Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 27130-27132 [2016-10557]

Download as PDF 27130 Federal Register / Vol. 81, No. 87 / Thursday, May 5, 2016 / Notices considers public notice appropriate in this instance. Accordingly, this notice provides an opportunity for public comment on the application. The Agency will review and consider all comments received during the comment period in determining whether to issue the specific exemptions requested by the Tennessee Department of Agriculture, the Arkansas State Plant Board and the Mississippi Departments of Agriculture and Commerce. The notice provides an opportunity for public comment on the application. The Agency, will review and consider all comments received during the comment period in determining whether to issue the specific exemptions requested by the Tennessee Department of Agriculture, the Arkansas State Plant Board and the Mississippi Departments of Agriculture and Commerce. Authority: 7 U.S.C. 136 et seq. Dated: April 28, 2016. Daniel J. Rosenblatt, Acting, Director, Registration Division, Office of Pesticide Programs. [FR Doc. 2016–10584 Filed 5–4–16; 8:45 am] BILLING CODE 6560–50–P FEDERAL DEPOSIT INSURANCE CORPORATION mstockstill on DSK3G9T082PROD with NOTICES Notice to All Interested Parties of the Termination of the Receivership of 10010, First Priority Bank, Bradenton, Florida Notice is hereby given that the Federal Deposit Insurance Corporation (‘‘FDIC’’) as Receiver for First Priority Bank, Bradenton, Florida (‘‘the Receiver’’) intends to terminate its receivership for said institution. The FDIC was appointed receiver of First Priority Bank on August 1, 2008. The liquidation of the receivership assets has been completed. To the extent permitted by available funds and in accordance with law, the Receiver will be making a final dividend payment to proven creditors. Based upon the foregoing, the Receiver has determined that the continued existence of the receivership will serve no useful purpose. Consequently, notice is given that the receivership shall be terminated, to be effective no sooner than thirty days after the date of this Notice. If any person wishes to comment concerning the termination of the receivership, such comment must be made in writing and sent within thirty days of the date of this Notice to: Federal Deposit Insurance Corporation, Division of VerDate Sep<11>2014 18:06 May 04, 2016 Jkt 238001 Resolutions and Receiverships, Attention: Receivership Oversight Department 32.1, 1601 Bryan Street, Dallas, TX 75201. No comments concerning the termination of this receivership will be considered which are not sent within this time frame. Dated: May 2, 2016. Federal Deposit Insurance Corporation. Robert E. Feldman, Executive Secretary. [FR Doc. 2016–10530 Filed 5–4–16; 8:45 am] BILLING CODE 6714–01–P FEDERAL DEPOSIT INSURANCE CORPORATION Notice of Termination, 10362, First National Bank of Central Florida; Winter Park, Florida The Federal Deposit Insurance Corporation (FDIC), as Receiver for 10362, First National Bank of Central Florida, Winter Park, Florida (Receiver) has been authorized to take all actions necessary to terminate the receivership estate of First National Bank of Central Florida (Receivership Estate); the Receiver has made all dividend distributions required by law. The Receiver has further irrevocably authorized and appointed FDICCorporate as its attorney-in-fact to execute and file any and all documents that may be required to be executed by the Receiver which FDIC-Corporate, in its sole discretion, deems necessary; including but not limited to releases, discharges, satisfactions, endorsements, assignments and deeds. Effective May 1, 2016, the Receivership Estate has been terminated, the Receiver discharged, and the Receivership Estate has ceased to exist as a legal entity. Dated: May 2, 2016. Federal Deposit Insurance Corporation. Robert E. Feldman, Executive Secretary. [FR Doc. 2016–10569 Filed 5–4–16; 8:45 am] BILLING CODE 6714–01–P FEDERAL RESERVE SYSTEM Formations of, Acquisitions by, and Mergers of Bank Holding Companies 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 PO 00000 Frm 00048 Fmt 4703 Sfmt 4703 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 will also 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 conducted throughout the United States. 