Notice2024-15685
Agency Information Collection Activities: Proposed Collection Renewal; Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 17, 2024
Issuing agencies
Federal Deposit Insurance Corporation
Abstract
The FDIC, as part of its obligations under the Paperwork 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. 3064-0019, -0082, and -0084). The notice of the proposed renewal for these information collections were previously published in the Federal Register on May 1, 2024, and May 7, 2024, allowing for a 60-day comment period.
Full Text
<html>
<head>
<title>Federal Register, Volume 89 Issue 137 (Wednesday, July 17, 2024)</title>
</head>
<body><pre>
[Federal Register Volume 89, Number 137 (Wednesday, July 17, 2024)]
[Notices]
[Pages 58158-58164]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-15685]
=======================================================================
-----------------------------------------------------------------------
FEDERAL DEPOSIT INSURANCE CORPORATION
[OMB No. 3064-0019; -0082; -0084]
Agency Information Collection Activities: Proposed Collection
Renewal; Comment Request
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The FDIC, as part of its obligations under the Paperwork
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.
3064-0019, -0082, and -0084). The notice of the proposed renewal for
these information collections were previously published in the Federal
Register on May 1, 2024, and May 7, 2024, allowing for a 60-day comment
period.
DATES: Comments must be submitted on or before August 16, 2024.
ADDRESSES: Interested parties are invited to submit written comments to
the FDIC by any of the following methods:
<bullet> Agency Website: <a href="https://www.fdic.gov/resources/regulations/federal-register-publications/">https://www.fdic.gov/resources/regulations/federal-register-publications/</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#492a2624242c273d3a092f2d202a672e263f"><span class="__cf_email__" data-cfemail="fb989496969e958f88bb9d9f9298d59c948d">[email protected]</span></a>. Include the name and number of
the collection in the subject line of the message.
<bullet> Mail: Manny Cabeza (202-898-3767), Regulatory Counsel, MB-
3128, Federal Deposit Insurance Corporation, 550 17th Street NW,
Washington, DC 20429.
<bullet> Hand Delivery: Comments may be hand-delivered to the guard
station at the rear of the 17th Street NW building (located on F Street
NW), 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
[[Page 58159]]
within 30 days of publication of this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. 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, <a href="/cdn-cgi/l/email-protection#e588868487809f84a583818c86cb828a93"><span class="__cf_email__" data-cfemail="97faf4f6f5f2edf6d7f1f3fef4b9f0f8e1">[email protected]</span></a>, MB-3128, Federal Deposit Insurance
Corporation, 550 17th Street NW, Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
Proposal to renew the following currently approved collection of
information:
1. Title: Interagency Notice of Change in Control
OMB Number: 3064-0019
Form Number: 6822/01.
Affected Public: Individuals, insured state nonmember banks, and
insured state savings associations.
Burden Estimate:
Summary of Estimated Annual Burdens
[OMB No. 3064-0019]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Number of Time per
IC description Type of burden Frequency of response Number of responses/ response Annual burden
(obligation to respond) respondents respondent (hours) (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Form 6822/01--Interagency Notice of Reporting (Mandatory)... On occasion............ 34 1 30.5 1,037
Change in Control, 12 CFR 303.85.
Notice of Change in Control Public Disclosure (Mandatory).. On Occasion............ 34 1 1 34
Notice Requirement, 12 CFR 303.87.
---------------------------------------------------------------
Total Annual Burden Hours........ ........................ ....................... .............. .............. .............. 1,071
--------------------------------------------------------------------------------------------------------------------------------------------------------
Source: FDIC.
General Description of Collection: Section 7(j) of the FDIA (12
U.S.C. 1817(j)) and sections 303.80-88 of the FDIC Rules and
Regulations (12 CFR 303.80 et seq.) require that any person proposing
to acquire control of an insured depository institution and certain
parent companies thereof provide 60 days prior written notice of the
proposed acquisition to the appropriate federal banking agency. Such
written notice which pertains to the acquisition of control of an FDIC
supervised institution and certain parent companies thereof is filed
with the regional director of the FDIC region in which the bank is
located. The FDIC reviews the information reported in the Notice to
assess, in part, any anticompetitive and monopolistic effects of the
proposed acquisition, to determine if the financial condition of any
acquiring person or the future prospects of the institution might
jeopardize the financial stability of the institution or prejudice the
interests of the depositors of the institution, and to determine
whether the competence, experience, or integrity of any acquiring
person, or of any of the proposed management personnel, indicates that
it would not be in the interest of the depositors of the institution,
or in the interest of the public, to permit such persons to control the
bank. The FDIC must also make an independent determination of the
accuracy and completeness of all of the information required to be
filed in conjunction with a Notice.
