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 commenter’s 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 Bureau’s
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