Agency Information Collection Activities; Proposed Collection; Comment Request; Extension, 14273-14281 [2018-06669]

Download as PDF Federal Register / Vol. 83, No. 64 / Tuesday, April 3, 2018 / Notices 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 1, 2018. A. Federal Reserve Bank of Atlanta (Kathryn Haney, Director of Applications) 1000 Peachtree Street NE, Atlanta, Georgia 30309. Comments can also be sent electronically to Applications.Comments@atl.frb.org: 1. Henderson Bancshares, Inc., Troy, Alabama; to merge with First Brundidge Bancshares, Inc., and thereby directly acquire First National Bank of Brundidge, both of Brundidge, Alabama. In connection with this proposal, Henderson’s parent company, Trust Number 3 under the Will of Charles Henderson, Troy, Alabama, will indirectly acquire First Brundidge Bancshares, Inc. and First National Bank of Brundidge both of Brundidge, Alabama. Board of Governors of the Federal Reserve System, March 29, 2018. Ann Misback, Secretary of the Board. [FR Doc. 2018–06731 Filed 4–2–18; 8:45 am] BILLING CODE P FEDERAL TRADE COMMISSION Agency Information Collection Activities; Proposed Collection; Comment Request; Extension Federal Trade Commission (‘‘FTC’’ or ‘‘Commission’’). ACTION: Notice. AGENCY: The FTC intends to ask the Office of Management and Budget (‘‘OMB’’) to extend for an additional three years the current Paperwork Reduction Act (‘‘PRA’’) clearance for the FTC’s enforcement of the information collection requirements in four consumer financial regulations enforced by the Commission. Those clearances expire on July 31, 2018. DATES: Comments must be filed by June 4, 2018. amozie on DSK30RV082PROD with NOTICES SUMMARY: VerDate Sep<11>2014 16:47 Apr 02, 2018 Jkt 244001 Interested parties may file a comment online or on paper, by following the instructions in the Request for Comment part of the SUPPLEMENTARY INFORMATION section below. Write ‘‘Regs BEMZ, PRA Comments, P084812’’ on your comment and file your comment online at https:// ftcpublic.commentworks.com/ftc/ RegsBEMZpra by following the instructions on the web-based form. If you prefer to file your comment on paper, mail your comment to the following address: Federal Trade Commission, Office of the Secretary, 600 Pennsylvania Avenue NW, Suite CC–5610 (Annex J), Washington, DC 20580, or deliver your comment to the following address: Federal Trade Commission, Office of the Secretary, Constitution Center, 400 7th Street SW, 5th Floor, Suite 5610 (Annex J), Washington, DC 20024. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the proposed information requirements should be addressed to Carole Reynolds or Stephanie Rosenthal, Attorneys, Division of Financial Practices, Bureau of Consumer Protection, Federal Trade Commission, 600 Pennsylvania Ave. NW, Washington, DC 20580, (202) 326–3224. 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). The FTC enforces these statutes as to all businesses engaged in conduct these laws cover unless these businesses (such as federally chartered or insured depository institutions) are subject to the regulatory authority of another federal agency. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (‘‘Dodd-Frank Act’’), Public Law 111– 203, 124 Stat. 1376 (2010), almost all rulemaking authority for the ECOA, EFTA, CLA, and TILA transferred from the Board of Governors of the Federal Reserve System (Board) to the Consumer ADDRESSES: PO 00000 Frm 00036 Fmt 4703 Sfmt 4703 14273 Financial Protection Bureau (CFPB) on July 21, 2011 (‘‘transfer date’’). To implement this transferred authority, the CFPB published interim final rules for new regulations in 12 CFR part 1002 (Regulation B), 12 CFR part 1005 (Regulation E), 12 CFR part 1013 (Regulation M), and 12 CFR 1026 (Regulation Z) for those entities under its rulemaking jurisdiction, which were issued as final rules thereafter.1 Although the Dodd-Frank Act transferred most rulemaking authority under ECOA, EFTA, CLA, and TILA to the CFPB, the Board retained rulemaking authority for certain motor vehicle dealers 2 under all of these statutes and also for certain interchangerelated requirements under EFTA.3 As a result of the Dodd-Frank Act, the FTC and the CFPB generally share the authority to enforce Regulations B, E, M, and Z for entities for which the FTC had enforcement authority before the Act, except for certain motor vehicle dealers.4 Because of the generally shared enforcement jurisdiction, the two agencies have divided the FTC’s previously-cleared PRA burden 1 12 CFR 1002 (Reg. B) (76 FR 79442, Dec. 21, 2011) (81 FR 25323, Apr. 28, 2016); 12 CFR 1005 (Reg. E) (76 FR 81020, Dec. 27, 2011); (81 FR 25323, Apr. 28, 2016) 12 CFR 1013 (Reg. M) (76 FR 78500, Dec. 19, 2011) (81 FR 25323, Apr. 28, 2016); 12 CFR 1026 (Reg. Z) (76 FR 79768, Dec. 22, 2011) (81 FR 25323, Apr. 28, 2016). 2 Generally, these are dealers ‘‘predominantly engaged in the sale and servicing of motor vehicles, the leasing and servicing of motor vehicles, or both.’’ See Dodd-Frank Act, § 1029(a), –(c). 3 See Dodd-Frank Act, § 1075 (these requirements are implemented through Board Regulation II, 12 CFR 235, rather than EFTA’s implementing Regulation E). 