Notice2021-18833
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 1, 2021
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, with revision, the recordkeeping and disclosure requirements associated with the Truth in Lending Act (TILA), implemented by Regulation Z (FR Z; OMB No. 7100- 0199). The revisions are applicable immediately.
Full Text
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<title>Federal Register, Volume 86 Issue 167 (Wednesday, September 1, 2021)</title>
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[Federal Register Volume 86, Number 167 (Wednesday, September 1, 2021)]
[Notices]
[Pages 49028-49029]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-18833]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, with revision, the
recordkeeping and disclosure requirements associated with the Truth in
Lending Act (TILA), implemented by Regulation Z (FR Z; OMB No. 7100-
0199). The revisions are applicable immediately.
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of
Governors of the Federal Reserve System, Washington, DC 20551, (202)
452-3829.
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Room 10235, 725
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to collections of information conducted or
sponsored by the Board. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. The OMB inventory, as well as copies of the
PRA Submission, supporting statements, and approved collection of
information instrument(s) are available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents are also available on the Federal
Reserve Board's public website at <a href="https://www.federalreserve.gov/apps/reportforms/review.aspx">https://www.federalreserve.gov/apps/reportforms/review.aspx</a> or may be requested from the agency clearance
officer, whose name appears above.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, With Revision, of the Following Information Collection
Report title: Recordkeeping and Disclosure Requirements Associated
with Truth in Lending (Regulation Z).\1\
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\1\ The Truth in Lending Act (TILA) is codified at 15 U.S.C.
1601 et seq. Regulation Z is published by the Board at 12 CFR part
226 and by the Consumer Financial Protection Bureau (Bureau) at 12
CFR part 1026.
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Agency form number: FR Z.
OMB control number: 7100-0199.
Effective Date: The revisions are effective immediately.
Frequency: Annually, on occasion.
Respondents: The FR Z panel comprises state member banks with
assets of $10 billion or less that are not affiliated with an insured
depository institution with assets over $10 billion (irrespective of
the consolidated assets of any holding company); non-depository
affiliates of such state member banks; and non-depository affiliates of
bank holding companies that are not affiliated with an insured
depository institution with assets over $10 billion.\2\ However, the
Consumer Financial Protection Bureau (Bureau) and the Federal Trade
Commission (FTC) also have administrative enforcement authority over
nondepository institutions for Regulation Z.\3\ Accordingly, the Bureau
allocates to itself half of the estimated burden to non-depository
institutions, with the other half allocated to the FTC.\4\
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\2\ See, e.g., 12 U.S.C. 5515-5516.
\3\ See 12 U.S.C. 5514-5516.
\4\ See, e.g., 78 FR 6408, 6481 (January 30, 2013); 78 FR 11280,
11408 (February 15, 2013); 78 FR 79730, 80100 (December 31, 2013).
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The Board's ability to reduce regulatory burden for small entities
under Regulation Z is limited because the Dodd-Frank Act transferred
rule writing authority for Board-supervised institutions under
Regulation Z to the Bureau. Nonetheless, the Board has taken steps to
minimize burden on small entities through tailored supervision,
including through a risk-focused consumer compliance supervision
program and an examination frequency policy that provides for
lengthened time between examinations for institutions with a lower risk
profile.
The Board allocates to itself all estimated burden to state member
banks with assets of $10 billion or less that are not affiliated with
an insured depository institution with assets over $10 billion.
Estimated number of respondents: Open-end (not home-secured
credit): Applications and solicitations, 161; Account opening
disclosures, Periodic statements, and Change-in-terms disclosures, 516;
Timely settlement of estate debts policies, Timely settlement of estate
debts--account information to estate administrator, and Ability to pay
policies, 161; Open-End Credit--Home Equity Plans: Application
disclosures, Account opening disclosures, Periodic statements, Change-
in-terms disclosures, and Notices to restrict credit, 596; All Open-End
Credit: Error resolution--credit cards, 161; Closed-End Credit--Non-
Mortgage: Closed-end credit disclosures, 741; Closed-End Credit--
Mortgage: Interest rate and payment summary and ``no-guarantee-to-
refinance'' statement, 300; and, Loan estimate, Closing disclosure, ARM
disclosures, Initial rate adjustment notice, Periodic statements,
Periodic statements in bankruptcy (one time), Periodic statements in
bankruptcy (ongoing), Post-consummation disclosures for successors in
interest (one time), and Post-consummation disclosures for successors
in interest (ongoing), 757; Open and Closed-End
[[Page 49029]]
Mortgage: Pay off statements and Mortgage transfer disclosure, 757;
Certain Home Mortgage Types: Reverse mortgage disclosures, 4; HOEPA
disclosures and HOEPA receipt of certification of counseling for high-
cost mortgages, 32; and Appraisals for higher-priced mortgage loans:
Review and provide copy of initial appraisal, Investigate and verify
requirement for additional appraisal, and Review and provide copy of
additional appraisal, 674; Private Education Loans: Private student
loan disclosures, 24; and Advertising Rules (all credit types):
Advertising rules, 758.