The FDIC is increasing the total burden associated with this
collection from 549 hours to 1,071 hours. This information collection
contains a disclosure requirement, which was not recognized in the 2021
submission. The 522 increase in burden hours is due to the addition of
the disclosure requirement and the use of a more accurate methodology
to estimate the number of respondents and responses per respondent.
2. 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:
Table 1--Summary of Estimated Annual Implementation Burden
[OMB No. 3064-0082]
----------------------------------------------------------------------------------------------------------------
Type of burden Number of Time per
Information collection (IC) (frequency of Number of responses per response Annual burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
----------------------------------------------------------------------------------------------------------------
Open-End Credit Products
<bullet> Not Home-Secured Open-End Credit Plans
[cir] Credit and Charge Card Provisions
----------------------------------------------------------------------------------------------------------------
Timely Settlement of Estate Recordkeeping 8 1 08:00 64
Debts Written Policies and (On Occasion).
Procedures, 12 CFR
1026.11(c)(1) (Mandatory).
Ability to Pay Written Recordkeeping 8 1 08:00 64
Policies and Procedures, 12 (On Occasion).
CFR 1026.51(a)(ii)
(Mandatory).
----------------------------------------------------------------------------------------------------------------
Mortgage Products (Open and Closed-End)
<bullet> Valuation Independence
[cir] Mandatory Reporting
----------------------------------------------------------------------------------------------------------------
Implementation of Policies and Recordkeeping 8 1 20:00 160
Procedures, 12 CFR 1026.42(g) (On Occasion).
(Mandatory).
Total Annual ................ .............. .............. .............. 288
Implementation Burden
(Hours).
----------------------------------------------------------------------------------------------------------------
Source: FDIC.
Note: The estimated annual IC time burden is the product, rounded to the nearest hour, of the estimated annual
number of responses and the estimated time per response for a given IC. The estimated annual number of
responses is the product, rounded to the nearest whole number, of the estimated annual number of respondents
and the estimated annual number of responses per respondent. This methodology ensures the estimated annual
burdens in the table are consistent with the values recorded in OMB's consolidated information system.
[[Page 58160]]
Table 2--Summary of Estimated Annual Ongoing Burden
[OMB No. 3064-0082]
----------------------------------------------------------------------------------------------------------------
Type of burden Number of Time per
Information collection (IC) (frequency of Number of responses per response Annual burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
----------------------------------------------------------------------------------------------------------------
Open-End Credit Products
<bullet> Not Home-Secured Open-End Credit Plans
[cir] General Disclosure Rules for Not Home-Secured Open-End Credit Plans
----------------------------------------------------------------------------------------------------------------
1. Credit and Charge Card Disclosure 478 1 08:00 3,824
Applications and (Annual).
Solicitations, 12 CFR 1026.60
(Mandatory).
2. Account Opening Disclosure 478 1 12:00 5,736
Disclosures, 12 CFR 1026.6(b) (Annual).
(Mandatory).
3. Periodic Statements, 12 CFR Disclosure 478 12 08:00 45,888
1026.7(b) (Mandatory). (Monthly).
4. Annual Statement of Billing Disclosure 478 1 08:00 3,824
Rights, 12 CFR 1026.9(a)(1) (Annual).
(Mandatory).
5. Alternative Summary Disclosure 478 12 08:00 45,888
Statement of Billing Rights, (Monthly).
12 CFR 1026.9(a)(2)
(Voluntary).
6. Change in Terms Disclosure 478 1 08:00 3,824
Disclosures, 12 CFR 1026.9(b) (Annual).
through (h) (Mandatory).
