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View ICR - OIRA Conclusion

OMB Control No: 3084-0088	ICR Reference No: 200903-3084-005
Status: Historical Active	Previous ICR Reference No: 200601-3084-001
Agency/Subagency: FTC	Agency Tracking No:
Title: Regulation Z (Truth In Lending)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/27/2009
	Date Received in OIRA: 03/11/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2012	36 Months From Approved	04/30/2009
Responses	3,939,015,000	0	5,421,100,000
Time Burden (Hours)	12,415,418	0	17,639,000
Cost Burden (Dollars)	0	0	0

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Adjustment in Estimate
Annual Number of Responses	3,939,015,000	5,421,100,000	-1,482,085,000
Annual Time Burden (Hours)	12,415,418	17,639,000	-5,223,582
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: FTC staff have adjusted downward the prior overall burden estimate by 5,223,582 hours (from 17,639,000 to 12,415,418). This reduction is due to several factors. Open-end and closed-end entities and transactions have decreased (although reverse mortgages have increased, relative to prior estimates). While estimated advertising time for setup for open-end and closed-end mortgage transactions has increased, based on new rules effective October 1, 2009, the number of transactions has decreased, relative to prior FTC estimates. Moreover, computer technology use has expanded for closed-end transactions with lengthy disclosures; previously, more manual efforts were used, e.g., mortgage disclosures for general credit terms, variable rate transactions, and high rate-high fee loans. These combined factors thus reduce overall estimated burden.

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