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 · Historical Active
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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)