Recordkeeping and Disclosure Requirements in Connection with Regulation DD (Truth in Savings)

Forms and Documents

Document Name	Status
RegDD.2007.20071219_83c.pdf Justification for No Material/Nonsubstantive Change	2007-12-19

IC Document Collections

IC ID	Document Title	Status
36300	Reg DD Account disclosures (230.4)	Unchanged
180732	One-time advertising update (230.8)	Removed
180731	One-time periodic and account-opening disclosure (230.4 and 230.6)	Removed
180730	Advertising (230.8)	Unchanged
180729	Periodic statement disclosure (230.6)	Unchanged
180728	Prematurity (Renewal) notices (230.5(b)(c))	Unchanged
180727	Change in terms (230.5(a))	Unchanged

ICR Details

OMB Control No: 7100-0271	ICR Reference No: 200712-7100-006
Status: Historical Active	Previous ICR Reference No: 200709-7100-006
Agency/Subagency: FRS	Agency Tracking No: Reg DD
Title: Recordkeeping and Disclosure Requirements in Connection with Regulation DD (Truth in Savings)
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/19/2007
	Date Received in OIRA: 12/19/2007
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2008	06/30/2008	06/30/2008
Responses	3,128,068	0	3,130,412
Time Burden (Hours)	176,177	0	232,433
Cost Burden (Dollars)	0	0	0

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Abstract: Regulation DD implements the Truth in Savings Act which applies to all depository institutions except credit unions. The Act is intended to enable consumers to make informed decisions about accounts at depository institutions.

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Authorizing Statute(s): US Code: 12 USC 4308 Name of Law: Truth in Savings Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD09	Final or interim final rulemaking	72 FR 63477	11/09/2007

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 5

IC Title	Form No.	Form Name
Reg DD Account disclosures (230.4)
Prematurity (Renewal) notices (230.5(b)(c))
Periodic statement disclosure (230.6)
Advertising (230.8)
Change in terms (230.5(a))
One-time advertising update (230.8)
One-time periodic and account-opening disclosure (230.4 and 230.6)

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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	3,128,068	3,130,412	0	-2,344	0	0
Annual Time Burden (Hours)	176,177	232,433	0	-56,256	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The decrease in burden hours reflects the removal of the May 2005 one-time: periodic and account-opening disclosures (230.4 & 230.6) and advertising update (230.8).

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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]? Uncollected

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

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

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: 12/19/2007

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