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OMB Control No: 7100-0199	ICR Reference No: 201412-7100-012
Status: Historical Active	Previous ICR Reference No: 201303-7100-001
Agency/Subagency: FRS	Agency Tracking No: Reg Z (R-1443) HPML (Exemptions)
Title: Reporting, Recordkeeping, and Disclosure Requirements associated with Regulation Z (Truth in Lending)
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: 02/19/2015
	Date Received in OIRA: 02/19/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2015	04/30/2015	04/30/2015
Responses	8,617,207	0	8,617,550
Time Burden (Hours)	1,525,822	0	1,525,908
Cost Burden (Dollars)	0	0	0

Abstract: Truth in Lending Act (TILA) and Regulation Z ensure adequate disclosure of the costs and terms of credit to consumers. For open-end credit, 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. The regulation also requires specific types of disclosures for credit and charge card accounts, and home-equity plans. For closed-end loans, such as mortgage and installment loans, cost disclosures are required to be provided prior to consummation. Special disclosures are required of certain products, such as reverse mortgages, certain variable-rate loans, and certain mortgages with rates and fees above specified thresholds. TILA and Regulation Z also contain rules concerning credit advertising.

Authorizing Statute(s): US Code: 15 USC 1601 and 1604(a) Name of Law: Consumer Credit Protection Act

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 1400 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD90	Final or interim final rulemaking	78 FR 10368	02/13/2013

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 54722	09/05/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 10368	02/13/2013
Did the Agency receive public comments on this ICR? Yes

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute
Annual Number of Responses	8,617,207	8,617,550	-343
Annual Time Burden (Hours)	1,525,822	1,525,908	-86
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: On August 8, 2013, a joint notice of proposed rulemaking (NPRM) was published in the Federal Register (78 FR 48548) for public comment to amend Regulation Z, which implements TILA. This NPRM relates to an interagency appraisals final rule issued by the Agencies effective as of January 18, 2014. The interagency appraisal final rule implements a provision added to TILA by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requiring appraisals for higher-risk mortgages. For certain mortgages with an annual percentage rate that exceeds the average prime offer rate by a specified percentage, the Final Rule requires creditors to obtain an appraisal or appraisals meeting certain specified standards, provide applicants with a notification regarding the use of the appraisals, and give applicants a copy of the written appraisals used. The Agencies are proposing amendments to the final rule implementing these requirements; specifically, the Agencies are proposing exemptions from the rules for: (1) transactions secured by existing manufactured homes and not land; (2) certain "streamlined" refinancing; and (3) transactions of $25,000 or less. The NPRM comment period expired October 7, 2013. The Agencies received 12 comment letters regarding the NPRM from State credit union trade associations, national credit union trade association, state banking trade associations, small mortgage lenders, and community banking trade associations. On December 26, 2013, a joint notice of final rulemaking was published in the Federal Register (78 FR 78520). The requirements provided in the final rule are substantially similar to those provided in the proposed rule. Compliance with this final rule is effective January 18, 2014.

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: John Schmidt 202-728-5859 john.schmidt@frb.gov

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