Agency Information Collection Activities; Submission for OMB Review; Comment Request, 10584-10591 [E9-5113]

Download as PDF 10584 Federal Register / Vol. 74, No. 46 / Wednesday, March 11, 2009 / Notices set forth in paragraph 7 of the Act (12 U.S.C. 1817(j)(7)). The notices are available for immediate inspection at the Federal Reserve Bank indicated. The notices also will be available for inspection at the office of the Board of Governors. Interested persons may express their views in writing to the Reserve Bank indicated for that notice or to the offices of the Board of Governors. Comments must be received not later than March 24, 2009. A. Federal Reserve Bank of Chicago (Burl Thornton, Assistant Vice President) 230 South LaSalle Street, Chicago, Illinois 60690-1414: 1. Robert C. Fick, Davenport, Iowa; to acquire an additional 5 percent, for an aggregate ownership of 16 percent of River Valley Bancorp, Inc., Davenport, Iowa, and thereby indirectly acquire Valley Bank, Moline, Illinois; Freedom Bank, Sterling, Illinois; and Valley Bank, Fort Lauderdale, Florida. Board of Governors of the Federal Reserve System, March 6, 2009. Robert deV. Frierson, Deputy Secretary of the Board. [FR Doc. E9–5140 Filed 3–10–09; 8:45 am] BILLING CODE 6210–01–S FEDERAL RESERVE SYSTEM conducted throughout the United States. Additional information on all bank holding companies may be obtained from the National Information Center website at www.ffiec.gov/nic/. Unless otherwise noted, comments regarding each of these applications must be received at the Reserve Bank indicated or the offices of the Board of Governors not later than April 3, 2009. A. Federal Reserve Bank of Chicago (Burl Thornton, Assistant Vice President) 230 South LaSalle Street, Chicago, Illinois 60690–1414: 1. Grand River Commerce, Inc., Grandville, Michigan, to become a bank holding company by acquiring 100 percent of the voting shares of Grand River Bank (in organization), Grandville, Michigan. B. Federal Reserve Bank of Kansas City (Todd Offenbacker, Assistant Vice President) 1 Memorial Drive, Kansas City, Missouri 64198–0001: 1. CB Bancshares, Inc., Topeka, Kansas, to become a bank holding company by acquiring 100 percent of the voting shares of Citizens Bank of Weir, Weir, Kansas. Board of Governors of the Federal Reserve System, March 4, 2009. Robert deV. Frierson, Deputy Secretary of the Board. [FR Doc. E9–4863 Filed 3–10–09; 8:45 am] rwilkins on PROD1PC63 with NOTICES Formations of, Acquisitions by, and Mergers of Bank Holding Companies BILLING CODE 6210–01–S The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR Part 225), and all other applicable statutes and regulations to become a bank holding company and/or to acquire the assets or the ownership of, control of, or the power to vote shares of a bank or bank holding company and all of the banks and nonbanking companies owned by the bank holding company, including the companies listed below. The applications listed below, as well as other related filings required by the Board, are available for immediate inspection at the Federal Reserve Bank indicated. The applications also will be available for inspection at the offices of the Board of Governors. Interested persons may express their views in writing on the standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with the standards in section 4 of the BHC Act (12 U.S.C. 1843). Unless otherwise noted, nonbanking activities will be FEDERAL TRADE COMMISSION VerDate Nov<24>2008 17:01 Mar 10, 2009 Jkt 217001 Agency Information Collection Activities; Submission for OMB Review; Comment Request AGENCY: Federal Trade Commission (‘‘FTC’’ or ‘‘Commission’’). ACTION: Notice. SUMMARY: The information collection requirements described below will be submitted to the Office of Management and Budget (‘‘OMB’’) for review, as required by the Paperwork Reduction Act (‘‘PRA’’). The FTC is seeking public comments on its proposal to extend through March 31, 2012, the current PRA clearances for information collection requirements contained in four consumer financial regulations promulgated by the Federal Reserve Board and enforced by the Commission. Those clearances expire on March 31, 2009. Comments must be received on or before April 10, 2009. ADDRESSES: Interested parties are invited to submit written comments electronically or in paper form. Comments should refer to ‘‘Regs BEMZ, DATES: PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 PRA Comment, FTC File No. P084812’’ to facilitate the organization of comments. Please note that comments will be placed on the public record of this proceeding—including on the publicly accessible FTC website, at (https://www/ftc.gov/os/ publiccomments.shtm) — and therefore should not include any sensitive or confidential information. In particular, comments should not include any sensitive personal information, such as an individual’s Social Security Number; date of birth; driver’s license number or other state identification number, or foreign country equivalent; passport number; financial account number; or credit or debit card number. Comments also should not include any sensitive health information, such as medical records or other individually identifiable health information. In addition, comments should not include any ‘‘[t]rade secrets and commercial or financial information obtained from a person and privileged or confidential . . . ,’’ as provided in Section 6(f) of the FTC Act, 15 U.S.C. 46(f), and FTC Rule 4.10(a)(2), 16 CFR 4.10(a)(2). Comments containing material for which confidential treatment is requested must be filed in paper form, must be clearly labeled ‘‘Confidential,’’ and must comply with FTC Rule 4.9(c).1 Because paper mail addressed to the FTC is subject to delay to heightened security screening, please consider submitting your comments in electronic form. Comments filed in electronic form should be submitted by using the following weblink: (https:// secure.commentworks.com/ftcRegsBEMZ) (and following the instructions on the web-based form). To ensure that the Commission considers an electronic comment, you must file it on the web-based form at the weblink (https://secure.commentworks.com/ftcRegsBEMZ). If this Notice appears at (https://www.regulations.gov/search/ index.jsp), you may also file an electronic comment through that website. The Commission will consider all comments that regulations.gov forwards to it. A comment filed in paper form should include the ‘‘Regs BEMZ, PRA Comment, FTC File No. P084812‘‘ reference both in the text and on the envelope, and should be mailed or 1 FTC Rule 4.2(d), 16 CFR 4.2(d). The comment must be accompanied by an explicit request for confidential treatment, including the factual and legal basis for the request, and must identify the specific portions of the comment to be withheld from the public record. The request will be granted or denied by the Commission’s General Counsel, consistent with applicable law and the public interest. See FTC Rule 4.9(c), 16 CFR 4.9(c). E:\FR\FM\11MRN1.SGM 11MRN1 rwilkins on PROD1PC63 with NOTICES Federal Register / Vol. 74, No. 46 / Wednesday, March 11, 2009 / Notices delivered to the following address: Federal Trade Commission, Office of the Secretary, Room H-135 (Annex J), 600 Pennsylvania Avenue NW, Washington, DC 20580. The FTC is requesting that any comment filed in paper form be sent by courier or overnight service, if possible, because U.S. postal mail in the Washington area and at the Commission is subject to delay due to heightened security precautions. All comments should additionally be submitted to: Office of Information and Regulatory Affairs of OMB, Attention: Desk Officer for the Federal Trade Commission. Comments should be submitted via facsimile to (202) 3955167, because U.S. Postal Mail is subject to lengthy delays due to heightened security precautions. The FTC Act and other laws the Commission administers permit the collection of public comments to consider and use in this proceeding as appropriate. The Commission will consider all timely and responsive public comments that it receives, whether filed in paper or electronic form. Comments received will be available to the public on the FTC website, to the extent practicable, at (https://www.ftc.gov/os/ publiccomments.shtm). As a matter of discretion, the Commission makes every effort to remove home contact information for individuals from the public comments it receives before placing those comments on the FTC website. More information, including routine uses permitted by the Privacy Act, may be found in the FTC’s privacy policy, at (https://www.ftc.gov/ftc/ privacy.shtm). FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the proposed information requirements should be addressed to Carole Reynolds or James Chen, Attorneys, Division of Financial Practices, Bureau of Consumer Protection, Federal Trade Commission, 600 Pennsylvania Ave., N.W., Washington, D.C. 20580, (202) 326-3230 or (202) 326-2659. SUPPLEMENTARY INFORMATION: The four regulations covered by this notice are: (1) Regulations promulgated under The Equal Credit Opportunity Act, 15 U.S.C. 1691 et seq. (‘‘ECOA’’) (‘‘Regulation B’’) (OMB Control Number: 3084-0087); (2) Regulations promulgated under The Electronic Fund Transfer Act, 15 U.S.C. 1693 et seq. (‘‘EFTA’’) (‘‘Regulation E’’) (OMB Control Number: 3084-0085); (3) Regulations promulgated under The Consumer Leasing Act, 15 U.S.C. VerDate Nov<24>2008 17:01 Mar 10, 2009 Jkt 217001 1667 et seq. (‘‘CLA’’) (‘‘Regulation M’’) (OMB Control Number: 30840086); and (4) Regulations promulgated under The Truth-In-Lending Act, 15 U.S.C. 1601 et seq. (‘‘TILA’’) (‘‘Regulation Z’’) (OMB Control Number: 30840088). Each of these four rules impose certain recordkeeping and disclosure requirements associated with providing credit or with other financial transactions. As detailed below, the FTC staff has calculated the PRA burden for each rule based on the compliance costs of entities over which the FTC has jurisdiction. All of these rules require covered entities to keep certain records. FTC staff believes that these entities likely would retain these records in the normal course of business even absent the recordkeeping requirements in the rules.2 Covered entities, however, may incur some burden associated with ensuring that they do not prematurely dispose of relevant records (i.e., during the period of time when they are required to retain records by the applicable rule). Disclosure requirements involve both set-up and monitoring costs as well as certain transaction-specific costs. ‘‘Setup’’ burden, incurred by new entrants only, includes identifying the applicable disclosure requirements, determining compliance obligations, and designing and developing compliance systems and procedures. ‘‘Monitoring’’ burden, incurred by all covered entities, includes reviewing changes to regulatory requirements, making necessary revisions to compliance systems and procedures, and monitoring the ongoing operation of systems and procedures to ensure continued compliance. ‘‘Transaction-related’’ burden refers to the effort associated with providing the various required disclosures in individual transactions. While this burden varies with the number of transactions, the figures shown for transaction-related burden in the tables that follow are estimated averages. The actual range of compliance burden experienced by covered entities, and reflected in those averages, varies widely. Depending on the extent to which covered entities have developed computer-based systems and procedures for providing the required disclosures (and/or the extent to which entities utilize electronic transactions, communications, and/or electronic 2 PRA ‘‘burden’’ does not include effort expended in the ordinary course of business, regardless of any regulatory requirement. 