[Federal Register Volume 82, Number 248 (Thursday, December 28, 2017)]
[Notices]
[Pages 61567-61569]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-28067]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Proposed Collection 
Renewal; Comment Request (OMB No. 3064-0084)

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice and request for comment.

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SUMMARY: The FDIC, as part of its continuing effort to reduce paperwork 
and respondent burden, invites the

[[Page 61568]]

general public and other Federal agencies to take this opportunity to 
comment on the renewal of the existing information collection, as 
required by the Paperwork Reduction Act of 1995. Currently, the FDIC is 
soliciting comment on renewal of the information collection described 
below.

DATES: Comments must be submitted on or before February 26, 2018.

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 and number of 
the collection in the subject line of the message.
     Mail: Jennifer Jones (202-898-6768), Counsel, MB-3105, 
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 7:00 a.m. and 5:00 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: Jennifer Jones (202-898-6768), at the 
FDIC address above.

SUPPLEMENTARY INFORMATION:
    Proposal to renew the following currently approved collections of 
information:
    1. Title: Account Based Disclosures in Connection with Consumer 
Financial Protection Bureau Regulations E and DD and Federal Reserve 
Regulation CC.
    OMB Number: 3064-0084.
    Form Number: None.
    Affected Public: FDIC-Supervised Institutions.
    Burden Estimate:

                                                                Summary of Annual Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                Estimated                                        Total
                                                               Obligation to       Estimated    time per    Estimated      Frequency  of        annual
                                       Type of  burden            respond          number of    response    frequency         response         estimated
                                                                                  respondents    (hours)                                        burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               Reg E--12 C.F.R. Part 1005
--------------------------------------------------------------------------------------------------------------------------------------------------------
Initial disclosures:..............
    General (1005.7(b))...........  Disclosure...........  Mandatory............        3,674       0.025          83  On Occasion..........       7,624
    Payroll cards (1005.18(c)(1)).  Disclosure...........  Mandatory............            6       0.025       5,000  On Occasion..........         750
Change-in-terms (1005.8(a)).......  Disclosure...........  Mandatory............        3,674       0.017         113  On Occasion..........       6,919
Transaction disclosures (sections   Disclosure...........  .....................  ...........  ..........  ..........  .....................           0
 1005.9(a) and 1005.10).
Periodic statements (section        Disclosure...........  .....................  ...........  ..........  ..........  .....................           0
 1005.9(b)).
Error resolution rules:...........
    General (1005.8(b) and          Disclosure...........  Mandatory............        3,674       0.500           3  On Occasion..........       5,511
     1005.11).
    Payroll cards (1005.18).......  Disclosure...........  Mandatory............            6       0.500           8  On Occasion..........          24
Overdraft opt-in disclosures
 (1005.17, FRB r-1343):.
    Revise and update initial       Disclosure...........  Mandatory............        3,645      16.000           1  On Occasion..........      58,320
     disclosures (1005.17(c)(2))
     for new customers.
    Prepare and send new opt-in     Disclosure...........  Mandatory............        3,645      16.000           1  On Occasion..........      58,320
     notices to existing customers
     (1005.17(c)(1)).
    Consumer response (section      Recordkeeping........  Voluntary............        3,645       0.083       7,207  On Occasion..........   2,189,126
     1005.17).
Gift card/gift certificate
 (section 1005.20, FRB R-1377):.
    Exclusion policies &            Recordkeeping........  Mandatory............            6      40.000           1  On Occasion..........         240
     procedures (1005.20(b)(2))
     one-time.
    Exclusion policies &            Recordkeeping........  Mandatory............            6       8.000           1  On Occasion..........          48
     procedures (1005.20(b)(2))
     ongoing.
    Policy & procedures             Recordkeeping........  Mandatory............            6      40.000           1  On Occasion..........         240
     (1005.20(e)(1)) one-time.
    Policy & procedures             Recordkeeping........  Mandatory............            6       8.000           1  On Occasion..........          48
     (1005.20(e)(1)) ongoing.
    Systems change to implement     Disclosure...........  Mandatory............            6      40.000           1  On Occasion..........         240
     disclosure update
     (1005.20(e)(3)).
                                                                                                                                             -----------
        Subtotal Reg E Burden.....  .....................  .....................  ...........  ..........  ..........  .....................   2,327,410
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                                                            Regulation CC--12 C.F.R. Part 229
--------------------------------------------------------------------------------------------------------------------------------------------------------
Specific availability policy        Disclosure...........  Mandatory............        3,674       0.017         140  On Occasion..........       8,573
 disclosure (initial notice, upon
 request, upon change in policy)
 (sections 229.16, 229.17 and
 229.18(d)).
Case-by-case hold notice (section   Disclosure...........  Mandatory............        3,674       0.050         717  On Occasion..........     131,713
 229.16(c)).
Notice of exceptions to hold        Disclosure...........  Mandatory............        3,674       0.050         247  On Occasion..........      45,374
 policy (section 229.13(g)).
Notice posted where consumers make  Disclosure...........  Mandatory............        3,674       0.250           1  On Occasion..........         919
 deposits (including at ATMs)
 (sections 229.18(b) and
 229.18(c)).
Notice of changes in policy         Disclosure...........  Mandatory............           16      20.000           1  On Occasion..........         320
 (section 229.18(e)).
Annual notice of new ATMs (section  Disclosure...........  Mandatory............        3,674       5.000           1  On Occasion..........      18,370
 229.18(e)) (see Appendix E to
 Part 229, Commentary, section
 XII, E., comment no. 3).
Notice of nonpayment--notice to     Disclosure...........  Mandatory............        3,674       0.017       2,211  On Occasion..........     135,387
 depositary bank (section
 229.33(a) and (d)).
Response to consumer's recredit     Disclosure...........  Mandatory............        3,674       0.250          12  On Occasion..........      11,022
 claim (validation, denial,
 reversal) (section 229.54(e)).
Bank's claim against an             Reporting............  Mandatory............        3,674       0.250           5  On Occasion..........       4,593
 indemnifying bank (section
 229.55).
Consumer awareness disclosure       Disclosure...........  Mandatory............        3,674       0.017         170  On Occasion..........      10,410
 (section 229.57).
Reg CC Consumer Burden--Expedited   Reporting............  Mandatory............        3,674       0.250           8  On Occasion..........       7,348
 recredit claim notice (section
 229.54(a) and (b)(2)).
                                                                                                                                             -----------

