[Federal Register Volume 86, Number 37 (Friday, February 26, 2021)]
[Notices]
[Pages 11771-11775]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-04046]


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FEDERAL DEPOSIT INSURANCE CORPORATION

[OMB No. 3064-0082 -0084]


Agency Information Collection Activities: Proposed Collection 
Renewal; 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 obligations under the Paperwork 
Reduction Act of 1995 (PRA), invites the general public and other 
Federal agencies to take this opportunity to comment on the renewal of 
the existing information collections described below (OMB Control No. 
3064-0082; -0084).

DATES: Comments must be submitted on or before April 27, 2021.

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: Manny Cabeza (202-898-3767), Regulatory Counsel, MB-
3128, 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: Manny Cabeza, Regulatory Counsel, 202-
898-3767, [email protected], MB-3128, Federal Deposit Insurance 
Corporation, 550 17th Street NW, Washington, DC 20429.

SUPPLEMENTARY INFORMATION: Proposal to renew the following currently 
approved collections of information:
    1. Title: Recordkeeping, Disclosure and Reporting Requirements in 
Connection with Regulation Z.
    OMB Number: 3064-0082.
    Form Number: None.
    Affected Public: FDIC-supervised institutions.
    Burden Estimate: The total estimated annual burden is 2,395,630 
hours (36 hours estimated implementation burden, plus 2,395,594 hours 
estimated ongoing burden). The burden estimate is detailed on the 
following tables:
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    \1\ FDIC estimates that all existing FDIC-supervised 
institutions have implemented the policies and procedures required 
by Regulation Z and will only face the estimated ongoing 
(transaction) burdens reflected in the Ongoing Burden Estimate 
table. The respondent count of 1 is intended as a placeholder for 
the associated burden estimate to account for any institution(s) 
that may become subject to the information collection requirements 
in the future.

                                                        Implementation (One-Time) Burden Estimate
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                                                                                          Estimated                                             Total
                                                                       Estimated number    average                               Estimated    estimated
                                          Obligation to respond/ type   of respondents1   number of    Frequency    Number of     time per      annual
                                                   of burden                                credit    of response   responses     response      burden
                                                                                           accounts                              (minutes)     (hours)
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                                                                Open-End Credit Products
                                                      Not Home-Secured Open-End Credit Plans
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Credit and Charge Card Provisions:
    Timely Settlement of Estate Debts     Mandatory Recordkeeping....               1            N/A            1            1       480.00            8
     (1026.11(c)(1)) Written Policies
     and Procedures.
    Ability to Pay (1026.51(a)(ii))       Mandatory Recordkeeping....               1            N/A            1            1       480.00            8
     Written Policies and Procedures.
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                                                         Mortgage Products (Open and Closed-End)
                                                              Valuation Independence
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Mandatory Reporting:
    Implementation of Policies and        Mandatory Recordkeeping....               1            N/A            1            0     1,200.00           20
     Procedures (1026.42(g)).
                                                                      ----------------------------------------------------------------------------------
        Total Estimated Implementation    ...........................  ................  ...........  ...........  ...........  ...........           36
         Burden.
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[[Page 11772]]


