Agency Information Collection Activities: Proposed Collection Renewal; Comment Request [OMB No. 3064-0082; and -0084]
Published date | 21 May 2021 |
Citation | 86 FR 27596 |
Record Number | 2021-10754 |
Section | Notices |
Court | Federal Deposit Insurance Corporation |
Federal Register, Volume 86 Issue 97 (Friday, May 21, 2021)
[Federal Register Volume 86, Number 97 (Friday, May 21, 2021)] [Notices] [Pages 27596-27602] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 2021-10754] ======================================================================= ----------------------------------------------------------------------- FEDERAL DEPOSIT INSURANCE CORPORATION Agency Information Collection Activities: Proposed Collection Renewal; Comment Request [OMB No. 3064-0082; and -0084] AGENCY: Federal Deposit Insurance Corporation (FDIC). ACTION: Agency information collection activities: Submission for OMB review; comment request. ----------------------------------------------------------------------- SUMMARY: The FDIC, as part of its obligations under the Paperwork [[Page 27597]] Reduction Act of 1995, invites the general public and other Federal agencies to take this opportunity to comment on the request to renew the existing information collections described below (OMB Control No. 3064-0082; and -0084). DATES: Comments must be submitted on or before June 21, 2021. ADDRESSES: Interested parties are invited to submit written comments to the FDIC by any of the following methods: https://www.FDIC.gov/regulations/laws/federal. Email: [email protected]. Include the name and number of the collection in the subject line of the message. Mail: Manny Cabeza (202-898-3767), Regulatory Counsel, MB- 3128, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429. Hand Delivery: Comments may be hand-delivered to the guard station at the rear of the 17th Street building (located on F Street), on business days between 7:00 a.m. and 5:00 p.m. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/public/do/PRAMain. Find this particular information collection by selecting ``Currently under 30-day Review--Open for Public Comments'' or by using the search function. FOR FURTHER INFORMATION CONTACT: Manny Cabeza, Regulatory Counsel, 202- 898-3767, [email protected], MB-3128, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429. SUPPLEMENTARY INFORMATION: Proposal to renew the following currently approved collections of information: 1. Title: Recordkeeping, Disclosure and Reporting Requirements in Connection with Regulation Z. OMB Control Number: 3064-0082. Form Number: None. Affected Public: FDIC-supervised institutions. Burden Estimate: The total estimated annual burden is 2,031,731 hours and is detailed in the following tables: Summary of Estimated Annual Implementation Burden [OMB No. 3064-0082] -------------------------------------------------------------------------------------------------------------------------------------------------------- Estimated Type of burden (obligation Number of Number of time per Annual IC description to respond) Frequency of response respondents responses/ response burden respondent (minutes) (hours) -------------------------------------------------------------------------------------------------------------------------------------------------------- Open-End Credit Products Not Home-Secured Open-End Credit Plans [cir] Credit and Charge Card Provisions -------------------------------------------------------------------------------------------------------------------------------------------------------- Timely Settlement of Estate Debts Recordkeeping (Mandatory).. On occasion................... 8 1 480.00 64 (1026.11(c)(1)) Written Policies and Procedures. Ability to Pay (1026.51(a)(ii)) Written Recordkeeping (Mandatory).. On occasion................... 8 1 480.00 64 Policies and Procedures. -------------------------------------------------------------------------------------------------------------------------------------------------------- Mortgage Products (Open and Closed-End) Valuation Independence [cir] Mandatory Reporting -------------------------------------------------------------------------------------------------------------------------------------------------------- Implementation of Policies and Procedures Recordkeeping (Mandatory).. On occasion................... 8 1 1,200.00 160 (1026.42(g)). ------------------------------------------------- Total Annual Implementation Burden ........................... .............................. ............ ............ ........... 288 Hours. hours -------------------------------------------------------------------------------------------------------------------------------------------------------- Source: FDIC. Summary of Estimated Annual Ongoing Burden [OMB No. 3064-0082] -------------------------------------------------------------------------------------------------------------------------------------------------------- Estimated Type of burden (obligation Number of Number of time per Annual IC description to respond) Frequency of response respondents responses/ response burden respondent (minutes) (hours) -------------------------------------------------------------------------------------------------------------------------------------------------------- Open-End Credit Products Not Home-Secured Open-End Credit Plans [cir] General Disclosure Rules for Not Home-Secured Open-End Credit Plans -------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Credit and Charge Card Applications Disclosure (Mandatory)..... Annual....................... 