Disclosure requirements for non-federally insured depository institutions – estimated to number about 167 – are being renewed by the Consumer Financial Protection Bureau (CFPB), and public comments will be accepted for 30 days after the notice is published in the Federal Register.
The number 167 is the estimated number of annual respondents to the requirements; that is, the bureau estimates there are approximately 167 non-federally insured depository institutions – banks, savings associations and credit unions – in the U.S. and its territories.
The collection is conducted under the CFPB’s Regulation I, which applies to all depository institutions lacking federal deposit insurance. This rule, formerly promulgated by the Federal Trade Commission (FTC) but transferred to the CFPB upon the bureau’s creation, requires the disclosure of certain insurance-related information in periodic statements, account records, locations where deposits are normally received, and advertising. The institutions are also required to obtain a written acknowledgment from depositors regarding the institution’s lack of federal deposit insurance.
This is the second notice on this information collection – standard practice for information collections required to be reviewed by the Office of Management and Budget – and the bureau is proposing no changes to Reg I. But the bureau did bump up its estimated respondents from the 136 stated originally.
The 30-day notice is slated for publication in the Register Friday, so comments will be due on or about Sept. 22.