                                                                 Ongoing Burden Estimate
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                                                                                          Estimated                                             Total
                                                                       Estimated number    average                               Estimated    estimated
                                          Obligation to respond/ type   of respondents1   number of    Frequency    Number of     time per      annual
                                                   of burden                                credit    of response   responses     response      burden
                                                                                           accounts                              (minutes)     (hours)
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                                                                Open-End Credit Products
                                                      Not Home-Secured Open-End Credit Plans
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General Disclosure Rules for Not Home-
 Secured Open-End Credit Plans:
    Credit and Charge Card Applications   Mandatory Disclosure.......             634            N/A            1          634       480.00        5,072
     and Solicitations (1026.60).
    Account Opening Disclosures           Mandatory Disclosure.......             634            N/A            1          634       720.00        7,608
     (1026.6(b)).
    Periodic Statements (1026.7(b)).....  Mandatory Disclosure.......             634            N/A           12        7,608       480.00       60,864
    Annual Statement of Billing Rights    Mandatory Disclosure.......             317            N/A            1          317       480.00        2,536
     (1026.9(a)(1)).
    Alternative Summary Statement of      Voluntary Disclosure.......             317            N/A           12        3,804       480.00       30,432
     Billing Rights (1026.9(a)(2)).
    Change in Terms Disclosures           Mandatory Disclosure.......             634            N/A            1          634       480.00        5,072
     (1026.9(b) through (h)).
Credit and Charge Card Provisions:
    Timely Settlement of Estate Debts     Mandatory Disclosure.......             634            428            1      271,352         5.00       22,613
     (1026.11(c)(2)).
    Ability to Pay (1026.51)............  Mandatory Recordkeeping....             634            N/A            1          634       720.00        7,608
    College Student Credit Annual Report  Mandatory Reporting........             634            N/A            1          634       480.00        5,072
     (1026.57(d)).
    Submission of Credit Card Agreements  Mandatory Reporting........             634            N/A            4        2,536       180.00        7,608
     (1026.58(c)).
    Internet Posting of Credit Card       Mandatory Disclosure.......             634            N/A            4        2,536       360.00       15,216
     Agreements (1026.58(d)).
    Individual Credit Card Agreements     Mandatory Disclosure.......             634            125            1       79,250        15.00       19,813
     (1026.58(e)).
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                                                    Home Equity Open-End Credit Plans (HELOC)
                                                      General Disclosure Rules for HELOC's:
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    Application Disclosures (1026.40)...  Mandatory Disclosure.......           2,717            N/A            1        2,717       720.00       32,604
    Account Opening Disclosures           Mandatory Disclosure.......           2,717            N/A            1        2,717       720.00       32,604
     (1026.6(a)).
    Periodic Statements (1026.7(a)).....  Mandatory Disclosure.......           2,717            N/A            1        2,717       480.00       21,736
    Annual Statement of Billing Rights    Mandatory Disclosure.......           2,717            N/A            1        2,717       480.00       21,736
     (1026.9(a)(1)).
    Alternative Summary Statement of      Voluntary Disclosure.......           2,717            N/A            1        2,717       480.00       21,736
     Billing Rights (1026.9(a)(2)).
    Change in Terms Disclosures           Mandatory Disclosure.......           2,717            N/A            1        2,717       480.00       21,736
     (1026.9(b) through (h)).
    Notice to Restrict Credit             Mandatory Disclosure.......           2,717            N/A            1        2,717       120.00        5,434
     (1026.9(c)(1)(iii); .40(f)(3)(i)
     and (vi)).
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                                                            All Open-End Credit Plans
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    Error Resolution (1026.13)..........  Mandatory Disclosure.......           3,624          2,963            1   10,737,912          1.0      178,965
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                                                               Closed-End Credit Products
                                                       General Rules for Closed-End Credit
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Other than Real Estate, Home-Secured and  Mandatory Disclosure.......               1            N/A            1            1       720.00           12
 Private Education Loans (1026.17 and
 .18).
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                                                               Closed-End Mortgages
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Application and Consummation:
    Loan Estimate (1026.19(e); and .37).  Mandatory Disclosure.......           3,628            N/A            1        3,628       480.00       29,024
    Closing Disclosure (1026.19(f); and   Mandatory Disclosure.......           3,628            N/A            1        3,628       480.00       29,024
     .38).
    Record Retention of Disclosures       Mandatory Recordkeeping....           3,628            N/A            1        3,628        18.00        1,088
     (1026.19(e), (f); .37; and .38).
Post-Consummation Disclosures:
    Interest Rate and Payment Summary     Mandatory Disclosure.......           3,628            N/A            1        3,628     2,400.00      145,120
     (1026.18(s)).
    No Guarantee to Refinance Statement   Mandatory Disclosure.......           3,628            N/A            1        3,628       480.00       29,024
     (1026.18(t)).
    ARMs Rate Adjustments with Payment    Mandatory Disclosure.......           3,628            N/A            1        3,628        90.00        5,442
     Change Disclosures (1026.20(c)).
    Initial Rate Adjustment Disclosure    Mandatory Disclosure.......           3,628            N/A            1        3,628       120.00        7,256
     for ARMs (1026.20(d)).
    Escrow Cancellation Notice            Mandatory Disclosure.......           3,628            N/A            1        3,628       480.00       29,024
     (1026.20(e)).
    Periodic Statements (1026.41).......  Mandatory Disclosure.......           3,628            N/A            1        3,628       480.00       29,024
Ability to Repay Requirements:
    Minimum Standards (1026.43(c)         Mandatory Recordkeeping....           3,628            926            1    3,359,528        15.00      839,882
     through (f)).
    Prepayment Penalties (1026.43(g))...  Mandatory Disclosure.......           3,628             16            1       58,048        12.00       11.610
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[[Page 11773]]

