In accordance with the Paperwork Reduction Act of 1995, the CFPB is proposing to renew the Office of Management and Budget’s approval for existing information collected titled, Truth in Savings (Regulation DD) 12 CFR 1030. While Dodd-Frank section 1100B did not grant the bureau Truth in Savings Act (TISA) rulemaking authority over credit unions nor did it repeal the NCUA’s TISA rulemaking authority over credit unions under 12 USC 4311. NCUA will follow the CFPB’s lead on Truth in Savings issues just as they did prior to the transfer to the CFPB. The U.S. Code section cited by the bureau, 12 USC 4311 – requires NCUA to adopt a “substantially similar regulation to that of the bureau.”
The CFPB’s request for comment can be found here.