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OMB Control No: 7100-0199	ICR Reference No: 200904-7100-005
Status: Historical Active	Previous ICR Reference No: 200812-7100-001
Agency/Subagency: FRS	Agency Tracking No: Reg Z (R-1340)
Title: Recordkeeping and Disclosure Requirements in Connection with Regulation Z (Truth in Lending) and Section 227.28 of Regulation AA (Unfair or Deceptive Acts or Practices (UDAP))
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: 05/21/2009
Retrieve Notice of Action (NOA)	Date Received in OIRA: 05/21/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2009	08/31/2009	08/31/2009
Responses	8,810,294	0	8,809,156
Time Burden (Hours)	734,127	0	688,607
Cost Burden (Dollars)	0	0	0

Abstract: Truth In Lending Act (TILA) and Regulation Z ensure adequate disclosure of the costs and terms of credit to consumers. For open-end credit, creditors are required to disclose information about the initial costs and terms and to provide periodic statements of account activity, notices of changes in terms, and statements of rights concerning billing error procedures. The regulation also requires specific types of disclosures for credit and charge card accounts, and home-equity plans. For closed-end loans, such as mortgage and installment loans, cost disclosures are required to be provided prior to consummation. Special disclosures are required of certain products, such as reverse mortgages, certain variable-rate loans, and certain mortgages with rates and fees above specified thresholds. TILA and Regulation Z also contain rules concerning credit advertising. To ease the burden and cost of complying with Regulation Z (particularly for small entities), the Federal Reserve provides model forms, which are appended to the regulation. Creditors are required to retain evidence of compliance for twenty-four months (subpart D, section 226.25), but the regulation does not specify the types of records that must be retained.

Authorizing Statute(s): US Code: 15 USC 1601 and 1604(a) Name of Law: Consumer Credit Protection Act

Citations for New Statutory Requirements: PL: Pub.L. 110 - 289 2501 - 2503 Name of Law: Housing and Economic Recovery Act of 2008

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD26	Final or interim final rulemaking	74 FR 23289	05/19/2009

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? Yes

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute
Annual Number of Responses	8,810,294	8,809,156	1,138
Annual Time Burden (Hours)	734,127	688,607	45,520
Annual Cost Burden (Dollars)	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: On December 10, 2008, a notice of proposed rulemaking was published in the Federal Register for public comment (73 FR 74989). The Federal Reserve proposes to revise Regulation Z to implement provisions of the Mortgage Disclosure Improvement Act of 2008 (MDIA), as amended. The proposed revisions would require creditors to deliver good faith estimates of the required mortgage disclosures or place them in the mail no later than three business days after receiving a consumers application for dwelling-secured credit. The delivery or mailing must occur at least seven business days before consummation, and before the consumer pays any fee, other than a bona fide and reasonable fee for obtaining the consumers credit history. If the annual percentage rate provided in the good faith estimates changes beyond a stated tolerance, creditors must provide a corrected disclosure at least three business days before consummation of the transaction. The proposal would allow consumers to expedite consummation to meet a bona fide personal financial emergency. The PRA comment period expired February 9, 2009. The Federal Reserve received over 50 comment letters. On May 19, 2009, a notice of final rulemaking was published in the Federal Register adopting the amendments largely as proposed, with mandatory compliance by July 30, 2009 (74 FR 23289).

Annual Cost to Federal Government: $0

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

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

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

Is this ICR related to the Pandemic Response? Uncollected

Agency Contact: John Schmidt 202-728-5859 john.schmidt@frb.gov

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