----------------------------------------------------------------------------------------------------------------
[cir] Credit and Charge Card Provisions
----------------------------------------------------------------------------------------------------------------
7. Timely Settlement of Estate Disclosure (On 478 61 00:05 2,430
Debts, 12 CFR 1026.11(c)(2) Occasion).
(Mandatory).
8. Ability to Pay, 12 CFR Recordkeeping 478 1 12:00 5,736
1026.51 (Mandatory). (Annual).
9. College Student Credit Reporting 478 1 08:00 3,824
Annual Report, 12 CFR (Annual).
1026.57(d) (Mandatory).
10. Submission of Credit Card Reporting 478 4 03:00 5,736
Agreements, 12 CFR 1026.58(c) (Quarterly).
(Mandatory).
11. Internet Posting of Credit Disclosure 478 4 06:00 11,472
Card Agreements, 12 CFR (Quarterly).
1026.58(d) (Mandatory).
12. Individual Credit Card Disclosure (On 478 14 00:15 1,673
Agreements, 12 CFR 1026.58(e) Occasion).
(Mandatory).
----------------------------------------------------------------------------------------------------------------
<bullet> Home Equity Open-End Credit Plans (HELOC)
[cir] General Disclosure Rules for HELOC's
----------------------------------------------------------------------------------------------------------------
13. Application Disclosures, Disclosure 2,189 1 12:00 26,268
12 CFR 1026.40 (Mandatory). (Annual).
14. Account Opening Disclosure 2,189 1 12:00 26,268
Disclosures, 12 CFR 1026.6(a) (Annual).
(Mandatory).
15. Periodic Statements, 12 Disclosure 2,189 1 08:00 17,512
CFR 1026.7(a) (Mandatory). (Annual).
16. Annual Statement of Disclosure 2,189 1 08:00 17,512
Billing Rights, 12 CFR (Annual).
1026.9(a)(1) (Mandatory).
17. Alternative Summary Disclosure 2,189 1 08:00 17,512
Statement of Billing Rights, (Annual).
12 CFR 1026.9(a)(2)
(Mandatory).
18. Change in Terms Disclosure 2,189 1 08:00 17,512
Disclosures, 12 CFR 1026.9(b) (Annual).
through (h) (Mandatory).
19. Notice to Restrict Credit, Disclosure 2,189 1 02:00 4,378
12 CFR 1026.9(c)(1)(iii); Annual).
1026.40(f)(3)(i) and (vi)
(Mandatory).
----------------------------------------------------------------------------------------------------------------
<bullet> All Open-End Credit Plans
----------------------------------------------------------------------------------------------------------------
20. Error Resolution, 12 CFR Disclosure (On 2,265 937 00:01 35,372
1026.13 (Mandatory). Occasion).
----------------------------------------------------------------------------------------------------------------
Closed-End Credit Products
<bullet> General Rules for Closed-End Credit
----------------------------------------------------------------------------------------------------------------
21. Other than Real Estate, Disclosure 2,551 1 12:00 30,612
Home-Secured and Private (Annual).
Education Loans, 12 CFR
1026.17 and 1026.18
(Mandatory).
----------------------------------------------------------------------------------------------------------------
<bullet> Closed-End Mortgages
[cir] Application and Consummation
----------------------------------------------------------------------------------------------------------------
22. Loan Estimate, 12 CFR Disclosure 2,815 1 08:00 22,520
1026.19(e); and 1026.37 (Annual).
(Mandatory).
23. Closing Disclosure, 12 CFR Disclosure 2,815 1 08:00 22,520
1026.19(f); and 1026.38 (Annual).
(Mandatory).
24. Record Retention of Recordkeeping 2,815 1 00:18 845
Disclosures, 12 CFR (Annual).
1026.19(e), (f); 1026.37; and
1026.38 (Mandatory).
----------------------------------------------------------------------------------------------------------------
[cir] Post-Consummation Disclosures
----------------------------------------------------------------------------------------------------------------
25. Interest Rate and Payment Disclosure 2,815 1 40:00 112,600
Summary, 12 CFR 1026.18(s) (Annual).
(Mandatory).
26. No Guarantee to Refinance Disclosure 2,815 1 08:00 22,520
Statement, 12 CFR 1026.18(t) (Annual).
(Mandatory).