575 1 480 4,600 and Solicitations (1026.60). 2. Account Opening Disclosures Disclosure (Mandatory)..... Annual....................... 575 1 720 6,900 (1026.6(b)). 3. Periodic Statements (1026.7(b))...... Disclosure (Mandatory)..... Monthly...................... 575 12 480 55,200 4. Annual Statement of Billing Rights Disclosure (Mandatory)..... Annual....................... 575 1 480 4,600 (1026.9(a)(1)). 5. Alternative Summary Statement of Disclosure (Voluntary)..... Monthly...................... 575 12 480 55,200 Billing Rights (1026.9(a)(2)). 6. Change in Terms Disclosures Disclosure (Mandatory)..... Annual....................... 575 1 480 4,600 (1026.9(b) through (h)). -------------------------------------------------------------------------------------------------------------------------------------------------------- [cir] Credit and Charge Card Provisions -------------------------------------------------------------------------------------------------------------------------------------------------------- 7. Timely Settlement of Estate Debts Disclosure (Mandatory)..... On occasion.................. 575 52 * 5 2,495 (1026.11(c)(2)). 8. Ability to Pay (1026.51)............. Recordkeeping (Mandatory).. Annual....................... 575 1 720 6,900 9. College Student Credit Annual Report Reporting (Mandatory)...... Annual....................... 575 1 480 4,600 (1026.57(d)). 10. Submission of Credit Card Agreements Reporting (Mandatory)...... Quarterly.................... 575 4 180 6,900 (1026.58(c)). 11. Internet Posting of Credit Card Disclosure (Mandatory)..... Quarterly.................... 575 4 360 13,800 Agreements (1026.58(d)). 12. Individual Credit Card Agreements Disclosure (Mandatory)..... On occasion.................. 575 12 * 15 1,788 (1026.58(e)). -------------------------------------------------------------------------------------------------------------------------------------------------------- [[Page 27598]] Home Equity Open-End Credit Plans (HELOC) [cir] General Disclosure Rules for HELOC's -------------------------------------------------------------------------------------------------------------------------------------------------------- 13. Application Disclosures (1026.40)... Disclosure (Mandatory)..... Annual....................... 2,362 1 720 28,344 14. Account Opening Disclosures Disclosure (Mandatory)..... Annual....................... 2,362 1 720 28,344 (1026.6(a)). 15. Periodic Statements (1026.7(a))..... Disclosure (Mandatory)..... Annual....................... 2,362 1 480 18,896 16. Annual Statement of Billing Rights Disclosure (Mandatory)..... Annual....................... 2,362 1 480 18,896 (1026.9(a)(1)). 17. Alternative Summary Statement of Disclosure (Voluntary)..... Annual....................... 2,362 1 480 18,896 Billing Rights (1026.9(a)(2)). 18. Change in Terms Disclosures Disclosure (Mandatory)..... Annual....................... 2,362 1 480 18,896 (1026.9(b) through (h)). 19. Notice to Restrict Credit Disclosure (Mandatory)..... Annual....................... 2,362 1 120 4,724 (1026.9(c)(1)(iii); .40(f)(3)(i) and (vi)). -------------------------------------------------------------------------------------------------------------------------------------------------------- All Open-End Credit Plans -------------------------------------------------------------------------------------------------------------------------------------------------------- 20. Error Resolution (1026.13).......... Disclosure (Mandatory)..... On occasion.................. 2,442 688 * 1 28,004 -------------------------------------------------------------------------------------------------------------------------------------------------------- Closed-End Credit Products General Rules for Closed-End Credit -------------------------------------------------------------------------------------------------------------------------------------------------------- 21. Other than Real Estate, Home-Secured Disclosure (Mandatory)..... Annual....................... 2,850 1 720 34,200 and Private Education Loans (1026.17 and .18). -------------------------------------------------------------------------------------------------------------------------------------------------------- Closed-End Mortgages [cir] Application and Consummation -------------------------------------------------------------------------------------------------------------------------------------------------------- 22. Loan Estimate (1026.19(e); and .37). Disclosure (Mandatory)..... Annual....................... 3,119 1 480 24,952 23. Closing Disclosure (1026.19(f); and Disclosure (Mandatory)..... Annual....................... 3,119 1 480 24,952 .38). 24. Record Retention of Disclosures Recordkeeping (Mandatory).. Annual....................... 3,119 1 18 936 (1026.19(e), (f); .37; and .38). -------------------------------------------------------------------------------------------------------------------------------------------------------- [cir] Post-Consummation Disclosures -------------------------------------------------------------------------------------------------------------------------------------------------------- 25. Interest Rate and Payment Summary Disclosure (Mandatory)..... Annual....................... 