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    Subtotal Reg CC Burden........  .....................  .....................  ...........  ..........  ..........  .....................     374,027
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                                                           Regulation DD--12 C.F.R. Part 1030
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Account disclosures (upon request   Disclosure...........  Mandatory............        3,674       0.025         170  On Occasion..........      15,615
 and new accounts) (section
 1030.4).
Subsequent notices (section
 1030.5):.
    Change in terms...............  Disclosure...........  Mandatory............        3,674       0.017         380  On Occasion..........      23,269
    Prematurity (renewal) notices.  Disclosure...........  Mandatory............        3,674       0.017         340  On Occasion..........      20,819
Disclosures on periodic statements  Disclosure...........  Mandatory............        3,674       4.000          12  On Occasion..........     176,352
 (section 1030.6).
Advertising (section 1030.8)......  Disclosure...........  Mandatory............        3,674       0.500          12  On Occasion..........      22,044
                                                                                                                                             -----------
    Subtotal Reg DD Burden........  .....................  .....................  ...........  ..........  ..........  .....................     258,099
                                                                                                                                             -----------
        Total Burden..............  .....................  .....................  ...........  ..........  ..........  .....................   2,959,536
--------------------------------------------------------------------------------------------------------------------------------------------------------

    General Description of Collection: Regulations E & DD (Consumer 
Financial Protection Bureau's Regulations) and Regulation CC (the 
Federal Reserve's Regulation) ensure 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 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.
    There is no change in the method or substance of the collection. 
The overall reduction in burden hours is the result of economic 
fluctuation and the reduced number of FDIC-supervised institutions 
since the last submission in 2014. In particular, the number of 
respondents has decreased while the hours per response and frequency of 
responses have remained the same.
    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 collection of information 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, on December 22, 2017.

Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 2017-28067 Filed 12-27-17; 8:45 am]
 BILLING CODE 6714-01-P