27. ARMs Rate Adjustments with Disclosure 2,815 1 01:30 4,223
Payment Change Disclosures, (Annual).
12 CFR 1026.20(c) (Mandatory).
28. Initial Rate Adjustment Disclosure 2,815 1 02:00 5,630
Disclosure for ARMs, 12 CFR (Annual).
1026.20(d) (Mandatory).
29. Escrow Cancellation Disclosure 2,815 1 08:00 22,520
Notice, 12 CFR 1026.20(e) (Annual).
(Mandatory).
[[Page 58161]]
30. Periodic Statements, 12 Disclosure 2,815 1 08:00 22,520
CFR 1026.41 (Mandatory). (Annual).
----------------------------------------------------------------------------------------------------------------
[cir] Ability to Repay Requirements
----------------------------------------------------------------------------------------------------------------
31. Minimum Standards, 12 CFR Recordkeeping 2,815 1166 00:15 820,573
1026.43(c) through (f) (On Occasion).
(Mandatory).
32. Prepayment Penalties, 12 Disclosure (On 2,815 45 00:12 25,335
CFR 1026.43(g) (Mandatory). Occasion).
----------------------------------------------------------------------------------------------------------------
Mortgage Products (Open and Closed-End)
<bullet> Mortgage Servicing Disclosures
[cir] Payoff Statements
----------------------------------------------------------------------------------------------------------------
33. Payoff Statements, 12 CFR Disclosure 2,829 1 08:00 22,632
1026.36(c)(3) (Mandatory). (Annual).
----------------------------------------------------------------------------------------------------------------
[cir] Notice of Sale or Transfer
----------------------------------------------------------------------------------------------------------------
34. Notice of Sale or Disclosure 2,829 1 08:00 22,632
Transfer, 12 CFR 1026.39 (Annual).
(Mandatory).
----------------------------------------------------------------------------------------------------------------
<bullet> Valuation Independence
[cir] Mandatory Reporting
----------------------------------------------------------------------------------------------------------------
35. Reporting Appraiser Reporting (On 2,829 1 00:10 472
Noncompliance, 12 CFR Occasion).
1026.42(g) (Mandatory).
----------------------------------------------------------------------------------------------------------------
Reverse and High-Cost Mortgages
<bullet> Reverse Mortgages
[cir] Reverse Mortgage Disclosures
----------------------------------------------------------------------------------------------------------------
36. Reverse Mortgage Disclosure 1 1 24:00 24
Disclosures, 12 CFR (Annual).
1026.31(c)(2) and 1026.33
(Mandatory).
----------------------------------------------------------------------------------------------------------------
<bullet> High-Cost Mortgage Loans
[cir] HOEPA Disclosures and Notice
----------------------------------------------------------------------------------------------------------------
37. HOEPA Disclosures and Disclosure 2,815 1 00:14 657
Notice, 12 CFR 1026.32(c) (Annual).
(Mandatory).
----------------------------------------------------------------------------------------------------------------
Private Education Loans
<bullet> Initial Disclosures
[cir] Application and Solicitation Disclosures
----------------------------------------------------------------------------------------------------------------
38. Application or Disclosure 2,755 1 60:00 165,300
Solicitation Disclosures, 12 (Annual).
CFR 1026.47(a) (Mandatory).
----------------------------------------------------------------------------------------------------------------
[cir] Approval Disclosures
----------------------------------------------------------------------------------------------------------------
39. Approval Disclosures, 12 Disclosure 2,755 1 60:00 165,300
CFR 1026.47(b) (Mandatory). (Annual).
----------------------------------------------------------------------------------------------------------------
[cir] Final Disclosures
----------------------------------------------------------------------------------------------------------------
40. Final Disclosures, 12 CFR Disclosure 2,755 1 60:00 165,300
1026.47(c) (Mandatory). (Annual).
----------------------------------------------------------------------------------------------------------------
Advertising Rules
<bullet> All Credit Types
[cir] Open-End Credit
----------------------------------------------------------------------------------------------------------------
41. Open-End Credit, 12 CFR Disclosure 2,265 1 00:20 755
1026.16 (Mandatory). (Annual).
