[Federal Register Volume 74, Number 73 (Friday, April 17, 2009)]
[Rules and Regulations]
[Pages 17768-17769]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-8847]
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FEDERAL RESERVE SYSTEM
12 CFR Part 230
[Regulation DD; Docket No. R-1315]
Truth in Savings; Correction
AGENCY: Board of Governors of the Federal Reserve System (Board).
ACTION: Final rule; technical correction.
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SUMMARY: On January 29, 2009, the Board published final rules amending
Regulation DD, which implements the Truth in Savings Act, and the
official staff commentary to the regulation. The final rule, among
other things, requires all depository institutions to disclose
aggregate overdraft fees on periodic statements, and not solely
institutions that promote the payment of overdrafts. However, the
document published in the Federal Register on January 29, 2009 contains
a technical error in the formatting of the sample form illustrating how
institutions may comply with this requirement. To correct this error,
this document republishes the appropriate sample form.
DATES: This correction is effective January 1, 2010.
FOR FURTHER INFORMATION CONTACT: Dana E. Miller, Attorney, Vivian W.
Wong, Senior Attorney, or Ky Tran-Trong, Counsel, Division of Consumer
and Community Affairs, Board of Governors of the Federal Reserve
System, 20th and C Streets, NW., Washington, DC 20551, at (202) 452-
3667 or (202) 452-2412. For users of a Telecommunications Device for
the Deaf (TDD) only, contact (202) 263-4869.
SUPPLEMENTARY INFORMATION: On January 29, 2009, the Board published
final rules amending Regulation DD, which implements the Truth in
Savings Act, and the official staff commentary to the regulation. The
final rule, among other things, requires all depository institutions to
disclose aggregate overdraft fees on periodic statements, and not
solely institutions that promote the payment of overdrafts. However,
the document published in the Federal Register on January 29, 2009
contains a technical error in the formatting of the sample form
illustrating how institutions may comply with this requirement. To
correct this error, this document republishes the appropriate sample
form.
Basis for the Corrections
The Board is issuing this technical correction as a final rule that
will be effective upon publication in the Federal Register. The
Administrative Procedure Act (the Act) provides that notice and comment
procedures do not apply if the agency for good cause finds notice to be
``impracticable, unnecessary, or contrary to the public interest.'' The
Act also provides that notice and comment procedures do not apply for
interpretive rules. In addition, a rule may be made effective less than
thirty days from publication when an agency finds good cause for such
action. 5 U.S.C. 553(b)(A)-(B) and (d)(3).
The Board finds that the Act does not require notice of a proposed
rulemaking before the final publication of the corrected sample form.
There is good cause to publish the formatting requirements without
notice and comment because these procedures are unnecessary. The
formatting correction to the sample form is a non-substantive change to
the form. The republication merely corrects an error that occurred in
the printing of the sample form when it was originally published. For
this same reason, the Board finds that there is good cause for the rule
to take effect upon publication.
In addition, the correction may be viewed as interpretative in that
the form only indicates how the rule should apply, and, therefore, a
notice of proposed rulemaking is not required.
Paperwork Reduction Act
This technical correction contains no collection of information
pursuant to the Paperwork Reduction Act.
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In the final rule FR Doc. E8-31183 published in the Federal Register on
January 29, 2009 (74 FR 5584) make the following correction:
Appendix B to Part 230--[Corrected]
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1. On page 5593, in the third column, Form B-10. is corrected to read
as follows:
Appendix B to Part 230--Model Clauses and Sample Forms
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[[Page 17769]]
[GRAPHIC] [TIFF OMITTED] TR17AP09.009
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By order of the Board of Governors of the Federal Reserve
System, April 14, 2009.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E9-8847 Filed 4-16-09; 8:45 am]
BILLING CODE 6210-01-P