Recordkeeping and Disclosure Requirements in Connection with Regulation Z (Truth in Lending)

Forms and Documents

Document Name	Status
RegZ_R1305.HOEPA.20080731.omb.doc Supporting Statement A	2008-08-06
RegZ.R_1305_HOEPA.20080730.nfrm.pdf Supplementary Document	2008-07-31
RegZ_R1305_HOEPA.20080714.P.R.pdf Supplementary Document	2008-07-17
RegZ_R1305_HOEPA.20071218.P.R.pdf Supplementary Document	2008-07-17

IC Document Collections

IC ID	Document Title	Status
36212	Subpart B - Open-end credit (Initial Disclosures)	Unchanged
185745	One time update for Advertising rules	New
179781	Advertising Rules	Unchanged
179780	Subpart E - Pre-Closing Disclosure	Unchanged
179778	Subpart C - Closed-End Credit Disclosures	Unchanged
179777	Home-Equity Plans (Restrictions Disclosure)	Unchanged
179776	Home-Equity Plans (Applications Disclosure)	Unchanged
179775	Credit & Charge Cards (Applications & Solicitations)	Unchanged
179774	Error Resolution (Other Open-end Credit)	Unchanged
179773	Error Resolution (Credit Cards)	Unchanged
179772	Periodic Statements	Unchanged
179769	Subpart B - Open-end credit (Change-In-Terms Disclosures)	Unchanged

ICR Details

OMB Control No: 7100-0199	ICR Reference No: 200807-7100-003
Status: Historical Active	Previous ICR Reference No: 200709-7100-003
Agency/Subagency: FRS	Agency Tracking No: Reg Z (R-1305)
Title: Recordkeeping and Disclosure Requirements in Connection with Regulation Z (Truth in Lending)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/07/2008
	Date Received in OIRA: 08/07/2008
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2009	05/31/2009	05/31/2009
Responses	6,704,127	0	6,702,955
Time Burden (Hours)	599,278	0	552,398
Cost Burden (Dollars)	0	0	0

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Abstract: Truth In Lending Act (TILA) and Regulation Z ensure adequate disclosure of the costs and terms of credit to consumers. For open-end credit, creditors are required to disclose information about the initial costs and terms and to provide periodic statements of account activity, notices of changes in terms, and statements of rights concerning billing error procedures. The regulation also requires specific types of disclosures for credit and charge card accounts, and home-equity plans. For closed-end loans, such as mortgage and installment loans, cost disclosures are required to be provided prior to consummation. Special disclosures are required of certain products, such as reverse mortgages, certain variable-rate loans, and certain mortgages with rates and fees above specified thresholds. TILA and Regulation Z also contain rules concerning credit advertising. To ease the burden and cost of complying with Regulation Z (particularly for small entities), the Federal Reserve provides model forms, which are appended to the regulation. Creditors are required to retain evidence of compliance for twenty-four months (subpart D, section 226.25), but the regulation does not specify the types of records that must be retained.

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Authorizing Statute(s): US Code: 15 USC 1601 and 1604(a) Name of Law: Consumer Credit Protection Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD17	Final or interim final rulemaking	73 FR 44522	07/30/2008

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 12

IC Title	Form No.	Form Name
One time update for Advertising rules
Subpart B - Open-end credit (Initial Disclosures)
Home-Equity Plans (Applications Disclosure)
Subpart C - Closed-End Credit Disclosures
Subpart B - Open-end credit (Change-In-Terms Disclosures)
Error Resolution (Other Open-end Credit)
Subpart E - Pre-Closing Disclosure
Home-Equity Plans (Restrictions Disclosure)
Credit & Charge Cards (Applications & Solicitations)
Advertising Rules
Periodic Statements
Error Resolution (Credit Cards)

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	6,704,127	6,702,955	0	1,172	0	0
Annual Time Burden (Hours)	599,278	552,398	0	46,880	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The final rule will impose a one-time increase in the total annual burden under Regulation Z by 46,880 hours from 552,398 to 599,278 hours. This burden increase will be imposed on all Federal Reserve-regulated institutions that are deemed to be respondents for the purposes of the PRA. Note that these burden estimates do not include the burden addressing changes to format, timing, and content requirements for the five main types of open-end credit disclosures governed by Regulation Z as announced in a separate proposed rulemaking (Docket No. R-1286).

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 08/07/2008

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