5 CFR 1320.3(b)(2). PO 00000 Frm 00058 Fmt 4703 Sfmt 4703 10585 recordkeeping), and the efficacy of those systems and procedures, some entities may have little burden, while others may have a higher burden.3 Calculating the burden associated with the four regulations’ disclosure requirements is very difficult because of the highly diverse group of affected entities. The ‘‘respondents’’ included in the following burden calculations consist of credit and lease advertisers, creditors, financial institutions, service providers, certain government agencies and others involved in delivering electronic fund transfers (‘‘EFTs’’) of government benefits, and lessors.4 The burden estimates represent FTC staff’s best assessment, based on its knowledge and expertise relating to the financial services industry. To derive these estimates, FTC staff considered the wide variations in covered entities’: (1) size and location; (2) credit or lease products offered, extended, or advertised, and their particular terms; (3) types of EFTs used; (4) types and occurrences of adverse actions; (5) types of appraisal reports utilized; and (6) computer systems and electronic features of compliance operations. Because some covered entities make required disclosures in the ordinary course of business, these disclosures do not impose PRA burden on them. In addition, as noted above, some entities use computer-based and/or electronic means of providing the required disclosures, while others rely on methods requiring more manual effort. The cost estimates detailed below relate solely to labor costs, including the time necessary to train employees how to comply with the regulations. The applicable PRA requirements impose minimal capital or other non-labor costs, as affected entities generally have the necessary equipment for other business purposes. Similarly, FTC staff estimates that compliance with these rules entails minimal printing and copying costs beyond that associated with documenting financial transactions in the ordinary course of business. 3 For example, large companies may use computer-based and/or electronic means to provide required disclosures, including issuing some disclosures en masse, e.g., notices of changes in terms. Smaller companies may have less automated compliance systems but may nonetheless rely on electronic mechanisms for disclosures and recordkeeping. Regardless of size, some entities may utilize compliance systems that are fully integrated into their general business operational system; as such, they may have minimal additional burden. Other entities may have incorporated fewer of these approaches into their systems and may have a higher burden. 4 The Commission generally does not have jurisdiction over banks, thrifts, and federal credit unions under the applicable regulations. E:\FR\FM\11MRN1.SGM 11MRN1 10586 Federal Register / Vol. 74, No. 46 / Wednesday, March 11, 2009 / Notices 1. Regulation B The ECOA prohibits discrimination in the extension of credit. The Board of Governors of the Federal Reserve System (‘‘FRB’’) promulgated Regulation B, 12 CFR 202, to implement the ECOA. Regulation B establishes disclosure requirements to assist customers in understanding their rights under the ECOA and recordkeeping requirements to assist in detecting unlawful discrimination and other violations. The FTC enforces the ECOA as to all creditors except those (such as federally chartered or insured depository institutions) that are subject to the regulatory authority of another federal agency. Estimated annual hours burden: 3,129,437 hours, rounded to the nearest thousand (1,153,500 recordkeeping hours + 1,975,937 disclosure hours) Recordkeeping: FTC staff estimates that Regulation B’s general recordkeeping requirements affect 1,000,000 credit firms within the Commission’s jurisdiction, at an average annual burden of one hour per firm, for a total of 1,000,000 hours. Staff also estimates that the requirement that mortgage creditors monitor information about race/national origin, sex, age, and marital status imposes a maximum burden of one minute each5 for approximately 9 million credit applications,6 for a total of 150,000 hours. Staff also estimates that keeping records of self-testing pursuant to the regulation would affect 2,500 firms, with an average annual burden of one hour per firm, for a total of 2,500 hours, and that recordkeeping of any corrective action for self-testing would affect 250 firms in a given year, with an average annual burden of four hours per firm, for a total of 1,000 hours. The total estimated recordkeeping burden is 1,153,500 hours. Disclosure: Regulation B requires that creditors (i.e., entities that regularly participate in a credit decision, including setting the terms of the credit) provide notice whenever they take adverse action. It requires entities that extend various types of mortgage credit to provide a copy of the appraisal report to applicants or to notify them of their right to a copy of the report (and thereafter provide a copy of the report, upon the applicant’s request). It also requires that, for accounts that spouses may use or for which they are contractually liable, creditors who report credit history must do so in a manner reflecting both spouses’ participation. Further, it requires creditors that collect applicant characteristics for purposes of conducting a self-test to disclose to those applicants that providing the information is optional, that the creditor will not take the information into account in any aspect of the credit transaction, and, if applicable, that the information will be noted by visual observation or surname if the applicant chooses not to provide it.7 Regulation B applies to retailers, mortgage lenders, mortgage brokers, finance companies, utilities (for some requirements), and others. Below is FTC staff’s best estimate of burden applicable to the wide spectrum of these entities within the FTC’s jurisdiction. REGULATION B: DISCLOSURES—BURDEN HOURS Setup/Monitoring1 Disclosures Respondents Credit history reporting Adverse action notices Appraisal notices Appraisal reports Self-test disclosures Average Burden per Respondent (hours) 250,000 1,000,000 20,000 20,000 2,500 .25 .5 .5 .5 .5 Transaction-related2 Total Setup/ Monitoring Burden (hours) Number of Transactions 62,500 500,000 10,000 10,000 1,250 Average Burden per Transaction (minutes) 125,000,000 200,000,000 4,500,000 4,500,000 125,000 .25 .25 .25 .25 .25 Total Total Transaction Burden (hours) 520,833 833,333 18,750 18,750 521 Total Burden (hours) 583,333 1,333,333 28,750 28,750 1,771 1,975,937 1 With respect to appraisal notices and appraisal reports, the above figures reflect a decrease in applicable mortgage entities. The figures assume that approximately half of those entities (.5 x 40,000, or 20,000 businesses) would not otherwise provide this information and thus would be affected. The figures also assume that all applicable entities would provide notices first and thereafter provide the reports upon request. 2 The above figures reflect a decrease in mortgage transactions compared to prior FTC estimates. They assume that half of applicable mortgage transactions (.5 x 9,000,000, or 4,500,000) would not otherwise provide the appraisal notices and reports and thus would be affected. FTC staff calculated labor costs by applying appropriate hourly cost figures to the burden hours described above. The hourly rates used below ($41 for managerial or professional time, $30 for skilled technical time, and $16 for clerical time) are averages, based on the most currently available Bureau of Labor Statistics cost figures posted online.8 Recordkeeping: FTC staff estimates that the general recordkeeping responsibility of one hour per creditor would involve approximately 90 percent clerical time and 10 percent skilled technical time. Keeping records of race/national origin, sex, age, and marital status requires an estimated one minute of skilled technical time. Keeping records of the self-test responsibility and of any corrective actions requires an estimated one hour and four hours, respectively, of skilled technical time. As shown in the table below, the total recordkeeping cost is $22,005,000. 5 Regulation B contains model forms that creditors may use to gather and retain the required information. 6 The decrease in credit applications relative to prior FTC estimates is based on industry data regarding the approximate number of mortgage purchase and refinance originations. 7 The disclosure may be provided orally or in writing. Regulation B provides a model form to assist creditors in providing the written disclosure. 