[Federal Register Volume 85, Number 125 (Monday, June 29, 2020)]
[Notices]
[Pages 38932-38933]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-13904]


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NATIONAL CREDIT UNION ADMINISTRATION


Submission for OMB Review; Comment Request

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice.

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SUMMARY: The National Credit Union Administration (NCUA) will be 
submitting the following information collection request to the Office 
of Management and Budget (OMB) for review and clearance in accordance 
with the Paperwork Reduction Act of 1995 on or after the date of 
publication of this notice.

DATES: Comments should be received on or before July 29, 2020 to be 
assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the submission may be 
obtained by contacting Dawn Wolfgang at (703) 548-2279, emailing 
[email protected], or viewing the entire information collection 
request at www.reginfo.gov.

SUPPLEMENTARY INFORMATION: 
    OMB Number: 3133-0134.
    Title: Account Based Disclosures in Connection with 12 CFR part 707 
(Truth in Savings).

[[Page 38933]]

    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 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.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Total Annual Burden Hours: 373,870.
    By Gerard Poliquin, Secretary of the Board, the National Credit 
Union Administration, on June 23, 2020.

    Dated: June 24, 2020.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2020-13904 Filed 6-26-20; 8:45 am]
BILLING CODE 7535-01-P