Federal Register #7100-0271

Federal Reserve System requests public comment on extension of CFPB Regulation DD information collection

This opportunity involves a regulatory information collection proposal, not a procurement action. - Government Buyer: - Board of Governors of the Federal Reserve System - Purpose: - Seeking public comment on extending the Consumer Financial Protection Bureau's (CFPB) Regulation DD information collection for three years - Regulation DD implements the Truth in Savings Act, requiring financial institutions to disclose fees, annual percentage yield, and account terms to consumers - Affected Entities: - State member banks - Branches of foreign banks (excluding federal branches and insured state branches) - Commercial lending companies owned or controlled by foreign banks - Organizations operating under section 25 of the Federal Reserve Act - No OEMs or vendors are mentioned, as this is not a procurement for products or services - Unique Requirements: - Public feedback is requested on the necessity, methodology, burden, and potential improvements to the information collection process

Description

The Board of Governors of the Federal Reserve System invites public comment on a proposal to extend for three years, without revision, the Consumer Financial Protection Bureau's Regulation DD (CFPB DD; OMB No. 7100-0271). This regulation implements the Truth in Savings Act to assist consumers in comparing deposit accounts offered by institutions, primarily through disclosure of fees, annual percentage yield, and other account terms. The proposal includes an information collection associated with the regulation, affecting state member banks, branches of foreign banks, commercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 of the Federal Reserve Act. Comments on the proposal must be submitted by September 8, 2026.

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