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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:
3170-0015
ICR Reference No:
201608-3170-004
Status:
Historical Inactive
Previous ICR Reference No:
201510-3170-002
Agency/Subagency:
CFPB
Agency Tracking No:
RIN 3170-AA61 (NPRM)
Title:
Truth in Lending Act (Regulation Z) 12 CFR 1026
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Comment filed on proposed rule and continue
Conclusion Date:
12/22/2016
Retrieve Notice of Action (NOA)
Date Received in OIRA:
08/18/2016
Terms of Clearance:
Comment filed with proposed rules. Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR. The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2018
36 Months From Approved
10/31/2018
Responses
216,724,041
0
216,724,041
Time Burden (Hours)
10,055,000
0
10,055,000
Cost Burden (Dollars)
9,400,000
0
9,400,000
Abstract:
The Truth in Lending Act (TILA), 15 U.S.C. 1601 et seq., was enacted to foster comparison credit shopping and informed credit decision making by requiring accurate disclosure of the costs and terms of credit to consumers and to protect consumers against inaccurate and unfair credit billing practices. Creditors are subject to disclosure and other requirements that apply to open-end credit (e.g., revolving credit or credit lines) and closed-end credit (e.g., installment financing). TILA imposes disclosure requirements on all types of creditors in connection with consumer credit, including mortgage companies, finance companies, retailers, and credit card issuers, to ensure that consumers are fully apprised of the terms of financing prior to consummation of the transaction and, as in the case of the regulations covered by this rulemaking, during the loan term. This proposal would make several substantive changes to the TILA-RESPA Final Rule, along with clarifications, minor changes, and technical corrections: a) creating tolerance provisions for the total of payments disclosure in the Closing Disclosure; b) removing recording fees and taxes from the calculation of 1% threshold for the purposes of 1026.3(h) requirements; c) confirming that information collection requirements under the TILA-RESPA Final Rule apply to transactions secured by cooperative units; and d) confirming that post-consummation disclosure requirements apply to all covered transactions, not only those with an application date on or after October 3, 2015.
Authorizing Statute(s):
US Code:
15 USC 1601
Name of Law: Truth in Lending Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3170-AA61
Proposed rulemaking
81 FR 54318
08/15/2016
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Regulation Z Recordkeeping and Disclosure Requirements
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:
The Bureau is updating this Rule to add amendments and changes that it believes do not significantly change the burden of texisting information collections herein, it i is also removing the the one-time burden hour costs previously associated with the last amendment to Regulations Z as it believes those costs have now been fully absorbed by covered persons. In addition the additional 1,479 responses reflected here come from a recalculation of the Bureau’s estimates and a difference in the method of rounding used to make the calculation.
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:
Darrin King 202-693-4129 King.Darrin@dol.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:
08/18/2016
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