Mortgage Servicing Amendment (Regulation Z)

Forms and Documents

Document	Type	Status	Availability
Mortgage Servicing Supporting Statement (Regulation Z).pdf	Supporting Statement A	Uploaded 2012-11-26	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
204935	New Periodic Statement (Non-Depository Institutions)		New
204934	New Periodic Statement (Depository Institutions)		New
204933	Changes in Regulation Z Disclosure for Adjustable Rate Mortgages (Non-Depository Institutions)		New
204932	Changes in the Regulation Z Disclosure for Adjustable Rate Mortgages (Depository Institutions)		New
204596	New Initial Rate Adjustment Notice for Adjustable-Rate Mortgages (Non-Depository Institutions)		New
204594	New Initial Rate Adjustment Notice for Adjustable-Rate Mortgages (Depository Institutions)		New

ICR Details

OMB Control No: 3170-0028	ICR Reference No: 201210-3170-004
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: CFPB	Agency Tracking No:
Title: Mortgage Servicing Amendment (Regulation Z)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule	Conclusion Date: 12/16/2012
	Date Received in OIRA: 11/30/2012
Terms of Clearance: OMB files this comment in accordance with 5 CFR 1320.11( c ). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine public comment in response to the NPRM and will include in the supporting statement of the next ICR--to be submitted to OMB at the final rule stage--a description of how the agency has responded to any public comments on the ICR, including comments on maximizing the practical utility of the collection and minimizing the burden.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Regulation Z (The Truth in Lending Act (TILA)), 15 U.S.C. 1601 et seq., was enacted to foster comparison credit shopping and informed credit decision making by requiring accurate disclosure of the costs and terms of credit to consumers and to protect consumers against inaccurate and unfair credit billing practices. Due to several new modifications to Regulation Z, the Bureau has decided to break the Regulation into several smaller ICRs for ease of understanding the burden.

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Authorizing Statute(s): US Code: 15 USC 1601 Name of Law: Truth in Lending Act (TILA)
  

Citations for New Statutory Requirements: US Code: 15 USC 1601 Name of Law: Truth in Lending Act (TILA)

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3170-AA14	Proposed rulemaking	77 FR 57317	09/17/2012

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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: 6

IC Title	Form No.	Form Name
New Initial Rate Adjustment Notice for Adjustable-Rate Mortgages (Non-Depository Institutions)
Changes in the Regulation Z Disclosure for Adjustable Rate Mortgages (Depository Institutions)
Changes in Regulation Z Disclosure for Adjustable Rate Mortgages (Non-Depository Institutions)
New Periodic Statement (Depository Institutions)
New Periodic Statement (Non-Depository Institutions)
New Initial Rate Adjustment Notice for Adjustable-Rate Mortgages (Depository Institutions)

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The Consumer Financial Protection Bureau (Bureau) is dividing certain proposals to amend the Bureau's Regulations X and Z into separate Information Collection Requests (ICRs) in the Office of Management and Budget (OMB) system (accessible at omb.report) to ease the public's ability to view and understand the individual proposals. Subsequent to the finalization of the rules, CFPB anticipates that it will recombine the portions of Regulations Z and X that are broken out in the reginfo.gov system into the existing control numbers for Regulations X and Z. CFPB respondents should continue to use the 3170-0015 control number for Regulation Z and 3170-0016 control number for Regulation X throughout this time.

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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: 11/30/2012

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