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 201007-7100-004
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⚠️ Notice: This information collection may be outdated.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
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.
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
PL: Pub.L. 111 - 22 123 Stat. 1632 Section 404(a) Name of Law:
Helping Families Save Their Homes Act of 2009
On November 20, 2009, an
interim final rulemaking (IFRM) was published in the Federal
Register for public comment to amend Regulation Z, which implements
the Truth in Lending Act (TILA), in order to implement Section
131(g) of TILA, which was enacted on May 20, 2009, as Section
404(a) of the Helping Families Save Their Homes Act. TILA Section
131(g) became effective immediately upon enactment and established
a new requirement for notifying consumers of the sale or transfer
of their mortgage loans. The purchaser or assignee that acquires
the loan must provide the required disclosures in writing no later
than 30 days after the date on which the loan is sold or otherwise
transferred or assigned. The comment period expired January 19,
2010. The Board received 35 comments; however, no comments
specifically addressed the proposed paperwork burden estimates. On
September 24, 2010, a notice of final rulemaking was published in
the Federal Register adopting the amendments largely as proposed,
with mandatory compliance by January 1, 2011 (75 FR 58489).
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_R1378_20101012_omb.doc
RegZ_R1378_20100816_nfrm_pr.pdf
Subpart B - Open-end credit (Initial Disclosures)