Agency Information Collection Activities: Recordkeeping, Reporting, and Disclosure Requirements Associated With the Truth in Lending Act (TILA), as Implemented by Regulation Z; Comment Request, 85266 [2016-28313]

Download as PDF 85266 Federal Register / Vol. 81, No. 227 / Friday, November 25, 2016 / Notices NATIONAL CREDIT UNION ADMINISTRATION Agency Information Collection Activities: Recordkeeping, Reporting, and Disclosure Requirements Associated With the Truth in Lending Act (TILA), as Implemented by Regulation Z; Comment Request National Credit Union Administration (NCUA). ACTION: Notice and request for comment. AGENCY: NCUA, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the submission for reinstatement of a previously approved collection, as required by the Paperwork Reduction Act of 1995 (Pub. L. 104–13, 44 U.S.C. Chapter 35). NCUA is soliciting comment on the reinstatement of the information collection described below. DATES: Comments should be received on or before January 24, 2017 to be assured consideration. ADDRESSES: Interested persons are invited to submit written comments on the information collection to Troy Hillier, National Credit Union Administration, 1775 Duke Street, Alexandria, Virginia 22314–3428; Fax No. 703–519–8579; or Email at PRAComments@ncua.gov. FOR FURTHER INFORMATION CONTACT: Requests for additional information should be directed to the address above. SUPPLEMENTARY INFORMATION: OMB Number: 3133–0102. Title: Recordkeeping, Reporting, and Disclosure Requirements Associated with the Truth in Lending Act (TILA), 15 U.S.C. 1601 et seq., as implemented by Regulation Z, 12 CFR 1026. Abstract: The Truth in Lending Act was enacted to foster comparison credit shopping and informed credit decision making by requiring accurate disclosure of the costs and terms of credit to consumers and to protect consumers against inaccurate and unfair credit billing practices. TILA has been revised numerous times since it took effect, notably by passage of the Fair Credit Billing Act of 1974, the Consumer Leasing Act of 1976, the Truth in Lending Simplification and Reform Act of 1980, the Fair Credit and Charge Card Disclosure Act of 1988, and the Home Equity Loan Consumer Protection Act of 1988. Historically, TILA was implemented by the Board of Governors of the Federal Reserve System’s (FRB) Regulation Z, 12 CFR part 226. The Dodd-Frank Wall Street Reform and asabaliauskas on DSK3SPTVN1PROD with NOTICES SUMMARY: VerDate Sep<11>2014 18:57 Nov 23, 2016 Jkt 241001 Consumer Protection Act transferred FRB’s rulemaking authority for TILA to the Consumer Financial Protection Bureau (CFPB). Regulation Z contains several provisions that impose information collection requirements: The information collection requirements for open-end credit products; the information collection requirements for closed-end credit; the information collection requirements that apply to both open- and closed-end mortgage credit; the information collection requirements for specific residential mortgage types—namely, reverse mortgages and high cost mortgages with rates and fees above specified thresholds; the information collection requirements for private education loans; and information collection requirements related to Regulation Z’s advertising and record retention rules. The collection of information pursuant to Part 1026 is triggered by specific events and disclosures and must be provided to consumers within the time periods established under the regulation. To ease the compliance cost (particularly for small credit unions), model forms and clauses are appended to the regulation. Type of Review: Reinstatement with change of a previously approved collection. Affected Public: Private Sector: Businesses or other for-profits. Estimated Number of Respondents: 5,936. Frequency of Response: Upon occurrence of triggering action. Estimated Total Annual Burden Hours: 3,351,131. The one-time burden is estimated to be 340,783 hours and the ongoing burden, 3,010,349 (340,783 + 3,010,349 = 3,351,131). Request For Comments: Comments submitted in response to this notice will be summarized and included in the request for Office of Management and Budget approval. All comments will become a matter of public record. The public is invited to submit comments concerning: (a) Whether the collection of information is necessary for the proper execution of the function of the agency, including whether the information will have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information, including the validity of the methodology and assumptions used; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection. By Gerard Poliquin, Secretary of the Board, the National Credit Union Administration, on November 18, 2016. PO 00000 Frm 00063 Fmt 4703 Sfmt 9990 Dated: November 18, 2016. Troy S. Hillier, NCUA PRA Clearance Officer. [FR Doc. 2016–28313 Filed 11–23–16; 8:45 am] BILLING CODE 7535–01–P NATIONAL FOUNDATION OF THE ARTS AND THE HUMANITIES Institute of Museum and Library Services Sunshine Act Meeting of the National Museum and Library Services Board Institute of Museum and Library Services (IMLS), NFAH. ACTION: Notice of meeting. AGENCY: The National Museum and Library Services Board, which advises the Director of the Institute of Museum and Library Services on general policies with respect to the duties, powers, and authority of the Institute relating to museum, library and information services, will meet on December 7, 2016. SUMMARY: Wednesday, December 7, 2016, from 2:00 p.m. to 4:00 p.m. EST. ADDRESSES: The meeting will be held at the IMLS Offices, Panel Room, Suite 4000, 955 L’Enfant Plaza North SW., Washington, DC 20024. FOR FURTHER INFORMATION CONTACT: Katherine Maas, Program Specialist, Institute of Museum and Library Services, Suite 4000, 955 L’Enfant Plaza North SW., Washington, DC 20024. Telephone: (202) 653–4798. Please provide advance notice of any special needs or accommodations. SUPPLEMENTARY INFORMATION: DATES: STATUS: The meeting will be open to the public. Thirty-Fourth Meeting of the National Museum and Library Service Board Meeting: AGENDA: I. Welcome and Director’s Report II. Approval of Minutes and Office of General Counsel Update III. Financial and Operations Update IV. Office of Library Services Update V. Office of Museum Services Update VI. Office of Communications and Government Affairs Update VII. Office of Digital and Information Strategy Update VIII. Question and Answer Session IX. Adjourn Dated: November 17, 2016. Calvin D. Trowbridge III, Deputy General Counsel. [FR Doc. 2016–28223 Filed 11–23–16; 8:45 am] BILLING CODE 7036–01–M E:\FR\FM\25NON1.SGM 25NON1

