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.
US Code:
15 USC 1601
Name of Law: Truth in Lending Act (TILA)
US Code: 15 USC 1601 Name of Law: Truth in Lending Act (TILA)
The final rule for 12 CFR 1026 includes adjustments to disclosures currently required by 1026.20(c) for interest rate adjustments that result in a corresponding payment change, among other reasons, to closely track the requirements of 1026.20(d).
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.
Final Reg Z Supporting Statement 2-1.pdf
Prompt crediting of payments and response to requests for payoff amounts (Non-Depository Institutions)