[Federal Register Volume 79, Number 238 (Thursday, December 11, 2014)]
[Notices]
[Pages 73583-73584]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-29063]



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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board of Governors of the Federal Reserve System 
(Board) its approval authority under the Paperwork Reduction Act (PRA), 
pursuant to 5 CFR 1320.16, to approve of and assign OMB control numbers 
to collection of information requests and requirements conducted or 
sponsored by the Board under conditions set forth in 5 CFR part 1320 
Appendix A.1. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. Copies of the Paperwork Reduction Act 
Submission, supporting statements and approved collection of 
information instruments are placed into OMB's public docket files. The 
Federal Reserve may not conduct or sponsor, and the respondent is not 
required to respond to, an information collection that has been 
extended, revised, or implemented on or after October 1, 1995, unless 
it displays a currently valid OMB control number.

DATES: Comments must be submitted on or before February 9, 2015.

ADDRESSES: You may submit comments, identified by Regulation DD, by any 
of the following methods:
    <bullet> Agency Web site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx .
    <bullet> Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
    <bullet> Email: <a href="/cdn-cgi/l/email-protection#eb998e8c98c5888486868e859f98ab8d8e8f8e998a87998e988e999d8ec58c849d"><span class="__cf_email__" data-cfemail="07756260742964686a6a62697374476162636275666b7562746275716229606871">[email protected]</span></a>. Include OMB 
number in the subject line of the message.
    <bullet> FAX: (202) 452-3819 or (202) 452-3102.
    <bullet> Mail: Robert deV. Frierson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue NW., 
Washington, DC 20551.
    All public comments are available from the Board's Web site at 
http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, 
unless modified for technical reasons. Accordingly, your comments will 
not be edited to remove any identifying or contact information. Public 
comments may also be viewed electronically or in paper form in Room MP-
500 of the Board's Martin Building (20th and C Streets NW.) between 
9:00 a.m. and 5:00 p.m. on weekdays.
    Additionally, commenters may send a copy of their comments to the 
OMB Desk Officer--Shagufta Ahmed--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.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once approved. These documents will also be made 
available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears below.
    Federal Reserve Board Acting Clearance Officer--John Schmidt--
Office of the Chief Data Officer, Board of Governors of the Federal 
Reserve System, Washington, DC 20551 (202) 452-3829. Telecommunications 
Device for the Deaf (TDD) users may contact (202) 263-4869, Board of 
Governors of the Federal Reserve System, Washington, DC 20551.

SUPPLEMENTARY INFORMATION:

Request for Comment on Information Collection Proposal

    The following information collection, which is being handled under 
this delegated authority, has received initial Board approval and is 
hereby published for comment. At the end of the comment period, the 
proposed information collection, along with an analysis of comments and 
recommendations received, will be submitted to the Board for final 
approval under OMB delegated authority. Comments are invited on the 
following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Federal Reserve's functions; including 
whether the information has practical utility;
    b. The accuracy of the Federal Reserve's estimate of the burden of 
the proposed 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;
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    e. Estimates of capital or start up costs and costs of operation, 
maintenance, and purchase of services to provide information.
    Proposal to approve under OMB delegated authority the extension for 
three years, without revision, of the following information collection:
    Report title: Disclosure Requirements in Connection with Regulation 
DD (Truth in Savings Act).
    Agency form number: Regulation DD.
    OMB control number: 7100-0271.
    Frequency: Monthly.
    Reporters: State member banks, branches & agencies of foreign 
banks, commercial lending companies, and Edge Act or agreement 
corporations.
    Estimated annual reporting hours: Account disclosures: 12,504 
hours; Change in terms notices: 18,756 hours; Notices prior to 
maturity: 18,756 hours; Periodic statement disclosure: 100,032 hours; 
and Advertising: 6,252 hours.
    Estimated average hours per response: Account disclosures: 1 hour; 
Change in terms notices: 1.5 hours; Notices prior to maturity: 1.5 
hours; Periodic statement disclosure: 8 hours; and Advertising: 30 
minutes.
    Number of respondents: 1,042.
    General description of report: This information collection is 
mandatory pursuant section 269 of Truth in Savings Act (TISA) (12 
U.S.C. 4308), which authorizes the Consumer Financial Protection Bureau 
(CFPB) to issue regulations to carry out the provisions of the act. The 
Board's imposition of the disclosure requirements on Federal Reserve 
supervised institutions is authorized by the Dodd-Frank amendments to 
TISA (12 U.S.C. 4309), and the provisions of Regulation DD (12 CFR 
1030.1(a), 1030.2(j)). An institution's disclosure obligations under 
Regulation DD are mandatory. The Federal Reserve does not collect any 
information; therefore, no issue of confidentiality arises.
    Abstract: TISA was contained in the Federal Deposit Insurance 
Corporation Improvement Act of 1991. The purpose of TISA and its 
implementing regulation is to assist consumers in comparing deposit 
accounts offered by institutions, principally through the disclosure of 
fees, the annual percentage yield (APY), and other account terms. TISA 
requires depository institutions to disclose key terms for deposit 
accounts at account opening, upon request, when changes in terms occur, 
and in periodic statements. It also includes rules about advertising 
for deposit accounts. TISA does not provide exemptions from compliance 
for small institutions.
    On July 21, 2011, rulemaking authority for TISA was transferred 
from

[[Page 73584]]

the Board to the CFPB under the Dodd-Frank Wall Street Reform and 
Consumer Protection Act of 2010 (Dodd-Frank Act). In December 2011, the 
CFPB published an interim final rule establishing its own Regulation DD 
to implement TISA at 12 CFR part 1030 that substantially duplicated the 
Board's Regulation DD. The Board repealed its version of Regulation DD 
(12 CFR part 230) effective June 30, 2014.


    Board of Governors of the Federal Reserve System, December 8, 
2014.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2014-29063 Filed 12-10-14; 8:45 am]
BILLING CODE 6210-01-P


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