Regulation I: Disclosure Requirements for Depository Institutions Lacking Federal Deposit Insurance (12 CFR 1009)

Forms and Documents

Document Name	Status
3170-XXXX Reg I Supporting Statement Final31416.pdf Supporting Statement A	2016-03-16

IC Document Collections

IC ID	Document Title	Status
220653	Regulation I Disclosure Requirements	New

ICR Details

OMB Control No: 3170-0062	ICR Reference No: 201603-3170-004
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: CFPB	Agency Tracking No:
Title: Regulation I: Disclosure Requirements for Depository Institutions Lacking Federal Deposit Insurance (12 CFR 1009)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 04/08/2016
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/15/2016
	Date Received in OIRA: 03/23/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2016	6 Months From Approved
Responses	87,430	0	0
Time Burden (Hours)	3,652	0	0
Cost Burden (Dollars)	4,212	0	0

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Abstract: Regulation I applies to all depository institutions lacking Federal deposit insurance. It requires the disclosure of certain insurance-related information in periodic statements, account records, locations where deposits are normally received, and advertising. This part also requires such depository institutions to obtain a written acknowledgment from depositors regarding the institution’s lack of Federal deposit insurance.

Emergency Justfication: The Bureau of Consumer Financial Protection (Bureau) respectfully requests emergency processing and approval of the collection of information discussed below because the use of normal clearance procedures would require the Bureau to collect information contrary to the requirements of the Paperwork Reduction Act for the length of the normal clearance process. On December 16, 2011, the Bureau published an interim final rule (IFR) republishing Regulation I and making technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act (76 FR 78126 / RIN 3170-AA06). The IFR did not impose any new substantive obligations on persons subject to the existing regulations. As the Bureau added no new recordkeeping or reporting requirements, it adopted the PRA analysis from the original regulation. Upon further review, the Bureau has determined that the disclosures required by 12 CFR 1009.3 and 1009.4 and the signed acknowledgement required by 1009.5 are subject to the PRA and require OMB approval thereunder. The Bureau has determined that it cannot reasonably comply with the standard approval timelines because the use of normal clearance procedures is reasonably likely to prevent the collection of information and result in public harm. See 5 CFR 1320.13(a)(2); 44 U.S.C. § 3507(j). In addition to the 15 day emergency comment period, upon receipt of emergency approval from the Office of Management and Budget, the Bureau will begin a standard approval process for this collection and will seek public input at that time.

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Authorizing Statute(s): PL: Pub.L. 81 - 797 Section 43(b)-(f) Name of Law: Federal Deposit Insurance Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 15509	03/23/2016
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Regulation I Disclosure Requirements

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	87,430	0	0	87,430	0	0
Annual Time Burden (Hours)	3,652	0	0	3,652	0	0
Annual Cost Burden (Dollars)	4,212	0	0	4,212	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Since this is a new information collection request, all of the burden is considered a program change. On December 16, 2011, the Bureau published an interim final rule (IFR) republishing Regulation I and making technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act (76 FR 78126 / RIN 3170-AA06). The IFR did not impose any new substantive obligations on persons subject to the existing regulations. As the Bureau added no new recordkeeping or reporting requirements, it adopted the PRA analysis from the original regulation. Upon further review, the Bureau has since determined that the disclosures required by 12 CFR 1009.4 and signed acknowledgement required by 1009.5 are subject to the PRA and require OMB approval thereunder.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 03/23/2016

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