CFPB Keeps Collecting Bank Account Clarity Info
Published Date: 12/10/2025
Notice
Summary
The Consumer Financial Protection Bureau wants to keep collecting info about bank savings accounts to help people understand their money better. This affects businesses like banks, who spend time sharing this info. If you want to share your thoughts, you’ve got until February 9, 2026, to speak up—no extra costs, just your voice!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Large paperwork burden on banks
The CFPB estimates 171 private-sector respondents will incur a total of 561,632 annual burden hours to comply with the Truth in Savings (Regulation DD) information-collection and recordkeeping requirements. These estimated hours represent the time depository institutions must spend on disclosures, periodic statements, record retention, and related compliance activities.
Standardized bank-account disclosures
The Truth in Savings Act (TISA) and Regulation DD require depository institutions to disclose interest rates, the annual percentage yield (APY), fees, and other account terms at account opening, upon request, and when terms change. Institutions that provide periodic statements must include fees imposed, interest earned, and the APY earned during those statement periods to help consumers compare deposit accounts.
Recordkeeping preserves enforcement evidence
Regulation DD requires depository institutions to retain evidence of compliance so that records that might contain evidence of TISA violations remain available to Federal enforcement agencies and private litigants. This retention supports enforcement and private legal actions related to deposit-account disclosures and fees.
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