Notice2024-25039
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
October 29, 2024
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, without revision, the Recordkeeping and Disclosure Requirements Associated with CFPB's Regulation Z (FR Z; OMB No. 7100-0199).
Full Text
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<title>Federal Register, Volume 89 Issue 209 (Tuesday, October 29, 2024)</title>
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[Federal Register Volume 89, Number 209 (Tuesday, October 29, 2024)]
[Notices]
[Page 85972]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-25039]
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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, without revision, the
Recordkeeping and Disclosure Requirements Associated with CFPB's
Regulation Z (FR Z; OMB No. 7100-0199).
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, <a href="/cdn-cgi/l/email-protection#9bf5eef3fab5fef7f6fafcf3e9faf9f2dbfde9f9b5fcf4ed"><span class="__cf_email__" data-cfemail="ea849f828bc48f86878b8d82988b8883aa8c9888c48d859c">[email protected]</span></a>, (202)
452-3884.
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 (which contain more detailed
information about the information collections and burden estimates than
this notice), 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/reportingforms/home/review">https://www.federalreserve.gov/apps/reportingforms/home/review</a> or may
be requested from the agency clearance officer, whose name appears
above. On the page displayed at the link above, you can find the
supporting information by referencing the collection identifier, FR Z.
Final Approval under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of the Following Information Collection
Collection title: Recordkeeping and Disclosure Requirements
Associated with CFPB's Regulation Z.
Collection identifier: FR Z.
OMB control number: 7100-0199.
General description of collection: The Truth in Lending Act (TILA)
and Regulation Z require creditors to provide consumers with
disclosures about the costs, terms, and related information regarding a
wide range of credit products for personal, family, or household
purposes. Depending on the credit product, required disclosures include
information that must be provided at the time of the consumer's
application for credit, at consummation (for closed-end credit) or
account-opening (for open-end credit), and throughout the term of the
loan. The TILA and Regulation Z also contain rules concerning
recordkeeping and credit advertising.
The FR Z is the Board's information collection associated with the
Consumer Financial Protection Bureau's (CFPB's) Regulation Z. FR Z is
used to promote the informed use of credit by consumers for personal,
family, or household purposes by requiring these disclosures about the
terms and costs of these products, as well as ensuring that consumers
are provided with timely information on the nature and costs of the
residential real estate settlement process.
Frequency: Event-generated.
Respondents: 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.
Total estimated number of respondents: 3,695.
Total estimated annual burden hours: 387,079.
Current actions: On June 7, 2024, the Board published a notice in
the Federal Register (89 FR 48645) requesting public comment for 60
days on the extension, without revision, of the FR Z. The comment
period for this notice expired on August 6, 2024. The Board did not
receive any comments.
Board of Governors of the Federal Reserve System, October 23,
2024.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024-25039 Filed 10-28-24; 8:45 am]
BILLING CODE 6210-01-P
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