[Federal Register Volume 85, Number 199 (Wednesday, October 14, 2020)]
[Notices]
[Pages 65049-65050]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-22687]


-----------------------------------------------------------------------

FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

-----------------------------------------------------------------------

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, without 
revision, the Disclosure Requirements Associated with Consumer 
Financial Protection Bureau's (CFPB) Regulation DD (FR DD; OMB No. 
7100-0271).

DATES: Comments must be submitted on or before December 14, 2020.

ADDRESSES: You may submit comments, identified by FR DD, by any of the 
following methods:
     Agency website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include the 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 website at 
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as 
submitted, unless modified for technical reasons or to remove 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any identifying or 
contact information. Public comments may also be viewed electronically 
or in paper in Room 146, 1709 New York Avenue NW, Washington, DC 20006, 
between 9:00 a.m. and 5:00 p.m. on weekdays. For security reasons, the 
Board requires that visitors make an appointment to inspect comments. 
You may do so by calling (202) 452-3684. Upon arrival, visitors will be 
required to present valid government-issued photo identification and to 
submit to security screening in order to inspect and photocopy 
comments.
    Additionally, commenters may send a copy of their comments to the 
Office of Management and Budget (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: 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.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the PRA to approve and assign OMB control numbers to 
collections of information 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.
    A copy of the Paperwork Reduction Act (PRA) OMB submission, 
including the reporting form and instructions, supporting statement, 
and other documentation will be available at https://www.reginfo.gov/public/do/PRAMain, if approved. These documents will also be made 
available on the Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears above.

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 Board's functions, including whether the 
information has practical utility;
    b. The accuracy of the Board'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 Board 
should modify the proposal.

Proposal Under OMB Delegated Authority To Extend for Three Years, 
Without Revision, the Following Information Collection

    Report title: Disclosure Requirements Associated with CFPB's 
Regulation DD.
    Agency form number: FR DD.
    OMB control number: 7100-0271.
    Frequency: Monthly.
    Respondents: Except those that are supervised by the CFPB, state 
member banks, branches of foreign banks (other than federal branches 
and insured state branches of foreign banks), commercial lending 
companies owned or controlled by foreign banks, and organizations 
operating under section 25 of the Federal Reserve Act (12 U.S.C. 601-
604a). The CFPB supervises, among other institutions, insured 
depository institutions with over $10 billion in assets and their 
affiliates (including affiliates that are themselves depository 
institutions regardless of asset size and subsidiaries of such 
affiliates).
    Estimated number of respondents: Account disclosures, Change in 
terms notice, Notices prior to maturity, Periodic statement disclosure 
and additional disclosure requirements for overdraft services, and 
Advertising and additional disclosure requirements for overdraft 
services, 835.
    Estimated average hours per response: Account disclosures, 1 hour; 
Change in terms notice, 1.5 hours; Notices prior to maturity, 1.5 
hours; Periodic statement disclosure and additional disclosure 
requirements for overdraft services, 8

[[Page 65050]]

hours; and Advertising and additional disclosure requirements for 
overdraft services, 0.5 hour.
    Estimated annual burden hours: Account disclosures, 10,020 hours; 
Change in terms notice, 15,030 hours; Notices prior to maturity, 15,030 
hours; Periodic statement disclosure and additional disclosure 
requirements for overdraft services, 80,160 hours; and Advertising and 
additional disclosure requirements for overdraft services, 5,010 hours.
    General description of report: The Truth in Savings Act (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: 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. 
Regulation DD implements this statutory provision. The Board's 
imposition of the disclosure requirements on Board-supervised 
institutions is authorized by Section 270 of TISA.
    An institution's disclosure and recordkeeping obligations under 
Regulation DD are mandatory. The public disclosure requirements of FR 
DD are not confidential. The records maintained under recordkeeping 
requirements of FR DD would be maintained at each banking organization, 
and the Freedom of Information Act (``FOIA'') would only be implicated 
if the Board obtained such records as part of the examination or 
supervision of a banking organization. In the event the records are 
obtained by the Board as part of an examination or supervision of a 
financial institution, this information would be considered 
confidential pursuant to exemption 8 of the FOIA, which protects 
information contained in ``examination, operating, or condition 
reports'' obtained in the bank supervisory process.

    Board of Governors of the Federal Reserve System, October 7, 
2020.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2020-22687 Filed 10-13-20; 8:45 am]
BILLING CODE 6210-01-P