Skip to main content
An official website of the United States government
The .gov means it's official.
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you're on a federal government site.
The site is secure.
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Search:
Agenda
Reg Review
ICR
This script is used to control the display of information in this page.
Display additional information by clicking on the following:
All
Brief and OIRA conclusion
Abstract/Justification
Legal Statutes
Rulemaking
FR Notices/Comments
IC List
Burden
Misc.
Common Form Info.
Certification
View Information Collection (IC) List
View Supporting Statement and Other Documents
Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
7100-0199
ICR Reference No:
201006-7100-007
Status:
Historical Active
Previous ICR Reference No:
201004-7100-003
Agency/Subagency:
FRS
Agency Tracking No:
Reg Z (R-1384)
Title:
Reporting, 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:
06/30/2010
Retrieve Notice of Action (NOA)
Date Received in OIRA:
06/30/2010
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
08/31/2012
08/31/2012
08/31/2012
Responses
8,744,962
0
8,743,824
Time Burden (Hours)
1,488,114
0
1,442,594
Cost Burden (Dollars)
0
0
0
Abstract:
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.
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 - 315 1021-1022 Name of Law: Higher Education Opportunity Act (HEOA) of 2008
PL: Pub.L. 111 - 24 123 Stat. 1734 Name of Law: Credit Card Accountability Responsisbility Act of 2009
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
7100-AD49
Final or interim final rulemaking
75 FR 37526
06/29/2010
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
20
IC Title
Form No.
Form Name
Advertising Rules
Credit & Charge Cards (Applications & Solicitations)
Credit Card Section 226.57(b) One-time change (R-1370)
Credit Card Section 226.57(d) One-time change (R-1370)
Credit Card Section 226.58 Agreements (ongoing) (R-1370)
Credit Card Section 226.58 Agreements one-time (R-1370)
Credit Card Section 226.7(b)(12) One-time change (R-1370)
Credit Card Section 226.9(g)(3) One-time change (R-1370)
Credit Card Sections: 226.5a, 226.6(b), 226.7(b), 226.9(c), 226.9(g), and 226.52(b) One-time change (R-1384)
Error Resolution (Credit Cards)
Error Resolution (Other Open-end Credit)
Home-Equity Plans (Applications Disclosure)
Home-Equity Plans (Restrictions Disclosure)
Periodic Statements
Private student loan - Application or Solicitation disclosure
Reg AA Section 227.14(b) Cosigner disclosure (R-1286)
Subpart B - Open-end credit (Change-In-Terms Disclosures) (R-1286)
Subpart B - Open-end credit (Initial Disclosures)
Subpart C - Closed-End Credit Disclosures
Subpart E - Pre-Closing Disclosure
ICR Summary 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
8,744,962
8,743,824
1,138
0
0
0
Annual Time Burden (Hours)
1,488,114
1,442,594
45,520
0
0
0
Annual Cost Burden (Dollars)
0
0
0
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:
In particular, the final rule requires that penalty fees imposed by card issuers be reasonable and proportional to the violation of the account terms. The final rule also requires credit card issuers to reevaluate at least every six months annual percentage rates increased on or after January 1, 2009. The final rule also requires that notices of rate increases for credit card accounts disclose the principal reasons for the increase.
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]?
No
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
Common Form ICR:
No
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:
06/30/2010
An official website of the United States government
The .gov means it's official.
The site is secure.