8 https://www.bls.gov/ncs/ncswage2007.htm (National Compensation Survey: Occupational Earnings in the United States 2007, US Department of Labor released August 2008, Bulletin 2704, Table 3 (‘‘Full-time civilian workers,’’ mean and median hourly wages). rwilkins on PROD1PC63 with NOTICES Estimated annual cost burden: $83,456,633 rounded to the nearest thousand ($22,005,000 recordkeeping cost + $61,451,633 disclosure cost) VerDate Nov<24>2008 17:01 Mar 10, 2009 Jkt 217001 PO 00000 Frm 00059 Fmt 4703 Sfmt 4703 E:\FR\FM\11MRN1.SGM 11MRN1 10587 Federal Register / Vol. 74, No. 46 / Wednesday, March 11, 2009 / Notices Disclosure: For each notice or information item listed, FTC staff estimates that the burden hours consist of 10 percent managerial time and 90 percent skilled technical time. As shown below, the total disclosure cost is $61,451,633. REGULATION B: RECORDKEEPING AND DISCLOSURES—COST Managerial Time (hours) Required Task General recordkeeping Other recordkeeping Recordkeeping of test Recordkeeping of corrective action Skilled Technical Cost ($41/hr.) Time (hours) Clerical Cost ($30/hr.) Time (hours) Total Cost ($) Cost ($16/hr.) 0 0 0 $0 $0 $0 100,000 150,000 2,500 $3,000,000 $4,500,000 $75,000 900,000 0 0 $14,400,000 $0 $0 $17,400,000 $4,500,000 $75,000 0 $0 1,000 $30,000 0 $0 $30,000 Total Recordkeeping $22,005,000 Credit history reporting Adverse action notices Appraisal notices Appraisal reports Self-test disclosure 58,333 133,333 2,875 2,875 177 $2,391,653 $5,466,653 $117,875 $117,875 $7,257 525,000 1,200,000 25,875 25,875 1,594 $15,750,000 $36,000,000 $776,250 $776,250 $47,820 0 0 0 0 0 $0 $0 $0 $0 $0 $18,141,653 $41,466,653 $894,125 $894,125 $55,077 Total Disclosures $61,451,633 Total Recordkeeping and Disclosures $83,456,633 2. Regulation E The EFTA requires accurate disclosure of the costs, terms, and rights relating to EFT services provided to consumers. The FRB promulgated Regulation E, 12 CFR 205, to implement the EFTA. Regulation E establishes disclosure requirements to assist consumers and establishes recordkeeping requirements to assist in enforcing the EFTA. The FTC enforces the EFTA as to all entities providing EFT services, except those (such as federally chartered or insured depository institutions) that are subject to the regulatory authority of another federal agency. Estimated annual hours burden: 3,731,342 hours (600,000 recordkeeping hours + approximately 3,131,342 disclosure hours) Recordkeeping: FTC staff estimates that Regulation E’s recordkeeping requirements affect 600,000 firms within the Commission’s jurisdiction that offer EFT services to consumers, at an average annual burden of one hour per firm, for a total of 600,000 hours. Disclosure: Regulation E applies to financial institutions (including certain retailers and various payees engaged in electronic commerce), service providers, various federal and state agencies offering EFTs, and others. Below is FTC staff’s best estimate of burden applicable to this very broad spectrum of covered entities. REGULATION E: DISCLOSURES—BURDEN HOURS Setup/Monitoring rwilkins on PROD1PC63 with NOTICES Disclosures1 Respondents Initial terms Change in terms Periodic statements Error resolution Transaction receipts2 Preauthorized transfers Service provider notices Govt. benefit notices ATM3 Electronic check conversion4 Payroll cards5 Average Burden per Respondent (hours) Transaction-related Total Setup/ Monitoring Burden (hours) Number of Transactions Average Burden per Transaction (minutes) .5 .5 .5 .5 .5 .5 .25 .5 .25 50,000 12,500 50,000 50,000 50,000 250,000 25,000 5,000 125 1,000,000 33,000,000 1,200,000,000 1,000,000 5,000,000,000 1,000,000 1,000,000 100,000,000 250,000 .02 .02 .02 5 .02 .25 .25 .25 .25 333 11,000 400,000 83,333 1,666,667 4,167 4,167 416,667 1,041 50,333 23,500 450,000 133,333 1,716,667 254,167 29,167 421,667 1,166 100,000 100 .5 .5 50,000 50 3,500,000 2,500 .02 3 1,167 125 51,167 175 3,131,342 This reflects an increase in entities offering EFT services to consumers. VerDate Nov<24>2008 Total Burden (hours) 100,000 25,000 100,000 100,000 100,000 500,000 100,000 10,000 500 Total 1 Total Transaction Burden (hours) 17:01 Mar 10, 2009 Jkt 217001 PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 E:\FR\FM\11MRN1.SGM 11MRN1 10588 Federal Register / Vol. 74, No. 46 / Wednesday, March 11, 2009 / Notices 2 Regulation E now exempts EFTs of $15 or less from receipt requirements, which could decrease the burden of providing transaction receipts. However, use of the exemption could involve reprogramming costs. Due to the relatively recent change, the burden associated with transaction receipts has not been changed. 3 Regulation E now permits ATM operators that do not charge fees for services in all circumstances to disclose on signs that a fee ‘‘may’’ (rather than ‘‘will’’) be charged. However, making this change would require replacing existing signage, which could increase disclosure burden. Due to the relatively recent change and its voluntary nature, the burden associated with ATM notice has not been revised. 4 Regulation E now includes requirements for electronic check conversion. 5 Regulation E now includes requirements for payroll cards. Estimated annual cost burden: $107,825,124, rounded to the nearest thousand ($10,440,000 recordkeeping cost + $97,385,124 disclosure cost) FTC staff calculated labor costs by applying appropriate hourly cost figures to the burden hours described above. The hourly rates used below ($41 for managerial or professional time, $30 for skilled technical time, and $16 for clerical time) are averages, based on current Bureau of Labor Statistics cost figures.9 Recordkeeping: For the 600,000 recordkeeping hours, FTC staff estimates that 10 percent of the burden hours require skilled technical time and 90 percent require clerical time. As shown below, the total recordkeeping cost is $10,440,000. Disclosure: For each notice or information item listed, FTC staff estimates that 10 percent of the burden hours require managerial time and 90 percent require skilled technical time. As shown below, the total disclosure cost is $97,385,124. REGULATION E: RECORDKEEPING AND DISCLOSURES—COST Managerial Required Task Time (hours) Recordkeeping Skilled Technical Cost ($41/hr.) Time (hours) Cost ($30/hr.) Clerical Time (hours) 0 Disclosures: Initial terms Change in terms Periodic statements Error resolution Transaction receipts Preauthorized transfers Service provider notices Govt. benefit notices ATM notices Electronic check conversion Payroll cards $0 60,000 $1,800,000 540,000 $8,640,000 $10,440,000 5,033 2,350 45,000 13,333 171,667 25,417 2,917 42,167 116 5,117 50 $206,353 $96,350 $1,845,000 $546,653 $7,038,347 $1,042,097 $119,597 $1,728,874 $4,756 $209,797 $2,050 45,300 21,150 405,000 120,000 1,545,000 228,750 26,250 379,500 1,050 46,050 125 $1,359,000 $634,500 $12,150,000 $3,600,000 $46,350,000 $6,826,500 $787,500 $11,385,000 $31,500 $1,381,500 $3,750 0 0 0 0 0 0 0 0 0 0 0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,565,353 $730,850 $13,995,000 $4,146,653 $53,388,347 $7,904,597 $907,097 $13,113,874 $36,256 $1,591,297 $5,800 Total Disclosures $97,385,124 Total Recordkeeping and Disclosures $107,825,124 rwilkins on PROD1PC63 with NOTICES 3. Regulation M The CLA requires accurate disclosure of the costs and terms of leases to consumers. The FRB promulgated Regulation M, 12 CFR 213, to implement the CLA. Regulation M establishes disclosure requirements that assist consumers in comparison shopping and in understanding the terms of leases and recordkeeping requirements that assist enforcement of the CLA. The FTC enforces the CLA as to all lessors and advertisers except those that are subject to the regulatory 9 authority of another federal agency (such as federally chartered or insured depository institutions). Estimated annual hours burden: 225,000 hours, rounded to the nearest thousand (120,000 recordkeeping hours + 104,875 disclosure hours) Recordkeeping: FTC staff estimates that Regulation M’s recordkeeping requirements affect approximately 120,000 firms within the Commission’s jurisdiction that lease products to consumers, at an average annual burden of one hour per firm, for a total of 120,000 hours. Disclosure: Regulation M applies to automobile lessors (such as auto dealers, independent leasing companies, and manufacturers’ captive finance companies), computer lessors (such as computer dealers and other retailers), furniture lessors, various electronic commerce lessors, diverse types of lease advertisers, and others. Below is FTC staff’s best estimate of burden applicable to the wide spectrum of these entities within the FTC’s jurisdiction. See note 8. VerDate Nov<24>2008 Total Cost ($) Cost ($16/hr.) 17:01 Mar 10, 2009 Jkt 217001 PO 00000 Frm 00061 Fmt 4703 Sfmt 4703 E:\FR\FM\11MRN1.SGM 11MRN1 10589 Federal Register / Vol. 74, No. 46 / Wednesday, March 11, 2009 / Notices REGULATION M: DISCLOSURES—BURDEN HOURS Setup/Monitoring Disclosures Respondents Auto Leases1 Other Leases2 Advertising Average Burden per Respondent (hours) 45,000 75,000 20,000 .75 .50 .50 Transaction-related Total Setup/ Monitoring Burden (hours) Number of Transactions 33,750 37,500 10,500 Average Burden per Transaction (minutes) 2,000,000 750,000 800,000 Total Transaction Burden (hours) .50 .25 .25 16,667 3,125 3,333 Total Total Burden (hours) 50,417 40,625 13,833 104,875 1 This category focuses on consumer vehicle leases. Vehicle leases are subject to more lease disclosure requirements (pertaining to computation of payment obligations) than other lease transactions. (Only consumer leases for more than four months are covered.) See 15 U.S.C. 1667(1); 12 CFR 213.2(e)(1). This reflects a decrease in auto leasing entities and transactions, relative to prior FTC estimates. 