[Federal Register Volume 85, Number 80 (Friday, April 24, 2020)]
[Notices]
[Pages 23070-23071]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-08711]


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NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Proposed Collection; 
Comment Request; Disclosure and Recordkeeping Requirements Under the 
Truth in Savings Act (TISA)

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice and request for comment.

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SUMMARY: The National Credit Union Administration (NCUA), as part of a 
continuing effort to reduce paperwork and respondent burden, invites 
the general public and other Federal agencies to comment on the 
following extension of a currently approved collection, as required by 
the Paperwork Reduction Act of 1995.

DATES: Written comments should be received on or before June 23, 2020 
to be assured consideration.

ADDRESSES: Interested persons are invited to submit written comments on 
the information collection to Dawn Wolfgang, National Credit Union 
Administration, 1775 Duke Street, Suite 6032, Alexandria, Virginia 
22314; Fax No. 703-519-8579; or email at [email protected]. Given 
the limited in-house staff because of the COVID-19 pandemic, email 
comments are preferred.

FOR FURTHER INFORMATION CONTACT: Address requests for additional 
information to Dawn Wolfgang at the e-address above or telephone 703-
548-2279.

SUPPLEMENTARY INFORMATION: 
    OMB Number: 3133-0134.
    Title: Disclosure and Recordkeeping Requirements in Connection with 
12 CFR part 707 (Truth in Savings).
    Type of Review: Extension of a currently approved collection.
    Abstract: The Truth in Savings Act (TISA), 12 U.S.C. 4301 et seq., 
requires depository institutions to disclose to consumers certain 
information, including interest rates, dividends, bonuses, and fees 
associated with their deposit accounts and accompanying services.
    TISA also directed the National Credit Union Administration (NCUA) 
to promulgate a TISA regulation governing credit unions. Section 272(b) 
of TISA, 12 U.S.C. 4311(b), mandated that the NCUA regulation be 
``substantially similar'' to those of the Consumer Financial Protection 
Bureau (CFPB), but the NCUA may take into account the unique nature of 
credit unions and the limitations under which they may pay dividends.
    To implement TISA, the NCUA published its TISA regulation, 12 CFR 
part 707, which applies to all credit unions whose accounts are either 
insured by, or eligible to be insured by, the National Credit Union 
Share Insurance Fund, except for any credit union that has been 
designated as a corporate credit union and any non-automated credit 
union that has $2 million or less in assets (together, ``credit 
unions''). In addition, the advertising rules apply to any person who 
advertises an account offered by a credit union. The NCUA's TISA 
regulation requires credit unions to disclose fees, dividend rates and 
other terms concerning accounts to members or potential members before 
they open accounts.
    The NCUA's TISA regulation requires credit unions to provide 
specific

[[Page 23071]]

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's or potential member's 
request. Credit unions that provide periodic statements are required to 
include information about fees imposed, the annual percentage yield 
(APY) earned during those statement periods, and other account terms. 
The requirements for creating and disseminating account disclosures, 
change in terms notices, term share renewal notices, statement 
disclosures, and advertising disclosures are necessary to implement 
TISA's purpose of providing the public with information that will 
permit informed comparisons of accounts at financial institutions.
    The collection of information pursuant to Part 707 is triggered by 
specific events and disclosures and must be provided to consumers 
within the time periods established under the regulation. Credit unions 
must retain evidence of compliance for a minimum of two years after the 
disclosures are required to be made or an action is required to be 
taken.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Number of Respondents: 5,322.
    Frequency: Upon occurrence of triggering action.
    Estimated Total Annual Responses: 4,869,630.
    Estimated Hours per Response: 0.07.
    Estimated Total Annual Burden Hours: 373,870.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and included in the request for Office of Management 
and Budget approval. All comments will become a matter of public 
record. The public is invited to submit comments concerning: (a) 
Whether the collection of information is necessary for the proper 
execution of the function of the agency, including whether the 
information will have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information, 
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 
the information on the respondents, including the use of automated 
collection techniques or other forms of information technology.
    By Gerard Poliquin, Secretary of the Board, the National Credit 
Union Administration, on April 20, 2020.

    Dated: April 21, 2020.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2020-08711 Filed 4-23-20; 8:45 am]
 BILLING CODE 7535-01-P