3,119 1 2,400 124,760 (1026.18(s)). 26. No Guarantee to Refinance Statement Disclosure (Mandatory)..... Annual....................... 3,119 1 480 24,952 (1026.18(t)). 27. ARMs Rate Adjustments with Payment Disclosure (Mandatory)..... Annual....................... 3,119 1 90 4,679 Change Disclosures (1026.20(c)). 28. Initial Rate Adjustment Disclosure Disclosure (Mandatory)..... Annual....................... 3,119 1 120 6,238 for ARMs (1026.20(d)). 29. Escrow Cancellation Notice Disclosure (Mandatory)..... Annual....................... 3,119 1 480 24,952 (1026.20(e)). 30. Periodic Statements (1026.41)....... Disclosure (Mandatory)..... Annual....................... 3,119 1 480 24,952 -------------------------------------------------------------------------------------------------------------------------------------------------------- [cir] Ability to Repay Requirements -------------------------------------------------------------------------------------------------------------------------------------------------------- 31. Minimum Standards (1026.43(c) Recordkeeping (Mandatory).. On occasion.................. 3,119 1,005 * 15 783,797 through (f)). 32. Prepayment Penalties (1026.43(g))... Disclosure (Mandatory)..... On occasion.................. 3,119 23* 12 14,260 -------------------------------------------------------------------------------------------------------------------------------------------------------- Mortgage Products (Open and Closed-End) Mortgage Servicing Disclosures [cir] Payoff Statements -------------------------------------------------------------------------------------------------------------------------------------------------------- 33. Payoff Statements (1026.36(c)(3))... Disclosure (Mandatory)..... Annual....................... 3,128 1 480 25,024 -------------------------------------------------------------------------------------------------------------------------------------------------------- [cir] Notice of Sale or Transfer -------------------------------------------------------------------------------------------------------------------------------------------------------- 34. Notice of Sale or Transfer (1026.39) Disclosure (Mandatory)..... Annual....................... 3,128 1 480 25,024 -------------------------------------------------------------------------------------------------------------------------------------------------------- Valuation Independence [cir] Mandatory Reporting -------------------------------------------------------------------------------------------------------------------------------------------------------- 35. Reporting Appraiser Noncompliance Reporting (Mandatory)...... On occasion.................. 3,128 1 * 10 521 (1026.42(g)). -------------------------------------------------------------------------------------------------------------------------------------------------------- Reverse and High-Cost Mortgages Reverse Mortgages [cir] Reverse Mortgage Disclosures -------------------------------------------------------------------------------------------------------------------------------------------------------- 36. Reverse Mortgage Disclosures Disclosure (Mandatory)..... Annual....................... 6 1 1,440 144 (1026.31(c)(2) and .33). -------------------------------------------------------------------------------------------------------------------------------------------------------- High-Cost Mortgage Loans [cir] HOEPA Disclosures and Notice -------------------------------------------------------------------------------------------------------------------------------------------------------- 37. HOEPA Disclosures and Notice Disclosure (Mandatory)..... Annual....................... 3,119 1 14 728 (1026.32(c). -------------------------------------------------------------------------------------------------------------------------------------------------------- [[Page 27599]] Private Education Loans Initial Disclosures [cir] Application and Solicitation Disclosures -------------------------------------------------------------------------------------------------------------------------------------------------------- 38. Application or Solicitation Disclosure (Mandatory)..... Annual....................... 3,061 1 3,600 183,660 Disclosures (1026.47(a)). -------------------------------------------------------------------------------------------------------------------------------------------------------- [cir] Approval Disclosures -------------------------------------------------------------------------------------------------------------------------------------------------------- 39. Approval Disclosures (1026.47(b))... Disclosure (Mandatory)..... Annual....................... 3,061 1 3,600 183,660 -------------------------------------------------------------------------------------------------------------------------------------------------------- [cir] Final Disclosures -------------------------------------------------------------------------------------------------------------------------------------------------------- 40. Final Disclosures (1026.47(c))...... Disclosure (Mandatory)..... Annual....................... 3,061 1 3,600 183,660 -------------------------------------------------------------------------------------------------------------------------------------------------------- Advertising Rules All Credit Types [cir] Open-End Credit -------------------------------------------------------------------------------------------------------------------------------------------------------- 41. Open-End Credit (1026.16)........... Disclosure (Mandatory)..... Annual....................... 