Truth in Savings (Regulation DD) 12 CFR 1030

ICR 201911-3170-001

OMB: 3170-0004

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2019-11-14
IC Document Collections
ICR Details
3170-0004 201911-3170-001
Active 201606-3170-003
CFPB
Truth in Savings (Regulation DD) 12 CFR 1030
Extension without change of a currently approved collection   No
Regular
Approved without change 12/30/2019
Retrieve Notice of Action (NOA) 11/20/2019
  Inventory as of this Action Requested Previously Approved
12/31/2022 36 Months From Approved 12/31/2019
37,436,329 0 34,380,496
625,187 0 573,008
880,923 0 1,347,218

Consumers rely on the disclosures required by The Truth in Savings Act (TISA) and Regulation DD to facilitate informed decision-making regarding deposit accounts offered at depository institutions. Without this information, consumers would be severely hindered in their ability to assess the true costs and terms of the deposit accounts offered. Federal agencies and private litigants use the records to ascertain whether accurate and complete disclosures of depository accounts have been provided to consumers. This information also provides the primary evidence of law violations in TISA enforcement actions brought by the CFPB. Without the Regulation DD recordkeeping requirement, the CFPB's ability to enforce TISA would be significantly impaired.

US Code: 12 USC 4301 Name of Law: Truth in Savings Act
   PL: Pub.L. 111 - 203 100B Name of Law: Dodd-Frank Act
  
None

Not associated with rulemaking

  84 FR 47264 09/09/2019
84 FR 64051 11/20/2019
No

1
IC Title Form No. Form Name
Recordkeeping and disclosure requirements under Regulation DD

  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 37,436,329 34,380,496 0 0 3,055,833 0
Annual Time Burden (Hours) 625,187 573,008 0 0 52,179 0
Annual Cost Burden (Dollars) 880,923 1,347,218 0 0 -466,295 0
No
No
The increase in burden hours is due to an increase in responses as calculated with more recent data. The decrease in burden cost is due to an increase in electronic banking and the associated reduction in disclosure costs with online disclosures.

$0
No
    No
    No
No
Yes
No
Uncollected
Darrin King 202-693-4129 King.Darrin@dol.gov

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
11/20/2019


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