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))

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
RegZ_R1384_20100629_omb.doc	Supporting Statement A	Uploaded 2010-06-29	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
36212	Subpart B - Open-end credit (Initial Disclosures)		Unchanged
193293	Credit Card Sections: 226.5a, 226.6(b), 226.7(b), 226.9(c), 226.9(g), and 226.52(b) One-time change (R-1384)		New
191441	Credit Card Section 226.7(b)(12) One-time change (R-1370)		Unchanged
191440	Credit Card Section 226.9(g)(3) One-time change (R-1370)		Unchanged
191438	Credit Card Section 226.58 Agreements (ongoing) (R-1370)		Unchanged
191437	Credit Card Section 226.58 Agreements one-time (R-1370)		Unchanged
191435	Credit Card Section 226.57(d) One-time change (R-1370)		Unchanged
191434	Credit Card Section 226.57(b) One-time change (R-1370)		Unchanged
189274	Private student loan - Application or Solicitation disclosure		Unchanged
187388	Reg AA Section 227.14(b) Cosigner disclosure (R-1286)		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: 201006-7100-007
Status: Historical Active	Previous ICR Reference No: 201004-7100-003
Agency/Subagency: FRS	Agency Tracking No: Reg Z (R-1384)
Title: 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))
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: 06/30/2010
	Date Received in OIRA: 06/30/2010
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2012	08/31/2012	08/31/2012
Responses	8,744,962	0	8,743,824
Time Burden (Hours)	1,488,114	0	1,442,594
Cost Burden (Dollars)	0	0	0

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Abstract: 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.

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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
PL: Pub.L. 111 - 24 123 Stat. 1734 Name of Law: Credit Card Accountability Responsisbility Act of 2009

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD49	Final or interim final rulemaking	75 FR 37526	06/29/2010

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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: 20

table that charts list of burden

IC Title	Form No.	Form Name
Error Resolution (Other Open-end Credit)
Subpart E - Pre-Closing Disclosure
Periodic Statements
Error Resolution (Credit Cards)
Private student loan - Application or Solicitation disclosure
Reg AA Section 227.14(b) Cosigner disclosure (R-1286)
Advertising Rules
Credit Card Section 226.57(b) One-time change (R-1370)
Credit Card Section 226.9(g)(3) One-time change (R-1370)
Credit Card Section 226.7(b)(12) One-time change (R-1370)
Credit Card Section 226.58 Agreements one-time (R-1370)
Credit Card Section 226.58 Agreements (ongoing) (R-1370)
Credit Card Section 226.57(d) One-time change (R-1370)
Subpart B - Open-end credit (Initial Disclosures)
Home-Equity Plans (Applications Disclosure)
Subpart C - Closed-End Credit Disclosures
Home-Equity Plans (Restrictions Disclosure)
Credit & Charge Cards (Applications & Solicitations)
Subpart B - Open-end credit (Change-In-Terms Disclosures) (R-1286)
Credit Card Sections: 226.5a, 226.6(b), 226.7(b), 226.9(c), 226.9(g), and 226.52(b) One-time change (R-1384)

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ICR Summary of Burden

table that charts list 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	8,744,962	8,743,824	1,138	0	0	0
Annual Time Burden (Hours)	1,488,114	1,442,594	45,520	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: In particular, the final rule requires that penalty fees imposed by card issuers be reasonable and proportional to the violation of the account terms. The final rule also requires credit card issuers to reevaluate at least every six months annual percentage rates increased on or after January 1, 2009. The final rule also requires that notices of rate increases for credit card accounts disclose the principal reasons for the increase.

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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]? No

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: 06/30/2010

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