 
                                                         Mortgage Products (Open and Closed-End)
                                                          Mortgage Servicing Disclosures
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    Payoff Statements:..................
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    Payoff Statements (1026.36(c)(3))...  Mandatory Disclosure.......           3,628            N/A            1        3,628       480.00       29,024
Notice of Sale or Transfer:
    Notice of Sale or Transfer (1026.39)  Mandatory Disclosure.......           3,628            N/A            1        3,628       480.00       29,204
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                                                              Valuation Independence
                                                                  Mandatory Reporting:
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    Reporting Appraiser Noncompliance     Mandatory Reporting........           3,628              1            1        3,628        10.00          605
     (1026.42(g)).
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                                                             Reverse and High-Cost Mortgages
                                                                Reverse Mortgages
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Reverse Mortgage Disclosures:
    Reverse Mortgage Disclosures          Mandatory Disclosure.......              14            N/A            1           14     1,440.00          336
     (1026.31(c)(2) and .33).
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                                                             High-Cost Mortgage Loans
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HOEPA Disclosures and Notice:
    HOEPA Disclosures and Notice          Mandatory Disclosure.......           3,628            N/A            1        3,628        14.00          847
     (1026.32(c).
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                                                                 Private Education Loans
                                                               Initial Disclosures
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Application and Solicitation
 Disclosures:
    Application or Solicitation           Mandatory Disclosure.......           3,561            N/A            1        3,561     3,600.00      213,660
     Disclosures (1026.47(a)).
Approval Disclosures:
    Approval Disclosures (1026.47(b))...  Mandatory Disclosure.......           3,561            N/A            1        3,561     3,600.00      213,660
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Final Disclosures:
    Final Disclosures (1026.47(c))......  Mandatory Disclosure.......           3,561            N/A            1        3,561      3600.00      213,660
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                                                                    Advertising Rules
                                                                 All Credit Types
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Open-End Credit:
    Open-End Credit (1026.16)...........  Mandatory Disclosure.......           3,624              5            1       18,120        20.00        6,040
Closed-End Credit:
    Closed-End Credit (1026.24).........  Mandatory Disclosure.......           3,628              5            1       18,140        20.00        6,047
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                                                                    Record Retention
                                                              Evidence of Compliance
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    Regulation Z in General (1026.25)...  Mandatory Recordkeeping....           3,652            N/A            1        3,652        18.00        1,096
                                                                      ----------------------------------------------------------------------------------
        Total Estimated Ongoing Burden..  ...........................  ................  ...........  ...........  ...........  ...........    2,395,594
        Total Estimated Annual Burden...  ...........................  ................  ...........  ...........  ...........  ...........    2,395,630
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    General Description of Collection: Consumer Financial Protection 
Bureau (CFPB) Regulation Z--12 CFR 1026 implements the Truth in Lending 
Act (15 U.S.C. 1601, et seq.) and certain provisions of the Real Estate 
Settlement Procedures Act (12 U.S.C. 2601 et seq.). This regulation 
prescribes uniform methods for computing the cost of credit, the 
disclosure of credit terms and costs, the resolution of errors and 
imposes various other recordkeeping, reporting and disclosure 
requirements. The FDIC has enforcement authority on the requirements of 
the CFPB's Regulation over the financial institutions it supervises. 
This information collection captures the recordkeeping, reporting and 
disclosure burdens of Regulation Z on FDIC-supervised institutions.
    To arrive at the estimated annual burden the FDIC assessed the 
number of potential respondents to the information collection by 
identifying the number of FDIC-supervised institutions who reported 
activity that would be within the scope of the information collection 
requirements according to data from the most recent CALL Report. 
Additionally, the FDIC estimated the frequency of responses to the 
recordkeeping, reporting, or disclosure requirements by assessing the 
dollar volume of activity that would be within the scope of the 
information collection. In some instances the FDIC used information 
provided by other sources to estimate the magnitude and scope of 
activity attributable to FDIC-supervised institutions when more 
immediate information sources did not exist.
    2. 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.

[[Page 11774]]

    Affected Public: FDIC-supervised institutions.
    Burden Estimate:

                                                                Summary of Annual Burden
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                                                                                             Estimated
                                                           Obligation  to      Estimated     time per      Estimated      Frequency  of     Total annual
                                     Type of  burden          respond          number of     response      frequency         response         estimated
                                                                              respondents     (hours)                                          burden
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                                                               Reg. E--12 C.F.R. 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)).
                                                       -------------------------------------------------------------------------------------------------
        Subtotal Reg. E Burden...  ...................  ...................  ............  ............  ............  ...................     2,314,759
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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 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.

Federal Deposit Insurance Corporation.


[[Page 11775]]


    Dated at Washington, DC, on February 23, 2021.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2021-04046 Filed 2-25-21; 8:45 am]
BILLING CODE 6714-01-P