4 The FTC’s enforcement authority includes statechartered credit unions; other federal agencies also have various enforcement authority over credit unions. For example, for large credit unions (exceeding $10 billion in assets), the CFPB has certain authority. The National Credit Union Administration also has certain authority for statechartered federally insured credit unions, and it additionally provides insurance for certain statechartered credit unions through the National Credit Union Share Insurance Fund and examines credit unions for various purposes. There are approximately three state-chartered credit unions exceeding $10 billion in assets, and the CFPB assumes PRA burden for those entities. As of the third quarter of 2017, there were approximately the following number of state-chartered credit unions: 2,347 state-chartered credit unions—2,106 federally insured, 125 privately insured, and 116 in Puerto Rico insured by a quasi-governmental entity. Because of the difficulty in parsing out PRA burden for such entities in view of the overlapping authority, the FTC’s figures include PRA burden for all state-chartered credit unions (rounded to 2,300). As noted above, the CFPB’s figures as to state chartered credit unions include burden for those entities exceeding $10 billion in assets (approximately 3 entities). See generally DoddFrank Act, §§ 1061, 1025, 1026. This attribution does not change actual enforcement authority. E:\FR\FM\03APN1.SGM 03APN1 14274 Federal Register / Vol. 83, No. 64 / Tuesday, April 3, 2018 / Notices amozie on DSK30RV082PROD with NOTICES estimates between them,5 except that the FTC has assumed all of the burden estimates associated with motor vehicle dealers 6 and now is also doing the same regarding estimated burden for statechartered credit unions (both reflected in the burden summaries below as a ‘‘carve-out’’). The division of PRA burden hours not attributable to motor vehicle dealers and, as appropriate, to state-chartered credit unions, is reflected in the CFPB’s PRA clearance requests to OMB, as well as in the FTC’s burden estimates below. Through the Dodd-Frank Act, the FTC generally has sole authority to enforce Regulations B, E, M, and Z regarding certain motor vehicle dealers predominantly engaged in the sale and servicing of motor vehicles, the leasing and servicing of motor vehicles, or both, that, among other things, assign their contracts to unaffiliated third parties.7 Because the FTC has exclusive jurisdiction to enforce these rules for such motor vehicle dealers and retains its concurrent authority with the CFPB for other types of motor vehicle dealers, and in view of the different types of motor vehicle dealers, the FTC is including for itself the entire PRA burden for all motor vehicle dealers in the burden estimates below. The regulations impose certain recordkeeping and disclosure requirements associated with providing credit or with other financial transactions. Under the PRA, 44 U.S.C. 3501–3521, Federal agencies must get OMB approval for each collection of information they conduct or sponsor. ‘‘Collection of information’’ includes agency requests or requirements to submit reports, keep records, or provide information to a third party. See 44 U.S.C. 3502(3); 5 CFR 1320.3(c). All four of these regulations require covered entities to keep certain records, but FTC staff believes these records are kept in the normal course of business even absent the particular 5 The CFPB also factors into its burden estimates respondents over which it has jurisdiction but the FTC does not. 6 See Dodd-Frank Act § 1029 (a), as limited by subsection (b) as to motor vehicle dealers. Subsection (b) does not preclude CFPB regulatory oversight regarding, among others, businesses that extend retail credit or retail leases for motor vehicles in which the credit or lease offered is provided directly from those businesses, rather than unaffiliated third parties, to consumers. It is not practicable, however, for PRA purposes, to estimate the portion of dealers that engage in one form of financing versus another (and that would or would not be subject to CFPB oversight). Thus, FTC staff’s ‘‘carve-out’’ for this PRA burden analysis reflects a general estimated volume of motor vehicle dealers. This attribution does not change actual enforcement authority. 7 See Dodd-Frank Act, § 1029(a), –(c). VerDate Sep<11>2014 16:47 Apr 02, 2018 Jkt 244001 recordkeeping requirements.8 Covered entities, however, may incur some burden associated with ensuring that they do not prematurely dispose of relevant records (i.e., during the time span they must retain records under the applicable regulation). The regulations also require covered entities to make disclosures to thirdparties. Related compliance involves set-up/monitoring and transactionspecific costs. ‘‘Set-up’’ burden, incurred only by covered new entrants, includes their identifying the applicable required disclosures, determining how best to comply, and designing and developing compliance systems and procedures. ‘‘Monitoring’’ burden, incurred by all covered entities, includes their time and costs to review changes to regulatory requirements, make necessary revisions to compliance systems and procedures, and to monitor the ongoing operation of systems and procedures to ensure continued compliance. ‘‘Transaction-related’’ burden refers to the time and cost associated with providing the various required disclosures in individual transactions, thus, generally, of much lesser magnitude than ‘‘monitoring’’ (or ‘‘setup’’) burden. The FTC’s estimates of transaction time and volume are intended as averages. The population of affected motor vehicle dealers is one component of a much larger universe of such entities. The required disclosures do not impose PRA burden on some covered entities because they make those disclosures in their normal course of activities. For other covered entities that do not, their compliance burden will vary widely depending on the extent to which they have developed effective computer-based or electronic systems and procedures to communicate and document required disclosures.9 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 8 PRA ‘‘burden’’ does not include ‘‘time, effort, and financial resources’’ expended in the normal course of business, regardless of any regulatory requirement. See 5 CFR 1320.3(b)(2). 