2 This category focuses on all types of consumer leases other than vehicle leases. It includes leases for computers, other electronics, small appliances, furniture, and other transactions. (Only consumers leases for more than four months are covered.) See 15 U.S.C. 1667(1); 12 CFR 213.2(e)(1). This reflects a decrease in consumer leasing entities and transactions, relative to prior FTC estimates. Estimated annual cost burden: $5,349,618, rounded to the nearest thousand ($2,088,000 recordkeeping cost + $3,261,618 disclosure cost) FTC staff calculated labor costs by applying appropriate hourly cost figures to the burden hours described above. The hourly rates used below ($41 for managerial or professional time, $30 for skilled technical time, and $16 for clerical time) are averages, based on current Bureau of Labor Statistics cost figures.10 Recordkeeping: For the 120,000 recordkeeping hours, FTC staff estimates that 10 percent of the burden hours require skilled technical time and 90 percent require clerical time. As shown in the table below, the total recordkeeping cost is $2,088,000. Disclosure: For each notice or information item listed, FTC staff estimates that 10 percent of the burden hours require managerial time and 90 percent require skilled technical time. As shown in the table below, the total disclosure cost is $3,261,618. REGULATION M: RECORDKEEPING AND DISCLOSURES—COST Managerial Required Task Time (hours) Recordkeeping Skilled Technical Cost ($41/hr.) Time (hours) Cost ($30/hr.) Clerical Time (hours) Total Cost ($) Cost ($16/hr.) 0 12,000 $360,000 108,000 $1,728,000 $2,088,000 5,042 4,063 1,383 Disclosures Auto Leases Other Leases Advertising $0 $206,722 $166,583 $56,703 45,375 36,562 12,450 $1,361,250 $1,096,860 $373,500 0 0 0 $0 $0 $0 $1,567,972 $1,263,443 $430,203 Total Disclosures $3,261,618 Total Recordkeeping and Disclosures $5,349,618 rwilkins on PROD1PC63 with NOTICES 4. Regulation Z The TILA was enacted to foster comparison credit shopping and informed credit decision making by requiring creditors and others to provide accurate disclosure of the costs and terms of credit to consumers. The FRB promulgated Regulation Z, 12 CFR 226, to implement the TILA. Regulation Z establishes disclosure requirements to assist consumers and recordkeeping requirements to assist enforcement of the TILA. The FTC enforces the TILA as to all creditors and advertisers except 10 those that are subject to the regulatory authority of another federal agency (such as federally chartered or insured depository institutions). Estimated annual hours burden: 12,415,413 hours, rounded to the nearest thousand (1,000,000 recordkeeping hours + 11,415,413 disclosure hours) Recordkeeping: FTC staff estimates that Regulation Z’s recordkeeping requirements affect approximately 1,000,000 firms within the Commission’s jurisdiction that offer credit, at an average annual burden of one hour per firm, for a total of 1,000,000 hours. Disclosure: Regulation Z disclosure requirements pertain to open-end and closed-end credit. The Regulation applies to various types of entities, including mortgage companies; finance companies; auto dealerships; student loan companies; merchants who extend credit for goods or services, credit advertisers; and others. Below is FTC staff’s best estimate of burden applicable to the wide spectrum of these entities within the FTC’s jurisdiction. See note 8. VerDate Nov<24>2008 17:01 Mar 10, 2009 Jkt 217001 PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 E:\FR\FM\11MRN1.SGM 11MRN1 10590 Federal Register / Vol. 74, No. 46 / Wednesday, March 11, 2009 / Notices REGULATION Z: DISCLOSURES—BURDEN HOURS Setup/Monitoring Disclosures1 Respondents Open-end credit: Initial terms Rescission notices Change in terms Periodic statements Error resolution Credit and charge card accounts Home equity lines of credit Advertising Closed-end credit: Credit disclosures Rescission notices Variable rate mortgages High rate/high-fee mortgages Reverse mortgages Advertising2 Average Burden per Respondent (hours) Transaction-related Total Setup/ Monitoring Burden (hours) Number of Transactions Average Burden per Transaction (minutes) Total Transaction Burden (hours) Total Burden (hours) 90,000 7,500 20,000 90,000 90,000 .5 .5 .5 .5 .5 45,000 3,750 10,000 45,000 45,000 40,000,000 400,000 125,000,000 3,500,000,000 8,000,000 .25 .25 .125 .0625 5 166,666 1,666 260,416 3,645,833 666,666 211,666 5,416 270,416 3,690,833 711,666 50,000 7,500 200,000 .5 .5 .5 25,000 3,750 100,000 25,000,000 3,500,000 600,000 .25 .25 .5 104,166 14,583 5,000 129,166 18,333 105,000 700,000 75,000 70,000 .5 .5 .5 350,000 37,500 35,000 200,000,000 30,000,000 2,000,000 1.5 1 1.5 5,000,000 500,000 50,000 5,350,000 537,500 85,000 40,000 50,000 450,000 .5 .5 .5 20,000 25,000 225,000 500,000 175,000 900,000 1.5 1 1 12,500 2,917 15,000 32,500 27,917 240,000 Total open-end credit Total closed-end credit 5,142,496 6,272,917 Total credit 11,415,413 1 Generally, open-end and closed-end entities and transactions have decreased, but reverse mortgages have increased, relative to prior FTC estimates. 2 Advertising time for setup for open-end and closed-end mortgage transactions is estimated to increase based on new rules effective October 1, 2009, but the number of transactions have decreased, relative to prior FTC estimates. Estimated annual cost burden: $372,419,363, rounded to the nearest thousand ($17,400,000 recordkeeping cost + $355,019,363 disclosure cost) FTC staff calculated labor costs by applying appropriate hourly cost figures to the burden hours described above. The hourly rates used below ($41 for managerial or professional time, $30 for skilled technical time, and $16 for clerical time) are averages, based on current Bureau of Labor Statistics cost figures.2 Recordkeeping: For the 1,000,000 recordkeeping hours, FTC staff estimates that 10 percent of the burden hours require skilled technical time and 90 percent require clerical time. As shown in the table below, the total recordkeeping cost is $17,400,000. Disclosure: For each notice or information item listed, FTC staff estimates that 10 percent of the burden hours require managerial time and 90 percent require skilled technical time. As shown in the table below, the total disclosure cost is $355,019,363. REGULATION Z: RECORDKEEPING AND DISCLOSURES—COST Managerial Required Task Time (hours) rwilkins on PROD1PC63 with NOTICES Recordkeeping Cost ($41/hr.) Time (hours) Cost ($30/hr.) Clerical Time (hours) $0 100,000 $3,000,000 900,000 $14,400,000 $17,400,000 21,167 542 27,042 369,083 71,167 $867,847 $22,222 $1,108,722 $15,132,403 $2,917,847 190,499 4,874 243,374 3,321,750 640,499 $5,714,970 $146,220 $7,301,220 $99,652,500 $19,214,970 0 0 0 0 0 $0 $0 $0 $0 $0 $6,582,817 $168,442 $8,409,942 $114,784,903 $22,132,817 12,917 1,833 10,500 $529,597 $75,153 $430,500 116,249 16,500 94,500 $3,487,470 $495,000 $2,835,000 0 0 0 $0 $0 $0 $4,017,067 $570,153 $3,265,500 See note 8. VerDate Nov<24>2008 Total Cost ($) Cost ($16/hr.) 0 Open-end credit Disclosures: Initial terms Rescission notices Change in terms Periodic statements Error resolution Credit and charge card accounts Home equity lines of credit Advertising 2 Skilled Technical 17:01 Mar 10, 2009 Jkt 217001 PO 00000 Frm 00063 Fmt 4703 Sfmt 4703 E:\FR\FM\11MRN1.SGM 11MRN1 10591 Federal Register / Vol. 74, No. 46 / Wednesday, March 11, 2009 / Notices REGULATION Z: RECORDKEEPING AND DISCLOSURES—COST—Continued Managerial Required Task Time (hours) Skilled Technical Cost ($41/hr.) Time (hours) Cost ($30/hr.) Clerical Time (hours) Total Cost ($) Cost ($16/hr.) Total open-end credit Closed-end credit Disclosures: Credit disclosures Rescission notices Variable rate mortgages High-rate/high-fee mortgages Reverse mortgages Advertising Total closed-end credit $159,931,641 535,000 53,750 8,500 $21,935,000 $2,203,750 $348,500 4,815,000 483,750 76,500 $144,450,000 $14,512,500 $2,295,000 0 0 0 $0 $0 $0 $166,385,000 $16,716,250 $2,643,500 3,250 2,792 24,000 $133,250 $114,472 $984,000 29,250 25,125 216,000 $877,500 $753,750 $6,480,000 0 0 0 $0 $0 $0 $1,010,750 $868,222 $7,464,000 $195,087,722 Total Disclosures $355,019,363 Total Recordkeeping and Disclosures $372,419,363 David C. Shonka, Acting General Counsel. [FR Doc. E9–5113 Filed 3–10–09: 8:45 am] collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Written comments should be received within 60 days of this notice. BILLING CODE 6750–01–S DEPARTMENT OF HEALTH AND HUMAN SERVICES Proposed Project Centers for Disease Control and Prevention [60 Day–09–08AG] rwilkins on PROD1PC63 with NOTICES Proposed Data Collections Submitted for Public Comment and Recommendations In compliance with the requirement of Section 3506(c)(2)(A) of the Paperwork Reduction Act of 1995 for opportunity for public comment on proposed data collection projects, the Centers for Disease Control and Prevention (CDC) will publish periodic summaries of proposed projects. To request more information on the proposed projects or to obtain a copy of the data collection plans and instruments, call 404–639–5960 or send comments to Maryam I. Daneshvar, CDC Reports Clearance Officer, 1600 Clifton Road, MS-D74, Atlanta, GA 30333 or send an e-mail to omb@cdc.gov. Comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimate of the burden of the proposed collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be VerDate Nov<24>2008 18:14 Mar 10, 2009 Jkt 217001 Formative Research and Tool Development—New—National Center for HIV, Viral Hepatitis, STD, and TB Prevention (NCHSTP), Centers for Disease Control and Prevention (CDC). Background and Brief Description CDC previously published a clearance mechanism to support behavioral projects for HIV/ AIDS prevention and control (Federal Register, volume 73, number 33 page 492 January 3, 2008). This project has been expanded to include formative research, and instrument testing for, sexually transmitted infections (STI), viral hepatitis, and tuberculosis elimination. Formative research is the basis for developing effective strategies including communication channels, for influencing behavior change. It helps researchers identify and understand the characteristics—interests, behaviors and needs—of target populations that influence their decisions and actions. Formative research is integral in developing programs as well as improving existing and ongoing programs. Formative research also looks at the community in which an intervention is being or planning to be implemented and helps the project staff understand the interests, attributes and PO 00000 Frm 00064 Fmt 4703 Sfmt 4703 needs of different populations and persons in their community. Formative research is research that occurs before a program is designed and implemented, or while a program is being conducted. Formative research is an integral part of developing programs or adapting programs that deal with the complexity of behaviors, social context, cultural identities, and health care that underlie the epidemiology of HIV/AIDS, viral hepatitis, STDs, and TB in the U.S. CDC conducts formative research to develop public-sensitive communication messages and userfriendly tools prior to developing or recommending interventions, or care. Sometimes these studies are entirely behavioral but most often they are cycles of interviews and focus groups designed to inform the formation of a product. Products from these studies will be used for sustainable projects for HIV/ AIDS, Sexually Transmitted Infections (STI), viral Hepatitis, and Tuberculosis prevention that are presented as evidence to disease specific National Advisory Committees, in order to support revisions to existing prevention and intervention methods, and new recommendations which cannot be developed without formative research. Much of CDC’s health communication takes place within campaigns that have fairly lengthy planning periods— timeframes that accommodate the standard Federal process for approving data collections. Short term qualitative interviewing and cognitive research techniques have previously proven invaluable in the development of scientifically valid and population- E:\FR\FM\11MRN1.SGM 11MRN1

