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OMB Control No: 7100-0199	ICR Reference No: 201605-7100-001
Status: Historical Active	Previous ICR Reference No: 201412-7100-012
Agency/Subagency: FRS	Agency Tracking No: Reg Z
Title: Reporting, Recordkeeping, and Disclosure Requirements Associated with Truth in Lending (Regulation Z)
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: 05/27/2016
Retrieve Notice of Action (NOA)	Date Received in OIRA: 05/27/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2019	36 Months From Approved	10/31/2016
Responses	38,029,410	0	8,617,207
Time Burden (Hours)	1,412,502	0	1,525,822
Cost Burden (Dollars)	0	0	0

Abstract: The Truth in Lending Act (TILA) and Regulation Z ensure adequate disclosure of the costs and terms of credit to consumers. For open-end credit, such as credit cards and home-equity lines of credit (HELOCs), 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. For closed-end loans, such as mortgage and installment loans, cost disclosures are required prior to and at consummation. Special disclosures are required for certain products, such as reverse mortgages and high cost mortgages with rates and fees above specified thresholds. TILA and Regulation Z also contain rules concerning credit advertising. Creditors are required to comply with Regulation Z’s disclosure and other requirements unless the transaction is exempt. Regulation Z generally does not apply to consumer credit transactions that exceed a threshold amount, adjusted annually for inflation. However, regardless of the amount of credit extended, Regulation Z applies to (1) consumer credit secured by real property, (2) consumer credit secured by personal property used or expected to be used as the principal swelling of the consumer, and (3) private student loans. On July 21, 2011, rulemaking authority for TILA was transferred from the Board to the CFPB under the Dodd-Frank Act. In December 2011, the CFPB published an interim final rule establishing its own Regulation Z to implement TILA at 12 C.F.R. part 1026 that substantially duplicated the Federal Reserve’s Regulation Z. The CFPB has subsequently amended its Regulation Z to adopt rules required by the Dodd-Frank Act.

Authorizing Statute(s): US Code: 15 USC 1601 et seq. Name of Law: Truth in Lending Act

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 8492	02/19/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 27130	05/05/2016
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	38,029,410	8,617,207	29,412,203
Annual Time Burden (Hours)	1,412,502	1,525,822	-113,320
Annual Cost Burden (Dollars)	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: The Board proposes to modify Reg Z to account for preexisting regulatory requirements that were not included separately in prior notices and to account for the requirements of new rules issued during the past three years. A summary of the changes follows below. First, the Board proposes to modify Reg Z to account for new required rules issued by the CFPB to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). These include: * Combined closed-end mortgage disclosures under TILA and the Real Estate Settlement Procedures Act (RESPA), * A requirement that creditors must run a credit check on loan originators, * Requirements that creditors verify documents used to determine “qualified mortgage” status, * Mortgage payoff statement requirements, * Revised and additional adjustable rate mortgage (ARM) disclosures, * Periodic statements for closed-end residential mortgages, and * Revised and additional disclosures for high-cost mortgages under the Home Ownership Equity Protection Act (HOEPA). Second, the Board proposes to clarify and add several information collection elements for regulatory requirements that previously were accounted for as part of a more general category of information collections or were not previously included because institutions for whose burden the Board accounts did not engage in the relevant line of business to a material degree. These include: * A requirement that creditors of open-end (not home-secured) credit have policies to comply with requirements for the timely settlement of estate debts, * A requirement that creditors of open-end (not home-secured) credit have policies to comply with requirements to account for a consumer’s ability to repay a the debt, * Separate disclosures for open-end (not home-secured) and open-end (home-secured) credit, and * Reverse mortgage disclosures. Other proposed changes to Reg Z are non-substantive and intended for clarity.

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: Jennifer Williams 202 452-2446 jennifer.l.williams@frb.gov

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