2,442 1* 20 814 -------------------------------------------------------------------------------------------------------------------------------------------------------- [cir] Closed-End Credit -------------------------------------------------------------------------------------------------------------------------------------------------------- 42. Closed-End Credit (1026.24)......... Disclosure (Mandatory)..... Annual....................... 3,152 1* 20 1,051 -------------------------------------------------------------------------------------------------------------------------------------------------------- Record Retention Evidence of Compliance -------------------------------------------------------------------------------------------------------------------------------------------------------- 43. Regulation Z in General (1026.25)... Recordkeeping (Mandatory).. Annual....................... 3,152 1 18 946 --------------------------------------------------- Total Annual Ongoing Burden Hours... ........................... ............................. ............ ............ ........... 2,031,443 -------------------------------------------------------------------------------------------------------------------------------------------------------- Source: FDIC. * The average number of responses for this IC is based on the average number of credit accounts held at the respondent IDIs. General Description of the Collection: Consumer Financial Protection Bureau (CFPB) Regulation Z--12 CFR 1026 implements the Truth in Lending Act (15 U.S.C. 1601, et seq.) and certain provisions of the Real Estate Settlement Procedures Act (12 U.S.C. 2601 et seq.). This regulation prescribes uniform methods for computing the cost of credit, the disclosure of credit terms and costs, the resolution of errors and imposes various other recordkeeping, reporting and disclosure requirements. The FDIC has enforcement authority on the requirements of the CFPB's Regulation over the financial institutions it supervises. This information collection captures the recordkeeping, reporting and disclosure burdens of Regulation Z on FDIC-supervised institutions. To arrive at the estimated annual burden the FDIC assessed the number of potential respondents to the information collection by identifying the number of FDIC-supervised institutions who reported activity that would be within the scope of the information collection requirements according to data from the most recent Call Report. Additionally, the FDIC estimated the frequency of responses to the recordkeeping, reporting, or disclosure requirements by assessing the dollar volume of activity that would be within the scope of the information collection. In some instances the FDIC used information provided by other sources to estimate the magnitude and scope of activity attributable to FDIC- supervised institutions when more immediate information sources did not exist. There is no change in the substance or methodology of this information collection. The reduction in total estimated annual burden from 2,395,630 hours to 2,031,731 hours is solely attributable to agency estimates driven by economic fluctuations. 2. Title: Account Based Disclosures in Connection with Consumer Financial Protection Bureau Regulations E and DD and Federal Reserve Regulation CC. OMB Control Number: 3064-0084. Form Number: None. Affected Public: FDIC-supervised institutions. Burden Estimate: Summary of Annual Burden for Regulation E [OMB No. 3064-0084] ---------------------------------------------------------------------------------------------------------------- Total Type of burden Estimated Estimated Estimated annual (obligation to number of number of time per estimated respond) respondents responses/ response burden respondent (hours) (hours) ---------------------------------------------------------------------------------------------------------------- Regulation E--12 CFR Part 1005 Initial disclosures ---------------------------------------------------------------------------------------------------------------- 1. General (1005.7(b))............ Disclosure 3,172 83 0.025 6,582 (Mandatory). 2. Payroll cards (1005.18(c)(1)).. Disclosure 8 5,000 0.025 1,000 (Mandatory). 3. Change in terms (1005.8(a)).... Disclosure 3,172 113 0.017 6,093 (Mandatory). ---------------------------------------------------------------------------------------------------------------- [[Page 27600]] Error resolution rules ---------------------------------------------------------------------------------------------------------------- 4. General (1005.8(b) and 1005.11) Disclosure 3,172 3 0.5 4,758 (Mandatory). 5. Payroll cards (1005.18)........ Disclosure 8 8 0.5 32 (Mandatory). ---------------------------------------------------------------------------------------------------------------- Prepaid Accounts Rule (1005.18)--New Products ---------------------------------------------------------------------------------------------------------------- 6. Short Form Disclosure Disclosure 4 53 40 8,480 (1005.18(b)(2) and 100.515(c). (Mandatory). 