Comment filed with proposed rules. Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR. The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenterâs recommendation. The next submission to OMB must include the draft final rule.
Inventory as of this Action
Requested
Previously Approved
10/31/2018
36 Months From Approved
10/31/2018
216,724,041
0
216,724,041
10,055,000
0
10,055,000
9,400,000
0
9,400,000
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. Creditors are subject to disclosure and other requirements that apply to open-end credit (e.g., revolving credit or credit lines) and closed-end credit (e.g., installment financing). TILA imposes disclosure requirements on all types of creditors in connection with consumer credit, including mortgage companies, finance companies, retailers, and credit card issuers, to ensure that consumers are fully apprised of the terms of financing prior to consummation of the transaction and, as in the case of the regulations covered by this rulemaking, during the loan term.
This proposal would make several substantive changes to the TILA-RESPA Final Rule, along with clarifications, minor changes, and technical corrections: a) creating tolerance provisions for the total of payments disclosure in the Closing Disclosure; b) removing recording fees and taxes from the calculation of 1% threshold for the purposes of 1026.3(h) requirements; c) confirming that information collection requirements under the TILA-RESPA Final Rule apply to transactions secured by cooperative units; and d) confirming that post-consummation disclosure requirements apply to all covered transactions, not only those with an application date on or after October 3, 2015.
US Code:
15 USC 1601
Name of Law: Truth in Lending Act
The Bureau is updating this Rule to add amendments and changes that it believes do not significantly change the burden of texisting information collections herein, it i is also removing the the one-time burden hour costs previously associated with the last amendment to Regulations Z as it believes those costs have now been fully absorbed by covered persons. In addition the additional 1,479 responses reflected here come from a recalculation of the Bureauâs estimates and a difference in the method of rounding used to make the calculation.
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.
TRID Compliance Guide + PRA Statement.pdf
Regulation Z Recordkeeping and Disclosure Requirements