[Federal Register Volume 89, Number 46 (Thursday, March 7, 2024)]
[Notices]
[Page 16570]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-04890]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, without revision, the
Disclosure Requirements Associated with the Consumer Financial
Protection Bureau's (CFPB) Regulation DD (FR DD; OMB No. 7100-0271).
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, [email protected], (202)
452-3884.
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, 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.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to collections of information conducted or
sponsored by the Board. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. The OMB inventory, as well as copies of the
PRA Submission, supporting statements (which contain more detailed
information about the information collections and burden estimates than
this notice), and approved collection of information instrument(s) are
available at https://www.reginfo.gov/public/do/PRAMain. These documents
are also available on the Federal Reserve Board's public website at
https://www.federalreserve.gov/apps/reportingforms/home/review or may
be requested from the agency clearance officer, whose name appears
above.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of the Following Information Collection
Collection title: Disclosure Requirements Associated with the
Consumer Financial Protection Bureau's (CFPB) Regulation DD.
Collection identifier: FR DD.
OMB control number: 7100-0271.
General description of collection: The Truth in Savings Act (TISA)
was contained in the Federal Deposit Insurance Corporation Improvement
Act of 1991. The FR DD is the Board's information collection associated
with the CFPB's Regulation DD, which implements TISA to assist
consumers in comparing deposit accounts offered by institutions,
principally through the disclosure of fees, the annual percentage
yield, and other account terms.
Frequency: The FR DD is triggered by specific events, and
disclosures must be provided to consumers within the time periods
established by TISA and Regulation DD. The Board currently estimates
the frequency of disclosure as monthly, as more granular information
(i.e., number of accounts subject to Regulation DD) is not readily
available.
Respondents: Except those that are supervised by the CFPB, the FR
DD panel comprises 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.
Total estimated number of respondents: 770.
Total estimated annual burden hours: 25,410.\1\
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\1\ More detailed information regarding this collection,
including more detailed burden estimates, can be found in the OMB
Supporting Statement posted at https://www.federalreserve.gov/apps/reportingforms/home/review. On the page displayed at the link, you
can find the OMB Supporting Statement by referencing the collection
identifier, FR DD.
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Current actions: On August 18, 2023, the Board published an initial
notice in the Federal Register (88 FR 56627) requesting public comment
for 60 days on the extension, without revision, of the FR DD. The
comment period for this notice expired on October 17, 2023. The Board
did not receive any comments.
Board of Governors of the Federal Reserve System, March 4, 2024.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2024-04890 Filed 3-6-24; 8:45 am]
BILLING CODE 6210-01-P