Notice2021-19904
Agency Information Collection Activities; Submission for OMB Review; Comment Request
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 15, 2021
Issuing agencies
Federal Trade Commission
Abstract
The Federal Trade Commission (``FTC'' or ``Commission'') requests that the Office of Management and Budget (``OMB'') extend for three years the current Paperwork Reduction Act (``PRA'') clearances for information collection requirements contained in four consumer financial regulations enforced by the Commission. Those clearances expire on September 30, 2021.
Full Text
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<title>Federal Register, Volume 86 Issue 176 (Wednesday, September 15, 2021)</title>
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[Federal Register Volume 86, Number 176 (Wednesday, September 15, 2021)]
[Notices]
[Pages 51355-51357]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-19904]
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FEDERAL TRADE COMMISSION
Agency Information Collection Activities; Submission for OMB
Review; Comment Request
AGENCY: Federal Trade Commission.
ACTION: Notice.
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SUMMARY: The Federal Trade Commission (``FTC'' or ``Commission'')
requests that the Office of Management and Budget (``OMB'') extend for
three years the current Paperwork Reduction Act (``PRA'') clearances
for information collection requirements contained in four consumer
financial regulations enforced by the Commission. Those clearances
expire on September 30, 2021.
DATES: Comments must be filed by October 15, 2021.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under Review--Open for
Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Carole Reynolds or Stephanie
Rosenthal, Attorneys, Division of Financial Practices, Bureau of
Consumer Protection, Federal Trade Commission, 600 Pennsylvania Ave.
NW, Washington, DC 20580, (202) 326-3224.
SUPPLEMENTARY INFORMATION: The four regulations covered by this notice
are:
(1) Regulations promulgated under the Equal Credit Opportunity Act,
15 U.S.C. 1691 et seq. (``ECOA'') (``Regulation B'') (OMB Control
Number: 3084-0087);
(2) Regulations promulgated under the Electronic Fund Transfer Act,
15 U.S.C. 1693 et seq. (``EFTA'') (``Regulation E'') (OMB Control
Number: 3084-0085);
(3) Regulations promulgated under the Consumer Leasing Act, 15
U.S.C. 1667 et seq. (``CLA'') (``Regulation M'') (OMB Control Number:
3084-0086); and
(4) Regulations promulgated under the Truth-In-Lending Act, 15
U.S.C. 1601 et seq. (``TILA'') (``Regulation Z'') (OMB Control Number:
3084-0088).
Type of Review: Extension without change of currently approved
collection.
Affected Public: Private Sector: Businesses and other for-profit
entities.
Abstract: Under the Dodd-Frank Wall Street Reform and Consumer
Protection Act (``Dodd-Frank Act''), Public Law 111-203, 124 Stat. 1376
(2010), almost all rulemaking authority for the ECOA, EFTA, CLA, and
TILA transferred from the Board of Governors of the Federal Reserve
System (``Board'') to the Consumer Financial Protection Bureau
(``CFPB'') on July 21, 2011 (``transfer date''). To implement this
transferred authority, the CFPB published new regulations in 12 CFR
part 1002 (Regulation B), 12 CFR part 1005 (Regulation E), 12 CFR part
1013 (Regulation M), and 12 CFR part 1026 (Regulation Z) for those
entities under its rulemaking jurisdiction.\1\ Although the Dodd-Frank
Act transferred most rulemaking authority under ECOA, EFTA, CLA, and
TILA to the CFPB, the Board retained rulemaking authority for certain
motor vehicle dealers \2\ under all of these statutes and also for
certain interchange-related requirements under EFTA.\3\
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\1\ 12 CFR pt. 1002 (Reg. B) (81 FR 25323, Apr. 28, 2016); 12
CFR pt. 1005 (Reg. E) (81 FR 25323, Apr. 28, 2016); 12 CFR pt. 1013
(Reg. M) (81 FR 25323, Apr. 28, 2016); 12 CFR pt. 1026 (Reg. Z) (81
FR 25323, Apr. 28, 2016).
\2\ Generally, these are dealers ``predominantly engaged in the
sale and servicing of motor vehicles, the leasing and servicing of
motor vehicles, or both.'' See Dodd-Frank Act, Sec. 1029(a), (c),
12 U.S.C. 5519(a), (c).
\3\ See Dodd-Frank Act, Sec. 1075, 15 U.S.C. 1693 (these
requirements are implemented through Board Regulation II, 12 CFR pt.
