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 201103-7100-009
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⚠️ Notice: This information collection may be outdated.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. 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
PL: Pub.L. 110 - 315 1021-1022 Name of Law: Higher Education
Opportunity Act (HEOA) of 2008
PL: Pub.L. 111 - 203 1100E, 124 Stat 1376 Name of Law: Dodd-Frank
Act
On December 16, 2010, a notice
of proposed rulemaking (NPRM) was published in the Federal Register
(75 FR 78636) requesting public comment on the proposed amendments
to Regulation Z. The proposed amendments implement Section 1100E of
the Dodd-Frank Wall Street Reform and Consumer Protection Act of
2010 (Dodd-Frank Act), which was signed into law on July 21, 2010.
The Dodd-Frank Act raises TILA's $25,000 exemption threshold to
$50,000, effective July 21, 2011. In addition, the Dodd-Frank Act
requires that, on or after December 31, 2011, the threshold shall
be adjusted annually for inflation by the annual percentage
increase in the Consumer Price Index for Urban Wage Earners and
Clerical Workers (CPIW), as published by the Bureau of Labor
Statistics. Beginning on January 1, 2012, the $50,000 threshold
will be adjusted annually based on any annual percentage increase
in the CPIW. The Federal Reserve is proposing to amend Section
226.3(b) and the accompanying commentary for consistency with the
amendments to TILA's exemption threshold. The comment period for
this NPRM expired February 14, 2011. The Federal Reserve received
10 comment letters; however, none specifically addressed the
paperwork burden. On April 4, 2011, a notice of final rulemaking
was published in the Federal Register (76 FR 18354) adopting the
amendments largely as proposed, with mandatory compliance by July
21, 2011.
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_R1399_20110405_omb.doc
RegZ_R1399_Exemption_Threshold_20110325_nfrm_pr.pdf
Subpart B - Open-end credit (Initial Disclosures)