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 May 31, 2016. A. Federal Reserve Bank of Atlanta (Chapelle Davis, Assistant Vice President) 1000 Peachtree Street NE., Atlanta, Georgia 30309. Comments can also be sent electronically to Applications.Comments@atl.frb.org: 1. Louisiana Community Bancorp, Inc., Houma, Louisiana; to acquire 100 percent of the voting shares of TriParish Bancshares, Inc., and thereby, indirectly acquire voting shares of TriParish Bank, both in Eunice, Louisiana. Board of Governors of the Federal Reserve System, May 2, 2016. Michael J. Lewandowski, Associate Secretary of the Board. [FR Doc. 2016–10518 Filed 5–4–16; 8:45 am] BILLING CODE 6210–01–P FEDERAL RESERVE SYSTEM Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB Board of Governors of the Federal Reserve System. SUMMARY: Notice is hereby given of the final approval of a proposed information collection by the Board of Governors of the Federal Reserve System (Board) under OMB delegated authority, as per 5 CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the Public). Board-approved collections of information are incorporated into the official OMB inventory of currently AGENCY: E:\FR\FM\05MYN1.SGM 05MYN1 mstockstill on DSK3G9T082PROD with NOTICES Federal Register / Vol. 81, No. 87 / Thursday, May 5, 2016 / Notices approved collections of information. Copies of the Paperwork Reduction Act Submission, supporting statements and approved collection of information instrument(s) are placed into OMB’s public docket files. The Federal Reserve may not conduct or sponsor, and the respondent is not required to respond to, an information collection that has been extended, revised, or implemented on or after October 1, 1995, unless it displays a currently valid OMB control number. FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance Officer—Nuha Elmaghrabi—Office of the Chief Data Officer, Board of Governors of the Federal Reserve System, Washington, DC 20551 (202) 452–3829. Telecommunications Device for the Deaf (TDD) users may contact (202) 263–4869, Board of Governors of the Federal Reserve System, Washington, DC 20551. OMB Desk Officer—Shagufta Ahmed—Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 10235, 725 17th Street NW., Washington, DC 20503. Final approval under OMB delegated authority of the extension for three years, with revision, of the following report: Report title: Recordkeeping and disclosure requirements associated with the Truth in Lending Act (TILA) (Regulation Z). Agency form number: Reg Z. OMB control number: 7100–0199. Frequency: Event-generated. Reporters: State member banks, their subsidiaries, subsidiaries of bank holding companies, U.S. branches and agencies of foreign banks (other than federal branches, federal agencies, and insured state branches of foreign banks), commercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 or 25A of the Federal Reserve Act (12 U.S.C. 601–604a; 611–631). Estimated annual reporting hours: Open-end (not home-secured credit): Applications and solicitations, 16,896 hours; Account opening disclosures, 5,060 hours; Periodic statements, 95,232 hours; Change-in-terms disclosures, 62,000 hours; Timely settlement of estate debts policies (one-time), 7,936 hours; Timely settlement of estate debts policies (ongoing), 744 hours; Ability to pay policies (one-time), 1,408 hours; Ability to pay policies (ongoing), 132 hours; and Reporting and marketing rules for college student open-end credit and Internet posting of credit card VerDate Sep<11>2014 18:06 May 04, 2016 Jkt 238001 agreements, 5,632 hours; Open-end credit (Home Equity Plans): Application disclosures, 12,522 hours; Account opening disclosures, 18,228 hours; Periodic statements, 60,864 hours; Change-in-terms disclosures, 39,625 hours; and Notices to restrict credit, 317 hours; All open-end credit: Error resolution—credit cards, 12,760 hours and other open-end credit, 992 hours; Closed-end credit (Non-mortgage): Closed-end credit disclosures, 265,658 hours; Closed-end credit (Mortgage): Interest rate and payment summary and ‘‘No guarantee-to-refinance’’ statement, 304,320 hours; ARM disclosure (onetime), 951 hours; ARM disclosures (ongoing), 107,780 hours; Initial rate adjustment notice (one-time), 1,268 hours; Initial rate adjustment notice (ongoing), 53,890 hours; Periodic statements (one-time), 845 hours; Periodic statements (ongoing), 224,013 hours; and Verification of documents for Qualified Mortgage (QM) and non-QM determination (one-time), 444 hours; Open and closed-end mortgage: Prompt crediting & payoff statement (one-time), 528 hours; Payoff statements (ongoing), 42,267 hours; and Mortgage transfer disclosure, 60,864 hours; Certain home mortgage types: Reverse mortgage disclosures, 188 hours; HOEPA disclosures (one-time), 500 hours; HOEPA disclosures (ongoing), 4,200 hours; HOEPA receipt of certification of counseling for high-cost mortgages (onetime), 19 hours; HOEPA receipt of certification of counseling for high-cost mortgages (ongoing), 25 hours; Appraisals for higher-priced mortgage loans: Order and review initial appraisal, 150 hours; Order and review additional appraisal, 150 hours; and Provide copy of initial and additional appraisals, 1 hour; Private education loans: Private student loan disclosures, 1,836 hours; Advertising rules (all credit types): Advertising rules, 2,067 hours; and Record retention (one-time), 190 hours. Estimated average hours per response: Open-end (not home-secured credit): Applications and solicitations, 