[Federal Register Volume 86, Number 97 (Friday, May 21, 2021)]
[Notices]
[Pages 27596-27602]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-10754]


=======================================================================
-----------------------------------------------------------------------

FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Proposed Collection 
Renewal; Comment Request [OMB No. 3064-0082; and -0084]

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Agency information collection activities: Submission for OMB 
review; comment request.

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

SUMMARY: The FDIC, as part of its obligations under the Paperwork

[[Page 27597]]

Reduction Act of 1995, invites the general public and other Federal 
agencies to take this opportunity to comment on the request to renew 
the existing information collections described below (OMB Control No. 
3064-0082; and -0084).

DATES: Comments must be submitted on or before June 21, 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.
    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: 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 Control Number: 3064-0082.
    Form Number: None.
    Affected Public: FDIC-supervised institutions.
    Burden Estimate: The total estimated annual burden is 2,031,731 
hours and is detailed in the following tables:

                                                    Summary of Estimated Annual Implementation Burden
                                                                   [OMB No. 3064-0082]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                     Estimated
                                           Type of burden  (obligation                                    Number of     Number of     time per    Annual
              IC description                       to respond)              Frequency  of response       respondents   responses/     response    burden
                                                                                                                       respondent    (minutes)   (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                Open-End Credit Products
                                                 Not Home-Secured Open-End Credit Plans
                                                         [cir] Credit and Charge Card Provisions
--------------------------------------------------------------------------------------------------------------------------------------------------------
Timely Settlement of Estate Debts          Recordkeeping (Mandatory)..  On occasion...................             8             1       480.00       64
 (1026.11(c)(1)) Written Policies and
 Procedures.
Ability to Pay (1026.51(a)(ii)) Written    Recordkeeping (Mandatory)..  On occasion...................             8             1       480.00       64
 Policies and Procedures.
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                         Mortgage Products (Open and Closed-End)
                                                         Valuation Independence
                                                                [cir] Mandatory Reporting
--------------------------------------------------------------------------------------------------------------------------------------------------------
Implementation of Policies and Procedures  Recordkeeping (Mandatory)..  On occasion...................             8             1     1,200.00      160
 (1026.42(g)).
                                                                                                       -------------------------------------------------
    Total Annual Implementation Burden     ...........................  ..............................  ............  ............  ...........      288
     Hours.                                                                                                                                        hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
Source: FDIC.


                                                       Summary of Estimated Annual Ongoing Burden
                                                                   [OMB No. 3064-0082]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   Estimated
                                          Type of burden  (obligation                                   Number of     Number of     time per     Annual
             IC description                       to respond)              Frequency  of response      respondents   responses/     response     burden
                                                                                                                     respondent    (minutes)    (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                Open-End Credit Products
                                                 Not Home-Secured Open-End Credit Plans
                                        [cir] General Disclosure Rules for Not Home-Secured Open-End Credit Plans
--------------------------------------------------------------------------------------------------------------------------------------------------------
1. Credit and Charge Card Applications    Disclosure (Mandatory).....  Annual.......................           575             1          480      4,600
 and Solicitations (1026.60).
2. Account Opening Disclosures            Disclosure (Mandatory).....  Annual.......................           575             1          720      6,900
 (1026.6(b)).
3. Periodic Statements (1026.7(b))......  Disclosure (Mandatory).....  Monthly......................           575            12          480     55,200
4. Annual Statement of Billing Rights     Disclosure (Mandatory).....  Annual.......................           575             1          480      4,600
 (1026.9(a)(1)).
5. Alternative Summary Statement of       Disclosure (Voluntary).....  Monthly......................           575            12          480     55,200
 Billing Rights (1026.9(a)(2)).
6. Change in Terms Disclosures            Disclosure (Mandatory).....  Annual.......................           575             1          480      4,600
 (1026.9(b) through (h)).
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                         [cir] Credit and Charge Card Provisions
--------------------------------------------------------------------------------------------------------------------------------------------------------
7. Timely Settlement of Estate Debts      Disclosure (Mandatory).....  On occasion..................           575          52 *            5      2,495
 (1026.11(c)(2)).
8. Ability to Pay (1026.51).............  Recordkeeping (Mandatory)..  Annual.......................           575             1          720      6,900
9. College Student Credit Annual Report   Reporting (Mandatory)......  Annual.......................           575             1          480      4,600
 (1026.57(d)).
10. Submission of Credit Card Agreements  Reporting (Mandatory)......  Quarterly....................           575             4          180      6,900
 (1026.58(c)).
11. Internet Posting of Credit Card       Disclosure (Mandatory).....  Quarterly....................           575             4          360     13,800
 Agreements (1026.58(d)).
12. Individual Credit Card Agreements     Disclosure (Mandatory).....  On occasion..................           575          12 *           15      1,788
 (1026.58(e)).
--------------------------------------------------------------------------------------------------------------------------------------------------------