235, rather than EFTA's implementing Regulation E).
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As a result of the Dodd-Frank Act, the FTC and the CFPB generally
share the authority to enforce Regulations B, E, M, and Z for entities
for which the FTC had enforcement authority before the Act, except for
certain motor vehicle dealers.\4\ Because of this shared
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enforcement jurisdiction, the two agencies have divided the FTC's
previously-cleared PRA burden estimates between them,\5\ except that
the FTC has assumed all of the burden estimates associated with motor
vehicle dealers \6\ and state-chartered credit unions. The division of
PRA burden hours not attributable to motor vehicle dealers and state-
chartered credit unions is reflected in the CFPB's PRA clearance
requests to OMB, as well as in the FTC's burden estimates below.
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\4\ The FTC's enforcement authority includes state-chartered
credit unions; other federal agencies also have various enforcement
authority over credit unions. For example, for large credit unions
(exceeding $10 billion in assets), the CFPB has certain authority.
The National Credit Union Administration also has certain authority
for state-chartered federally insured credit unions, and it
additionally provides insurance for certain state-chartered credit
unions through the National Credit Union Share Insurance Fund and
examines credit unions for various purposes. There are approximately
three state-chartered credit unions exceeding $10 billion in assets,
and the CFPB assumes PRA burden for those entities. As of the fourth
quarter of 2020, there were approximately 2,126 state-chartered
credit unions--1,914 which were federally insured, an estimated 112
or more which were privately insured, and an estimated 100 or more
in Puerto Rico which were insured by a quasi-governmental entity.
Because of the difficulty in parsing out PRA burden for such
entities in view of the overlapping authority, the FTC's figures
include PRA burden for all state-chartered credit unions. However,
in view of fluctuations due to COVID-19 and to avoid undercounting,
we have retained the prior estimate of 2,300 state-chartered credit
unions. As noted above, the CFPB's figures as to state-chartered
credit unions include burden for those entities exceeding $10
billion in assets. See generally Dodd-Frank Act, Sec. Sec. 1061,
1025, 1026. This attribution does not change actual enforcement
authority.
\5\ The CFPB also factors into its burden estimates respondents
over which it has jurisdiction but the FTC does not.
\6\ See Dodd-Frank Act Sec. 1029, 12 U.S.C. 5519(a), as to
motor vehicle dealers, as limited by subsection (b). Subsection (b)
does not preclude CFPB regulatory oversight regarding, among others,
businesses that extend retail credit or retail leases for motor
vehicles in which the credit or lease offered is provided directly
from those businesses, rather than unaffiliated third parties, to
consumers. It is not practicable, however, for PRA purposes, to
estimate the portion of dealers that engage in one form of financing
versus another (and that would or would not be subject to CFPB
oversight). Thus, FTC staff's PRA burden analysis reflects a general
estimated volume of motor vehicle dealers. This attribution does not
change actual enforcement authority.
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Pursuant to the Dodd-Frank Act, the FTC generally has sole
authority to enforce Regulations B, E, M, and Z regarding certain motor
vehicle dealers predominantly engaged in the sale and servicing of
motor vehicles, the leasing and servicing of motor vehicles, or both,
that, among other things, assign their contracts to unaffiliated third
parties.\7\ Because the FTC has exclusive jurisdiction to enforce these
rules for such motor vehicle dealers and retains its concurrent
authority with the CFPB for other types of motor vehicle dealers, and
in view of the different types of motor vehicle dealers, the FTC
retains the entire PRA burden for motor vehicle dealers in the burden
estimates below.
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\7\ See Dodd-Frank Act, Sec. 1029, 12 U.S.C. 5519(a), (c).
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1. Regulation B
The ECOA prohibits discrimination in the extension of credit.
Regulation B implements the ECOA, establishing disclosure requirements
to assist customers in understanding their rights under the ECOA and
recordkeeping requirements to assist agencies in enforcement.
Regulation B applies to retailers, mortgage lenders, mortgage brokers,
finance companies, and others.
Estimated Annual Burden Hours: 1,797,798 hours (Total).
Recordkeeping: 708,886 hours.
Disclosures: 1,088,912 hours.
Estimated Annual Labor Costs: $65,320,576 (Total).
Recordkeeping: $15,666,176.
Disclosures: $49,654,400.
Estimated Annual Non-Labor Costs: $0.