Agencies

FEDERAL TRADE COMMISSION

[Federal Register Volume 74, Number 46 (Wednesday, March 11, 2009)]
[Notices]
[Pages 10584-10591]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-5113]

=======================================================================
-----------------------------------------------------------------------

FEDERAL TRADE COMMISSION

Agency Information Collection Activities; Submission for OMB
Review; Comment Request

AGENCY: Federal Trade Commission (``FTC'' or ``Commission'').

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: The information collection requirements described below will
be submitted to the Office of Management and Budget (``OMB'') for
review, as required by the Paperwork Reduction Act (``PRA''). The FTC
is seeking public comments on its proposal to extend through March 31,
2012, the current PRA clearances for information collection
requirements contained in four consumer financial regulations
promulgated by the Federal Reserve Board and enforced by the
Commission. Those clearances expire on March 31, 2009.

DATES: Comments must be received on or before April 10, 2009.

ADDRESSES: Interested parties are invited to submit written comments
electronically or in paper form. Comments should refer to ``Regs BEMZ,
PRA Comment, FTC File No. P084812'' to facilitate the organization of
comments. Please note that comments will be placed on the public record
of this proceeding--including on the publicly accessible FTC website,
at (https://www/ftc.gov/os/publiccomments.shtm) -- and therefore should
not include any sensitive or confidential information. In particular,
comments should not include any sensitive personal information, such as
an individual's Social Security Number; date of birth; driver's license
number or other state identification number, or foreign country
equivalent; passport number; financial account number; or credit or
debit card number. Comments also should not include any sensitive
health information, such as medical records or other individually
identifiable health information. In addition, comments should not
include any ``[t]rade secrets and commercial or financial information
obtained from a person and privileged or confidential . . . ,'' as
provided in Section 6(f) of the FTC Act, 15 U.S.C. 46(f), and FTC Rule
4.10(a)(2), 16 CFR 4.10(a)(2). Comments containing material for which
confidential treatment is requested must be filed in paper form, must
be clearly labeled ``Confidential,'' and must comply with FTC Rule
4.9(c).\1\
---------------------------------------------------------------------------

\1\ FTC Rule 4.2(d), 16 CFR 4.2(d). The comment must be
accompanied by an explicit request for confidential treatment,
including the factual and legal basis for the request, and must
identify the specific portions of the comment to be withheld from
the public record. The request will be granted or denied by the
Commission's General Counsel, consistent with applicable law and the
public interest. See FTC Rule 4.9(c), 16 CFR 4.9(c).
---------------------------------------------------------------------------

Because paper mail addressed to the FTC is subject to delay to
heightened security screening, please consider submitting your comments
in electronic form. Comments filed in electronic form should be
submitted by using the following weblink: (https://
secure.commentworks.com/ftc-RegsBEMZ) (and following the instructions
on the web-based form). To ensure that the Commission considers an
electronic comment, you must file it on the web-based form at the
weblink (https://secure.commentworks.com/ftc-RegsBEMZ). If this Notice
appears at (https://www.regulations.gov/search/index.jsp), you may also
file an electronic comment through that website. The Commission will
consider all comments that regulations.gov forwards to it.
A comment filed in paper form should include the ``Regs BEMZ, PRA
Comment, FTC File No. P084812`` reference both in the text and on the
envelope, and should be mailed or

[[Page 10585]]

delivered to the following address: Federal Trade Commission, Office of
the Secretary, Room H-135 (Annex J), 600 Pennsylvania Avenue NW,
Washington, DC 20580. The FTC is requesting that any comment filed in
paper form be sent by courier or overnight service, if possible,
because U.S. postal mail in the Washington area and at the Commission
is subject to delay due to heightened security precautions.
All comments should additionally be submitted to: Office of
Information and Regulatory Affairs of OMB, Attention: Desk Officer for
the Federal Trade Commission. Comments should be submitted via
facsimile to (202) 395-5167, because U.S. Postal Mail is subject to
lengthy delays due to heightened security precautions.
The FTC Act and other laws the Commission administers permit the
collection of public comments to consider and use in this proceeding as
appropriate. The Commission will consider all timely and responsive
public comments that it receives, whether filed in paper or electronic
form. Comments received will be available to the public on the FTC
website, to the extent practicable, at (https://www.ftc.gov/os/
publiccomments.shtm). As a matter of discretion, the Commission makes
every effort to remove home contact information for individuals from
the public comments it receives before placing those comments on the
FTC website. More information, including routine uses permitted by the
Privacy Act, may be found in the FTC's privacy policy, at (https://
www.ftc.gov/ftc/privacy.shtm).

FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the proposed information requirements should be addressed to
Carole Reynolds or James Chen, Attorneys, Division of Financial
Practices, Bureau of Consumer Protection, Federal Trade Commission, 600
Pennsylvania Ave., N.W., Washington, D.C. 20580, (202) 326-3230 or
(202) 326-2659.

SUPPLEMENTARY INFORMATION: The four regulations covered by this notice
are:

(1) Regulations promulgated under The Equal Credit Opportunity Act, 15
U.S.C. 1691 et seq. (``ECOA'') (``Regulation B'') (OMB Control Number:
3084-0087);
(2) Regulations promulgated under The Electronic Fund Transfer Act, 15
U.S.C. 1693 et seq. (``EFTA'') (``Regulation E'') (OMB Control Number:
3084-0085);
(3) Regulations promulgated under The Consumer Leasing Act, 15 U.S.C.
1667 et seq. (``CLA'') (``Regulation M'') (OMB Control Number: 3084-
0086); and
(4) Regulations promulgated under The Truth-In-Lending Act, 15 U.S.C.
1601 et seq. (``TILA'') (``Regulation Z'') (OMB Control Number: 3084-
0088).

Each of these four rules impose certain recordkeeping and
disclosure requirements associated with providing credit or with other
financial transactions. As detailed below, the FTC staff has calculated
the PRA burden for each rule based on the compliance costs of entities
over which the FTC has jurisdiction. All of these rules require covered
entities to keep certain records. FTC staff believes that these
entities likely would retain these records in the normal course of
business even absent the recordkeeping requirements in the rules.\2\
Covered entities, however, may incur some burden associated with
ensuring that they do not prematurely dispose of relevant records
(i.e., during the period of time when they are required to retain
records by the applicable rule).
---------------------------------------------------------------------------

\2\ PRA ``burden'' does not include effort expended in the
ordinary course of business, regardless of any regulatory
requirement. 5 CFR 1320.3(b)(2).
---------------------------------------------------------------------------

Disclosure requirements involve both set-up and monitoring costs as
well as certain transaction-specific costs. ``Set-up'' burden, incurred
by new entrants only, includes identifying the applicable disclosure
requirements, determining compliance obligations, and designing and
developing compliance systems and procedures. ``Monitoring'' burden,
incurred by all covered entities, includes reviewing changes to
regulatory requirements, making necessary revisions to compliance
systems and procedures, and monitoring the ongoing operation of systems
and procedures to ensure continued compliance. ``Transaction-related''
burden refers to the effort associated with providing the various
required disclosures in individual transactions. While this burden
varies with the number of transactions, the figures shown for
transaction-related burden in the tables that follow are estimated
averages.
The actual range of compliance burden experienced by covered
entities, and reflected in those averages, varies widely. Depending on
the extent to which covered entities have developed computer-based
systems and procedures for providing the required disclosures (and/or
the extent to which entities utilize electronic transactions,
communications, and/or electronic recordkeeping), and the efficacy of
those systems and procedures, some entities may have little burden,
while others may have a higher burden.\3\
---------------------------------------------------------------------------

