Recordkeeping and Disclosure Requirements in Connection with Regulation Z (Truth in Lending) and Section 227.28 of Regulation AA (Unfair or Deceptive Acts or Practices (UDAP))

Forms and Documents

Document Name	Status
RegZ_R1353.HEOA.20090817.omb.doc Supporting Statement A	2009-08-18
RegZ.R1353.20090814.nfrm.pdf Supplementary Document	2009-08-14
RegZ.R1353.20090730.nfrm.pr.pdf Supplementary Document	2009-08-05
RegZ.R1353.20090311.nprm.pr.pdf Supplementary Document	2009-05-22

IC Document Collections

IC ID	Document Title	Status
36212	Subpart B - Open-end credit (Initial Disclosures)	Unchanged
189274	Private student loan - Application or Solicitation disclosure	New
189273	Private student loan disclosures - One-time implementation (R-1353)	New
188765	One time update for Sections 226.17 & 226.19 (R-1340)	Unchanged
187388	Reg AA Section 227.14(b) Cosigner disclosure (R-1286)	Unchanged
187384	One time update for Advertising Rules (R-1286)	Unchanged
187382	One time update for Credit & Charge Cards (Applications & Solicitations) 226.5(a) (R-1286)	Unchanged
187381	One time update for Periodic Statements 226.7 (R-1286)	Unchanged
187380	One time update for Change-in-terms disclosures 226.9(c) (R-1286)	Unchanged
187379	One time update for Initial Disclosures 226.6 (R-1286)	Unchanged
185745	One time update for Advertising rules (R-1305 - HOEPA)	Unchanged
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) (R-1286)	Unchanged

ICR Details

OMB Control No: 7100-0199	ICR Reference No: 200905-7100-003
Status: Historical Active	Previous ICR Reference No: 200904-7100-005
Agency/Subagency: FRS	Agency Tracking No: Reg Z (R-1353) (HEOA)
Title: Recordkeeping and Disclosure Requirements in Connection with Regulation Z (Truth in Lending) and Section 227.28 of Regulation AA (Unfair or Deceptive Acts or Practices (UDAP))
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: 08/24/2009
	Date Received in OIRA: 08/24/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2012	36 Months From Approved	08/31/2009
Responses	8,825,062	0	8,810,294
Time Burden (Hours)	1,011,311	0	734,127
Cost Burden (Dollars)	0	0	0

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Abstract: On March 24, 2009, a notice of proposed rulemaking was published in the Federal Register for public comment (74 FR 12464). The Federal Reserve proposes to revise Regulation Z following the passage of the Higher Education Opportunity Act (HEOA). Title X of the HEOA amends the TILA by adding disclosure and timing requirements that apply to private educational lenders making private education loans, which are defined as loans made expressly for postsecondary educational expenses. The HEOA’s definition of private education loan excludes open-end credit, real estate-secured loans, and loans made, insured, or guaranteed by the federal government under title IV of the Higher Education Act of 1965 (20 USC 1070 et seq.). The HEOA also amends TILA by adding limitations on certain practices by private educational lenders, including limitations on co-branding in the marketing of private student loans. The comment period expired May 26, 2009.

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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: PL: Pub.L. 110 - 315 1021-1022 Name of Law: Higher Education Opportunity Act (HEOA) of 2008

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD31	Final or interim final rulemaking	74 FR 41194	08/14/2009

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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: 21

IC Title	Form No.	Form Name
One time update for Advertising Rules (R-1286)
Private student loan disclosures - One-time implementation (R-1353)
Home-Equity Plans (Restrictions Disclosure)
Credit & Charge Cards (Applications & Solicitations)
Error Resolution (Credit Cards)
Reg AA Section 227.14(b) Cosigner disclosure (R-1286)
Advertising Rules
Periodic Statements
One time update for Credit & Charge Cards (Applications & Solicitations) 226.5(a) (R-1286)
One time update for Change-in-terms disclosures 226.9(c) (R-1286)
Private student loan - Application or Solicitation disclosure
One time update for Initial Disclosures 226.6 (R-1286)
One time update for Periodic Statements 226.7 (R-1286)
One time update for Sections 226.17 & 226.19 (R-1340)
One time update for Advertising rules (R-1305 - HOEPA)
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) (R-1286)
Error Resolution (Other Open-end Credit)
Subpart E - Pre-Closing Disclosure

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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	8,825,062	8,810,294	14,768	0	0	0
Annual Time Burden (Hours)	1,011,311	734,127	277,184	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement:

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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)? No

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: 08/24/2009

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