7. Long Form Disclosure Disclosure 4 53 8 1,696 1005.18(b)(4) and 1005.15(c). (Mandatory). ---------------------------------------------------------------------------------------------------------------- Prepaid Accounts Rule (1005.18)--Implementation ---------------------------------------------------------------------------------------------------------------- 8. Short Form Additional Fee Type Disclosure 1 1 4 4 Disclosure (1005.18(b)(2)(ix) (Mandatory). implementation. 9. Access to Prepaid Account Recordkeeping 1 1 24 24 Information 1005.18(c)(5) and (Mandatory). 1005.15(d) implementation. 10. Error Resolution 1005.18(e)(2) Recordkeeping 1 1 8 8 and 1005.1511 implementation. (Mandatory). 11. Submission of Agreements Reporting 1 1 1 1 (1005.19)(b) implementation. (Mandatory). ---------------------------------------------------------------------------------------------------------------- Prepaid Accounts Rule--Ongoing ---------------------------------------------------------------------------------------------------------------- 12. Short Form Additional Fee Type Disclosure 15 1 .5 8 Disclosure (1005.18(b)(2)(ix) (Mandatory). ongoing. 13. Access to Prepaid Account Recordkeeping 15 1 .5 8 Information 1005.18(c)(5) and (Mandatory). 1005.15(d) ongoing. 14. Error Resolution (1005.18 Recordkeeping 15 1 .5 8 (e)(2) and 1055.11 ongoing. (Mandatory). 15. Submission of Agreements Reporting 15 1 .5 8 (1005.19(b) ongoing. (Mandatory). ---------------------------------------------------------------------------------------------------------------- Gift card/gift certificate (section 1005.20, FRB R-1377)--Implementation ---------------------------------------------------------------------------------------------------------------- 16. Exclusion policies & Recordkeeping 1 1 40 40 procedures (1005.20(b)(2)) (Mandatory). implementation. 17. Policy & procedures Recordkeeping 1 1 40 40 (1005.20(e)(1)) implementation. (Mandatory). ---------------------------------------------------------------------------------------------------------------- Gift card/gift certificate (section 1005.20, FRB R-1377)--Ongoing ---------------------------------------------------------------------------------------------------------------- 18. Exclusion policies & Recordkeeping 10 1 8 80 procedures (1005.20(b)(2) ongoing. (Mandatory). 19. Policy & procedures Recordkeeping 10 1 8 80 (1005.20(e)(1)) ongoing. (Mandatory). ------------------------------------------------------- Subtotal Regulation E Burden.. .................... .............. ............ ........... 28,950 ---------------------------------------------------------------------------------------------------------------- Source: FDIC. Summary of Annual Burden for Regulation DD [OMB No. 3064-0084] ---------------------------------------------------------------------------------------------------------------- Total Type of burden Estimated Estimated Estimated annual (obligation to number of number of time per estimated respond) respondents responses/ response burden respondent (hours) (hours) ---------------------------------------------------------------------------------------------------------------- Regulation DD--12 CFR Part 1030 ---------------------------------------------------------------------------------------------------------------- 1. Account disclosures (upon Disclosure 3,172 170 0.025 13,481 request and new accounts) (Mandatory). (section 1030.4). ---------------------------------------------------------------------------------------------------------------- Subsequent notices (section 1030.5) ---------------------------------------------------------------------------------------------------------------- 2. Change in terms................ Disclosure 3,172 380 0.017 20,491 (Mandatory). 3. Prematurity (renewal) notices Disclosure 3,172 340 0.017 18,334 to consumers. (Mandatory). 4. Disclosures on periodic Disclosure 3,172 12 4 152,256 statements (section 1030.6). (Mandatory). 5. Advertising (section 1030.8)... Disclosure 3,172 12 0.5 19,032 (Mandatory). ------------------------------------------------------- Subtotal Regulation DD Burden. .................... .............. ............ ........... 223,594 ---------------------------------------------------------------------------------------------------------------- Source: FDIC. [[Page 27601]] Summary of Annual Burden for Regulation CC [OMB No. 3064-0084] ---------------------------------------------------------------------------------------------------------------- Total Type of burden Estimated Estimated Estimated annual (obligation to number of number of time per estimated respond) respondents responses/ response burden respondent (hours) (hours) ---------------------------------------------------------------------------------------------------------------- Regulation CC--12 CFR Part 229 ---------------------------------------------------------------------------------------------------------------- 1. Specific availability policy Disclosure 3,227 140 0.017 7680 disclosure (initial notice to (Mandatory). consumers, upon request, upon change in policy) (sections 229.16, 229.17 and 229.18(d)). 2. Case-by-case hold notice to Disclosure 3,227 717 0.05 115688 consumers (section 229.16(c)). (Mandatory). 3. Notice of exceptions to hold Disclosure 3,227 247 0.05 39853 policy (section 229.13(g)). (Mandatory). 4. Notice posted where consumers Disclosure 3,227 1 0.25 807 make deposits (including at (Mandatory). ATMs)\4\(sections 229.18(b) and 229.18(c)). 