8 hours; Account opening disclosures, 1.5 minutes; Periodic statements, 8 hours; Change-in-terms disclosures, 1 minute; Timely settlement of estate debts policies (one-time), 8 hours; Timely settlement of estate debts policies (ongoing), 45 minutes; Ability to pay policies (one-time), 8 hours; Ability to pay policies (ongoing), 45 minutes; and Reporting and marketing rules for college student open-end credit and Internet posting of credit card agreements, 8 hours; Open-end credit (Home Equity Plans): Application PO 00000 Frm 00049 Fmt 4703 Sfmt 4703 27131 disclosures, 1.5 minutes; Account opening disclosures, 1.5 minutes; Periodic statements, 8 hours; Change-interms disclosures, 1 minute; and Notices to restrict credit, 3 minutes; All openend credit: Error resolution—credit cards, 30 minutes and other open-end credit, 30 minutes; Closed-end credit (Non-mortgage): Closed-end credit disclosures, 6.5 minutes; Closed-end credit (Mortgage): Interest rate and payment summary and ‘‘No guaranteeto-refinance’’ statement, 40 hours; ARM disclosure (one-time), 1.5 hours; ARM disclosures (ongoing), 17 minutes; Initial rate adjustment notice (one-time), 2 hours; Initial rate adjustment notice (ongoing), 17 minutes; Periodic statements (one-time), 1 hour, 20 minutes; Periodic statements (ongoing), 0.5 minutes; and Verification of documents for Qualified Mortgage (QM) and non-QM determination (one-time), 42 minutes; Open and closed-end mortgage: Prompt crediting & payoff statement (one-time), 50 minutes; Payoff statements (ongoing), 5 minutes; and Mortgage transfer disclosure, 8 hours; Certain home mortgage types: Reverse mortgage disclosures, 3 minutes; HOEPA disclosures (one-time), 20 hours; HOEPA disclosures (ongoing), 14 hours; HOEPA receipt of certification of counseling for high-cost mortgages (onetime), 45 minutes; HOEPA receipt of certification of counseling for high-cost mortgages (ongoing), 1 hour; Appraisals for higher-priced mortgage loans: Order and review initial appraisal, 15 minutes; Order and review additional appraisal, 15 minutes; and Provide copy of initial and additional appraisals, 15 minutes; Private education loans: Private student loan disclosures, 17 hours; Advertising rules (all credit types): Advertising rules, 25 minutes; and Record retention (one-time), 18 minutes. Number of respondents: Open-end (not home-secured credit): Applications and solicitations and Account opening disclosures, 176 respondents; Periodic statements, Change-in-terms disclosures, Timely settlement of estate debts policies (one-time), and Timely settlement of estate debts policies (ongoing), 992 respondents; Ability to pay policies (one-time), Ability to pay policies (ongoing), and Reporting and marketing rules for college student open-end credit and Internet posting of credit card agreements, 176 respondents; Open-end credit (Home Equity Plans): Application disclosures, Account opening disclosures, Periodic statements, Change-in-terms disclosures, and Notices to restrict credit, 634 respondents; All open-end credit: Error resolution—credit cards, E:\FR\FM\05MYN1.SGM 05MYN1 mstockstill on DSK3G9T082PROD with NOTICES 27132 Federal Register / Vol. 81, No. 87 / Thursday, May 5, 2016 / Notices 176 respondents and other open-end credit, 992 respondents; Closed-end credit (Non-mortgage): Closed-end credit disclosures, 992 respondents; Closed-end credit (Mortgage): Interest rate and payment summary and ‘‘No guarantee-to-refinance’’ statement, ARM disclosure (one-time), ARM disclosures (ongoing), Initial rate adjustment notice (one-time), Initial rate adjustment notice (ongoing), Periodic statements (onetime), Periodic statements (ongoing), and Verification of documents for Qualified Mortgage (QM) and non-QM determination (one-time), 634 respondents; Open and closed-end mortgage: Prompt crediting & payoff statement (one-time), Payoff statements (ongoing), and Mortgage transfer disclosure, 634 respondents; Certain home mortgage types: Reverse mortgage disclosures, 15 respondents; HOEPA disclosures (one-time), HOEPA disclosures (ongoing), HOEPA receipt of certification of counseling for high-cost mortgages (one-time), HOEPA receipt of certification of counseling for high-cost mortgages (ongoing), Appraisals for higher-priced mortgage loans: Order and review initial appraisal, Order and review additional appraisal, and Provide copy of initial and additional appraisals, 25 respondents; Private education loans: Private student loan disclosures, 9 respondents; Advertising rules (all credit types): Advertising rules, 992 respondents; and Record retention (one-time), 634 respondents. General description of report: The disclosure, record-keeping, and other requirements of Regulation Z are authorized by the TILA, which directs the Consumer Financial Protection Bureau (CFPB) and, for certain lenders, the Federal Reserve to issue regulations implementing the statute. Covered lenders are required