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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:
7100-0199
ICR Reference No:
202103-7100-006
Status:
Historical Active
Previous ICR Reference No:
201605-7100-001
Agency/Subagency:
FRS
Agency Tracking No:
FR Z
Title:
Recordkeeping and Disclosure Requirements Associated with Truth in Lending (Regulation Z)
Type of Information Collection:
No material or nonsubstantive change to a currently approved collection
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
03/17/2021
Retrieve Notice of Action (NOA)
Date Received in OIRA:
03/17/2021
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2021
05/31/2021
05/31/2021
Responses
14,189,381
0
38,029,410
Time Burden (Hours)
243,583
0
1,412,502
Cost Burden (Dollars)
0
0
0
Abstract:
The Truth in Lending Act (TILA) and Regulation Z promote the informed use of credit to consumers for personal, family, or household purposes by requiring disclosures about its terms and costs, as well as ensure that consumers are provided with timely information on the nature and costs of the residential real estate settlement process.
Authorizing Statute(s):
US Code:
15 USC 1604
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
Number of Information Collection (IC) in this ICR:
29
IC Title
Form No.
Form Name
Certain Home Mortgage Types: HOEPA disclosures (Sections 1026.32(a)(1) and 1026.32(c)) one-time
Certain Home Mortgage Types: HOEPA receipt of certification of counseling for high-cost mortgages (Sections 1026.34(a)(5)(i)) one-time
Closed-End Credit (Mortgage): ARM disclosure (Section 1026.20(c)) one-time
Closed-End Credit (Mortgage): Initial rate adjustment notice (Section 1026.20(d)) one-time
Closed-End Credit (Mortgage): Periodic statements (Section 1026.41) one-time
Closed-End Credit (Mortgage): Verification of documents for Qualified Mortgage (QM) and non-QM determination (Section 1026.43) one-time
Disclosure: Advertising Rules (all credit types) (Sections 026.16 and 1026.24)
Disclosure: All Open-End Credit: Error resolution - Credit Cards (Sections 1026.9(a))
Disclosure: All Open-End Credit: Error resolution - Other open-end credit (Sections 1026.13)
Disclosure: Certain Home Mortgage Types: Appraisals for higher-priced mortgage loans - Order and review additional appraisal (Sections 1026.43(c)(1). (c)2), (d), (e), and (f))
Disclosure: Certain Home Mortgage Types: Appraisals for higher-priced mortgage loans - Order and review initial appraisal (Sections 1026.43(c)(1). (c)2), (d), (e), and (f))
Disclosure: Certain Home Mortgage Types: Appraisals for higher-priced mortgage loans - Provide copy of initial and additional appraisals (Sections 1026.43(c)(1). (c)2), (d), (e), and (f))
Disclosure: Certain Home Mortgage Types: HOEPA disclosures (Sections 1026.31, 1026.32,and 1026.36
Disclosure: Certain Home Mortgage Types: Reverse mortgage disclosures (Sections 1026.31(c)(2) and 1026.33)
Disclosure: Closed-End Credit (Mortgage): ARM disclosure (Section 1026.20(c))
Disclosure: Closed-End Credit (Mortgage): Initial rate adjustment notice (Section 1026.20(d))
Disclosure: Closed-End Credit (Mortgage): Interest rate and payment summary (Section 1026.18(s)) and "No-guarantee-to-refinance" statement (Section 1026.(t)(1))
Disclosure: Closed-End Credit (Mortgage): Periodic statements (Section 1026.41)
Disclosure: Closed-End Credit (Non-Mortgage): Closed-end credit disclosures (Sections 1026.17 and 1026.18)
Disclosure: Open and Closed-End Mortgage: Mortgage transfer disclosure (Section 1026.39)
Disclosure: Open and Closed-End Mortgage: Prompt crediting & payoff statement (Section 1026.36(c)(3))
Disclosure: Open-End (Not Home-Secured) Credit: Account opening disclosures (Section 1026.6(b))
Disclosure: Open-End (Not Home-Secured) Credit: Applications and solicitations (Section 1026.60)
Disclosure: Open-End (Not Home-Secured) Credit: Change-in-terms disclosures (Section 1026.9)
Disclosure: Open-End (Not Home-Secured) Credit: Periodic statements (Section 1026.7(b))
Disclosure: Open-End (Not Home-Secured) Credit: Reporting and marketing rules for college student open-end credit (Section 1026.57(d)) and Internet posting of credit card agreements (Section 1026.58)
Disclosure: Open-End Credit (Home-Equity Plans): Account opening disclosures (Section 1026.6)
Disclosure: Open-End Credit (Home-Equity Plans): Application disclosures (Section 1026.40)
Disclosure: Open-End Credit (Home-Equity Plans): Change-in-terms disclosures (Section 1026.9(c)(1)(i) and (ii))
Disclosure: Open-End Credit (Home-Equity Plans): Notices to restrict credit (Sections 1026.9(c)(1)(iii) and 1026.40(f)(3)(i)) and (f)(3)(vi)
Disclosure: Open-End Credit (Home-Equity Plans): Periodic statements (Section 1026.7(a))
Disclosure: Private Education Loans: Private student loan disclosures (Section 1026.47)
Open and Closed-End Mortgage: Prompt crediting & payoff statement (Section 1026.36(c)(3)) one-time
Open-End (Not Home-Secured) Credit: Ability to pay policies (Section 1026.51) one-time
Open-End (Not Home-Secured) Credit: Timely settlement of estate debts policies (Section 1026.11(c))- one-time
Record Retention (Section 1026.25(c)(3)) one-time
Recordkeeping: Certain Home Mortgage Types: HOEPA receipt of certification of counseling for high-cost mortgages (Sections 1026.34(a)(5)(i))
Recordkeeping: Open-End (Not Home-Secured) Credit: Ability to pay policies (Section 1026.51)
Recordkeeping: Open-End (Not Home-Secured) Credit: Timely settlement of estate debts policies (Section 1026.11(c))
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
14,189,381
38,029,410
0
0
-23,840,029
0
Annual Time Burden (Hours)
243,583
1,412,502
0
0
-1,168,919
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:
Reduction in burden hours reflects elimination of one-time burden as well as adjustments to align methodologies with that of the Consumer Financial Protection Bureau.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
No
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
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?
No
Agency Contact:
Jennifer Williams 202 452-2446 jennifer.l.williams@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:
03/17/2021
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