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OMB Control No: 7100-0199	ICR Reference No: 201103-7100-009
Status: Historical Active	Previous ICR Reference No: 201007-7100-004
Agency/Subagency: FRS	Agency Tracking No: Reg Z (R-1399)
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: 04/12/2011
Retrieve Notice of Action (NOA)	Date Received in OIRA: 04/12/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2014	36 Months From Approved	08/31/2012
Responses	8,748,122	0	8,745,846
Time Burden (Hours)	1,551,986	0	1,497,362
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. 111 - 24 123 Stat. 1734 Name of Law: Credit Card Accountability Responsisbility Act of 2009
PL: Pub.L. 111 - 22 123 Stat. 1632 Section 404(a) Name of Law: Helping Families Save Their Homes Act of 2009
PL: Pub.L. 110 - 315 1021-1022 Name of Law: Higher Education Opportunity Act (HEOA) of 2008
PL: Pub.L. 111 - 203 1100E, 124 Stat 1376 Name of Law: Dodd-Frank Act

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD59	Final or interim final rulemaking	76 FR 18354	04/04/2011

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute
Annual Number of Responses	8,748,122	8,745,846	2,276
Annual Time Burden (Hours)	1,551,986	1,497,362	54,624
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 16, 2010, a notice of proposed rulemaking (NPRM) was published in the Federal Register (75 FR 78636) requesting public comment on the proposed amendments to Regulation Z. The proposed amendments implement Section 1100E of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), which was signed into law on July 21, 2010. The Dodd-Frank Act raises TILA's $25,000 exemption threshold to $50,000, effective July 21, 2011. In addition, the Dodd-Frank Act requires that, on or after December 31, 2011, the threshold shall be adjusted annually for inflation by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPIW), as published by the Bureau of Labor Statistics. Beginning on January 1, 2012, the $50,000 threshold will be adjusted annually based on any annual percentage increase in the CPIW. The Federal Reserve is proposing to amend Section 226.3(b) and the accompanying commentary for consistency with the amendments to TILA's exemption threshold. The comment period for this NPRM expired February 14, 2011. The Federal Reserve received 10 comment letters; however, none specifically addressed the paperwork burden. On April 4, 2011, a notice of final rulemaking was published in the Federal Register (76 FR 18354) adopting the amendments largely as proposed, with mandatory compliance by July 21, 2011.

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]? Yes

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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