to comply with the recordkeeping, reporting, and disclosure provisions of Regulation Z. Regulation Z is chiefly a disclosure regulation, so the issue of confidentiality does not normally arise. One aspect of the rule requires certain card issuers to submit annual reports to the CFPB, but no reports are filed with the Federal Reserve. Abstract: TILA and Regulation Z ensure adequate disclosure of the costs and terms of credit to consumers. For open-end credit, such as credit cards and home-equity lines of credit (HELOCs), creditors are required to disclose information about the initial costs and terms and to provide periodic statements of account activity, notices of changes in terms, and statements of rights concerning billing error procedures. For closed-end loans, such as mortgage and installment loans, cost VerDate Sep<11>2014 18:06 May 04, 2016 Jkt 238001 disclosures are required prior to and at consummation. Special disclosures are required for certain products, such as reverse mortgages and high cost mortgages with rates and fees above specified thresholds. TILA and Regulation Z also contain rules concerning credit advertising.1 Creditors are required to comply with Regulation Z’s disclosure and other requirements unless the transaction is exempt.2 Regulation Z generally does not apply to consumer credit transactions that exceed a threshold amount, adjusted annually for inflation.3 The threshold amount for credit extended during 2015 was $54,600; this threshold will remain the same in 2016. However, regardless of the amount of credit extended, Regulation Z applies to: (1) Consumer credit secured by real property; (2) consumer credit secured by personal property used or expected to be used as the principal swelling of the consumer; and (3) private student loans. Current Actions: On February 19, 2016 the Federal Reserve published a notice in the Federal Register (81 FR 8492) requesting public comment for 60 days on the extension, with revision, of Reg Z. The comment period for this notice expired on April 19, 2016. The Federal Reserve did not receive any comments. The revisions will be implemented as proposed. Board of Governors of the Federal Reserve System, May 2, 2016. Robert deV. Frierson, Secretary of the Board. [FR Doc. 2016–10557 Filed 5–4–16; 8:45 am] BILLING CODE 6210–01–P FEDERAL RESERVE SYSTEM Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB Board of Governors of the Federal Reserve System. SUMMARY: Notice is hereby given of the final approval of proposed information collections by the Board of Governors of the Federal Reserve System (Board) under OMB delegated authority, as per 5 CFR 1320.16 (OMB Regulations on Controlling Paperwork Burdens on the AGENCY: 1 In addition, Regulation Z contains requirements that are not considered information collections and thus are not addressed here. 2 Exemptions include business credit, credit over applicable threshold amounts, public utility credit, securities or commodities accounts, home fuel budget plans, certain student loan programs, and employer-sponsored retirement plans. See 12 CFR 1026.3. 3 12 CFR 1026.3(b). PO 00000 Frm 00050 Fmt 4703 Sfmt 4703 Public). Board-approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the Paperwork Reduction Act Submission, supporting statements and approved collection of information instrument(s) are placed into OMB’s public docket files. The Federal Reserve may not conduct or sponsor, and the respondent is not required to respond to, an information collection that has been extended, revised, or implemented on or after October 1, 1995, unless it displays a currently valid OMB control number. FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance Officer—Nuha Elmaghrabi—Office of the Chief Data Officer, Board of Governors of the Federal Reserve System, Washington, DC 20551 (202) 452–3829. Telecommunications Device for the Deaf (TDD) users may contact (202) 263–4869, Board of Governors of the Federal Reserve System, Washington, DC 20551. OMB Desk Officer—Shagufta Ahmed—Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 10235, 725 17th Street NW., Washington, DC 20503. Final approval under OMB delegated authority of the extension for three years, without revision, of the following report: Report Title: Reporting Requirements Associated with Regulation Y (Extension of Time to Conform to the Volcker Rule). Agency Form Number: Reg Y–1. OMB Control Number: 7100–0333. Frequency: Event-generated. Reporters: Insured depository institution (other than certain limitedpurpose trust institutions), any company that controls an insured depository institution, any company that is treated as a bank holding company for purposes of section 8 of the International Banking Act of 1978 (12 U.S.C. 3106), and any affiliate or subsidiary of any of the foregoing, and nonbank financial companies designated by the Financial Stability Oversight Council that engage in proprietary trading activities or make investments in covered funds. Estimated Annual Reporting Hours: 774 hours. Estimated Average Hours per Response: 3 hours. Number of Respondents: 258 respondents. General description of report: The Board’s Legal Division has determined E:\FR\FM\05MYN1.SGM 05MYN1

