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_R1394_Appraisal_Independence_20120222_omb.docx	Supporting Statement A	Uploaded 2012-02-22	Available
RegZ_R1394_Dodd_Frank_Appraisal_Independence_20101028_ifrm_pr.pdf	Supplementary Document	Uploaded 2011-11-25	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
36212	Subpart B - Account opening disclosures Section 226.6		Unchanged
200253	Valuation Independence Mandatory Reporting (Section 226.42(g)(1)) (One-time (R1394))		New
199372	Subpart C: Closed-end Credit Disclosures (Section 226.18 (s)&(t)(1) Ongoing (R-1366))		Unchanged
199371	Subpart C: Closed-end Credit Disclosures (Section 226.18(s)&(t)(1) One-time (R-1366))		Unchanged
197094	Periodic statements Section 226.7 (R-1399 - Annual Threshold adjustment for exempt transactions (226.3(b)(1)(i))))		Unchanged
193825	Subpart E Mortgage transfer disclosure (Section 226.39)		Unchanged
191438	Subpart G Internet posting of credit card agreements (college) Section 226.58		Unchanged
189274	Private student loan disclosures (Section 226.46) (R-1353)		Unchanged
187388	Reg AA Cosigner disclosure (Section 227.14(b)		Unchanged
179781	Advertising Rules (Subparts B & C Sections 226.16 & 226.24)		Unchanged
179780	Subpart E - Pre-closing disclosure (Sections 226.31-226.45)		Unchanged
179778	Subpart C - Closed-End Credit Disclosures (Section 226.17)		Unchanged
179777	Home-Equity Plans (Restrictions Disclosure) (Section 226.5(b)		Unchanged
179776	Home-Equity Plans (Applications Disclosure) (Section 226.5(b)		Unchanged
179775	Credit and Charge cards Application and Solicitations Section 226.5(a)		Unchanged
179774	Error Resolution (Other Open-end Credit) (Section 226.13)		Unchanged
179773	Error Resolution (Credit Cards) (Section 226.13)		Unchanged
179772	Periodic Statements (Section 226.7)		Unchanged
179769	Subpart B - Change-in-terms disclosures Section 226.9(c)		Unchanged

ICR Details

OMB Control No: 7100-0199	ICR Reference No: 201111-7100-004
Status: Historical Active	Previous ICR Reference No: 201109-7100-002
Agency/Subagency: FRS	Agency Tracking No: Reg Z MDIA (R-1394) Valuation Independence
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: 02/22/2012
	Date Received in OIRA: 02/22/2012
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2014	04/30/2014	04/30/2014
Responses	8,596,650	0	8,596,083
Time Burden (Hours)	1,517,443	0	1,494,763
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
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
PL: Pub.L. 111 - 203 1472 Name of Law: Dodd-Frank Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD56	Final or interim final rulemaking	75 FR 66554	10/28/2010

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 19

table that charts list of burden

IC Title	Form No.	Form Name
Subpart C: Closed-end Credit Disclosures (Section 226.18 (s)&(t)(1) Ongoing (R-1366))
Subpart C: Closed-end Credit Disclosures (Section 226.18(s)&(t)(1) One-time (R-1366))
Subpart E Mortgage transfer disclosure (Section 226.39)
Error Resolution (Other Open-end Credit) (Section 226.13)
Subpart E - Pre-closing disclosure (Sections 226.31-226.45)
Home-Equity Plans (Restrictions Disclosure) (Section 226.5(b)
Credit and Charge cards Application and Solicitations Section 226.5(a)
Periodic Statements (Section 226.7)
Error Resolution (Credit Cards) (Section 226.13)
Private student loan disclosures (Section 226.46) (R-1353)
Reg AA Cosigner disclosure (Section 227.14(b)
Advertising Rules (Subparts B & C Sections 226.16 & 226.24)
Subpart G Internet posting of credit card agreements (college) Section 226.58
Subpart B - Account opening disclosures Section 226.6
Home-Equity Plans (Applications Disclosure) (Section 226.5(b)
Subpart C - Closed-End Credit Disclosures (Section 226.17)
Subpart B - Change-in-terms disclosures Section 226.9(c)
Periodic statements Section 226.7 (R-1399 - Annual Threshold adjustment for exempt transactions (226.3(b)(1)(i))))
Valuation Independence Mandatory Reporting (Section 226.42(g)(1)) (One-time (R1394))

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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	8,596,650	8,596,083	567	0	0	0
Annual Time Burden (Hours)	1,517,443	1,494,763	22,680	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: The IFRM amendments are designed to ensure that real estate appraisals used to support creditors' underwriting decisions are based on the appraiser's independent professional judgment, free of any influence or pressure that may be exerted by parties that have an interest in the transaction. The amendments also seek to ensure that creditors and their agents pay customary and reasonable fees to appraisers. Compliance with this interim final rule was effective April 1, 2011.

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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]? Yes

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: 02/22/2012

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