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[Federal Register Volume 81, Number 227 (Friday, November 25, 2016)]
[Notices]
[Page 85266]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-28313]



[[Page 85266]]

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NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Recordkeeping, 
Reporting, and Disclosure Requirements Associated With the Truth in 
Lending Act (TILA), as Implemented by Regulation Z; Comment Request

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice and request for comment.

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

SUMMARY: NCUA, as part of its continuing effort to reduce paperwork and 
respondent burden, invites the general public and other Federal 
agencies to comment on the submission for reinstatement of a previously 
approved collection, as required by the Paperwork Reduction Act of 1995 
(Pub. L. 104-13, 44 U.S.C. Chapter 35). NCUA is soliciting comment on 
the reinstatement of the information collection described below.

DATES: Comments should be received on or before January 24, 2017 to be 
assured consideration.

ADDRESSES: Interested persons are invited to submit written comments on 
the information collection to Troy Hillier, National Credit Union 
Administration, 1775 Duke Street, Alexandria, Virginia 22314-3428; Fax 
No. 703-519-8579; or Email at PRAComments@ncua.gov.

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to the address above.

SUPPLEMENTARY INFORMATION: 
    OMB Number: 3133-0102.
    Title: Recordkeeping, Reporting, and Disclosure Requirements 
Associated with the Truth in Lending Act (TILA), 15 U.S.C. 1601 et 
seq., as implemented by Regulation Z, 12 CFR 1026.
    Abstract: The Truth in Lending Act was enacted to foster comparison 
credit shopping and informed credit decision making by requiring 
accurate disclosure of the costs and terms of credit to consumers and 
to protect consumers against inaccurate and unfair credit billing 
practices. TILA has been revised numerous times since it took effect, 
notably by passage of the Fair Credit Billing Act of 1974, the Consumer 
Leasing Act of 1976, the Truth in Lending Simplification and Reform Act 
of 1980, the Fair Credit and Charge Card Disclosure Act of 1988, and 
the Home Equity Loan Consumer Protection Act of 1988. Historically, 
TILA was implemented by the Board of Governors of the Federal Reserve 
System's (FRB) Regulation Z, 12 CFR part 226. The Dodd-Frank Wall 
Street Reform and Consumer Protection Act transferred FRB's rulemaking 
authority for TILA to the Consumer Financial Protection Bureau (CFPB).
    Regulation Z contains several provisions that impose information 
collection requirements: The information collection requirements for 
open-end credit products; the information collection requirements for 
closed-end credit; the information collection requirements that apply 
to both open- and closed-end mortgage credit; the information 
collection requirements for specific residential mortgage types--
namely, reverse mortgages and high cost mortgages with rates and fees 
above specified thresholds; the information collection requirements for 
private education loans; and information collection requirements 
related to Regulation Z's advertising and record retention rules.
    The collection of information pursuant to Part 1026 is triggered by 
specific events and disclosures and must be provided to consumers 
within the time periods established under the regulation. To ease the 
compliance cost (particularly for small credit unions), model forms and 
clauses are appended to the regulation.
    Type of Review: Reinstatement with change of a previously approved 
collection.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Number of Respondents: 5,936.
    Frequency of Response: Upon occurrence of triggering action.
    Estimated Total Annual Burden Hours: 3,351,131. The one-time burden 
is estimated to be 340,783 hours and the ongoing burden, 3,010,349 
(340,783 + 3,010,349 = 3,351,131).
    Request For Comments: Comments submitted in response to this notice 
will be summarized and included in the request for Office of Management 
and Budget approval. All comments will become a matter of public 
record. The public is invited to submit comments concerning: (a) 
Whether the collection of information is necessary for the proper 
execution of the function of the agency, including whether the 
information will have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information, 
including the validity of the methodology and assumptions used; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; and (d) ways to minimize the burden of the collection.

    By Gerard Poliquin, Secretary of the Board, the National Credit 
Union Administration, on November 18, 2016.

    Dated: November 18, 2016.
Troy S. Hillier,
NCUA PRA Clearance Officer.
[FR Doc. 2016-28313 Filed 11-23-16; 8:45 am]
BILLING CODE 7535-01-P
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