9 For example, large companies may use computer-based and/or electronic means to provide required disclosures, including issuing some disclosures en masse, e.g., notice 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; if so, they may have minimal additional burden. Other entities may have incorporated fewer of these approaches into their systems and thus may have a higher burden. PO 00000 Frm 00037 Fmt 4703 Sfmt 4703 the following burden calculations consist of, among others, credit and lease advertisers, creditors, owners (such as purchasers and assignees) of credit obligations, financial institutions, service providers, certain government agencies and others involved in delivering electronic fund transfers (‘‘EFTs’’) of government benefits, and lessors.10 The burden estimates represent FTC staff’s best assessment, based on its knowledge and expertise relating to the financial services industry, of the average time to complete the aforementioned tasks associated with recordkeeping and disclosure. 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) EFT types used; (4) types and frequency of adverse actions taken; (5) types of appraisal reports utilized; and (6) computer systems and electronic features of compliance operations. The cost estimates that follow relate solely to labor costs, and they include the time necessary to train employees how to comply with the regulations. Staff calculated labor costs by multiplying appropriate hourly wages by the burden hours described above. The hourly wages used were $56 for managerial oversight, $42 for skilled technical services, and $17 for clerical work. These figures are averages drawn from Bureau of Labor Statistics data.11 Further, the FTC cost estimates assume the following labor category apportionments, except where otherwise indicated below: Recordkeeping—10% skilled technical, 90% clerical; disclosure—10% managerial, 90% skilled technical. The applicable PRA requirements impose minimal capital or other nonlabor costs. Affected entities generally already 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 normal course of business. The following discussion and tables present FTC estimates under the PRA of recordkeeping and disclosure average 10 The Commission generally does not have jurisdiction over banks, thrifts, and federal credit unions under the applicable regulations. 11 These inputs are based broadly on mean hourly data found within the ‘‘Bureau of Labor Statistics, Economic News Release,’’ March 31, 2017, Table 1, ‘‘National employment and wage data from the Occupational Employment Statistics survey by occupation, May 2016.’’ http://www.bls.gov/ news.release/ocwage.t01.htm. E:\FR\FM\03APN1.SGM 03APN1 14275 Federal Register / Vol. 83, No. 64 / Tuesday, April 3, 2018 / Notices time and labor costs, excluding that which the FTC believes entities incur customarily in the normal course of business 12 and information compiled and produced in response to FTC law enforcement investigations or prosecutions.13 1. Regulation B The ECOA prohibits discrimination in the extension of credit. Regulation B implements the ECOA, establishing disclosure requirements to assist customers in understanding their rights under the ECOA and recordkeeping requirements to assist agencies in enforcement. Regulation B applies to retailers, mortgage lenders, mortgage brokers, finance companies, and others. Recordkeeping FTC staff estimates that Regulation B’s general recordkeeping requirements affect 530,762 credit firms subject to the Commission’s jurisdiction, at an average annual burden of 1.25 hours per firm for a total of 663,453 hours.14 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 (of skilled technical time) for approximately 2.6 million credit applications (based on industry data regarding the approximate number of mortgage purchase and refinance originations), for a total of 43,333 hours.15 Staff also estimates that recordkeeping of self-testing subject to the regulation would affect 1,500 firms, with an average annual burden of one hour (of skilled technical time) per firm, for a total of 1,500 hours, and that recordkeeping of any corrective action as a result of self-testing would affect 10% of them, i.e., 150 firms, with an average annual burden of four hours (of skilled technical time) per firm, for a total of 600 hours.16 Keeping associated records of race/national origin, sex, age, and marital status requires an estimated one minute of skilled technical time. Disclosure Regulation B requires that creditors (i.e., entities that regularly participate in the decision whether to extend credit under Regulation B) provide notices whenever they take adverse action, such as denial of a credit application. It requires entities that extend mortgage credit with first liens to provide a copy of the appraisal report or other written valuation to applicants.17 Finally, Regulation B also requires that for accounts which 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: (1) Providing the information is optional; (2) the creditor will not take the information into account in any aspect of the credit transactions; and (3) if applicable, the information will be noted by visual observation or surname if the applicant chooses not to provide it.18 Burden Totals Recordkeeping: 708,886 hours (631,281 + 77,605 carve-out); $14,845,512 ($13,316,477 + $1,529,035 carve-out), associated labor costs. Disclosures: 1,088,912 hours (961,224 + 127,688 carve-out); $47,258,792 ($41,717,144 + $5,541,648 carve-out), associated labor costs. REGULATION B—DISCLOSURES—BURDEN HOURS Setup/Monitoring 1 Disclosures Average burden per respondent (hours) Respondents Transaction-related 2 Total setup/ monitoring burden (hours) Number of transactions Average burden per transaction (minutes) Total transaction burden (hours) Total burden (hours) Credit history reporting .............................................. Adverse action notices .............................................. Appraisal reports/written valuations .......................... Self-test disclosures .................................................. 