[Federal Register Volume 83, Number 50 (Wednesday, March 14, 2018)]
[Notices]
[Pages 11199-11201]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-05112]


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FEDERAL DEPOSIT INSURANCE CORPORATION

[OMB No. 3064-0084]


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

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 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. On December 28, 2017, the FDIC requested comment for 60 
days on a proposal to renew the information collection described below. 
No comments were received. The FDIC hereby gives notice of its plan to 
submit to OMB a request to approve the renewal of this collection, and 
again invites comment on this renewal.

DATES: Comments must be submitted on or before April 13, 2018.

ADDRESSES: Interested parties are invited to submit written comments to 
the FDIC by any of the following methods:
     https://www.FDIC.gov/regulations/laws/federal.
     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, at the FDIC address 
above.

SUPPLEMENTARY INFORMATION: 
    On December 28, 2017, the FDIC requested comment for 60 days on a 
proposal to renew the information collection described below. No 
comments were received. The FDIC hereby gives notice of its plan to 
submit to OMB a request to approve the renewal of this collection, and 
again invites comment on this renewal.

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

[[Page 11200]]



                                                                Summary of Annual Burden
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                                                                                                Estimated                                        Total
                                                                Obligation to      Estimated     time per    Estimated       Frequency of        annual
                                        Type of burden             respond         number of     response    frequency         response        estimated
                                                                                  respondents    (hours)                                         burden
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                                                                 Reg E--12 CFR Part 1005
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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..........        3,625       16.000            1  On Occasion.........     58,000
     disclosures (1005.17(c)(2))
     for new customers.
    Prepare and send new opt-in    Disclosure..............  Mandatory..........        3,625       16.000            1  On Occasion.........     58,000
     notices to existing
     customers (1005.17(c)(1)).
    Consumer response (section     Recordkeeping...........  Voluntary..........        3,625        0.083        7,207  On Occasion.........  2,177,115
     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)).
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        Subtotal Reg E Burden....  ........................  ...................  ...........  ...........  ...........  ....................  2,314,759
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                                                             Regulation CC--12 CFR Part 229
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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      Disclosure..............  Mandatory..........        3,674        0.250            1  On Occasion.........        919
 make deposits (including at
 ATMs) (sections 229.18(b) and
 229.18(c)).
Notice of changes in policy        Disclosure..............  Mandatory..........           20       20.000            1  On Occasion.........        400
 (section 229.18(e)).
Annual notice of new ATMs          Disclosure..............  Mandatory..........        3,674        5.000            1  On Occasion.........     18,370
 (section 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.......  ........................  ...................  ...........  ...........  ...........  ....................    374,107
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                                                             Regulation DD--12 CFR 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            Disclosure..............  Mandatory..........        3,674        4.000           12  On Occasion.........    176,352
 statements (section 1030.6).
Advertising (section 1030.8).....  Disclosure..............  Mandatory..........        3,674        0.500           12  On Occasion.........     22,044
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    Subtotal Reg DD Burden.......  ........................  ...................  ...........  ...........  ...........  ....................    258,099
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        Total Burden.............  ........................  ...................  ...........  ...........  ...........  ....................  2,946,964
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    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

[[Page 11201]]

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 March 9, 2018.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2018-05112 Filed 3-13-18; 8:45 am]
 BILLING CODE 6714-01-P