CFPB requests renewal of information collection regarding institutions without deposit insurance

This story appeared in Bank Digest.                                   

The Consumer Financial Protection Bureau is requesting to renew, without change, the Office of Management and Budget approval for an existing information collection entitled "Regulation I: Disclosure Requirements for Depository Institutions Lacking Federal Deposit Insurance (12 CFR 1009)."

According to the Bureau's notice, depository institutions lacking federal deposit insurance are required to disclose certain insurance-related information in periodic statements, account records, locations where deposits are normally received, and advertising. They are also required to obtain a written acknowledgment from depositors regarding the institution's lack of federal deposit insurance.

Written comments must be received by Aug. 6, 2019.