[[Page 27598]]

 
                                               Home Equity Open-End Credit Plans (HELOC)
                                                       [cir] General Disclosure Rules for HELOC's
--------------------------------------------------------------------------------------------------------------------------------------------------------
13. Application Disclosures (1026.40)...  Disclosure (Mandatory).....  Annual.......................         2,362             1          720     28,344
14. Account Opening Disclosures           Disclosure (Mandatory).....  Annual.......................         2,362             1          720     28,344
 (1026.6(a)).
15. Periodic Statements (1026.7(a)).....  Disclosure (Mandatory).....  Annual.......................         2,362             1          480     18,896
16. Annual Statement of Billing Rights    Disclosure (Mandatory).....  Annual.......................         2,362             1          480     18,896
 (1026.9(a)(1)).
17. Alternative Summary Statement of      Disclosure (Voluntary).....  Annual.......................         2,362             1          480     18,896
 Billing Rights (1026.9(a)(2)).
18. Change in Terms Disclosures           Disclosure (Mandatory).....  Annual.......................         2,362             1          480     18,896
 (1026.9(b) through (h)).
19. Notice to Restrict Credit             Disclosure (Mandatory).....  Annual.......................         2,362             1          120      4,724
 (1026.9(c)(1)(iii); .40(f)(3)(i) and
 (vi)).
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                       All Open-End Credit Plans
--------------------------------------------------------------------------------------------------------------------------------------------------------
20. Error Resolution (1026.13)..........  Disclosure (Mandatory).....  On occasion..................         2,442         688 *            1     28,004
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               Closed-End Credit Products
                                                  General Rules for Closed-End Credit
--------------------------------------------------------------------------------------------------------------------------------------------------------
21. Other than Real Estate, Home-Secured  Disclosure (Mandatory).....  Annual.......................         2,850             1          720     34,200
 and Private Education Loans (1026.17
 and .18).
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                          Closed-End Mortgages
                                                           [cir] Application and Consummation
--------------------------------------------------------------------------------------------------------------------------------------------------------
22. Loan Estimate (1026.19(e); and .37).  Disclosure (Mandatory).....  Annual.......................         3,119             1          480     24,952
23. Closing Disclosure (1026.19(f); and   Disclosure (Mandatory).....  Annual.......................         3,119             1          480     24,952
 .38).
24. Record Retention of Disclosures       Recordkeeping (Mandatory)..  Annual.......................         3,119             1           18        936
 (1026.19(e), (f); .37; and .38).
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                           [cir] Post-Consummation Disclosures
--------------------------------------------------------------------------------------------------------------------------------------------------------
25. Interest Rate and Payment Summary     Disclosure (Mandatory).....  Annual.......................         3,119             1        2,400    124,760
 (1026.18(s)).
26. No Guarantee to Refinance Statement   Disclosure (Mandatory).....  Annual.......................         3,119             1          480     24,952
 (1026.18(t)).
27. ARMs Rate Adjustments with Payment    Disclosure (Mandatory).....  Annual.......................         3,119             1           90      4,679
 Change Disclosures (1026.20(c)).
28. Initial Rate Adjustment Disclosure    Disclosure (Mandatory).....  Annual.......................         3,119             1          120      6,238
 for ARMs (1026.20(d)).
29. Escrow Cancellation Notice            Disclosure (Mandatory).....  Annual.......................         3,119             1          480     24,952
 (1026.20(e)).
30. Periodic Statements (1026.41).......  Disclosure (Mandatory).....  Annual.......................         3,119             1          480     24,952
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                           [cir] Ability to Repay Requirements
--------------------------------------------------------------------------------------------------------------------------------------------------------
31. Minimum Standards (1026.43(c)         Recordkeeping (Mandatory)..  On occasion..................         3,119       1,005 *           15    783,797
 through (f)).
32. Prepayment Penalties (1026.43(g))...  Disclosure (Mandatory).....  On occasion..................         3,119           23*           12     14,260
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                         Mortgage Products (Open and Closed-End)
                                                     Mortgage Servicing Disclosures
                                                                 [cir] Payoff Statements
--------------------------------------------------------------------------------------------------------------------------------------------------------
33. Payoff Statements (1026.36(c)(3))...  Disclosure (Mandatory).....  Annual.......................         3,128             1          480     25,024
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                            [cir] Notice of Sale or Transfer
--------------------------------------------------------------------------------------------------------------------------------------------------------
34. Notice of Sale or Transfer (1026.39)  Disclosure (Mandatory).....  Annual.......................         3,128             1          480     25,024
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                         Valuation Independence
                                                                [cir] Mandatory Reporting
--------------------------------------------------------------------------------------------------------------------------------------------------------
35. Reporting Appraiser Noncompliance     Reporting (Mandatory)......  On occasion..................         3,128           1 *           10        521
 (1026.42(g)).
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             Reverse and High-Cost Mortgages
                                                           Reverse Mortgages
                                                           [cir] Reverse Mortgage Disclosures
--------------------------------------------------------------------------------------------------------------------------------------------------------
36. Reverse Mortgage Disclosures          Disclosure (Mandatory).....  Annual.......................             6             1        1,440        144
 (1026.31(c)(2) and .33).
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                        High-Cost Mortgage Loans
                                                           [cir] HOEPA Disclosures and Notice
--------------------------------------------------------------------------------------------------------------------------------------------------------
37. HOEPA Disclosures and Notice          Disclosure (Mandatory).....  Annual.......................         3,119             1           14        728
 (1026.32(c).
--------------------------------------------------------------------------------------------------------------------------------------------------------