----------------------------------------------------------------------------------------------------------------
[cir] Closed-End Credit
----------------------------------------------------------------------------------------------------------------
42. Closed-End Credit, 12 CFR Disclosure 2,856 1 00:20 952
1026.24 (Mandatory). (Annual).
----------------------------------------------------------------------------------------------------------------
Record Retention
<bullet> Evidence of Compliance
----------------------------------------------------------------------------------------------------------------
43. Regulation Z in General, Recordkeeping 2,857 1 00:18 857
12 CFR 1026.25 (Mandatory). (Annual).
---------------------------------------------------------------
Total Annual Ongoing ................ .............. .............. .............. 1,959,488
Burden (Hours).
----------------------------------------------------------------------------------------------------------------
Source: FDIC.
Note: The estimated annual IC time burden is the product, rounded to the nearest hour, of the estimated annual
number of responses and the estimated time per response for a given IC. The estimated annual number of
responses is the product, rounded to the nearest whole number, of the estimated annual number of respondents
and the estimated annual number of responses per respondent. This methodology ensures the estimated annual
burdens in the table are consistent with the values recorded in OMB's consolidated information system.
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,
[[Page 58162]]
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.
The estimated annual burden, in hours, is the product of the
estimated number of respondents per year, estimated number of responses
per respondent per year, and estimated hours per response, as
summarized in Table 1 for the implementation burden and in Table 2 for
the ongoing burden, below. The total estimated annual burden for this
Information Collection Request (ICR) is 1,959,766 hours (288 hours
estimated implementation burden, plus 1,959,488 hours estimated ongoing
burden), which is a decrease of 71,838 hours from the 2021 estimate. As
the estimated time per response remained the same from the 2021 ICR,
the change in the total estimated annual burden hours is attributable
to the decrease in the estimated number of respondents in Table 2.
3. 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.
Affected Public: FDIC--Supervised Institutions.
Burden Estimate:
Summary of Estimated Annual Burden
[OMB No. 3064-0084]
----------------------------------------------------------------------------------------------------------------
Type of burden Number of Time per
Information collection (IC) (frequency of Number of responses per response Annual burden
(obligation to respond) response) respondents respondent (HH:MM) (hours)
----------------------------------------------------------------------------------------------------------------
CFPB Regulation E--12 CFR Part 1005
----------------------------------------------------------------------------------------------------------------
1. Initial Disclosures: Disclosure (On 2,871 83 00:01.5 5,957
General, 12 CFR 1005.7(b) Occasion).
(Mandatory).
2. Initial Disclosures: Disclosure (On 6 5,000 00:01.5 750
Payroll Cards, 12 CFR Occasion).
1005.18(c)(1) (Mandatory).
3. Initial Disclosures: Change Disclosure (On 2,871 113 00:01 5,407
in Terms, 12 CFR 1005.8(a) Occasion).
(Mandatory).
4. Error Resolution Rules: Disclosure (On 2,871 3 00:30 4,307
General, 12 CFR 1005.8(b), 12 Occasion).
CFR 1005.11 (Mandatory).
5. Error Resolution Rules: Disclosure (On 6 8 00:30 24
Payroll Cards, 12 CFR 1005.18 Occasion).
(Mandatory).
6. Prepaid Accounts: New Disclosure (On 2 24.33 40:00 1,960
Products--Short Form Occasion).
Disclosure, 12 CFR
1005.18(b)(2), 12 CFR
1005.15(c) (Mandatory).
7. Prepaid Accounts: New Disclosure (On 2 24.33 08:00 392
Products--Long Form Occasion).
Disclosure, 12 CFR
1005.18(b)(4), 12 CFR
1005.15(c) (Mandatory).
8. Prepaid Accounts: Disclosure (On 1 1 04:00 4
Implementation--Short Form Occasion).
Additional Fee Type
Disclosure, 12 CFR
1005.18(b)(2)(ix) (Mandatory).
9. Prepaid Accounts: Recordkeeping 1 1 24:00 24
Implementation--Access to (On Occasion).
Prepaid Account Information,
12 CFR 1005.18(c)(5), 12 CFR
1005.15(d) (Mandatory).
10. Prepaid Accounts: Recordkeeping 1 1 08:00 8
Implementation--Error (On Occasion).