\3\ For example, large companies may use computer-based and/or
electronic means to provide required disclosures, including issuing
some disclosures en masse, e.g., notices of changes in terms.
Smaller companies may have less automated compliance systems but may
nonetheless rely on electronic mechanisms for disclosures and
recordkeeping. Regardless of size, some entities may utilize
compliance systems that are fully integrated into their general
business operational system; as such, they may have minimal
additional burden. Other entities may have incorporated fewer of
these approaches into their systems and may have a higher burden.
---------------------------------------------------------------------------

Calculating the burden associated with the four regulations'
disclosure requirements is very difficult because of the highly diverse
group of affected entities. The ``respondents'' included in the
following burden calculations consist of credit and lease advertisers,
creditors, financial institutions, service providers, certain
government agencies and others involved in delivering electronic fund
transfers (``EFTs'') of government benefits, and lessors.\4\ The burden
estimates represent FTC staff's best assessment, based on its knowledge
and expertise relating to the financial services industry. To derive
these estimates, FTC staff considered the wide variations in covered
entities': (1) size and location; (2) credit or lease products offered,
extended, or advertised, and their particular terms; (3) types of EFTs
used; (4) types and occurrences of adverse actions; (5) types of
appraisal reports utilized; and (6) computer systems and electronic
features of compliance operations.
---------------------------------------------------------------------------

\4\ The Commission generally does not have jurisdiction over
banks, thrifts, and federal credit unions under the applicable
regulations.
---------------------------------------------------------------------------

Because some covered entities make required disclosures in the
ordinary course of business, these disclosures do not impose PRA burden
on them. In addition, as noted above, some entities use computer-based
and/or electronic means of providing the required disclosures, while
others rely on methods requiring more manual effort.
The cost estimates detailed below relate solely to labor costs,
including the time necessary to train employees how to comply with the
regulations. The applicable PRA requirements impose minimal capital or
other non-labor costs, as affected entities generally have the
necessary equipment for other business purposes. Similarly, FTC staff
estimates that compliance with these rules entails minimal printing and
copying costs beyond that associated with documenting financial
transactions in the ordinary course of business.

[[Page 10586]]

1. Regulation B

The ECOA prohibits discrimination in the extension of credit. The
Board of Governors of the Federal Reserve System (``FRB'') promulgated
Regulation B, 12 CFR 202, to implement the ECOA. Regulation B
establishes disclosure requirements to assist customers in
understanding their rights under the ECOA and recordkeeping
requirements to assist in detecting unlawful discrimination and other
violations. The FTC enforces the ECOA as to all creditors except those
(such as federally chartered or insured depository institutions) that
are subject to the regulatory authority of another federal agency.

Estimated annual hours burden: 3,129,437 hours, rounded to the
nearest thousand (1,153,500 recordkeeping hours + 1,975,937 disclosure
hours)

Recordkeeping: FTC staff estimates that Regulation B's general
recordkeeping requirements affect 1,000,000 credit firms within the
Commission's jurisdiction, at an average annual burden of one hour per
firm, for a total of 1,000,000 hours. Staff also estimates that the
requirement that mortgage creditors monitor information about race/
national origin, sex, age, and marital status imposes a maximum burden
of one minute each\5\ for approximately 9 million credit
applications,\6\ for a total of 150,000 hours. Staff also estimates
that keeping records of self-testing pursuant to the regulation would
affect 2,500 firms, with an average annual burden of one hour per firm,
for a total of 2,500 hours, and that recordkeeping of any corrective
action for self-testing would affect 250 firms in a given year, with an
average annual burden of four hours per firm, for a total of 1,000
hours. The total estimated recordkeeping burden is 1,153,500 hours.
---------------------------------------------------------------------------

\5\ Regulation B contains model forms that creditors may use to
gather and retain the required information.
\6\ The decrease in credit applications relative to prior FTC
estimates is based on industry data regarding the approximate number
of mortgage purchase and refinance originations.
---------------------------------------------------------------------------

Disclosure: Regulation B requires that creditors (i.e., entities
that regularly participate in a credit decision, including setting the
terms of the credit) provide notice whenever they take adverse action.
It requires entities that extend various types of mortgage credit to
provide a copy of the appraisal report to applicants or to notify them
of their right to a copy of the report (and thereafter provide a copy
of the report, upon the applicant's request). It also requires that,
for accounts that spouses may use or for which they are contractually
liable, creditors who report credit history must do so in a manner
reflecting both spouses' participation. Further, it requires creditors
that collect applicant characteristics for purposes of conducting a
self-test to disclose to those applicants that providing the
information is optional, that the creditor will not take the
information into account in any aspect of the credit transaction, and,
if applicable, that the information will be noted by visual observation
or surname if the applicant chooses not to provide it.\7\
---------------------------------------------------------------------------

\7\ The disclosure may be provided orally or in writing.
Regulation B provides a model form to assist creditors in providing
the written disclosure.
---------------------------------------------------------------------------

Regulation B applies to retailers, mortgage lenders, mortgage
brokers, finance companies, utilities (for some requirements), and
others. Below is FTC staff's best estimate of burden applicable to the
wide spectrum of these entities within the FTC's jurisdiction.

Regulation B: Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
Setup/Monitoring\1\ Transaction-related\2\
--------------------------------------------------------------------------------
Total Setup/ Total
Disclosures Average Average Total Burden
Respondents Burden per Monitoring Number of Burden per Transaction (hours)
Respondent Burden Transactions Transaction Burden
(hours) (hours) (minutes) (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Credit history reporting 250,000 .25 62,500 125,000,000 .25 520,833 583,333
Adverse action notices 1,000,000 .5 500,000 200,000,000 .25 833,333 1,333,333
Appraisal notices 20,000 .5 10,000 4,500,000 .25 18,750 28,750
Appraisal reports 20,000 .5 10,000 4,500,000 .25 18,750 28,750
Self-test disclosures 2,500 .5 1,250 125,000 .25 521 1,771
............ ........... ........... ............ ........... ........... ...........
Total ............ ........... ........... ............ ........... ........... 1,975,937
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ With respect to appraisal notices and appraisal reports, the above figures reflect a decrease in applicable mortgage entities. The figures assume
that approximately half of those entities (.5 x 40,000, or 20,000 businesses) would not otherwise provide this information and thus would be affected.
The figures also assume that all applicable entities would provide notices first and thereafter provide the reports upon request.
\2\ The above figures reflect a decrease in mortgage transactions compared to prior FTC estimates. They assume that half of applicable mortgage
transactions (.5 x 9,000,000, or 4,500,000) would not otherwise provide the appraisal notices and reports and thus would be affected.

Estimated annual cost burden: $83,456,633 rounded to the nearest
thousand ($22,005,000 recordkeeping cost + $61,451,633 disclosure cost)

FTC staff calculated labor costs by applying appropriate hourly
cost figures to the burden hours described above. The hourly rates used
below ($41 for managerial or professional time, $30 for skilled
technical time, and $16 for clerical time) are averages, based on the
most currently available Bureau of Labor Statistics cost figures posted
online.\8\
---------------------------------------------------------------------------

\8\ https://www.bls.gov/ncs/ncswage2007.htm (National
Compensation Survey: Occupational Earnings in the United States
2007, US Department of Labor released August 2008, Bulletin 2704,
Table 3 (``Full-time civilian workers,'' mean and median hourly
wages).
---------------------------------------------------------------------------

Recordkeeping: FTC staff estimates that the general recordkeeping
responsibility of one hour per creditor would involve approximately 90
percent clerical time and 10 percent skilled technical time. Keeping
records of race/national origin, sex, age, and marital status requires
an estimated one minute of skilled technical time. Keeping records of
the self-test responsibility and of any corrective actions requires an
estimated one hour and four hours, respectively, of skilled technical
time. As shown in the table below, the total recordkeeping cost is
$22,005,000.

[[Page 10587]]

Disclosure: For each notice or information item listed, FTC staff
estimates that the burden hours consist of 10 percent managerial time
and 90 percent skilled technical time. As shown below, the total
disclosure cost is $61,451,633.