[[Page 27599]]

 
                                                                 Private Education Loans
                                                          Initial Disclosures
                                                     [cir] Application and Solicitation Disclosures
--------------------------------------------------------------------------------------------------------------------------------------------------------
38. Application or Solicitation           Disclosure (Mandatory).....  Annual.......................         3,061             1        3,600    183,660
 Disclosures (1026.47(a)).
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               [cir] Approval Disclosures
--------------------------------------------------------------------------------------------------------------------------------------------------------
39. Approval Disclosures (1026.47(b))...  Disclosure (Mandatory).....  Annual.......................         3,061             1        3,600    183,660
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                 [cir] Final Disclosures
--------------------------------------------------------------------------------------------------------------------------------------------------------
40. Final Disclosures (1026.47(c))......  Disclosure (Mandatory).....  Annual.......................         3,061             1        3,600    183,660
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                    Advertising Rules
                                                            All Credit Types
                                                                  [cir] Open-End Credit
--------------------------------------------------------------------------------------------------------------------------------------------------------
41. Open-End Credit (1026.16)...........  Disclosure (Mandatory).....  Annual.......................         2,442            1*           20        814
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                 [cir] Closed-End Credit
--------------------------------------------------------------------------------------------------------------------------------------------------------
42. Closed-End Credit (1026.24).........  Disclosure (Mandatory).....  Annual.......................         3,152            1*           20      1,051
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                    Record Retention
                                                         Evidence of Compliance
--------------------------------------------------------------------------------------------------------------------------------------------------------
43. Regulation Z in General (1026.25)...  Recordkeeping (Mandatory)..  Annual.......................         3,152             1           18        946
                                                                                                     ---------------------------------------------------
    Total Annual Ongoing Burden Hours...  ...........................  .............................  ............  ............  ...........  2,031,443
--------------------------------------------------------------------------------------------------------------------------------------------------------
Source: FDIC.
* The average number of responses for this IC is based on the average number of credit accounts held at the respondent IDIs.

    General Description of the 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. There is no change in the substance or methodology of this 
information collection. The reduction in total estimated annual burden 
from 2,395,630 hours to 2,031,731 hours is solely attributable to 
agency estimates driven by economic fluctuations.
    2. Title: Account Based Disclosures in Connection with Consumer 
Financial Protection Bureau Regulations E and DD and Federal Reserve 
Regulation CC.
    OMB Control Number: 3064-0084.
    Form Number: None.
    Affected Public: FDIC-supervised institutions.
    Burden Estimate:

                                    Summary of Annual Burden for Regulation E
                                               [OMB No. 3064-0084]
----------------------------------------------------------------------------------------------------------------
                                                                                                        Total
                                       Type of burden        Estimated      Estimated    Estimated      annual
                                       (obligation to        number of      number of     time per    estimated
                                          respond)          respondents    responses/     response      burden
                                                                           respondent     (hours)      (hours)
----------------------------------------------------------------------------------------------------------------
                                         Regulation E--12 CFR Part 1005
                                               Initial disclosures
----------------------------------------------------------------------------------------------------------------
1. General (1005.7(b))............  Disclosure                     3,172            83        0.025        6,582
                                     (Mandatory).
2. Payroll cards (1005.18(c)(1))..  Disclosure                         8         5,000        0.025        1,000
                                     (Mandatory).
3. Change in terms (1005.8(a))....  Disclosure                     3,172           113        0.017        6,093
                                     (Mandatory).
----------------------------------------------------------------------------------------------------------------

