View Information Collection Request (ICR) Package
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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:
3084-0088
ICR Reference No:
201803-3084-004
Status:
Historical Active
Previous ICR Reference No:
201504-3084-005
Agency/Subagency:
FTC
Agency Tracking No:
Title:
Regulation Z (Truth In Lending)
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
09/11/2018
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/26/2018
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
09/30/2021
36 Months From Approved
09/30/2018
Responses
993,127,660
0
2,101,751,340
Time Burden (Hours)
8,416,441
0
13,697,302
Cost Burden (Dollars)
0
0
0
Abstract:
Regulation Z requires accurate disclosure of the costs and terms of credit to consumers, including both open-end and closed-end credit. It also imposes advertising disclosure requirements and establishes billing error resolution procedures. It requires creditors to keep records sufficient to show compliance. Given their generally shared enforcement jurisdiction for Regulation Z under the Dodd-Frank Act, the Bureau of Consumer Financial Protection (“BCFP”) and the Federal Trade Commission ("FTC") have divided the FTC’s previously cleared PRA burden between them, except that the FTC has wholly assumed all of the burden estimates associated with motor vehicle dealers and is also doing so, when appropriate, regarding estimated burden for state-chartered credit unions. This clearance renewal request reflects these considerations in addition to updating the FTC estimates based on evolving market conditions.
Authorizing Statute(s):
US Code:
15 USC 1601 et seq.
Name of Law: Truth in Lending Act
PL:
Pub.L. 111 - 203 1024, 1029, 1061, 1100A
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 1024, 1029, 1061, 1100A Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
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:
83 FR 14273
04/03/2018
30-day Notice:
Federal Register Citation:
Citation Date:
83 FR 35477
07/26/2018
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
82
IC Title
Form No.
Form Name
Advertising (open-end credit) - prepaid accounts
Advertising (open-end credit) -- prepaid accounts updates
Advertising transaction-related (closed-end credit)
Advertising transaction-related (open-end credit)
Appraiser misconduct reporting: transaction-related (closed-end credit)
Appraiser misconduct rptg: transaction-related (open-end credit)
Closed-end credit: Sale, trsfr, or assignment of mtgs (transaction-related)
Closed-end credit: Setup for sale, transfer, or assignment of mtgs
College student credit card mktg -- card issuer rpts: transaction-related
College student credit card mktg -- ed. institutions_transaction-related
Credit & charge card accts (transaction-related) - prepaid accounts
Credit & charge card accts transaction-related
Credit and charge card accounts -- prepaid accounts
Credit disclosures transactions
Error resolution transactions
Error resolution transactions -- prepaid accounts followup
Home equity lines of credit transactions (open-end credit)
Incremental recordkeeping for credit card issuers re consumer ability to pay
Incremental recordkeeping for loan originators
Initial terms (open-end) transactions - prepaid accounts
Initial terms transactions
Integrated mortgage disclosures transactions
Loan originator transactions (closed-end credit)
Loan originator transactions (open-end credit)
Mortgage servicing transactions (closed-end credit)
Mortgage servicing transactions (open-end credit)
Open-end credit: Sale, trsfr, or assignment of mtgs (transaction-related)
Open-end credit: Setup for sale, transfer, or assignment of mtgs
Periodic statements transaction-related
Periodic statements transaction-related -- prepaid accounts
Posting & rptg of credit card agreements: transaction-related
Private education loans: transaction-related
Recordkeeping
Redisclosures: transaction-related
Rescission notices transactions (closed-end credit)
Rescission notices transactions (open-end credit)
Reverse mortgages transactions
Settlement of estate debts transaction-related
Setup for advertising disclosures (closed-end credit)
Setup for advertising disclosures (open-end credit)
Setup for appraiser misconduct reporting (closed-end credit)
Setup for appraiser misconduct reporting (open-end credit)
Setup for closed-end credit high cost mortgages
Setup for closed-end credit higher priced mortgages
Setup for college student credit card mktg -- card issuer reports
Setup for college student credit card mktg -- ed. institutions
Setup for credit and charge card accounts disclosures
Setup for credit card issuers re consumer ability to pay
Setup for credit disclosures
Setup for error resolution - prepaid accounts followup
Setup for error resolution disclosures
Setup for home equity lines of credit -- high-cost mortgages (open-end credit)
Setup for initial terms - prepaid accounts
Setup for initial terms disclosures
Setup for integrated mortgage disclosures
Setup for loan originator compensation requirements (closed-end)
Setup for loan originator compensation requirements (open-end credit)
Setup for mortgage servicing regarding prompt crediting & payoff responses (closed-end credit)
Setup for mortgage servicing regarding prompt crediting & payoff responses (open-end credit)
Setup for open-end credit home equity lines of credit disclosures
Setup for periodic statements - prepaid accounts
Setup for periodic statements disclosures
Setup for posting and reporting of credit card agreements
Setup for posting and reporting of prepaid account agreements
Setup for private education loans
Setup for redisclosures
Setup for rescission notices (closed-end credit)
Setup for rescission notices disclosures (open-end credit)
Setup for reverse mortgages disclosures
Setup for settlement of estate debts
Setup for special credit card requirements
Setup for subsequent disclosures
Setup for subsequent disclosures - prepaid accounts
Setup for variable rate mortgages disclosures
Special credit card requirements transaction-related
Subsequent disclosures transactions
Subsequent disclosures transactions -- prepaid accounts
Transactions for closed-end credit higher priced mortgages
Transactions for for closed-end credit high cost mortgages
Transactions for home equity LOCs high cost mtgs (open-end credit)
Transactions for posting and reporting of prepaid account agreements
Variable rate mortgages transactions
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
993,127,660
2,101,751,340
0
0
-1,108,623,680
0
Annual Time Burden (Hours)
8,416,441
13,697,302
0
0
-5,280,861
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:
Annual Cost to Federal Government:
$2,258,005
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?
Uncollected
Agency Contact:
Carole Reynolds 202 326-3230 creynolds@ftc.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:
07/26/2018
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