[Federal Register Volume 74, Number 73 (Friday, April 17, 2009)]
[Rules and Regulations]
[Pages 17768-17769]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-8847]


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FEDERAL RESERVE SYSTEM

12 CFR Part 230

[Regulation DD; Docket No. R-1315]


Truth in Savings; Correction

AGENCY: Board of Governors of the Federal Reserve System (Board).

ACTION: Final rule; technical correction.

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SUMMARY: On January 29, 2009, the Board published final rules amending 
Regulation DD, which implements the Truth in Savings Act, and the 
official staff commentary to the regulation. The final rule, among 
other things, requires all depository institutions to disclose 
aggregate overdraft fees on periodic statements, and not solely 
institutions that promote the payment of overdrafts. However, the 
document published in the Federal Register on January 29, 2009 contains 
a technical error in the formatting of the sample form illustrating how 
institutions may comply with this requirement. To correct this error, 
this document republishes the appropriate sample form.

DATES: This correction is effective January 1, 2010.

FOR FURTHER INFORMATION CONTACT: Dana E. Miller, Attorney, Vivian W. 
Wong, Senior Attorney, or Ky Tran-Trong, Counsel, Division of Consumer 
and Community Affairs, Board of Governors of the Federal Reserve 
System, 20th and C Streets, NW., Washington, DC 20551, at (202) 452-
3667 or (202) 452-2412. For users of a Telecommunications Device for 
the Deaf (TDD) only, contact (202) 263-4869.

SUPPLEMENTARY INFORMATION: On January 29, 2009, the Board published 
final rules amending Regulation DD, which implements the Truth in 
Savings Act, and the official staff commentary to the regulation. The 
final rule, among other things, requires all depository institutions to 
disclose aggregate overdraft fees on periodic statements, and not 
solely institutions that promote the payment of overdrafts. However, 
the document published in the Federal Register on January 29, 2009 
contains a technical error in the formatting of the sample form 
illustrating how institutions may comply with this requirement. To 
correct this error, this document republishes the appropriate sample 
form.

Basis for the Corrections

    The Board is issuing this technical correction as a final rule that 
will be effective upon publication in the Federal Register. The 
Administrative Procedure Act (the Act) provides that notice and comment 
procedures do not apply if the agency for good cause finds notice to be 
``impracticable, unnecessary, or contrary to the public interest.'' The 
Act also provides that notice and comment procedures do not apply for 
interpretive rules. In addition, a rule may be made effective less than 
thirty days from publication when an agency finds good cause for such 
action. 5 U.S.C. 553(b)(A)-(B) and (d)(3).
    The Board finds that the Act does not require notice of a proposed 
rulemaking before the final publication of the corrected sample form. 
There is good cause to publish the formatting requirements without 
notice and comment because these procedures are unnecessary. The 
formatting correction to the sample form is a non-substantive change to 
the form. The republication merely corrects an error that occurred in 
the printing of the sample form when it was originally published. For 
this same reason, the Board finds that there is good cause for the rule 
to take effect upon publication.
    In addition, the correction may be viewed as interpretative in that 
the form only indicates how the rule should apply, and, therefore, a 
notice of proposed rulemaking is not required.

Paperwork Reduction Act

    This technical correction contains no collection of information 
pursuant to the Paperwork Reduction Act.

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In the final rule FR Doc. E8-31183 published in the Federal Register on 
January 29, 2009 (74 FR 5584) make the following correction:

Appendix B to Part 230--[Corrected]

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1. On page 5593, in the third column, Form B-10. is corrected to read 
as follows:

Appendix B to Part 230--Model Clauses and Sample Forms

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[[Page 17769]]

[GRAPHIC] [TIFF OMITTED] TR17AP09.009

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    By order of the Board of Governors of the Federal Reserve 
System, April 14, 2009.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E9-8847 Filed 4-16-09; 8:45 am]
BILLING CODE 6210-01-P