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OMB Control No: 3170-0050	ICR Reference No: 201412-3170-008
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: CFPB	Agency Tracking No: 10213
Title: Truth in Lending Act (Regulation Z) 12 CFR 1026 Pre-Paid Card Regulation
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule	Conclusion Date: 02/11/2015
	Date Received in OIRA: 01/05/2015
Terms of Clearance: 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		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

Abstract: The Bureau is proposing to amend Regulation E, which implements the Electronic Fund Transfer Act (EFTA); Regulation Z, which implements the Truth in Lending Act (TILA); and the official interpretation to the regulations. The proposal would create comprehensive consumer protection for prepaid financial products. It would expressly bring such products under the ambit of Regulation E as prepaid accounts and create new provisions specific to these accounts. The proposal would also include in Regulation E those prepaid accounts that share key characteristics, including cards, codes, or other devices capable of being loaded with funds and usable at a wide variety of unaffiliated merchants or for person-to-person transfers. The proposal would further modify certain Regulation E provisions to address how such accounts are marketed by financial institutions and used by consumers. These proposed modifications would establish disclosure requirements specific to prepaid accounts that would require financial institutions to provide certain disclosures to consumers prior to and after the acquisition of a prepaid account. The proposal also includes an option for an alternative to Regulation E's periodic statement requirement that would permit prepaid product providers to make available certain methods for access to account information for free in lieu of sending periodic statements. Additionally, it would apply Regulation E's limited liability and error resolution provisions to prepaid accounts, with certain modifications. Moreover, the proposal would also contain amendments to Regulations Z to regulate prepaid accounts with overdraft services or other credit features. Finally, the proposal would require prepaid account issuers to provide the Bureau with terms and conditions for prepaid accounts, which the Bureau would post on its website. Relatedly, issuers would also be required to post the terms and conditions on their own websites. To accommodate these changes, the Bureau is also proposing to make corresponding changes to various provisions in Regulations Z

Authorizing Statute(s): US Code: 15 USC 1601(a) 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-AA22	Proposed rulemaking	79 FR 77101	12/23/2014

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
Disclosure Requirements

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: No

Burden Reduction Due to:

Short Statement: The Bureau is proposing changes to Regulation Z so that prepaid account issuers that offer overdraft services or other credit features in connection with such accounts and charge a fee for the service (such as interest, transaction fees, annual fees, or other participation fees) generally would be subject to Regulation Z's credit card rules and disclosure requirements for open-end (not home-secured) consumer credit plans. In addition, the Bureau proposes to revise Regulation Z so that Regulation Z's credit card rules would apply to such features that are linked to prepaid accounts. The proposal would also require that an issuer must obtain consumer consent before adding overdraft services and credit features to a prepaid account and would prohibit the issuer from adding such features until at least 30 calendar days after a prepaid account has been registered. Moreover, the proposal would amend Regulation Z as it pertains to credit on prepaid accounts to provide that a consumer would have 21 days to repay the debt the consumer incurred in connection with using the overdraft service or credit feature. In most cases, the proposal would also prevent an issuer from immediately taking incoming payments to a prepaid account such as cash loads or direct deposits to repay and replenish the credit line.

Annual Cost to Federal Government:

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

View ICR - OIRA Conclusion