Agencies

[Federal Register Volume 81, Number 87 (Thursday, May 5, 2016)]
[Notices]
[Pages 27130-27132]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-10557]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: Notice is hereby given of the final approval of a proposed 
information collection by the Board of Governors of the Federal Reserve 
System (Board) under OMB delegated authority, as per 5 CFR 1320.16 (OMB 
Regulations on Controlling Paperwork Burdens on the Public). Board-
approved collections of information are incorporated into the official 
OMB inventory of currently

[[Page 27131]]

approved collections of information. Copies of the Paperwork Reduction 
Act Submission, supporting statements and approved collection of 
information instrument(s) are placed into OMB's public docket files. 
The Federal Reserve may not conduct or sponsor, and the respondent is 
not required to respond to, an information collection that has been 
extended, revised, or implemented on or after October 1, 1995, unless 
it displays a currently valid OMB control number.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202) 
452-3829. Telecommunications Device for the Deaf (TDD) users may 
contact (202) 263-4869, Board of Governors of the Federal Reserve 
System, Washington, DC 20551.
    OMB Desk Officer--Shagufta Ahmed--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, 725 17th Street NW., Washington, DC 20503.
    Final approval under OMB delegated authority of the extension for 
three years, with revision, of the following report:
    Report title: Recordkeeping and disclosure requirements associated 
with the Truth in Lending Act (TILA) (Regulation Z).
    Agency form number: Reg Z.
    OMB control number: 7100-0199.
    Frequency: Event-generated.
    Reporters: State member banks, their subsidiaries, subsidiaries of 
bank holding companies, U.S. branches and agencies of foreign banks 
(other than federal branches, federal agencies, and insured state 
branches of foreign banks), commercial lending companies owned or 
controlled by foreign banks, and organizations operating under section 
25 or 25A of the Federal Reserve Act (12 U.S.C. 601-604a; 611-631).
    Estimated annual reporting hours: Open-end (not home-secured 
credit): Applications and solicitations, 16,896 hours; Account opening 
disclosures, 5,060 hours; Periodic statements, 95,232 hours; Change-in-
terms disclosures, 62,000 hours; Timely settlement of estate debts 
policies (one-time), 7,936 hours; Timely settlement of estate debts 
policies (ongoing), 744 hours; Ability to pay policies (one-time), 
1,408 hours; Ability to pay policies (ongoing), 132 hours; and 
Reporting and marketing rules for college student open-end credit and 
Internet posting of credit card agreements, 5,632 hours; Open-end 
credit (Home Equity Plans): Application disclosures, 12,522 hours; 
Account opening disclosures, 18,228 hours; Periodic statements, 60,864 
hours; Change-in-terms disclosures, 39,625 hours; and Notices to 
restrict credit, 317 hours; All open-end credit: Error resolution--
credit cards, 12,760 hours and other open-end credit, 992 hours; 
Closed-end credit (Non-mortgage): Closed-end credit disclosures, 
265,658 hours; Closed-end credit (Mortgage): Interest rate and payment 
summary and ``No guarantee-to-refinance'' statement, 304,320 hours; ARM 
disclosure (one-time), 951 hours; ARM disclosures (ongoing), 107,780 
hours; Initial rate adjustment notice (one-time), 1,268 hours; Initial 
rate adjustment notice (ongoing), 53,890 hours; Periodic statements 
(one-time), 845 hours; Periodic statements (ongoing), 224,013 hours; 
and Verification of documents for Qualified Mortgage (QM) and non-QM 
determination (one-time), 444 hours; Open and closed-end mortgage: 
Prompt crediting & payoff statement (one-time), 528 hours; Payoff 
statements (ongoing), 42,267 hours; and Mortgage transfer disclosure, 
60,864 hours; Certain home mortgage types: Reverse mortgage 
disclosures, 188 hours; HOEPA disclosures (one-time), 500 hours; HOEPA 
disclosures (ongoing), 4,200 hours; HOEPA receipt of certification of 
counseling for high-cost mortgages (one-time), 19 hours; HOEPA receipt 
of certification of counseling for high-cost mortgages (ongoing), 25 
hours; Appraisals for higher-priced mortgage loans: Order and review 
initial appraisal, 150 hours; Order and review additional appraisal, 
150 hours; and Provide copy of initial and additional appraisals, 1 
hour; Private education loans: Private student loan disclosures, 1,836 
hours; Advertising rules (all credit types): Advertising rules, 2,067 
hours; and Record retention (one-time), 190 hours.
