Disclosure Requirements Associated with Regulation CC

Forms and Documents

Document Name	Status
FRCC_20170928_omb.pdf Supporting Statement A	2017-09-28

IC Document Collections

IC ID	Document Title	Status
36259	Disclosure Sections 229.16 and 229.17 Bank burden - Specific availability policy disclosure and Initial disclosures	Modified
228488	Disclosure Section 229.54(b)(2) Consumer burden - Expedited recredit claim notice	New
181043	Disclosure Section 229.57 Bank burden - Consumer awareness	Modified
181042	Disclosure Section 229.55 Bank burden - Expedited recredit for banks	Modified
181041	Disclosure Section 229.54 Bank burden - Expedited recredit for consumers	Modified
181040	Disclosure Section 229.33(h) Bank burden - Notification to customer	Modified
181039	Disclosure Section 229.31(c) Bank burden - Notice of nonpayment on paying bank	Modified
181038	Disclosure Section 229.18(e) Bank burden - Changes in policy	Modified
181036	Disclosure Section 229.18(e) Bank burden - Annual notice of new ATMs	Modified
181035	Disclosure Sections 229.18(b) and 229.18(c) Bank burden - Locations where employees accept consumer deposits, and ATMs	Modified
181034	Disclosure Section 229.13(g) Bank burden - Notice of exceptions	Modified
181032	Disclosure Section 229.16(c) Bank burden - Longer delays on a case-by-case basis: Notice in specific policy disclosure	Modified

ICR Details

OMB Control No: 7100-0235	ICR Reference No: 201709-7100-014
Status: Historical Active	Previous ICR Reference No: 201709-7100-013
Agency/Subagency: FRS	Agency Tracking No: FR CC
Title: Disclosure Requirements Associated with Regulation CC
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/28/2017
	Date Received in OIRA: 09/28/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2020	36 Months From Approved	09/30/2017
Responses	3,970,254	0	4,453,799
Time Burden (Hours)	182,546	0	190,605
Cost Burden (Dollars)	0	0	0

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Abstract: Regulation CC - Availability of Funds and Collection of Checks requires banks 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 potentially costly) overdrafts, and allow customers to compare the policies of different banks before deciding at which bank to deposit funds. Regulation CC also requires notice to the depositary bank and to a customer of nonpayment of a check. Model disclosure forms, clauses, and notices are appended to the regulation to ease compliance.

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Authorizing Statute(s): US Code: 12 USC 4008 Name of Law: Expedited Funds Availability Act
   US Code: 12 USC 5014 Name of Law: Check Clearing for the 21st Century Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD68	Final or interim final rulemaking	82 FR 27552	06/15/2017

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 16862	03/25/2011
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 6674	02/04/2014
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 12

IC Title	Form No.	Form Name
Disclosure Section 229.31(c) Bank burden - Notice of nonpayment on paying bank
Disclosure Sections 229.18(b) and 229.18(c) Bank burden - Locations where employees accept consumer deposits, and ATMs
Disclosure Section 229.16(c) Bank burden - Longer delays on a case-by-case basis: Notice in specific policy disclosure
Disclosure Section 229.18(e) Bank burden - Annual notice of new ATMs
Disclosure Section 229.18(e) Bank burden - Changes in policy
Disclosure Section 229.13(g) Bank burden - Notice of exceptions
Disclosure Section 229.54 Bank burden - Expedited recredit for consumers
Disclosure Section 229.55 Bank burden - Expedited recredit for banks
Disclosure Sections 229.16 and 229.17 Bank burden - Specific availability policy disclosure and Initial disclosures
Disclosure Section 229.33(h) Bank burden - Notification to customer
Disclosure Section 229.57 Bank burden - Consumer awareness
Disclosure Section 229.54(b)(2) Consumer burden - Expedited recredit claim notice

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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	3,970,254	4,453,799	0	-483,545	0	0
Annual Time Burden (Hours)	182,546	190,605	0	-8,059	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to: Changing Regulations

Short Statement: The Board adopted a final rule that revises the disclosure requirements in sections 229.31(c) and 229.33(h) of Regulation CC. Section 229.31 of the final rule imposes a notice of nonpayment requirement on paying banks that determine not to pay a check, both paper and electronic, in the amount of $5,000 or more. Section 229.33(h) requires a depositary bank to notify its customer if the depositary bank receives a returned check, notice of nonpayment, or notice of recovery under section 229.35(b).

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Annual Cost to Federal Government: $0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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]? No

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: 09/28/2017

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