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 201109-7100-002

OMB: 7100-0199

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2011-09-27
Supplementary Document
2011-09-21
Supplementary Document
2011-09-21
IC Document Collections
IC ID
Document
Title
Status
36212
Unchanged
199372
New
199371
New
197094
Unchanged
193825
Unchanged
191438
Unchanged
189274
Unchanged
187388
Unchanged
179781
Unchanged
179780
Unchanged
179778
Unchanged
179777
Unchanged
179776
Unchanged
179775
Unchanged
179774
Unchanged
179773
Unchanged
179772
Unchanged
179769
Unchanged
ICR Details
7100-0199 201109-7100-002
Historical Active 201108-7100-003
FRS Reg Z MDIA (R-1366)
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))
Revision of a currently approved collection   No
Delegated
Approved without change 09/30/2011
Retrieve Notice of Action (NOA) 09/30/2011
  Inventory as of this Action Requested Previously Approved
04/30/2014 04/30/2014 04/30/2014
8,596,083 0 8,582,082
1,494,763 0 848,563
0 0 0
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.
US Code: 15 USC 1601 and 1604(a) Name of Law: Consumer Credit Protection Act
  
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
PL: Pub.L. 111 - 203 1100E, 124 Stat 1376 Name of Law: Dodd-Frank Act
PL: Pub.L. 110 - 343 2501-2503 Name of Law: Emergency Economic Stabilization Act of 2008
7100-AD33 Final or interim final rulemaking 75 FR 81836 12/29/2010
No
  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 8,596,083 8,582,082 14,001 0 0 0
Annual Time Burden (Hours) 1,494,763 848,563 646,200 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The IFRM implements certain requirements of the Mortgage Disclosure Improvement Act of 2008, which amended TILA. The amendments require creditors extending consumer credit secured by real property or a dwelling to disclose certain summary information about interest rates and payment changes, in a tabular format, as well as a statement that consumers are not guaranteed to be able to refinance their transactions in the future. The interest rate and payment summary tables replace the payment schedule previously required as part of the TILA disclosure for mortgage transactions. Disclosures for non-mortgage, closed-end consumer credit will continue to include the current payment schedule. This interim rule is effective January 30, 2011.
$0
No
No
No
No
No
Uncollected
John Schmidt 202-728-5859 [email protected]
  No
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.
09/30/2011
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