Estimated average hours per response: Open-end (not home-secured
credit): Applications and solicitations, 0.0014; Account opening
disclosures, 0.003; Periodic statements and Change-in-terms
disclosures, 0.017; Timely settlement of estate debts policies, 0.75;
Timely settlement of estate debts--account information to estate
administrator, 0.003; and Ability to pay policies, 0.75; Open-End
Credit--Home Equity Plans: Application disclosures, 0.003; Account
opening disclosures, Periodic statements, Change-in-terms disclosures,
and Notices to restrict credit, 0.017; All Open-End Credit: Error
resolution--credit cards, 0.5; Closed-End Credit--Non-Mortgage: Closed-
end credit disclosures, 0.017; Closed-End Credit--Mortgage: Interest
rate and payment summary and ``no-guarantee-to-refinance'' statement,
Loan estimate, and Closing disclosure, 0.017; ARM disclosures and
Initial rate adjustment notice, 0.003; Periodic statements, 0.017;
Periodic statements in bankruptcy (one time), 16.5; Periodic statements
in bankruptcy (ongoing), 0.017; Post-consummation disclosures for
successors in interest (one time), 16.5; and Post-consummation
disclosures for successors in interest (ongoing), 0.17; Open and
Closed-End Mortgage: Pay off statements, 0.017; and Mortgage transfer
disclosure, 0.003; Certain Home Mortgage Types: Reverse mortgage
disclosures, and HOEPA disclosures, 0.017; HOEPA receipt of
certification of counseling for high-cost mortgages, 0.003; and
Appraisals for higher-priced mortgage loans: Review and provide copy of
initial appraisal, Investigate and verify requirement for additional
appraisal, and Review and provide copy of additional appraisal, 0.25;
Private Education Loans: Private student loan disclosures, 0.003; and
Advertising Rules (all credit types): Advertising rules, 0.417.
Estimated annual burden hours: Open-end (not home-secured credit):
Applications and solicitations, 89; Account opening disclosures, 853;
Periodic statements, 150,343; Change-in-terms disclosures, 12,526;
Timely settlement of estate debts policies, 121; Timely settlement of
estate debts--account information to estate administrator, 4; and
Ability to pay policies, 121; Open-End Credit--Home Equity Plans:
Application disclosures, 885; Account opening disclosures, 3,445;
Periodic statements, 54,105; Change-in-terms disclosures, 902; and
Notices to restrict credit, 730; All Open-End Credit: Error
resolution--credit cards, 1,047; Closed-End Credit--Non-Mortgage:
Closed-end credit disclosures, 2,305; Closed-End Credit--Mortgage:
Interest rate and payment summary and ``no-guarantee-to-refinance''
statement, 128; Loan estimate, 6,756; Closing disclosure, 4,967; ARM
disclosures, 34; Initial rate adjustment notice, 20; Periodic
statements, 7,335; Periodic statements in bankruptcy (one time),
12,491; Periodic statements in bankruptcy (ongoing), 77; Post-
consummation disclosures for successors in interest (one time), 12,491;
and Post-consummation disclosures for successors in interest (ongoing),
129; Open and Closed-End Mortgage: Pay off statements, 373; and
Mortgage transfer disclosure, 89; Certain Home Mortgage Types: Reverse
mortgage disclosures, 8; HOEPA disclosures, 1; HOEPA receipt of
certification of counseling for high-cost mortgages, 0; Appraisals for
higher-priced mortgage loans: Review and provide copy of initial
appraisal, 4,887; Investigate and verify requirement for additional
appraisal, 4,887; and Review and provide copy of additional appraisal,
202; Private Education Loans: Private student loan disclosures, 123;
and Advertising Rules (all credit types): Advertising rules, 1,580.
General description of report: 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.
Legal authorization and confidentiality: The disclosure,
recordkeeping, and other requirements of Regulation Z are authorized by
TILA, which directs the Bureau and, for certain lenders, the Board to
issue regulations implementing the statute. The obligation to respond
is mandatory.
The disclosures, records, policies and procedures required by
Regulation Z are not required to be submitted to the Board. To the
extent such information is obtained by the Board through the
examination process, they may be kept confidential under exemption 8 of
the Freedom of Information Act, which protects information contained in
or related to an examination of a financial institution.\5\
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\5\ 5 U.S.C. 552(b)(8).
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Current actions: On April 16, 2021, the Board published an initial
notice in the Federal Register (86 FR 20156) requesting public comment
for 60 days on the extension, with revision, of the FR Z. The Board
proposed to revise FR Z to: (1) Add burden related to disclosure
requirements in rules issued by the Bureau since the Board's last
Paperwork Reduction Act (PRA) submission, as well as for one
information collection for which the Bureau estimates burden but the
Board previously did not; (2) break out and clarify burden estimates
that were previously consolidated; and (3) eliminate burden associated
with certain requirements because the Bureau accounts for burden for
the entire industry, or because the burden is now deemed de minimis or
a part of an institution's usual and customary business practices. The
comment period for this notice expired on June 15, 2021. The Board did
not receive any comments. The revisions will be implemented as
proposed.
Board of Governors of the Federal Reserve System, August 26,
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-18833 Filed 8-31-21; 8:45 am]
BILLING CODE 6210-01-P
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</html>Indexed from Federal Register on September 1, 2021.
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