2. Regulation E
The EFTA requires that covered entities provide consumers with
accurate disclosure of the costs, terms, and rights relating to EFT and
certain other services. Regulation E implements the EFTA, establishing
disclosure and other requirements to aid consumers and recordkeeping
requirements to assist agencies with enforcement. It applies to
financial institutions, retailers, gift card issuers and others that
provide gift cards, service providers, various federal and state
agencies offering EFTs, prepaid account entities, and others.
Estimated Annual Burden Hours: Total: 7,435,956 hours.
Recordkeeping: 251,053 hours.
Disclosures: 7,184,903 hours.
Estimated Annual Labor Costs: $332,803,360 (Total).
Recordkeeping: $5,171,684.
Disclosures: $327,631,676.
Estimated Annual Non-Labor Costs: $0.
3. Regulation M
The CLA requires that covered entities provide consumers with
accurate disclosure of the costs and terms of leases. Regulation M
implements the CLA, establishing disclosure requirements to help
consumers comparison shop and understand the terms of leases and
recordkeeping requirements. It applies to vehicle lessors (such as auto
dealers, independent leasing companies, and manufacturers' captive
finance companies), computer lessors (such as computer dealers and
other retailers), furniture lessors, various electronic commerce
lessors, diverse types of lease advertisers, and others.
Estimated Annual Burden Hours: 101,953 hours (Total).
Recordkeeping: 30,203 hours.
Disclosures: 71,750 hours.
Estimated Annual Labor Costs: $5,954,060 (Total).
Recordkeeping: $1,763,860.
Disclosures: $4,190,200.
Estimated Annual Non-Labor Costs: $0.
4. Regulation Z
The TILA was enacted to foster comparison credit shopping and
informed credit decisionmaking by requiring creditors and others to
provide accurate disclosures regarding the costs and terms of credit to
consumers. Regulation Z implements the TILA, establishing disclosure
requirements to assist consumers and recordkeeping requirements to
assist agencies with enforcement. These requirements pertain to open-
end and closed-end credit and apply to various types of entities,
including mortgage companies; finance companies; auto dealerships;
private education loan companies; merchants who extend credit for goods
or services; credit advertisers; acquirers of mortgages; and others.
Additional requirements also exist in the mortgage area, including for
high cost mortgages, higher-priced mortgage loans,\8\ ability to pay of
mortgage consumers, mortgage servicing, loan originators, and certain
integrated mortgage disclosures.
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\8\ While Regulation Z also requires the creditor to provide a
short written disclosure regarding the appraisal process for higher-
priced mortgage loans, the disclosure is provided by the CFPB. As a
result, it is not a ``collection of information'' for PRA purposes
(see 5 CFR 1320.3(c)(2)).
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Estimated Annual Burden Hours: 8,416,441 (Total).
Recordkeeping: 561,866 hours.
Disclosures: 7,854,575 hours.
Estimated Annual Labor Costs: $369,744,078 (Total).
Recordkeeping: $11,574,450.
Disclosures: $358,169,628.
Estimated Annual Non-Labor Costs: $0.
Request for Comment: On May 17, 2021, the Commission sought comment
on the information collection requirements associated with Regulations
B, E, M, and Z. 86 FR 26,725 (May 17, 2021). No relevant comments were
received. Pursuant to the OMB regulations, 5 CFR part 1320, the FTC is
providing this second opportunity for public comment while seeking OMB
approval to renew clearance for the Rule's information collection
requirements.
Your comment--including your name and your state--will be placed on
the public record of this proceeding.
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Because your comment will be made public, you are solely responsible
for making sure that your comment does not include any sensitive
personal information, like anyone's Social Security number, date of
birth, driver's license number or other state identification number or
foreign country equivalent, passport number, financial account number,
or credit or debit card number. You are also solely responsible for
making sure that your comment does not include any sensitive health
information, like medical records or other individually identifiable
health information. In addition, do not include any ``[t]rade secret or
any commercial or financial information which is . . . privileged or
confidential'' as provided in Section 6(f) of the FTC Act 15 U.S.C.
46(f), and FTC Rule 4.10(a)(2), 16 CFR 4.10(a)(2). In particular, do
not include competitively sensitive information such as costs, sales
statistics, inventories, formulas, patterns devices, manufacturing
processes, or customer names.
Josephine Liu,
Assistant General Counsel for Legal Counsel.
[FR Doc. 2021-19904 Filed 9-14-21; 8:45 am]
BILLING CODE 6750-01-P
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</html>Indexed from Federal Register on September 15, 2021.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.