Resolution, 12 CFR
1005.18(e)(2), 12 CFR 1005.11
(Mandatory).
11. Prepaid Accounts: Reporting (On 1 1 01:00 1
Implementation--Submission of Occasion).
Agreements, 12 CFR 1005.19(b)
(Mandatory).
12. Prepaid Accounts: Ongoing-- Disclosure 15 1 00:30 8
Short Form Additional Fee (Annual).
Type Disclosure, 12 CFR
1005.18(b)(2)(ix) (Mandatory).
13. Prepaid Accounts: Ongoing-- Recordkeeping 15 1 00:30 8
Access to Prepaid Account (Annual).
Information, 12 CFR
1005.18(c)(5), 12 CFR
1005.15(d) (Mandatory).
14. Prepaid Accounts: Ongoing-- Recordkeeping 15 1 00:30 8
Error Resolution, 12 CFR (Annual).
1005.18(e)(2), 12 CFR 1005.11
(Mandatory).
15. Prepaid Accounts: Ongoing-- Reporting 15 1 00:30 8
Submission of Agreements, 12 (Annual).
CFR 1005.19(b) (Mandatory).
16. Gift Cards/Certificates: Recordkeeping 2 1 20:00 40
Implementation--Exclusion (On Occasion).
Policies and Procedures, 12
CFR 1005.20(b)(2) (Mandatory).
17. Gift Cards/Certificates: Recordkeeping 2 1 20:00 40
Implementation--Policies & (On Occasion).
Procedures 12 CFR
1005.20(e)(1) (Mandatory).
18. Gift Cards/Certificates: Recordkeeping 12 1 00:15 3
Ongoing--Exclusion Policies (Annual).
and Procedures, 12 CFR
1005.20(b)(2) (Mandatory).
19. Gift Cards/Certificates: Recordkeeping 12 1 00:15 3
Ongoing--Policies & (Annual).
Procedures 12 CFR
1005.20(e)(1) (Mandatory).
20. Remittances: Recordkeeping 1 1 08:00 8
Implementation--Policies & (On Occasion).
Procedures for Error
Resolution and Retention of
Documentation 12 CFR
1005.33(g), 12 CFR 1005.13
(Mandatory).
21. Remittances: Ongoing-- Recordkeeping 122 1 00:30 61
Policies & Procedures for (Annual).
Error Resolution and
Retention of Documentation 12
CFR 1005.33(g), 12 CFR
1005.13 (Mandatory).
22. Remittance Transfer Disclosure 122 12 08:00 11,712
Disclosures 12 CFR 1005.31 (Monthly).
(Mandatory).
23. Error Resolution for Disclosure 122 12 04:30 6,588
Remittance Transfers 12 CFR (Monthly).
1005.33 (Mandatory).
[[Page 58163]]
24. Remittance Transfers Disclosure 122 1 08:00 976
Scheduled before date of (Annual).
transfer 12 CFR 1005.36
(Mandatory).
----------------------------------------------------------------------------------------------------------------
CFPB Regulation DD--12 CFR Part 1030
----------------------------------------------------------------------------------------------------------------
25. Account disclosures (Upon Disclosure (On 2,871 170 00:01.5 12,202
Request and New Accounts), 12 Occasion).
CFR 1030.4 (Mandatory).
26. Change in Terms, 12 CFR Disclosure (On 2,871 380 00:01 18,183
1030.5 (Mandatory). Occasion).
27. Prematurity (renewal) Disclosure (On 2,871 340 00:01 16,269
Notices to Consumers, 12 CFR Occasion).
1030.5 (Mandatory).
28. Disclosures on Periodic Disclosure 2,871 12 04:00 137,808
Statements, 12 CFR 1030.6 (Monthly).
(Mandatory).
29. Advertising, 12 CFR 1030.8 Disclosure 2,871 12 00:30 17,226
(Mandatory). (Monthly).
----------------------------------------------------------------------------------------------------------------
Federal Reserve Board Regulation CC--12 CFR Part 229
----------------------------------------------------------------------------------------------------------------
30. Specific Availability Disclosure (On 2,936 140 00:01 6,851
Policy Disclosure (Initial Occasion).
Notice, Upon Request, Upon
Change in Policy),.
