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OMB Control No: 7100-0199	ICR Reference No: 201303-7100-001
Status: Historical Active	Previous ICR Reference No: 201111-7100-004
Agency/Subagency: FRS	Agency Tracking No: Reg Z (R-1443) HPML
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: 10/28/2013
Retrieve Notice of Action (NOA)	Date Received in OIRA: 10/28/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2014	04/30/2014	04/30/2014
Responses	8,617,550	0	8,596,650
Time Burden (Hours)	1,525,908	0	1,517,443
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.

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 - 203 1400 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD90	Final or interim final rulemaking	78 FR 10368	02/13/2013

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 54722	09/05/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 10368	02/13/2013
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	8,617,550	8,596,650	20,900
Annual Time Burden (Hours)	1,525,908	1,517,443	8,465
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 September 5, 2012, a joint notice of proposed rulemaking (NPRM) was published in the Federal Register (77 FR 54722) for public comment to amend Regulation Z, which implements TILA. This NPRM implements Section 129H of TILA, which was enacted on July 21, 2010, by Section 1400 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. TILA Section 129H, sets forth appraisal requirements applicable to ''higher-risk mortgages.'' For mortgages with an annual percentage rate that exceeds the average prime offer rate by a specified percentage, the proposed rule would require creditors to obtain an appraisal or appraisals meeting certain specified standards, provide applicants with a notification regarding the use of the appraisals, and give applicants a copy of the written appraisals used. The comment period expired November 5, 2012. The Agencies received one comment that specifically addressed the paperwork burden estimates. The commenter asserted that the Agencies' proposed PRA estimates to comply with the new requirements were understated, but the commenter did not provide alternative estimates. The Agencies recognize that the amount of time required of institutions to comply with the requirements may vary; however, the Agencies continue to believe that estimates provided are reasonable averages. On February 13, 2013, a joint NFRM was published in the Federal Register (78 FR 10368). The requirements provided in the final rule are substantially similar to those provided in the proposed rule. Compliance with this final rule is effective January 18, 2014.

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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