133,553 530,762 4,650 1,500 .25 .75 1 .5 33,388 398,072 4,650 750 60,098,850 92,883,350 1,725,150 60,000 .25 .25 .50 .25 250,412 387,014 14,376 250 283,800 785,086 19,026 1,000 Total ................................................................... ...................... ...................... ...................... ........................ ...................... ...................... 1,088,912 1 The estimates assume that all applicable entities would be affected, with respect to appraisal reports and other written valuations. These entities have decreased slightly, while credit history, adverse action and self-test entities have increased slightly, from prior FTC estimates, based on market changes. 2 Applicable transactions have increased for appraisal reports; however, credit history, adverse action and self-test transactions have decreased, based on market changes. Taken together, the overall total disclosure burden has decreased. 12 See supra note 8 and accompanying text. 5 CFR 1320.4(a) (excluding information collected in response to, among other things, a federal civil action or ‘‘during the conduct of an administrative action, investigation, or audit involving an agency against specific individuals or entities’’). FTC enforcement initiatives are based on diverse statutory and regulatory requirements. Some actions are brought in partnership with other federal and state agencies and encompass matters enforced by those agencies, not solely issues related to Regulations M and Z. Further, even where Regulations M and Z matters also are involved in FTC actions, or are in the broader initiative or enforcement sweep of automobile actions, the actions frequently include charges of unfair and/or deceptive practices under Section 5 of the FTC Act, 15 U.S.C. 45(a), and/or may involve warranty violations under the Magnuson Moss Warranty Act, 15 U.S.C. 2301–2312, and other issues not pertinent to this PRA submission. See, e.g., FTC, Press Release, FTC, Multiple Law Enforcement Partners Announce Crackdown on Deception, Fraud in Auto Sales, Financing and Leasing, Mar. 26, 2015, amozie on DSK30RV082PROD with NOTICES 13 See VerDate Sep<11>2014 16:47 Apr 02, 2018 Jkt 244001 available at https://www.ftc.gov/news-events/pressreleases/2015/03/ftc-multiple-law-enforcementpartners-announce-crackdown. The FTC also frequently issues business ‘‘blog’’ guidance with its enforcement initiatives to guide and facilitate compliance. See, e.g., Lesley Fair, ‘‘FTC says car dealer took consumers for a ride—again, FTC BUSINESS CENTER BLOG (Aug. 18, 2016), available at https://www.ftc.gov/news-events/blogs/ business-blog/2016/08/ftc-says-car-dealer-tookconsumers-ride-again; Lesley Fair, Operation Ruse Control: Six tips if cars are up your alley, FTC BUSINESS CENTER BLOG (Mar. 26, 2015), available at https://www.ftc.gov/news-events/blogs/ business-blog/2015/03/operation-ruse-control-6tips-if-cars-are-your-alley. 14 Section 1071 of the Dodd-Frank Act amended the ECOA to require financial institutions to collect and report information concerning credit applications by women- or minority-owned businesses and small businesses, effective on the July 21, 2011 transfer date. Both the CFPB and the Board have exempted affected entities from complying with this requirement until a date set by the prospective final rules these agencies issue to PO 00000 Frm 00038 Fmt 4703 Sfmt 4703 implement it. The Commission will address PRA burden for its enforcement of the requirement after the CFPB and the Board have issued the associated final rules. 15 Regulation B contains model forms that creditors may use to gather and retain the required information. 16 In contrast to banks, for example, entities under FTC jurisdiction are not subject to audits by the FTC for compliance with Regulation B; rather they may be subject to FTC investigations and enforcement actions. This may impact the level of self-testing (as specifically defined by Regulation B) in a given year, and staff has sought to address such factors in its burden estimates. 17 While the rule also requires the creditor to provide a short written disclosure regarding the appraisal process, the disclosure is provided by the CFPB, and is thus not a ‘‘collection of information’’ for PRA purposes. Accordingly, it is not included in burden estimates below. 18 The disclosure may be provided orally or in writing. The model form provided by Regulation B assists creditors in providing the written disclosure. E:\FR\FM\03APN1.SGM 03APN1 14276 Federal Register / Vol. 83, No. 64 / Tuesday, April 3, 2018 / Notices REGULATION B—RECORDKEEPING AND DISCLOSURES—COST Managerial Required Task Time (hours) Skilled Technical Cost ($56/hr.) Time (hours) Clerical Cost ($47/hr.) Time (hours) Total cost ($) Cost ($17/hr.) General recordkeeping .............................................. Other recordkeeping ................................................. Recordkeeping of self-test ........................................ Recordkeeping of corrective action .......................... 0 0 0 0 $0 0 0 0 66,345 43,333 1,500 600 $2,786,490 1,819,986 63,000 25,200 597,108 0 0 0 $10,150,836 0 0 0 $12,937,326 1,819,986 63,000 25,200 Total Recordkeeping .......................................... ...................... ...................... ...................... ........................ ...................... ...................... 14,845,512 Disclosures: Credit history reporting .............................................. Adverse action notices .............................................. Appraisal reports ....................................................... Self-test disclosure .................................................... 28,380 78,509 1,903 100 1,589,280 4,396,504 106,568 5,600 255,420 706,577 17,123 900 10,727,640 29,676,234 719,166 37,800 0 0 0 0 0 0 0 0 12,316,920 34,072,738 825,734 43,400 Total Disclosures ............................................... ...................... ...................... ...................... ........................ ...................... ...................... 47,258,792 Total Recordkeeping and Disclosures ........ ...................... ...................... ...................... ........................ ...................... ...................... 62,104,304 2. Regulation E The EFTA requires that covered entities provide consumers with accurate disclosure of the costs, terms, and rights relating to EFT and certain other services. Regulation E implements the EFTA, establishing disclosure and other requirements to aid consumers and recordkeeping requirements to assist agencies with enforcement. It applies to financial institutions, retailers, gift card issuers and others that provide gift cards, service providers, various federal and state agencies offering EFTs, prepaid account entities, etc. Staff estimates that Regulation E’s recordkeeping requirements affect 251,053 firms offering EFT and certain other services to consumers and that are subject to the Commission’s jurisdiction, at an average annual burden of one hour per firm, for a total of 251,053 hours. This represents a decrease from prior figures, reflecting a decrease in entities under FTC jurisdiction engaged in applicable activities. Burden Totals Recordkeeping: 251,053 hours (233,947 + 17,106 carve-out); $4,895,526 ($4,561,949 + $333,577 carve-out), associated labor costs. Disclosures: 7,184,903 hours (7,165,929 + 18,974 carve-out); $311,824,800 ($310,999,734 + $825,066 carve-out), associated labor costs. REGULATION E—DISCLOSURES—BURDEN HOURS Setup/Monitoring Disclosures 1 Average burden per respondent Respondents Total ............................................................ amozie on DSK30RV082PROD with NOTICES Initial terms ................................................................ Change in terms ........................................................ Periodic statements ................................................... Error resolution .......................................................... Transaction receipts .................................................. Preauthorized transfers 2 ........................................... Service provider notices ............................................ ATM notices .............................................................. Electronic check conversion 3 ................................... Overdraft services ..................................................... Gift cards ................................................................... Remittance transfers: Disclosures ......................................................... Error resolution .................................................. Agent compliance .............................................. Prepaid accounts and gov’t benefits: 4 Disclosures ......................................................... Disclosures—updates ........................................ Access to account information ........................... Error resolution .................................................. Error resolution—followup 8 ............................... Submission of agreements ................................ Updates to agreements 9 ................................... Transaction-related Total setup/ monitoring burden (hours) Number of Transactions Average burden per transaction (minutes) Total transaction burden (hours) Total burden (hours) 27,300 8,550 27,300 27,300 27,300 258,553 20,000 125 48,553 15,000 15,000 .5 .5 .5 .5 .5 .5 .25 .25 .5 .5 .5 13,650 4,275 13,650 13,650 13,650 129,277 5,000 31 24,277 7,500 7,500 273,000 11,286,000 327,600,000 273,000 1,375,000,000 6,463,825 200,000 25,000,000 728,295 1,500,000 750,000,000 .02 .02 .02 5 .02 .25 .25 .25 .02 .02 .02 91 3,762 109,200 22,750 458,333 26,933 833 104,167 243 500 250,000 13,741 8,037 122,850 36,400 471,983 156,210 5,833 104,198 24,520 8,000 257,500 4,800 4,800 4,800 1.25 1.25 1.25 6,000 6,000 6,000 96,000,000 120,960,000 96,000,000 .9 .9 .9 1,440,000 1,814,400 1,440,000 1,446,000 1,820,400 1,446,000 550 138 550 300 ...................... 138 ...................... 40x10 5 1x10 20x10 7 4x4 N/A 2x1 N/A 220,000 1,380 6 110,000 4,800 ...................... 276 ...................... 2,750,000,000 N/A 1,100,000 275,000 1,380 690 690 .02 ...................... .01 2 30 1 5 916,667 ...................... 183 9,167 690 11 57 1,136,667 1,380 110,183 13,967 690 287 57 ...................... ...................... ...................... ........................ ...................... ...................... 7,184,903 1 Except as noted below, most respondent tallies in this table have decreased due to business shifts and other market changes that result in fewer entities under FTC jurisdiction. Accordingly, related transactions under FTC jurisdiction have also decreased. 2 Preauthorized transfers rules apply to ‘‘persons’’ and entities. The number of respondents and transactions by such persons have increased, as these preauthorized transfers are used more commonly than previously. 3 The total number of electronic check conversion respondents and transactions has decreased, particularly due to declining check usage. 