[[Page 27600]]

 
                                             Error resolution rules
----------------------------------------------------------------------------------------------------------------
4. General (1005.8(b) and 1005.11)  Disclosure                     3,172             3          0.5        4,758
                                     (Mandatory).
5. Payroll cards (1005.18)........  Disclosure                         8             8          0.5           32
                                     (Mandatory).
----------------------------------------------------------------------------------------------------------------
                                  Prepaid Accounts Rule (1005.18)--New Products
----------------------------------------------------------------------------------------------------------------
6. Short Form Disclosure            Disclosure                         4            53           40        8,480
 (1005.18(b)(2) and 100.515(c).      (Mandatory).
7. Long Form Disclosure             Disclosure                         4            53            8        1,696
 1005.18(b)(4) and 1005.15(c).       (Mandatory).
----------------------------------------------------------------------------------------------------------------
                                 Prepaid Accounts Rule (1005.18)--Implementation
----------------------------------------------------------------------------------------------------------------
8. Short Form Additional Fee Type   Disclosure                         1             1            4            4
 Disclosure (1005.18(b)(2)(ix)       (Mandatory).
 implementation.
9. Access to Prepaid Account        Recordkeeping                      1             1           24           24
 Information 1005.18(c)(5) and       (Mandatory).
 1005.15(d) implementation.
10. Error Resolution 1005.18(e)(2)  Recordkeeping                      1             1            8            8
 and 1005.1511 implementation.       (Mandatory).
11. Submission of Agreements        Reporting                          1             1            1            1
 (1005.19)(b) implementation.        (Mandatory).
----------------------------------------------------------------------------------------------------------------
                                         Prepaid Accounts Rule--Ongoing
----------------------------------------------------------------------------------------------------------------
12. Short Form Additional Fee Type  Disclosure                        15             1           .5            8
 Disclosure (1005.18(b)(2)(ix)       (Mandatory).
 ongoing.
13. Access to Prepaid Account       Recordkeeping                     15             1           .5            8
 Information 1005.18(c)(5) and       (Mandatory).
 1005.15(d) ongoing.
14. Error Resolution (1005.18       Recordkeeping                     15             1           .5            8
 (e)(2) and 1055.11 ongoing.         (Mandatory).
15. Submission of Agreements        Reporting                         15             1           .5            8
 (1005.19(b) ongoing.                (Mandatory).
----------------------------------------------------------------------------------------------------------------
                    Gift card/gift certificate (section 1005.20, FRB R-1377)--Implementation
----------------------------------------------------------------------------------------------------------------
16. Exclusion policies &            Recordkeeping                      1             1           40           40
 procedures (1005.20(b)(2))          (Mandatory).
 implementation.
17. Policy & procedures             Recordkeeping                      1             1           40           40
 (1005.20(e)(1)) implementation.     (Mandatory).
----------------------------------------------------------------------------------------------------------------
                        Gift card/gift certificate (section 1005.20, FRB R-1377)--Ongoing
----------------------------------------------------------------------------------------------------------------
18. Exclusion policies &            Recordkeeping                     10             1            8           80
 procedures (1005.20(b)(2) ongoing.  (Mandatory).
19. Policy & procedures             Recordkeeping                     10             1            8           80
 (1005.20(e)(1)) ongoing.            (Mandatory).
                                                         -------------------------------------------------------
    Subtotal Regulation E Burden..  ....................  ..............  ............  ...........       28,950
----------------------------------------------------------------------------------------------------------------
Source: FDIC.


                                   Summary of Annual Burden for Regulation DD
                                               [OMB No. 3064-0084]
----------------------------------------------------------------------------------------------------------------
                                                                                                        Total
                                       Type of burden        Estimated      Estimated    Estimated      annual
                                       (obligation to        number of      number of     time per    estimated
                                          respond)          respondents    responses/     response      burden
                                                                           respondent     (hours)      (hours)
----------------------------------------------------------------------------------------------------------------
                                         Regulation DD--12 CFR Part 1030
----------------------------------------------------------------------------------------------------------------
1. Account disclosures (upon        Disclosure                     3,172           170        0.025       13,481
 request and new accounts)           (Mandatory).
 (section 1030.4).
----------------------------------------------------------------------------------------------------------------
                                       Subsequent notices (section 1030.5)
----------------------------------------------------------------------------------------------------------------
2. Change in terms................  Disclosure                     3,172           380        0.017       20,491
                                     (Mandatory).
3. Prematurity (renewal) notices    Disclosure                     3,172           340        0.017       18,334
 to consumers.                       (Mandatory).
4. Disclosures on periodic          Disclosure                     3,172            12            4      152,256
 statements (section 1030.6).        (Mandatory).
5. Advertising (section 1030.8)...  Disclosure                     3,172            12          0.5       19,032
                                     (Mandatory).
                                                         -------------------------------------------------------
    Subtotal Regulation DD Burden.  ....................  ..............  ............  ...........      223,594
----------------------------------------------------------------------------------------------------------------
Source: FDIC.


