Agency Information Collection Activities: Submission for OMB Review; Comment Request

FEDERAL DEPOSIT INSURANCE CORPORATION

[OMB No. 3064-0084]

Agency Information Collection Activities: Submission for OMB Review; Comment Request

AGENCY:

Federal Deposit Insurance Corporation (FDIC).

ACTION:

Notice and request for comment.

SUMMARY:

The FDIC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on the renewal of the existing information collection, as required by the Paperwork Reduction Act of 1995. On December 28, 2017, the FDIC requested comment for 60 days on a proposal to renew the information collection described below. No comments were received. The FDIC hereby gives notice of its plan to submit to OMB a request to approve the renewal of this collection, and again invites comment on this renewal.

DATES:

Comments must be submitted on or before April 13, 2018.

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: comments@fdic.gov.

Include the name and number of the collection in the subject line of the message.

•

Mail:

Jennifer Jones (202-898-6768), Counsel, MB-3105, 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.

All comments should refer to the relevant OMB control number. A copy of the comments may also be submitted to the OMB desk officer for the FDIC: Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT:

Jennifer Jones, at the FDIC address above.

SUPPLEMENTARY INFORMATION:

On December 28, 2017, the FDIC requested comment for 60 days on a proposal to renew the information collection described below. No comments were received. The FDIC hereby gives notice of its plan to submit to OMB a request to approve the renewal of this collection, and again invites comment on this renewal.

Proposal To Renew the Following Currently Approved Collections of Information

1.

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 Annual Burden

Type of burden

Obligation

to respond

Estimated

number of

respondents

Estimated

time per

response

(hours)

Estimated

frequency

Frequency

of response

Total

annual

estimated

burden

Reg E—12 CFR Part 1005

Initial disclosures:

General (1005.7(b))

Disclosure

Mandatory

3,674

0.025

83

On Occasion

7,624

Payroll cards (1005.18(c)(1))

Disclosure

Mandatory

6

0.025

5,000

On Occasion

750

Change-in-terms (1005.8(a))

Disclosure

Mandatory

3,674

0.017

113

On Occasion

6,919

Transaction disclosures (sections 1005.9(a) and 1005.10)

Disclosure

0

Periodic statements (section 1005.9(b))

Disclosure

0

Error resolution rules:

General (1005.8(b) and 1005.11)

Disclosure

Mandatory

3,674

0.500

3

On Occasion

5,511

Payroll cards (1005.18)

Disclosure

Mandatory

6

0.500

8

On Occasion

24

Overdraft opt-in disclosures (1005.17, FRB R-1343):

Revise and update initial disclosures (1005.17(c)(2)) for new customers

Disclosure

Mandatory

3,625

16.000

1

On Occasion

58,000

Prepare and send new opt-in notices to existing customers (1005.17(c)(1))

Disclosure

Mandatory

3,625

16.000

1

On Occasion

58,000

Consumer response (section 1005.17)

Recordkeeping

Voluntary

3,625

0.083

7,207

On Occasion

2,177,115

Gift card/gift certificate (section 1005.20, FRB R-1377):

Exclusion policies & procedures (1005.20(b)(2)) one-time

Recordkeeping

Mandatory

6

40.000

1

On Occasion

240

Exclusion policies & procedures (1005.20(b)(2) ongoing

Recordkeeping

Mandatory

6

8.000

1

On Occasion

48

Policy & procedures (1005.20(e)(1)) one-time

Recordkeeping

Mandatory

6

40.000

1

On Occasion

240

Policy & procedures (1005.20(e)(1)) ongoing

Recordkeeping

Mandatory

6

8.000

1

On Occasion

48

Systems change to implement disclosure update (1005.20(e)(3))

Disclosure

Mandatory

6

40.000

1

On Occasion

240

Subtotal Reg E Burden

2,314,759

Regulation CC—12 CFR Part 229

Specific availability policy disclosure (initial notice, upon request, upon change in policy) (sections 229.16, 229.17 and 229.18(d))

Disclosure

Mandatory

3,674

0.017

140

On Occasion

8,573

Case-by-case hold notice (section 229.16(c))

Disclosure

Mandatory

3,674

0.050

717

On Occasion

131,713

Notice of exceptions to hold policy (section 229.13(g))

Disclosure

Mandatory

3,674

0.050

247

On Occasion

45,374

Notice posted where consumers make deposits (including at ATMs) (sections 229.18(b) and 229.18(c))

Disclosure

Mandatory

3,674

0.250

1

On Occasion

919

Notice of changes in policy (section 229.18(e))

Disclosure

Mandatory

20

20.000

1

On Occasion

400

Annual notice of new ATMs (section 229.18(e)) (see Appendix E to Part 229, Commentary, section XII, E., comment no. 3)

Disclosure

Mandatory

3,674

5.000

1

On Occasion

18,370

Notice of nonpayment—notice to depositary bank (section 229.33(a) and (d))

Disclosure

Mandatory

3,674

0.017

2,211

On Occasion

135,387

Response to consumer's recredit claim (validation, denial, reversal) (section 229.54(e))

Disclosure

Mandatory

3,674

0.250

12

On Occasion

11,022

Bank's claim against an indemnifying bank (section 229.55)

Reporting

Mandatory

3,674

0.250

5

On Occasion

4,593

Consumer awareness disclosure (section 229.57)

Disclosure

Mandatory

3,674

0.017

170

On Occasion

10,410

Reg CC Consumer Burden—Expedited recredit claim notice (section 229.54(a) and (b)(2))

Reporting

Mandatory

3,674

0.250

8

On Occasion

7,348

Subtotal Reg CC Burden

374,107

Regulation DD—12 CFR Part 1030

Account disclosures (upon request and new accounts) (section 1030.4)

Disclosure

Mandatory

3,674

0.025

170

On Occasion

15,615

Subsequent notices (section 1030.5):

Change in terms

Disclosure

Mandatory

3,674

0.017

380

On Occasion

23,269

Prematurity (renewal) notices

Disclosure

Mandatory

3,674

0.017

340

On Occasion

20,819

Disclosures on periodic statements (section 1030.6)

Disclosure

Mandatory

3,674

4.000

12

On Occasion

176,352

Advertising (section 1030.8)

Disclosure

Mandatory

3,674

0.500

12

On Occasion

22,044

Subtotal Reg DD Burden

258,099

Total Burden

2,946,964

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 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 the result of economic fluctuation and the reduced number of FDIC-supervised institutions since the last submission in 2014. In particular, the number of respondents has decreased while the hours per response and frequency of responses have remained the same.

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, on March 9, 2018.

Federal Deposit Insurance Corporation.

Robert E. Feldman,

Executive Secretary.

[FR Doc. 2018-05112 Filed 3-13-18; 8:45 am]

BILLING CODE 6714-01-P