report:
    Report title: Disclosure Requirements Associated with CFPB's 
Regulation DD (Truth in Savings Act (TISA)).
    Agency form number: FR DD.
    OMB control number: 7100-0271.
    Frequency: Monthly.
    Respondents: State member banks, branches and agencies of foreign 
banks (other than federal branches, federal agencies, and insured state 
branches of foreign banks), commercial lending companies owned or 
controlled by foreign banks, and organizations operating under section 
25 or 25A of the Federal Reserve Act.
    Estimated number of respondents: 936.
    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.
    Estimated annual burden hours: Account disclosures: 11,232 hours; 
Change in terms notices: 16,848 hours; Notices prior to maturity: 
16,848 hours; Periodic statement disclosure: 89,856 hours; and 
Advertising: 5,616 hours.
    General description of report: 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 
certain 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.
    Legal authorization and confidentiality: The Board's Legal Division 
has determined that section 269 of TISA specifically authorizes the 
CFPB ``to prescribe regulations'' to carry out the purposes and 
provisions of the Act, as well as to adopt model forms and clauses for 
common disclosures to facilitate compliance (12 U.S.C. 4308). FR DD 
implements this statutory provision (12 CFR part 1030). The Board's 
imposition of the disclosure requirements on Board-supervised 
institutions is authorized by Section 270 of 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 Board does not collect any information; therefore, no issue of 
confidentiality arises.

    Board of Governors of the Federal Reserve System, November 17, 
2017.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2017-25247 Filed 11-21-17; 8:45 am]
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