[[Page 27601]]


                                   Summary of Annual Burden for Regulation CC
                                               [OMB No. 3064-0084]
----------------------------------------------------------------------------------------------------------------
                                                                                                        Total
                                       Type of burden        Estimated      Estimated    Estimated      annual
                                       (obligation to        number of      number of     time per    estimated
                                          respond)          respondents    responses/     response      burden
                                                                           respondent     (hours)      (hours)
----------------------------------------------------------------------------------------------------------------
                                         Regulation CC--12 CFR Part 229
----------------------------------------------------------------------------------------------------------------
1. Specific availability policy     Disclosure                     3,227           140        0.017         7680
 disclosure (initial notice to       (Mandatory).
 consumers, upon request, upon
 change in policy) (sections
 229.16, 229.17 and 229.18(d)).
2. Case-by-case hold notice to      Disclosure                     3,227           717         0.05       115688
 consumers (section 229.16(c)).      (Mandatory).
3. Notice of exceptions to hold     Disclosure                     3,227           247         0.05        39853
 policy (section 229.13(g)).         (Mandatory).
4. Notice posted where consumers    Disclosure                     3,227             1         0.25          807
 make deposits (including at         (Mandatory).
 ATMs)\4\(sections 229.18(b) and
 229.18(c)).
5. Notice to consumers of changes   Disclosure                     3,227           170        0.017        9,326
 in policy (section 229.18(e)).      (Mandatory).
6. Annual notice of new ATMs        Disclosure                     3,227             1            5       16,135
 (section 229.18(e)).                (Mandatory).
7. Notice of nonpayment--notice to  Disclosure                     3,227         2,211        0.017      121,293
 depositary bank (section            (Mandatory).
 229.33(a) and (d)).
8. Response to consumer's re-       Disclosure                     3,227            12         0.25        9,681
 credit claim (validation, denial,   (Mandatory).
 reversal) (section 229.54(e)).
9. Bank's claim against an          Reporting                      3,227             5         0.25        4,034
 indemnifying bank (section          (Mandatory).
 229.55).
10. Consumer awareness disclosure   Disclosure                     3,227           170        0.017        9,326
 (section 229.57).                   (Mandatory).
11. Reg CC Consumer Burden--        Reporting                      3,227             8         0.25        6,454
 Expedited re-credit claim notice    (Mandatory).
 (section 229.54(a) and (b)(2)).
                                                         -------------------------------------------------------
    Subtotal Regulation CC Burden.  ....................  ..............  ............  ...........     340, 277
----------------------------------------------------------------------------------------------------------------
Source: FDIC.


                Summary of Total Estimated Annual Burden
                           [OMB No. 3064-0084]
------------------------------------------------------------------------
                                                           Total annual
                                                             estimated
                                                              burden
                                                              (hours)
------------------------------------------------------------------------
Subtotal Regulation E...................................          28,950
Subtotal Regulation DD..................................         223,594
Subtotal Regulation CC..................................         340,277
                                                         ---------------
    Total Estimated Annual Burden.......................         592,821
------------------------------------------------------------------------
Source: FDIC.

    General Description of Collection: Regulations E & DD (Consumer 
Financial Protection Bureau's Regulations) and Regulation CC (the 
Federal Reserve Board'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 partly the result of economic 
fluctuation and the reduced number of FDIC-supervised institutions. The 
primary reason for the overall reduction in total estimated annual 
burden for this information collection from 2,946,887 hours to 592,821 
hours is due to the recognition that a group items in the currently-
approved information collection related to overdraft opt-in disclosures 
should be treated as one-time burdens and no longer present a burden 
for FDIC-supervised institutions. These items made up 2.3 million hours 
of the burden in currently approved information collection. The 
treatment of these items as representing no ongoing burden is 
consistent with the Federal Reserve Board's burden treatment in their 
current information collection request.\1\
---------------------------------------------------------------------------

    \1\ OMB Control Number 7100-0271.

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

[[Page 27602]]

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, this 18th day of May 2021.

Federal Deposit Insurance Corporation
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2021-10754 Filed 5-20-21; 8:45 am]
BILLING CODE 6714-01-P