Recordkeeping and Disclosure Requirements Associated with CFPB’s Regulation Z

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
FRZ_20211031_omb.pdf	Supporting Statement A	Uploaded 2021-10-31	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
36212	Disclosure Section 1026.60 Open-end credit (Not home-secured) Applications and solicitations		Modified
249478	Disclosure Sections 1026.16 and 1026.24 Advertising rules (All credit types) Advertising rules		New
249477	Disclosure Section 1026.47 Private education loans Private student loan disclosures		New
249476	Disclosure Sections 1026.43(c), (d), and (f) Certain home mortgage types Appraisals for higher-priced mortgage loans Review and provide copy of additional appraisal		New
249475	Disclosure Sections 1026.43(c), (d), and (f) Certain home mortgage types Appraisals for higher-priced mortgage loans Investigate and verify requirement for additional appraisal		New
249474	Disclosure Sections 1026.43(c), (d), and (f) Certain home mortgage types Appraisals for higher-priced mortgage loans Review and provide copy of initial appraisal		New
249473	Disclosures Section 1026.34(a)(5)(i) Certain home mortgage types HOEPA receipt of certification of couseling for high-cost mortgages		New
249471	Disclosure Sections 1026.31, 1026.32, and 1026.36 Certain home mortgage types HOEPA disclosures		New
221346	Disclosure Sections 1026.31(c)(2) and 1026.33 Certain home mortgage types Reverse mortgage disclosures		Modified
221345	Disclosure Section 1026.39 Open and closed end mortgage Mortgage transfer disclosure		Modified
221344	Disclosure Section 1026.36(c)(3) Open and closed end mortgage Payoff statements		Modified
221343	Disclosure Sections 1026.20(c)-(e), 1026.36, 1026.39, and 1026.41 Closed-end credit (Mortgage) Post-consummation disclosures for successors in interest (Ongoing)		Modified
221342	Disclosure Sections 1026.20(c)-(e), 1026.36, 1026.39, and 1026.41 Closed-end credit (Mortgage) Post-consummation disclosures for successors in interest (One-time)		Modified
221341	Disclosure Sections 1026.41(e) and (f) Closed-end credit (Mortgage) Periodic statements in bankruptcy (Ongoing)		Modified
221339	Disclosure Sections 1026.41(e) and (f) Closed-end credit (Mortgage) Periodic statements in bankruptcy (One-time)		Modified
221336	Disclosure Section 1026.41 Closed-end credit (Mortgage) Periodic statements		Modified
221335	Disclosure Section 1026.20(d) Closed-end credit (Mortgage) Initial rate adjustment notice		Modified
221334	Disclosure: Open and Closed-End Mortgage: Prompt crediting & payoff statement (Section 1026.36(c)(3))		Removed
221331	Disclosure Section 1026.20(c) Closed-end credit (Mortgage) ARM disclosures		Modified
206185	Disclosure Sections 1026.19(f) and 1026.38 Closed-end credit (Mortgage) Closing disclosure		Modified
206183	Disclosure Sections 1026.19(e) and 1026.37 Closed-end credit (Mortgage) Loan estimate		Modified
200253	Disclosure Sections 1026.18(s) and 1026.18(t)(1) Closed-end credit (Mortgage) Interest rate and payment summary and "No-guarantee-to-refinance" statement		Modified
199372	Disclosure Sections 1026.17 and 1026.18 Closed-end credit (Non-mortgage) Closed-end credit disclosures		Modified
199371	Disclosure: All Open-End Credit: Error resolution - Other open-end credit (Sections 1026.13)		Removed
197094	Disclosure Sections 1026.9(a) and 1026.13 All open-end credit Error resolution Credit cards		Modified
193825	Disclosure Sections 1026.9(c)(1)(iii) and 1026.40(f)(3)(i)) and (f)(3)(vi) Open-end credit (Home-equity) Notices to restrict credit		Modified
191438	Disclosure Sections 1026.9(c)(1)(i) and (ii) Open-end credit (Home-equity) Change-in-terms disclosures		Modified
189274	Disclosure Section 1026.7(a) Open-end credit (Home-equity) Periodic statements		Modified
179781	Disclosure Section 1026.6(a) Open-end credit (Home-equity) Account opening disclosures		Modified
179780	Disclosure Section 1026.40 Open-end credit (Home-equity) Application disclosures		Modified
179778	Recordkeeping Section 1026.51 Open-end credit (Not home-secured) Ability to pay policies		Modified
179777	Disclosure Section 1026.11(c)(2) Open-end credit (Not home-secured) Timely settlement of estate debts account information to estate administrator		Modified
179775	Recordkeeping Section 1026.11(c) Open-end credit (Not home-secured) Timely settlement of estate debts policies		Modified
179773	Disclosure Section 1026.9 Open-end credit (Not home-secured) Change-in-terms disclosures		Modified
179772	Disclosure Section 1026.7(b) Open-end credit (Not home-secured) Periodic statements		Modified
179769	Disclosure Section 1026.6(b) Open-end credit (Not home-secured) Account opening disclosures		Modified

ICR Details

OMB Control No: 7100-0199	ICR Reference No: 202109-7100-001
Status: Active	Previous ICR Reference No: 202103-7100-006
Agency/Subagency: FRS	Agency Tracking No: FR Z
Title: Recordkeeping and Disclosure Requirements Associated with CFPB’s Regulation Z
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/31/2021
	Date Received in OIRA: 10/31/2021
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2024	36 Months From Approved	11/30/2021
Responses	15,110,223	0	14,189,381
Time Burden (Hours)	283,981	0	243,583
Cost Burden (Dollars)	0	0	0

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Abstract: The Truth in Lending Act (TILA) and Regulation Z promote the informed use of credit to consumers for personal, family, or household purposes by requiring disclosures about its terms and costs, as well as ensure that consumers are provided with timely information on the nature and costs of the residential real estate settlement process.

