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Bureau of Consumer Financial Protection Vol. 76 Wednesday, No. 245 December 21, 2011 Part II Bureau of Consumer Financial Protection 12 CFR Part 1030 Truth in Savings (Regulation DD); Interim Final Rule VerDate Mar<15>2010 16:59 Dec 20, 2011 Jkt 226001 PO 00000 Frm 00001 Fmt 4717 Sfmt 4717 E:\FR\FM\21DER2.SGM 21DER2 TKELLEY on DSK3SPTVN1PROD with RULES_2 79276 Federal Register / Vol. 76, No. 245 / Wednesday, December 21, 2011 / Rules and Regulations BUREAU OF CONSUMER FINANCIAL comments will be available for public Dodd-Frank Act and TISA, as amended, PROTECTION inspection and copying at 1700 G Street the Bureau is publishing for public NW., Washington, DC 20006, on official comment an interim final rule 12 CFR Part 1030 business days between the hours of 10 establishing a new Regulation DD (Truth [Docket No. CFPB–2011–0032] a.m. and 5 p.m. Eastern Time. You can in Savings), 12 CFR Part 1030, make an appointment to inspect the implementing TISA. RIN 3170–AA06 documents by telephoning (202) 435– II. Summary of the Interim Final Rule 7275. Truth in Savings (Regulation DD) All comments, including attachments A. General AGENCY: Bureau of Consumer Financial and other supporting materials, will The interim final rule substantially Protection. become part of the public record and duplicates the Board’s Regulation DD as ACTION: Interim final rule with request subject to public disclosure. Sensitive the Bureau’s new Regulation DD, 12 for public comment. personal information, such as account CFR part 1030, making only certain non- numbers or social security numbers, substantive, technical, formatting, and SUMMARY: Title X of the Dodd-Frank should not be included. Comments will stylistic changes. To minimize any Wall Street Reform and Consumer not be edited to remove any identifying potential confusion, the Bureau is Protection Act (Dodd-Frank Act) or contact information. preserving where possible past transferred rulemaking authority for a FOR FURTHER INFORMATION CONTACT: numbering systems by republishing number of consumer financial Krista Ayoub or Stephen Shin, Office of regulations with Bureau part numbers protection laws from seven federal Regulations, at (202) 435–7700. that correspond to regulations in agencies to the Bureau of Consumer SUPPLEMENTARY INFORMATION: existence prior to the transfer of Financial Protection (Bureau) as of July rulemaking authority. For example, 21, 2011. The Bureau is in the process I. Background while this interim final rule generally of republishing the regulations Congress enacted the Truth in Savings incorporates the Board’s existing implementing those laws with technical Act (TISA), 12 U.S.C. 4301 et seq., based regulatory text, appendices (including and conforming changes to reflect the on findings that economic stability model forms and clauses), and transfer of authority and certain other would be enhanced, competition supplements, as amended,3 the rule has changes made by the Dodd-Frank Act. between depository institutions would been edited as necessary to reflect In light of the transfer of the Board of be improved, and consumers’ ability to nomenclature and other technical Governors of the Federal Reserve make informed decisions regarding amendments required by the Dodd- System’s (Board’s) rulemaking authority deposit accounts would be strengthened Frank Act. Notably, this interim final for the Truth in Savings Act (TISA) to if there was uniformity in the disclosure rule does not impose any new the Bureau, the Bureau is publishing for of interest rates and fees. The purpose substantive obligations on regulated public comment an interim final rule of the act and regulation is to assist entities. establishing a new Regulation DD (Truth consumers in comparing deposit B. Specific Changes in Savings). This interim final rule does accounts offered by depository not impose any new substantive institutions, principally through the In addition to the changes described obligations on persons subject to the disclosure of fees, the annual percentage above, the Bureau is making certain existing Regulation DD, previously yield, the interest rate, and other nomenclature and other non-substantive published by the Board. account terms. Historically, TISA has changes for clarity and consistency. For DATES: This interim final rule is been implemented in Regulation DD of example, references to the Board and its effective December 30, 2011. Comments the Board of Governors of the Federal administrative structure have been must be received on or before February Reserve System (Board), 12 CFR part replaced with references to the Bureau. 21, 2012. 