Reporting, 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))
ICR 200911-7100-008
OMB: 7100-0199
Federal Form Document
⚠️ Notice: This information collection may be outdated. More recent filings for OMB 7100-0199 can be found here:
Reporting, 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))
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
state¬ments 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.
On October 21, 2009, a notice
of proposed rulemaking was published in the Federal Register for
public comment (74 FR 54124). The comment period expired November
20, 2009. The Federal Reserve received approximately 150 comments
in response to the proposed rule, including comments from credit
card issuers, trade associations, consumer groups, individual
consumers, and a member of Congress; however, none specifically
addressed the proposed estimate of respondent burden. On February
22, 2010, a notice of final rulemaking was published in the Federal
Register (75 FR 7658) adopting the amendments largely as proposed.
The mandatory compliance dates are February 22, 2010, for all
provisions related to the Credit Card Act and July 1, 2010, for all
other provisions of the final rule.
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:
(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;
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.
RegZ_R1370_20100223_omb.doc
RegZ_R1370_20100112_nfrm_pr.pdf
Subpart B - Open-end credit (Initial Disclosures)