Regulation B: Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
Managerial Skilled Technical Clerical
------------------------------------------------------------------------------ Total Cost
Required Task Time Cost ($41/ Time Cost ($30/ Time Cost ($16/ ($)
(hours) hr.) (hours) hr.) (hours) hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
General recordkeeping 0 $0 100,000 $3,000,000 900,000 $14,400,000 $17,400,000
Other recordkeeping 0 $0 150,000 $4,500,000 0 $0 $4,500,000
Recordkeeping of test 0 $0 2,500 $75,000 0 $0 $75,000
Recordkeeping of corrective action 0 $0 1,000 $30,000 0 $0 $30,000
........... ........... ........... ........... ........... ........... ...........
Total Recordkeeping ........... ........... ........... ........... ........... ........... $22,005,000
........... ........... ........... ........... ........... ........... ...........
Credit history reporting 58,333 $2,391,653 525,000 $15,750,000 0 $0 $18,141,653
Adverse action notices 133,333 $5,466,653 1,200,000 $36,000,000 0 $0 $41,466,653
Appraisal notices 2,875 $117,875 25,875 $776,250 0 $0 $894,125
Appraisal reports 2,875 $117,875 25,875 $776,250 0 $0 $894,125
Self-test disclosure 177 $7,257 1,594 $47,820 0 $0 $55,077
........... ........... ........... ........... ........... ........... ...........
Total Disclosures ........... ........... ........... ........... ........... ........... $61,451,633
........... ........... ........... ........... ........... ........... ...........
Total Recordkeeping and Disclosures ........... ........... ........... ........... ........... ........... $83,456,633
--------------------------------------------------------------------------------------------------------------------------------------------------------

2. Regulation E

The EFTA requires accurate disclosure of the costs, terms, and
rights relating to EFT services provided to consumers. The FRB
promulgated Regulation E, 12 CFR 205, to implement the EFTA. Regulation
E establishes disclosure requirements to assist consumers and
establishes recordkeeping requirements to assist in enforcing the EFTA.
The FTC enforces the EFTA as to all entities providing EFT services,
except those (such as federally chartered or insured depository
institutions) that are subject to the regulatory authority of another
federal agency.

Estimated annual hours burden: 3,731,342 hours (600,000
recordkeeping hours + approximately 3,131,342 disclosure hours)

Recordkeeping: FTC staff estimates that Regulation E's
recordkeeping requirements affect 600,000 firms within the Commission's
jurisdiction that offer EFT services to consumers, at an average annual
burden of one hour per firm, for a total of 600,000 hours.
Disclosure: Regulation E applies to financial institutions
(including certain retailers and various payees engaged in electronic
commerce), service providers, various federal and state agencies
offering EFTs, and others. Below is FTC staff's best estimate of burden
applicable to this very broad spectrum of covered entities.

Regulation E: Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
Setup/Monitoring Transaction-related
--------------------------------------------------------------------------------
Total Setup/ Total
Disclosures\1\ Average Average Total Burden
Respondents Burden per Monitoring Number of Burden per Transaction (hours)
Respondent Burden Transactions Transaction Burden
(hours) (hours) (minutes) (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Initial terms 100,000 .5 50,000 1,000,000 .02 333 50,333
Change in terms 25,000 .5 12,500 33,000,000 .02 11,000 23,500
Periodic statements 100,000 .5 50,000 1,200,000,00 .02 400,000 450,000
0
Error resolution 100,000 .5 50,000 1,000,000 5 83,333 133,333
Transaction receipts\2\ 100,000 .5 50,000 5,000,000,00 .02 1,666,667 1,716,667
0
Preauthorized transfers 500,000 .5 250,000 1,000,000 .25 4,167 254,167
Service provider notices 100,000 .25 25,000 1,000,000 .25 4,167 29,167
Govt. benefit notices 10,000 .5 5,000 100,000,000 .25 416,667 421,667
ATM\3\ 500 .25 125 250,000 .25 1,041 1,166
Electronic check conversion\4\ 100,000 .5 50,000 3,500,000 .02 1,167 51,167
Payroll cards\5\ 100 .5 50 2,500 3 125 175
............ ........... ........... ............ ........... ........... ...........
Total ............ ........... ........... ............ ........... ........... 3,131,342
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ This reflects an increase in entities offering EFT services to consumers.

[[Page 10588]]

\2\ Regulation E now exempts EFTs of $15 or less from receipt requirements, which could decrease the burden of providing transaction receipts. However,
use of the exemption could involve reprogramming costs. Due to the relatively recent change, the burden associated with transaction receipts has not
been changed.
\3\ Regulation E now permits ATM operators that do not charge fees for services in all circumstances to disclose on signs that a fee ``may'' (rather
than ``will'') be charged. However, making this change would require replacing existing signage, which could increase disclosure burden. Due to the
relatively recent change and its voluntary nature, the burden associated with ATM notice has not been revised.
\4\ Regulation E now includes requirements for electronic check conversion.
\5\ Regulation E now includes requirements for payroll cards.

Estimated annual cost burden: $107,825,124, rounded to the nearest
thousand ($10,440,000 recordkeeping cost + $97,385,124 disclosure cost)

FTC staff calculated labor costs by applying appropriate hourly
cost figures to the burden hours described above. The hourly rates used
below ($41 for managerial or professional time, $30 for skilled
technical time, and $16 for clerical time) are averages, based on
current Bureau of Labor Statistics cost figures.\9\
---------------------------------------------------------------------------

\9\ See note 8.
---------------------------------------------------------------------------

Recordkeeping: For the 600,000 recordkeeping hours, FTC staff
estimates that 10 percent of the burden hours require skilled technical
time and 90 percent require clerical time. As shown below, the total
recordkeeping cost is $10,440,000.
Disclosure: For each notice or information item listed, FTC staff
estimates that 10 percent of the burden hours require managerial time
and 90 percent require skilled technical time. As shown below, the
total disclosure cost is $97,385,124.

Regulation E: Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
Managerial Skilled Technical Clerical
------------------------------------------------------------------------------ Total Cost
Required Task Time Cost ($41/ Time Cost ($30/ Time Cost ($16/ ($)
(hours) hr.) (hours) hr.) (hours) hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping 0 $0 60,000 $1,800,000 540,000 $8,640,000 $10,440,000
........... ........... ........... ........... ........... ........... ...........
Disclosures: ........... ........... ........... ........... ........... ........... ...........
Initial terms 5,033 $206,353 45,300 $1,359,000 0 $0 $1,565,353
Change in terms 2,350 $96,350 21,150 $634,500 0 $0 $730,850
Periodic statements 45,000 $1,845,000 405,000 $12,150,000 0 $0 $13,995,000
Error resolution 13,333 $546,653 120,000 $3,600,000 0 $0 $4,146,653
Transaction receipts 171,667 $7,038,347 1,545,000 $46,350,000 0 $0 $53,388,347
Preauthorized transfers 25,417 $1,042,097 228,750 $6,826,500 0 $0 $7,904,597
Service provider notices 2,917 $119,597 26,250 $787,500 0 $0 $907,097
Govt. benefit notices 42,167 $1,728,874 379,500 $11,385,000 0 $0 $13,113,874
ATM notices 116 $4,756 1,050 $31,500 0 $0 $36,256
Electronic check conversion 5,117 $209,797 46,050 $1,381,500 0 $0 $1,591,297
Payroll cards 50 $2,050 125 $3,750 0 $0 $5,800
........... ........... ........... ........... ........... ........... ...........
Total Disclosures ........... ........... ........... ........... ........... ........... $97,385,124
........... ........... ........... ........... ........... ........... ...........
Total Recordkeeping and Disclosures ........... ........... ........... ........... ........... ........... $107,825,12
4
--------------------------------------------------------------------------------------------------------------------------------------------------------

3. Regulation M

The CLA requires accurate disclosure of the costs and terms of
leases to consumers. The FRB promulgated Regulation M, 12 CFR 213, to
implement the CLA. Regulation M establishes disclosure requirements
that assist consumers in comparison shopping and in understanding the
terms of leases and recordkeeping requirements that assist enforcement
of the CLA. The FTC enforces the CLA as to all lessors and advertisers
except those that are subject to the regulatory authority of another
federal agency (such as federally chartered or insured depository
institutions).

Estimated annual hours burden: 225,000 hours, rounded to the
nearest thousand (120,000 recordkeeping hours + 104,875 disclosure
hours)

Recordkeeping: FTC staff estimates that Regulation M's
recordkeeping requirements affect approximately 120,000 firms within
the Commission's jurisdiction that lease products to consumers, at an
average annual burden of one hour per firm, for a total of 120,000
hours.
Disclosure: Regulation M applies to automobile lessors (such as
auto dealers, independent leasing companies, and manufacturers' captive
finance companies), computer lessors (such as computer dealers and
other retailers), furniture lessors, various electronic commerce
lessors, diverse types of lease advertisers, and others. Below is FTC
staff's best estimate of burden applicable to the wide spectrum of
these entities within the FTC's jurisdiction.

[[Page 10589]]

Regulation M: Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
Setup/Monitoring Transaction-related
--------------------------------------------------------------------------------
Total Setup/ Total
Disclosures Average Average Total Burden
Respondents Burden per Monitoring Number of Burden per Transaction (hours)
Respondent Burden Transactions Transaction Burden
(hours) (hours) (minutes) (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Auto Leases\1\ 45,000 .75 33,750 2,000,000 .50 16,667 50,417
Other Leases\2\ 75,000 .50 37,500 750,000 .25 3,125 40,625
Advertising 20,000 .50 10,500 800,000 .25 3,333 13,833
............ ........... ........... ............ ........... ........... ...........
Total ............ ........... ........... ............ ........... ........... 104,875
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ This category focuses on consumer vehicle leases. Vehicle leases are subject to more lease disclosure requirements (pertaining to computation of
payment obligations) than other lease transactions. (Only consumer leases for more than four months are covered.) See 15 U.S.C. 1667(1); 12 CFR
213.2(e)(1). This reflects a decrease in auto leasing entities and transactions, relative to prior FTC estimates.
\2\ This category focuses on all types of consumer leases other than vehicle leases. It includes leases for computers, other electronics, small
appliances, furniture, and other transactions. (Only consumers leases for more than four months are covered.) See 15 U.S.C. 1667(1); 12 CFR
213.2(e)(1). This reflects a decrease in consumer leasing entities and transactions, relative to prior FTC estimates.

