[Federal Register Volume 61, Number 20 (Tuesday, January 30, 1996)]
[Notices]
[Page 3035]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-1649]
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FEDERAL RESERVE SYSTEM
Agency Forms Under Review
Background
Notice is hereby given of the final approval of proposed
information collection by the Board of Governors of the Federal Reserve
System (Board) under OMB delegated authority, as per 5 C.F.R. 1320.16
(OMB Regulations on Controlling Paperwork Burdens on the Public). 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.
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance Officer--Mary M. McLaughlin--Division
of Research and Statistics, Board of Governors of the Federal Reserve
System, Washington, DC 20551 (202-452-3829)
OMB Desk Officer--Milo Sunderhauf--Office of Information and Regulatory
Affairs, Office of Management and Budget, New Executive Office
Building, Room 3208, Washington, DC 20503 (202-395-7340)
Final approval under OMB delegated authority of the extension,
without revision, of the following report:
1. Information collection title: Recordkeeping and Disclosure
Requirements in Connection with Regulation DD (Truth in Savings)
Agency form number: None
OMB Control number: 7100-0271
Frequency: Event-generated
Respondents: State member banks
Annual reporting hours: 1,447,225
Estimated average hours per response: Complete account disclosures: 5
minutes; Subsequent change in terms notice, Subsequent prematurity
notice, or Periodic statement: 1 minute; and Advertising: 1 hour.
Number of respondents: 975
Small businesses are affected.
General description of report: This information collection is
mandatory (12 U.S.C. Sec. 4308). No issue of confidentiality under the
Freedom of Information Act normally arises.
Abstract: Regulation DD implements the Truth in Savings Act (12
U.S.C. Sec. 4301 et seq). The act and regulation require depository
institutions to disclose information such as fees and rates that apply
to deposit accounts so that consumers may more easily compare deposit
accounts offered by depository institutions. Depository institutions
that provide periodic statements are required to include information
about fees imposed, interest earned, and the annual percentage yield
(APY) during those statement periods. The substantive requirements of
the act and regulation mandate the methods by which institutions
determine the balance on which interest is calculated. Rules dealing
with advertisements for deposit accounts are also included in the
regulation. Model clauses and sample forms are appended to the
regulation to provide guidance. Depository institutions are required to
retain records as evidence of compliance.
The Board's Regulation DD applies to all depository institutions,
not just state member banks. However, under Paperwork Reduction Act
regulations, the Federal Reserve accounts for the burden of the
paperwork associated with the regulation only for state member banks.
Other agencies account for the Regulation DD paperwork burden on their
respective constituencies.
This extension of authority under the Paperwork Reduction Act has
no bearing on the pending rulemaking related to the method of APY
calculation.
Board of Governors of the Federal Reserve System, January 24,
1996.
William W. Wiles,
Secretary of the Board.
[FR Doc. 96-1649 Filed 1-29-96; 8:45 am]
BILLING CODE 6210-01-F