230, and, with respect to credit unions, Conforming edits have been made to ADDRESSES: You may submit comments, by regulations of the National Credit internal cross-references and addresses identified by Docket No. CFPB–2011– Union Administration (NCUA), 12 CFR for filing applications and notices. In 0032 or RIN 3170–AA06, by any of the part 707. The Dodd-Frank Wall Street addition, edits to subheadings and following methods: Reform and Consumer Protection Act numbering have been made for • Electronic: http:// (Dodd-Frank Act) 1 amended a number consistency and to fix typographical www.regulations.gov. Follow the of consumer financial protection laws, errors. Footnotes have been moved to instructions for submitting comments. including TISA. In addition to various the text of the regulation or • Mail: Monica Jackson, Office of the substantive amendments, the Dodd- commentary, as appropriate. Executive Secretary, Bureau of Frank Act transferred the Board’s III. Legal Authority Consumer Financial Protection, 1500 rulemaking authority for TISA to the Pennsylvania Avenue NW., (Attn: 1801 Bureau of Consumer Financial A. Rulemaking Authority L Street), Washington, DC 20220. Protection (Bureau), effective July 21, The Bureau is issuing this interim • Hand Delivery/Courier in Lieu of 2011.2 See sections 1061 and 1100B of final rule pursuant to its authority under Mail: Monica Jackson, Office of the the Dodd-Frank Act. Pursuant to the TISA and the Dodd-Frank Act. Effective Executive Secretary, Bureau of July 21, 2011, section 1061 of the Dodd- Consumer Financial Protection, 1700 G 1 Public Law 111–203, 124 Stat. 1376 (2010). Frank Act transferred to the Bureau the Street NW., Washington, DC 20006. 2 Dodd-Frank section 1029 generally excludes ‘‘consumer financial protection from this transfer of authority, subject to certain All submissions must include the exceptions, any rulemaking authority over a motor functions’’ previously vested in certain agency name and docket number or vehicle dealer that is predominantly engaged in the other federal agencies. The term Regulatory Information Number (RIN) sale and servicing of motor vehicles, the leasing and ‘‘consumer financial protection for this rulemaking. In general, all servicing of motor vehicles, or both. Further, Dodd- function’’ is defined to include ‘‘all Frank section 1100B did not grant the Bureau TISA comments received will be posted rulemaking authority over credit unions or repeal authority to prescribe rules or issue without change to http:// the NCUA’s TISA rulemaking authority over credit www.regulations.gov. In addition, unions under 12 U.S.C. 4311. 3 See 76 FR 42020 (July 18, 2011). VerDate Mar<15>2010 16:59 Dec 20, 2011 Jkt 226001 PO 00000 Frm 00002 Fmt 4701 Sfmt 4700 E:\FR\FM\21DER2.SGM 21DER2 TKELLEY on DSK3SPTVN1PROD with RULES_2 Federal Register / Vol. 76, No. 245 / Wednesday, December 21, 2011 / Rules and Regulations 79277 orders or guidelines pursuant to any the Dodd-Frank Act’s transfer of TISA In addition, delaying the effective Federal consumer financial law, authority from the Board to the Bureau, date of the interim final rule for 30 days including performing appropriate relate to agency organization, procedure, would provide no practical benefit to functions to promulgate and review and practice and are thus exempt from regulated entities in this context and in such rules, orders, and guidelines.’’ 4 the APA’s notice-and-comment fact could operate to their detriment. As TISA is a federal consumer financial requirements. discussed above, the interim final rule law.5 Accordingly, effective July 21, The Bureau’s good cause findings are published today does not impose any 2011, the authority of the Board to issue based on the following considerations. new, substantive obligations on regulations pursuant to TISA transferred As an initial matter, the Board’s existing regulated entities. Instead, the rule to the Bureau.6 regulation was a result of notice-and- makes only non-substantive, technical The TISA, as amended, authorizes the comment rulemaking to the extent changes to the existing text of the Bureau to issue regulations to carry out required. Moreover, the interim final regulation. Thus, regulated entities that the provisions of TISA.7 These rule published today does not impose are already in compliance with the regulations may contain such any new, substantive obligations on existing rules will not need to modify classifications, differentiations, or other regulated entities. Rather, the interim business practices as a result of this provisions, and may provide for such final rule makes only non-substantive, rule. adjustments and exceptions for any technical changes to the existing text of the regulation, such as renumbering, C. Section 1022(b)(2) of the Dodd-Frank class of transactions, that in the Act Bureau’s judgment are necessary or changing internal cross-references, proper to effectuate the purpose of replacing appropriate nomenclature
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