12 CFR 229.16, 12 CFR 229.17,
12 CFR 229.18(d) (Mandatory).
31. Case-by-case Hold Notice Disclosure (On 2,936 717 00:03 105,256
to Consumers, 12 CFR Occasion).
229.16(c) (Mandatory).
32. Notice of Exceptions to Disclosure (On 2,936 247 00:03 36,260
Hold Policy, (12 CFR Occasion).
229.13(g)) (Mandatory).
33. Notice posted where Disclosure (On 2,936 1 00:15 734
consumers make deposits Occasion).
(Incl. ATMs), 12 CFR
229.18(b), 12 CFR 229.18(c)
(Mandatory).
34. Notice to consumers of Disclosure (On 2,936 170 00:01 8,319
changes in policy, 12 CFR Occasion).
229.18(e) (Mandatory).
35. Annual notice of new ATMs, Disclosure 2,936 1 05:00 14,680
12 CFR 229.18(e) (Mandatory). (Annual).
36. Notice of nonpayment-- Disclosure (On 2,936 2211 00:01 108,192
notice to depository bank, 12 Occasion).
CFR 229.33(a) and 12 CFR
229.33(d) (Mandatory).
37. Response to consumer's Disclosure (On 2,936 12 00:15 8,808
recredit claim (validation, Occasion).
denial, reversal), 12 CFR
229.54(e) (Mandatory).
38. Bank's claim against an Reporting (On 2,936 5 00:15 3,670
indemnifying bank, 12 CFR Occasion).
229.55 (Mandatory).
39. Consumer awareness Disclosure (On 2,936 170 00:01 8,319
disclosure, 12 CFR 229.57 Occasion).
(Mandatory).
40. Reg CC Consumer Burden-- Reporting (On 2,936 8 00:15 5,872
Expedited recredit claim Occasion).
notice, 12 CFR 229.54(a) and
12 CFR 229.54(b)(2)
(Mandatory).
---------------------------------------------------------------
Total Annual Burden ................ .............. .............. .............. 546,946
(Hours).
----------------------------------------------------------------------------------------------------------------
Source: FDIC.
Note: The estimated annual IC time burden is the product, rounded to the nearest hour, of the estimated annual
number of responses and the estimated time per response for a given IC. The estimated annual number of
responses is the product, rounded to the nearest whole number, of the estimated annual number of respondents
and the estimated annual number of responses per respondent. This methodology ensures the estimated annual
burdens in the table are consistent with the values recorded in OMB's consolidated information system.
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 contains
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. This Information Collection
[[Page 58164]]
Request (ICR) is being revised as a result of the addition of five (5)
new information collection requirements contained in CFPB's Regulation
E, Subpart B. The estimated annual burden, in hours, is the product of
the estimated number of respondents per year, estimated number of
responses per respondent per year, and estimated hours per response, as
summarized in the Table above. The total estimated annual burden for
this ICR is 546,946 hours, which is a decrease of 45,875 hours from our
estimate in the 2021 memo (592,821 hours). This decrease can be
explained largely by a decline in the number of FDIC-supervised IDIs
from December 31, 2020 (the period used in the previous OMB renewal) to
December 31, 2023. This decrease is attenuated by the inclusion of five
ICs pertaining to recordkeeping and disclosure requirements associated
with remittance transfers in Subpart B of CFPB Regulation E.
The estimated annual burden and change in burden, broken down by
each Regulation (E, DD, and CC), is as follows:
----------------------------------------------------------------------------------------------------------------
2021 Total 2024 Total
Regulation annual burden annual burden Change (hours)
(hours) (hours)
----------------------------------------------------------------------------------------------------------------
CFPB Regulation E............................................... 28,950 38,297 +9,347
CFPB Regulation DD.............................................. 223,594 201,688 -21,906
FRB Regulation CC............................................... 340,277 306,961 -33,316
Total Annual Burden............................................. 592,821 546,946 -45,875
----------------------------------------------------------------------------------------------------------------
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.
Dated at Washington, DC, on July 12, 2024.
Hina Z. Hussain,
Acting Assistant Executive Secretary.
[FR Doc. 2024-15685 Filed 7-16-24; 8:45 am]
BILLING CODE 6714-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on July 17, 2024.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.