5. Notice to consumers of changes Disclosure 3,227 170 0.017 9,326 in policy (section 229.18(e)). (Mandatory). 6. Annual notice of new ATMs Disclosure 3,227 1 5 16,135 (section 229.18(e)). (Mandatory). 7. Notice of nonpayment--notice to Disclosure 3,227 2,211 0.017 121,293 depositary bank (section (Mandatory). 229.33(a) and (d)). 8. Response to consumer's re- Disclosure 3,227 12 0.25 9,681 credit claim (validation, denial, (Mandatory). reversal) (section 229.54(e)). 9. Bank's claim against an Reporting 3,227 5 0.25 4,034 indemnifying bank (section (Mandatory). 229.55). 10. Consumer awareness disclosure Disclosure 3,227 170 0.017 9,326 (section 229.57). (Mandatory). 11. Reg CC Consumer Burden-- Reporting 3,227 8 0.25 6,454 Expedited re-credit claim notice (Mandatory). (section 229.54(a) and (b)(2)). ------------------------------------------------------- Subtotal Regulation CC Burden. .................... .............. ............ ........... 340, 277 ---------------------------------------------------------------------------------------------------------------- Source: FDIC. Summary of Total Estimated Annual Burden [OMB No. 3064-0084] ------------------------------------------------------------------------ Total annual estimated burden (hours) ------------------------------------------------------------------------ Subtotal Regulation E................................... 28,950 Subtotal Regulation DD.................................. 223,594 Subtotal Regulation CC.................................. 340,277 --------------- Total Estimated Annual Burden....................... 592,821 ------------------------------------------------------------------------ Source: FDIC. General Description of Collection: Regulations E & DD (Consumer Financial Protection Bureau's Regulations) and Regulation CC (the Federal Reserve Board's Regulation) ensure adequate disclosures regarding accounts, including electronic fund transfer services, availability of funds, and fees and annual percentage yield for deposit accounts. Generally, the Regulation E disclosures are designed to ensure consumers receive adequate disclosure of basic terms, costs, and rights relating to electronic fund transfer (EFT) services provided to them so that they can make informed decisions. Institutions offering EFT services must disclose to consumers certain information, including: Initial and updated EFT terms, transaction information, the consumer's potential liability for unauthorized transfers, and error resolution rights and procedures. Like Regulation E, Regulation CC has consumer protection disclosure requirements. Specifically, Regulation CC requires depository institutions 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 costly) overdrafts, and allow customers to compare the policies of different institutions before deciding at which institution to deposit funds. Depository institutions must also provide an awareness disclosure regarding substitute checks. The regulation also requires notice to the depositary bank and to a customer of nonpayment of a check. Regulation DD also has similar consumer protection disclosure requirements that are intended to assist consumers in comparing deposit accounts offered by institutions, principally through the disclosure of fees, the annual percentage yield, and other account terms. Regulation DD requires depository institutions to disclose yields, fees, and other terms concerning deposit accounts to consumers at account opening, upon request, and when changes in terms occur. Depository institutions that provide periodic statements are required to include information about fees imposed, interest earned, and the annual percentage yield (APY) earned during those statement periods. It also contains rules about advertising deposit accounts. There is no change in the method or substance of the collection. The overall reduction in burden hours is partly the result of economic fluctuation and the reduced number of FDIC-supervised institutions. The primary reason for the overall reduction in total estimated annual burden for this information collection from 2,946,887 hours to 592,821 hours is due to the recognition that a group items in the currently- approved information collection related to overdraft opt-in disclosures should be treated as one-time burdens and no longer present a burden for FDIC-supervised institutions. These items made up 2.3 million hours of the burden in currently approved information collection. The treatment of these items as representing no ongoing burden is consistent with the Federal Reserve Board's burden treatment in their current information collection request.\1\ --------------------------------------------------------------------------- \1\ OMB Control Number 7100-0271. --------------------------------------------------------------------------- [[Page 27602]] Request for Comment Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the FDIC's functions, including whether the information has practical utility; (b) the accuracy of the estimates of the burden of the information collection, including the validity of the methodology and assumptions used; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. All comments will become a matter of public record. Dated at Washington, DC, this 18th day of May 2021. Federal Deposit Insurance Corporation James P. Sheesley, Assistant Executive Secretary. [FR Doc. 2021-10754 Filed 5-20-21; 8:45 am] BILLING CODE 6714-01-P