Estimated annual cost burden: $5,349,618, rounded to the nearest
thousand ($2,088,000 recordkeeping cost + $3,261,618 disclosure cost)

FTC staff calculated labor costs by applying appropriate hourly
cost figures to the burden hours described above. The hourly rates used
below ($41 for managerial or professional time, $30 for skilled
technical time, and $16 for clerical time) are averages, based on
current Bureau of Labor Statistics cost figures.\10\
---------------------------------------------------------------------------

\10\ See note 8.
---------------------------------------------------------------------------

Recordkeeping: For the 120,000 recordkeeping hours, FTC staff
estimates that 10 percent of the burden hours require skilled technical
time and 90 percent require clerical time. As shown in the table below,
the total recordkeeping cost is $2,088,000.
Disclosure: For each notice or information item listed, FTC staff
estimates that 10 percent of the burden hours require managerial time
and 90 percent require skilled technical time. As shown in the table
below, the total disclosure cost is $3,261,618.

Regulation M: Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
Managerial Skilled Technical Clerical
------------------------------------------------------------------------------ Total Cost
Required Task Time Cost ($41/ Time Cost ($30/ Time Cost ($16/ ($)
(hours) hr.) (hours) hr.) (hours) hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping 0 $0 12,000 $360,000 108,000 $1,728,000 $2,088,000
........... ........... ........... ........... ........... ........... ...........
Disclosures ........... ........... ........... ........... ........... ........... ...........
Auto Leases 5,042 $206,722 45,375 $1,361,250 0 $0 $1,567,972
Other Leases 4,063 $166,583 36,562 $1,096,860 0 $0 $1,263,443
Advertising 1,383 $56,703 12,450 $373,500 0 $0 $430,203
........... ........... ........... ........... ........... ........... ...........
Total Disclosures ........... ........... ........... ........... ........... ........... $3,261,618
........... ........... ........... ........... ........... ........... ...........
Total Recordkeeping and Disclosures ........... ........... ........... ........... ........... ........... $5,349,618
--------------------------------------------------------------------------------------------------------------------------------------------------------

4. Regulation Z

The TILA was enacted to foster comparison credit shopping and
informed credit decision making by requiring creditors and others to
provide accurate disclosure of the costs and terms of credit to
consumers. The FRB promulgated Regulation Z, 12 CFR 226, to implement
the TILA. Regulation Z establishes disclosure requirements to assist
consumers and recordkeeping requirements to assist enforcement of the
TILA. The FTC enforces the TILA as to all creditors and advertisers
except those that are subject to the regulatory authority of another
federal agency (such as federally chartered or insured depository
institutions).

Estimated annual hours burden: 12,415,413 hours, rounded to the
nearest thousand (1,000,000 recordkeeping hours + 11,415,413 disclosure
hours)

Recordkeeping: FTC staff estimates that Regulation Z's
recordkeeping requirements affect approximately 1,000,000 firms within
the Commission's jurisdiction that offer credit, at an average annual
burden of one hour per firm, for a total of 1,000,000 hours.
Disclosure: Regulation Z disclosure requirements pertain to open-
end and closed-end credit. The Regulation applies to various types of
entities, including mortgage companies; finance companies; auto
dealerships; student loan companies; merchants who extend credit for
goods or services, credit advertisers; and others. Below is FTC staff's
best estimate of burden applicable to the wide spectrum of these
entities within the FTC's jurisdiction.

[[Page 10590]]

Regulation Z: Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
Setup/Monitoring Transaction-related
--------------------------------------------------------------------------------
Total Setup/ Total
Disclosures\1\ Average Average Total Burden
Respondents Burden per Monitoring Number of Burden per Transaction (hours)
Respondent Burden Transactions Transaction Burden
(hours) (hours) (minutes) (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Open-end credit: ............ ........... ........... ............ ........... ........... ...........
Initial terms 90,000 .5 45,000 40,000,000 .25 166,666 211,666
Rescission notices 7,500 .5 3,750 400,000 .25 1,666 5,416
Change in terms 20,000 .5 10,000 125,000,000 .125 260,416 270,416
Periodic statements 90,000 .5 45,000 3,500,000,00 .0625 3,645,833 3,690,833
0
Error resolution 90,000 .5 45,000 8,000,000 5 666,666 711,666
Credit and charge card accounts 50,000 .5 25,000 25,000,000 .25 104,166 129,166
Home equity lines of credit 7,500 .5 3,750 3,500,000 .25 14,583 18,333
Advertising 200,000 .5 100,000 600,000 .5 5,000 105,000
............ ........... ........... ............ ........... ........... ...........
Closed-end credit: ............ ........... ........... ............ ........... ........... ...........
Credit disclosures 700,000 .5 350,000 200,000,000 1.5 5,000,000 5,350,000
Rescission notices 75,000 .5 37,500 30,000,000 1 500,000 537,500
Variable rate mortgages 70,000 .5 35,000 2,000,000 1.5 50,000 85,000
High rate/high-fee mortgages 40,000 .5 20,000 500,000 1.5 12,500 32,500
Reverse mortgages 50,000 .5 25,000 175,000 1 2,917 27,917
Advertising\2\ 450,000 .5 225,000 900,000 1 15,000 240,000
............ ........... ........... ............ ........... ........... ...........
Total open-end credit ............ ........... ........... ............ ........... ........... 5,142,496
Total closed-end credit ............ ........... ........... ............ ........... ........... 6,272,917
............ ........... ........... ............ ........... ........... ...........
Total credit ............ ........... ........... ............ ........... ........... 11,415,413
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Generally, open-end and closed-end entities and transactions have decreased, but reverse mortgages have increased, relative to prior FTC estimates.
\2\ Advertising time for setup for open-end and closed-end mortgage transactions is estimated to increase based on new rules effective October 1, 2009,
but the number of transactions have decreased, relative to prior FTC estimates.

Estimated annual cost burden: $372,419,363, rounded to the nearest
thousand ($17,400,000 recordkeeping cost + $355,019,363 disclosure
cost)

FTC staff calculated labor costs by applying appropriate hourly
cost figures to the burden hours described above. The hourly rates used
below ($41 for managerial or professional time, $30 for skilled
technical time, and $16 for clerical time) are averages, based on
current Bureau of Labor Statistics cost figures.\2\
---------------------------------------------------------------------------

\2\ See note 8.
---------------------------------------------------------------------------

Recordkeeping: For the 1,000,000 recordkeeping hours, FTC staff
estimates that 10 percent of the burden hours require skilled technical
time and 90 percent require clerical time. As shown in the table below,
the total recordkeeping cost is $17,400,000.
Disclosure: For each notice or information item listed, FTC staff
estimates that 10 percent of the burden hours require managerial time
and 90 percent require skilled technical time. As shown in the table
below, the total disclosure cost is $355,019,363.

Regulation Z: Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
Managerial Skilled Technical Clerical
------------------------------------------------------------------------------ Total Cost
Required Task Time Cost ($41/ Time Cost ($30/ Time Cost ($16/ ($)
(hours) hr.) (hours) hr.) (hours) hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping 0 $0 100,000 $3,000,000 900,000 $14,400,000 $17,400,000
........... ........... ........... ........... ........... ........... ...........
Open-end credit Disclosures: ........... ........... ........... ........... ........... ........... ...........
Initial terms 21,167 $867,847 190,499 $5,714,970 0 $0 $6,582,817
Rescission notices 542 $22,222 4,874 $146,220 0 $0 $168,442
Change in terms 27,042 $1,108,722 243,374 $7,301,220 0 $0 $8,409,942
Periodic statements 369,083 $15,132,403 3,321,750 $99,652,500 0 $0 $114,784,90
3
Error resolution 71,167 $2,917,847 640,499 $19,214,970 0 $0 $22,132,817
Credit and charge card accounts 12,917 $529,597 116,249 $3,487,470 0 $0 $4,017,067
Home equity lines of credit 1,833 $75,153 16,500 $495,000 0 $0 $570,153
Advertising 10,500 $430,500 94,500 $2,835,000 0 $0 $3,265,500

[[Page 10591]]

Total open-end credit ........... ........... ........... ........... ........... ........... $159,931,64
1
........... ........... ........... ........... ........... ........... ...........
Closed-end credit Disclosures: ........... ........... ........... ........... ........... ........... ...........
Credit disclosures 535,000 $21,935,000 4,815,000 $144,450,00 0 $0 $166,385,00
0 0
Rescission notices 53,750 $2,203,750 483,750 $14,512,500 0 $0 $16,716,250
Variable rate mortgages 8,500 $348,500 76,500 $2,295,000 0 $0 $2,643,500
High-rate/high-fee mortgages 3,250 $133,250 29,250 $877,500 0 $0 $1,010,750
Reverse mortgages 2,792 $114,472 25,125 $753,750 0 $0 $868,222
Advertising 24,000 $984,000 216,000 $6,480,000 0 $0 $7,464,000
Total closed-end credit ........... ........... ........... ........... ........... ........... $195,087,72
2
........... ........... ........... ........... ........... ........... ...........
Total Disclosures ........... ........... ........... ........... ........... ........... $355,019,36
3
........... ........... ........... ........... ........... ........... ...........
Total Recordkeeping and Disclosures ........... ........... ........... ........... ........... ........... $372,419,36
3
--------------------------------------------------------------------------------------------------------------------------------------------------------

David C. Shonka,
Acting General Counsel.
[FR Doc. E9-5113 Filed 3-10-09: 8:45 am]
BILLING CODE 6750-01-S

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.