    Estimated average hours per response: Open-end (not home-secured 
credit): Applications and solicitations, 8 hours; Account opening 
disclosures, 1.5 minutes; Periodic statements, 8 hours; Change-in-terms 
disclosures, 1 minute; Timely settlement of estate debts policies (one-
time), 8 hours; Timely settlement of estate debts policies (ongoing), 
45 minutes; Ability to pay policies (one-time), 8 hours; Ability to pay 
policies (ongoing), 45 minutes; and Reporting and marketing rules for 
college student open-end credit and Internet posting of credit card 
agreements, 8 hours; Open-end credit (Home Equity Plans): Application 
disclosures, 1.5 minutes; Account opening disclosures, 1.5 minutes; 
Periodic statements, 8 hours; Change-in-terms disclosures, 1 minute; 
and Notices to restrict credit, 3 minutes; All open-end credit: Error 
resolution--credit cards, 30 minutes and other open-end credit, 30 
minutes; Closed-end credit (Non-mortgage): Closed-end credit 
disclosures, 6.5 minutes; Closed-end credit (Mortgage): Interest rate 
and payment summary and ``No guarantee-to-refinance'' statement, 40 
hours; ARM disclosure (one-time), 1.5 hours; ARM disclosures (ongoing), 
17 minutes; Initial rate adjustment notice (one-time), 2 hours; Initial 
rate adjustment notice (ongoing), 17 minutes; Periodic statements (one-
time), 1 hour, 20 minutes; Periodic statements (ongoing), 0.5 minutes; 
and Verification of documents for Qualified Mortgage (QM) and non-QM 
determination (one-time), 42 minutes; Open and closed-end mortgage: 
Prompt crediting & payoff statement (one-time), 50 minutes; Payoff 
statements (ongoing), 5 minutes; and Mortgage transfer disclosure, 8 
hours; Certain home mortgage types: Reverse mortgage disclosures, 3 
minutes; HOEPA disclosures (one-time), 20 hours; HOEPA disclosures 
(ongoing), 14 hours; HOEPA receipt of certification of counseling for 
high-cost mortgages (one-time), 45 minutes; HOEPA receipt of 
certification of counseling for high-cost mortgages (ongoing), 1 hour; 
Appraisals for higher-priced mortgage loans: Order and review initial 
appraisal, 15 minutes; Order and review additional appraisal, 15 
minutes; and Provide copy of initial and additional appraisals, 15 
minutes; Private education loans: Private student loan disclosures, 17 
hours; Advertising rules (all credit types): Advertising rules, 25 
minutes; and Record retention (one-time), 18 minutes.