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Authorizing Statute(s): US Code: 15 USC 1604 Name of Law: Truth in Lending Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 20156	04/16/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 49028	09/01/2021
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 34

table that charts list of burden

IC Title	Form No.	Form Name
Disclosure Section 1026.11(c)(2) Open-end credit (Not home-secured) Timely settlement of estate debts account information to estate administrator
Disclosure Section 1026.20(c) Closed-end credit (Mortgage) ARM disclosures
Disclosure Section 1026.20(d) Closed-end credit (Mortgage) Initial rate adjustment notice
Disclosure Section 1026.36(c)(3) Open and closed end mortgage Payoff statements
Disclosure Section 1026.39 Open and closed end mortgage Mortgage transfer disclosure
Disclosure Section 1026.40 Open-end credit (Home-equity) Application disclosures
Disclosure Section 1026.41 Closed-end credit (Mortgage) Periodic statements
Disclosure Section 1026.47 Private education loans Private student loan disclosures
Disclosure Section 1026.6(a) Open-end credit (Home-equity) Account opening disclosures
Disclosure Section 1026.6(b) Open-end credit (Not home-secured) Account opening disclosures
Disclosure Section 1026.60 Open-end credit (Not home-secured) Applications and solicitations
Disclosure Section 1026.7(a) Open-end credit (Home-equity) Periodic statements
Disclosure Section 1026.7(b) Open-end credit (Not home-secured) Periodic statements
Disclosure Section 1026.9 Open-end credit (Not home-secured) Change-in-terms disclosures
Disclosure Sections 1026.16 and 1026.24 Advertising rules (All credit types) Advertising rules
Disclosure Sections 1026.17 and 1026.18 Closed-end credit (Non-mortgage) Closed-end credit disclosures
Disclosure Sections 1026.18(s) and 1026.18(t)(1) Closed-end credit (Mortgage) Interest rate and payment summary and "No-guarantee-to-refinance" statement
Disclosure Sections 1026.19(e) and 1026.37 Closed-end credit (Mortgage) Loan estimate
Disclosure Sections 1026.19(f) and 1026.38 Closed-end credit (Mortgage) Closing disclosure
Disclosure Sections 1026.20(c)-(e), 1026.36, 1026.39, and 1026.41 Closed-end credit (Mortgage) Post-consummation disclosures for successors in interest (One-time)
Disclosure Sections 1026.20(c)-(e), 1026.36, 1026.39, and 1026.41 Closed-end credit (Mortgage) Post-consummation disclosures for successors in interest (Ongoing)
Disclosure Sections 1026.31(c)(2) and 1026.33 Certain home mortgage types Reverse mortgage disclosures
Disclosure Sections 1026.31, 1026.32, and 1026.36 Certain home mortgage types HOEPA disclosures
Disclosure Sections 1026.41(e) and (f) Closed-end credit (Mortgage) Periodic statements in bankruptcy (One-time)
Disclosure Sections 1026.41(e) and (f) Closed-end credit (Mortgage) Periodic statements in bankruptcy (Ongoing)
Disclosure Sections 1026.43(c), (d), and (f) Certain home mortgage types Appraisals for higher-priced mortgage loans Investigate and verify requirement for additional appraisal
Disclosure Sections 1026.43(c), (d), and (f) Certain home mortgage types Appraisals for higher-priced mortgage loans Review and provide copy of additional appraisal
Disclosure Sections 1026.43(c), (d), and (f) Certain home mortgage types Appraisals for higher-priced mortgage loans Review and provide copy of initial appraisal
Disclosure Sections 1026.9(a) and 1026.13 All open-end credit Error resolution Credit cards
Disclosure Sections 1026.9(c)(1)(i) and (ii) Open-end credit (Home-equity) Change-in-terms disclosures
Disclosure Sections 1026.9(c)(1)(iii) and 1026.40(f)(3)(i)) and (f)(3)(vi) Open-end credit (Home-equity) Notices to restrict credit
Disclosure: All Open-End Credit: Error resolution - Other open-end credit (Sections 1026.13)
Disclosure: Open and Closed-End Mortgage: Prompt crediting & payoff statement (Section 1026.36(c)(3))
Disclosures Section 1026.34(a)(5)(i) Certain home mortgage types HOEPA receipt of certification of couseling for high-cost mortgages
Recordkeeping Section 1026.11(c) Open-end credit (Not home-secured) Timely settlement of estate debts policies
Recordkeeping Section 1026.51 Open-end credit (Not home-secured) Ability to pay policies

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ICR Summary of Burden

table that charts list of burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	15,110,223	14,189,381	0	920,842	0	0
Annual Time Burden (Hours)	283,981	243,583	0	40,398	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: The estimated total annual burden for the FR Z is 243,583 hours, and would increase to 283,981 hours with the revisions. The revisions would result in an increase of 40,398 hours.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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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: 10/31/2021

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