4 Prepaid accounts are now covered by Regulation E (and payroll cards are included in this area). Government benefit notices are included also in this area, although some separate requirements for government benefits remain; these factors are accounted for in the estimates. The number of government benefit entities also have declined given business shifts that have reduced the number of entities under FTC jurisdiction (and prepaid entities under FTC jurisdiction are also few in number). 5 Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs. VerDate Sep<11>2014 18:45 Apr 02, 2018 Jkt 244001 PO 00000 Frm 00039 Fmt 4703 Sfmt 4703 E:\FR\FM\03APN1.SGM 03APN1 14277 Federal Register / Vol. 83, No. 64 / Tuesday, April 3, 2018 / Notices 6 This reflects prepaid accounts’ updates of additional fee type disclosures. Individual burden hours are listed first, followed by the number of programs. hours are on a per program basis; individual burden hours are listed first, followed by the number of programs. pertains to prepaid accounts. 9 This pertains to prepaid accounts’ agreements. 7 Burden 8 This REGULATION E—RECORDKEEPING AND DISCLOSURES—COST Managerial Required task Time (hours) Recordkeeping .......................................................... Disclosures: Initial terms ......................................................... Change in terms ................................................ Periodic statements ........................................... Error resolution .................................................. Transaction receipts ........................................... Preauthorized transfers ...................................... Service provider notices .................................... ATM notices ....................................................... Electronic check conversion .............................. Overdraft services .............................................. Gift cards ............................................................ Remittance transfers: Disclosures ......................................................... Error resolution .................................................. Agent compliance .............................................. Prepaid accounts and gov’t. benefits: Disclosures ......................................................... Disclosures—updates ........................................ Access to account information ........................... Error resolution .................................................. Error resolution—followup .................................. Submission of agreements ................................ Updates to agreements ..................................... Total Disclosures ........................................ Total Recordkeeping and Disclosures 3. Regulation M The CLA requires that covered entities provide consumers with accurate disclosure of the costs and terms of leases. Regulation M implements the CLA, establishing disclosure requirements to help consumers comparison shop and understand the terms of leases and recordkeeping requirements. It applies to vehicle lessors (such as auto dealers, Skilled Technical Cost ($56/hr.) Time (hours) Clerical Cost ($42/hr.) Time (hours) Total cost ($) Cost ($17/hr.) 0 $0 25,105 $1,054,410 225,948 $3,841,116 $4,895,526 1,374 804 12,285 3,640 47,198 15,621 583 10,420 2,452 800 25,750 76,944 45,024 687,960 203,840 2,643,088 874,776 32,648 583,520 137,312 44,800 1,442,000 12,367 7,233 110,565 32,760 424,785 140,589 5,250 93,778 22,068 7,200 231,750 519,414 303,786 4,643,730 1,375,920 17,840,970 5,904,738 220,500 3,938,676 926,856 302,400 9,733,500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 596,358 348,810 5,331,690 1,579,760 20,484,058 6,779,514 253,148 4,522,196 1,064,168 347,200 11,175,500 144,600 182,040 144,600 8,097,600 10,194,240 8,097,600 1,301,400 1,638,360 1,301,400 54,658,800 68,811,120 54,658,800 0 0 0 0 0 0 62,756,400 79,005,360 62,756,400 113,667 138 11,018 1,397 69 29 6 6,365,352 7,728 617,008 78,232 3,864 1,624 336 1,023,000 1,242 99,165 12,570 621 258 51 42,966,000 52,164 4,164,930 527,940 26,082 10,836 2,142 0 0 0 0 0 0 0 0 0 0 0 0 0 0 49,331,352 59,892 4,781,938 606,172 29,946 12,460 2,478 ...................... ...................... ...................... ........................ ...................... ...................... 311,824,800 ...................... ...................... ...................... ........................ ...................... ...................... 316,720,326 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. Staff estimates that Regulation M’s recordkeeping requirements affect approximately 30,203 firms within the FTC’s jurisdiction leasing products to consumers at an average annual burden of one hour per firm, for a total of 30,203 hours. Burden Totals 19 Recordkeeping: 30,203 hours (3,513 + 26,690 carve-out); $1,649,088 ($191,814 + $1,457,274 carve-out), associated labor costs. Disclosures: 71,750 hours (2,094 + 69,656 carve-out); $3,917,550 ($114,394 + $3,803,156 carve-out), associated labor costs. REGULATION M—DISCLOSURES—BURDEN HOURS Setup/Monitoring Average burden per respondent (hours) Disclosures Respondents Transaction-related Total setup/ monitoring burden (hours) Number of transactions Average burden per transaction (minutes) Total transaction burden (hours) Total burden (hours) Motor Vehicle Leases 1 ............................................. Other Leases 2 .......................................................... Advertising 3 .............................................................. 