    Number of respondents: Open-end (not home-secured credit): 
Applications and solicitations and Account opening disclosures, 176 
respondents; Periodic statements, Change-in-terms disclosures, Timely 
settlement of estate debts policies (one-time), and Timely settlement 
of estate debts policies (ongoing), 992 respondents; Ability to pay 
policies (one-time), Ability to pay policies (ongoing), and Reporting 
and marketing rules for college student open-end credit and Internet 
posting of credit card agreements, 176 respondents; Open-end credit 
(Home Equity Plans): Application disclosures, Account opening 
disclosures, Periodic statements, Change-in-terms disclosures, and 
Notices to restrict credit, 634 respondents; All open-end credit: Error 
resolution--credit cards,

[[Page 27132]]

176 respondents and other open-end credit, 992 respondents; Closed-end 
credit (Non-mortgage): Closed-end credit disclosures, 992 respondents; 
Closed-end credit (Mortgage): Interest rate and payment summary and 
``No guarantee-to-refinance'' statement, ARM disclosure (one-time), ARM 
disclosures (ongoing), Initial rate adjustment notice (one-time), 
Initial rate adjustment notice (ongoing), Periodic statements (one-
time), Periodic statements (ongoing), and Verification of documents for 
Qualified Mortgage (QM) and non-QM determination (one-time), 634 
respondents; Open and closed-end mortgage: Prompt crediting & payoff 
statement (one-time), Payoff statements (ongoing), and Mortgage 
transfer disclosure, 634 respondents; Certain home mortgage types: 
Reverse mortgage disclosures, 15 respondents; HOEPA disclosures (one-
time), HOEPA disclosures (ongoing), HOEPA receipt of certification of 
counseling for high-cost mortgages (one-time), HOEPA receipt of 
certification of counseling for high-cost mortgages (ongoing), 
Appraisals for higher-priced mortgage loans: Order and review initial 
appraisal, Order and review additional appraisal, and Provide copy of 
initial and additional appraisals, 25 respondents; Private education 
loans: Private student loan disclosures, 9 respondents; Advertising 
rules (all credit types): Advertising rules, 992 respondents; and 
Record retention (one-time), 634 respondents.
    General description of report: The disclosure, record-keeping, and 
other requirements of Regulation Z are authorized by the TILA, which 
directs the Consumer Financial Protection Bureau (CFPB) and, for 
certain lenders, the Federal Reserve to issue regulations implementing 
the statute. Covered lenders are required to comply with the 
recordkeeping, reporting, and disclosure provisions of Regulation Z. 
Regulation Z is chiefly a disclosure regulation, so the issue of 
confidentiality does not normally arise. One aspect of the rule 
requires certain card issuers to submit annual reports to the CFPB, but 
no reports are filed with the Federal Reserve.
    Abstract: TILA and Regulation Z ensure adequate disclosure of the 
costs and terms of credit to consumers. For open-end credit, such as 
credit cards and home-equity lines of credit (HELOCs), creditors are 
required to disclose information about the initial costs and terms and 
to provide periodic statements of account activity, notices of changes 
in terms, and statements of rights concerning billing error procedures. 
For closed-end loans, such as mortgage and installment loans, cost 
disclosures are required prior to and at consummation. Special 
disclosures are required for certain products, such as reverse 
mortgages and high cost mortgages with rates and fees above specified 
thresholds. TILA and Regulation Z also contain rules concerning credit 
advertising.\1\
---------------------------------------------------------------------------

    \1\ In addition, Regulation Z contains requirements that are not 
considered information collections and thus are not addressed here.
---------------------------------------------------------------------------

    Creditors are required to comply with Regulation Z's disclosure and 
other requirements unless the transaction is exempt.\2\ Regulation Z 
generally does not apply to consumer credit transactions that exceed a 
threshold amount, adjusted annually for inflation.\3\ The threshold 
amount for credit extended during 2015 was $54,600; this threshold will 
remain the same in 2016.
---------------------------------------------------------------------------

    \2\ Exemptions include business credit, credit over applicable 
threshold amounts, public utility credit, securities or commodities 
accounts, home fuel budget plans, certain student loan programs, and 
employer-sponsored retirement plans. See 12 CFR 1026.3.
    \3\ 12 CFR 1026.3(b).
---------------------------------------------------------------------------

    However, regardless of the amount of credit extended, Regulation Z 
applies to: (1) Consumer credit secured by real property; (2) consumer 
credit secured by personal property used or expected to be used as the 
principal swelling of the consumer; and (3) private student loans.
    Current Actions: On February 19, 2016 the Federal Reserve published 
a notice in the Federal Register (81 FR 8492) requesting public comment 
for 60 days on the extension, with revision, of Reg Z. The comment 
period for this notice expired on April 19, 2016. The Federal Reserve 
did not receive any comments. The revisions will be implemented as 
proposed.

    Board of Governors of the Federal Reserve System, May 2, 2016.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2016-10557 Filed 5-4-16; 8:45 am]
 BILLING CODE 6210-01-P
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