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 201303-7100-001 · OMB 7100-0199 · Historical Active
⚠️ Notice: This information collection may be outdated.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))
Truth in Lending Act (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.
On September 5, 2012, a joint notice of proposed rulemaking (NPRM) was published in the Federal Register (77 FR 54722) for public comment to amend Regulation Z, which implements TILA. This NPRM implements Section 129H of TILA, which was enacted on July 21, 2010, by Section 1400 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. TILA Section 129H, sets forth appraisal requirements applicable to ''higher-risk mortgages.'' For mortgages with an annual percentage rate that exceeds the average prime offer rate by a specified percentage, the proposed rule would require creditors to obtain an appraisal or appraisals meeting certain specified standards, provide applicants with a notification regarding the use of the appraisals, and give applicants a copy of the written appraisals used. The comment period expired November 5, 2012. The Agencies received one comment that specifically addressed the paperwork burden estimates. The commenter asserted that the Agencies' proposed PRA estimates to comply with the new requirements were understated, but the commenter did not provide alternative estimates. The Agencies recognize that the amount of time required of institutions to comply with the requirements may vary; however, the Agencies continue to believe that estimates provided are reasonable averages. On February 13, 2013, a joint NFRM was published in the Federal Register (78 FR 10368). The requirements provided in the final rule are substantially similar to those provided in the proposed rule. Compliance with this final rule is effective January 18, 2014.
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_R1443_HPML_20131028_ombclean.docx
Reg_Z_R1443_HRMA_20130118_nfrm_pr.pdf
Subpart B - Account opening disclosures Section 226.6