26,690 3,513 14,615 1 .50 .50 26,690 1,757 7,308 4,000,000 60,000 578,960 .50 .25 .25 33,333 250 2,412 60,023 2,007 9,720 Total ................................................................... ...................... ...................... ...................... ........................ ...................... ...................... 71,750 amozie on DSK30RV082PROD with NOTICES 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 1013.2(e)(1). While the number of respondents for vehicle leases has decreased with market changes, the number of vehicle lease transactions has remained about the same, compared to past FTC estimates. Leases up to $55,800 plus an annual adjustment are now covered. The resulting total burden has decreased. 19 Recordkeeping and disclosure burden estimates for Regulation M are more substantial for motor vehicle leases than for other leases, including burden estimates based on market changes and regulatory definitions of coverage. Based on VerDate Sep<11>2014 16:47 Apr 02, 2018 Jkt 244001 industry information, the estimates for recordkeeping and disclosure costs assume the following: 90% managerial, and 10% skilled technical. As noted above, for purposes of PRA burden calculations for Regulations B, E, M, and Z, PO 00000 Frm 00040 Fmt 4703 Sfmt 4703 and given the different types of motor vehicle dealers, the FTC is including in its estimates burden for all of them. E:\FR\FM\03APN1.SGM 03APN1 14278 Federal Register / Vol. 83, No. 64 / Tuesday, April 3, 2018 / Notices 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 consumer leases for more than four months are covered.) See 15 U.S.C. 1667(1); 12 CFR 1013.2(e)(1). The number of respondents has decreased, based on market changes in companies and types of transactions they offer; the number of such transactions has also declined, based on types of transactions offered that are covered by the CLA. Leases up to $55,800 plus an annual adjustment are now covered. The resulting total burden has decreased. 3 Respondents for advertising have decreased as have lease advertisements, based on market changes, from past FTC estimates. The resulting total burden has decreased. REGULATION M—RECORDKEEPING AND DISCLOSURES—COST Managerial Required task Time (hours) Skilled Technical Cost ($56/hr.) Time (hours) Clerical Cost ($42/hr.) Time (hours) Total cost ($) Cost ($17/hr.) Recordkeeping ......................... Disclosures:. Motor Vehicle Leases .............. Other Leases ........................... Advertising ............................... 27,183 $1,522,248 3,020 $126,840 0 0 $1,649,088 54,021 1,806 8,748 3,025,176 101,136 489,888 6,002 201 972 252,084 8,442 40,824 0 0 0 0 0 0 3,277,260 109,578 530,712 Total Disclosures .............. ...................... ...................... ...................... ........................ ...................... ...................... 3,917,550 Total Recordkeeping and Disclosures ..... ...................... ...................... ...................... ........................ ...................... ...................... 5,566,638 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 disclosures regarding the costs and terms of credit to consumers. Regulation Z implements the TILA, establishing disclosure requirements to assist consumers and recordkeeping requirements to assist agencies with enforcement. These requirements pertain to open-end and closed-end credit and apply to various types of entities, including mortgage companies; finance companies; auto dealerships; private education loan companies; merchants who extend credit for goods or services; credit advertisers; acquirers of mortgages; and others. Additional requirements also exist in the mortgage area, including for high cost mortgages, higher-priced mortgage loans,20 ability to pay of mortgage consumers, mortgage servicing, loan originators, and certain integrated mortgage disclosures. FTC staff estimates that Regulation Z’s recordkeeping requirements affect approximately 430,762 entities subject to the Commission’s jurisdiction, at an average annual burden of 1.25 hours per entity with .25 additional hours per entity for 3,650 entities (ability to pay), and 5 additional hours per entity for 4,500 entities (loan originators). Burden Totals Recordkeeping: 561,866 hours (484,961 + 76,905 carve-out); $10,956,397 ($9,456,749 + $1,499,648 carve-out), associated labor costs. Disclosures: 7,854,575 hours ($6,838,256 + 1,016,319 carve-out; $318,601,732 ($274,493,500 + $44,108,232 carve-out), associated labor costs. REGULATION Z—DISCLOSURES—BURDEN HOURS Setup/Monitoring Disclosures 1 amozie on DSK30RV082PROD with NOTICES Respondents Open-end credit:. Initial terms ................... Initial terms—prepaid accounts ................... Rescission notices ....... Subsequent disclosures Subsequent disclosures—prepaid accounts ....................... Periodic statements ..... Periodic statements— prepaid accounts ...... Error resolution ............ Error resolution—prepaid accounts followup ........................ Credit and charge card accounts ................... Average burden per respondent (hours) 16:47 Apr 02, 2018 Total setup/ monitoring burden (hours) Number of transactions Average burden per transaction (minutes) Total transaction burden (hours) Total burden (hours) 23,650 .75 17,738 10,500,600 .375 65,629 83,367 3 750 4,650 2 4x1 12 375 3,488 3 3x78,667 3,750 23,250,000 .125 .25 .188 492 16 72,850 504 391 76,338 3 23,650 4 4x1 12 17,738 5 3x78,667 788,325,450 .0625 .0938 246 1,232,415 258 1,250,153 3 23,650 6 40x1 120 17,738 7 3x944,000 .75 2,104,850 .03125 6 1,475 210,485 1,595 228,223 3 8 4x1 12 9 3x1,180 15 885 897 10,250 .75 7,688 5,125,000 .375 32,031 39,719 .5 .75 .75 20 While Regulation Z also requires the creditor to provide a short written disclosure regarding the appraisal process for higher-priced mortgage loans, VerDate Sep<11>2014 Transaction-related Jkt 244001 the disclosure is provided by the CFPB. As a result, it is not a ‘‘collection of information’’ for PRA PO 00000 Frm 00041 Fmt 4703 Sfmt 4703 purposes (see 5 CFR 1320.3(c)(2)). It is thus excluded from the burden estimates below. E:\FR\FM\03APN1.SGM 03APN1 14279 Federal Register / Vol. 83, No. 64 / Tuesday, April 3, 2018 / Notices REGULATION Z—DISCLOSURES—BURDEN HOURS—Continued Setup/Monitoring Disclosures 1 amozie on DSK30RV082PROD with NOTICES Respondents Credit and charge card accounts—prepaid accounts ................... Settlement of estate debts ......................... Special credit card requirements ................ Home equity lines of credit ......................... Home equity lines of credit high-cost mortgages ........................ College student credit card marketing—ed. institutions ................. College student credit card marketing—card issuer reports ............ Posting and reporting of credit card agreements ........................ Posting and reporting of prepaid account agreements ............... Advertising ................... Advertising—prepaid accounts ................... Advertising—prepaid accounts Updates ..... Sale, transfer, or assignment of mortgages ........................ Appraiser misconduct reporting ................... Mortgage servicing 16 ... Loan originators ........... Closed-end credit:. Credit disclosures ........ Rescission notices ....... Redisclosures ............... Integrated mortgage disclosures ................ Variable rate mortgages High cost mortgages .... Higher priced mortgages ........................ Reverse mortgages ...... Advertising ................... Private education loans Sale, transfer, or assignment of mortgages ........................ Ability to pay/qualified mortgage .................. Appraiser misconduct reporting ................... Mortgage servicing 17 ... Loan originators ........... Transaction-related Average burden per respondent (hours) Total setup/ monitoring burden (hours) Average burden per transaction (minutes) Number of transactions Total burden (hours) Total transaction burden (hours) 3 10 4x1 12 11 3x12 240 144 156 23,650 .75 17,738 496,650 .375 3,104 20,842 10,250 .75 7,688 5,125,000 .375 32,031 39,719 750 .5 375 5,250 .25 22 397 250 2 500 1,500 2 50 550 1,350 .5 675 81,000 .25 338 1,013 150 .75 113 4,500 .75 56 169 10,250 .75 7,688 5,125,000 .375 32,031 39,719 3 38,650 12 .75x1 .75 2 28,988 13 3x5 115,950 2.5 .75 1 1,449 3 30,437 3 14 20x1 60 N/A ........................ ........................ 60 3 15 0.2x5 3 N/A ........................ ........................ 3 500 .5 250 500,000 .25 2,083 2,333 301,150 1,500 2,250 .75 .75 2 225,863 1,125 4,500 6,023,000 150,000 22,500 .375 .5 5 37,644 1,250 1,875 263,507 2,375 6,375 280,762 3,650 101,150 .75 .5 .5 210,572 1,825 50,575 112,304,800 5,475,000 505,750 2.25 1 2.25 4,211,430 91,250 18,966 4,422,002 93,075 69,541 3,650 3,650 1,750 10 1 1 36,500 3,650 1,750 10,950,000 365,000 43,750 3.5 1.75 2 638,750 10,646 1,458 675,250 14,296 3,208 1,750 3,025 205,762 75 1 .5 .5 .5 1,750 1,513 102,881 38 14,000 15,125 2,057,620 30,000 2 1 1 1.5 467 252 34,294 750 2,217 1,765 137,175 788 48,850 .5 24,425 2,442,500 .25 10,177 34,602 3,650 .75 2,738 0 0 0 2,738 301,150 3,650 2,250 .75 1.5 2 225,863 5,475 4,500 6,023,000 730,000 22,500 .375 2.75 5 37,644 33,458 1,875 263,507 38,933 6,375 Total open-end credit .................. ........................ ........................ ........................ ........................ ........................ ........................ 2,089,103 Total closed-end credit .................. ........................ ........................ ........................ ........................ ........................ ........................ 5,765,472 VerDate Sep<11>2014 18:45 Apr 02, 2018 Jkt 244001 PO 00000 Frm 00042 Fmt 4703 Sfmt 4703 E:\FR\FM\03APN1.SGM 03APN1 14280 Federal Register / Vol. 83, No. 64 / Tuesday, April 3, 2018 / Notices REGULATION Z—DISCLOSURES—BURDEN HOURS—Continued Setup/Monitoring Transaction-related Respondents Average burden per respondent (hours) Total setup/ monitoring burden (hours) Number of transactions Average burden per transaction (minutes) Total credit ..... ........................ ........................ ........................ ........................ ........................ Total burden (hours) Total transaction burden (hours) ........................ Disclosures 1 7,854,575 1 Regulation Z requires disclosures for closed-end and open-end credit. TILA and Regulation Z now cover credit up to $55,800 plus an annual adjustment (except that real estate credit and private education loans are covered regardless of amount). In most instances noted below, business shifts and other market changes have reduced estimated PRA burden. In a few instances noted below, changes to Regulation Z have increased estimated PRA burden. This is particularly due to the inclusion of burden for prepaid accounts with certain credit aspects, as applicable, due to new rules. However, the overall effect of these competing factors, combined with the FTC sharing with the CFPB estimated PRA burden (for all but motor vehicle dealers and certain credit unions) yields a net decrease from the FTC’s prior reported estimate for open-end credit and for closed-end credit. 2 Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs. 3 This figure lists the number of entities followed by the number of responses or programs each. 4 Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs. 5 This figure lists the number of entities followed by the number of responses or programs each. 6 Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs. 7 This figure lists the number of entities followed by the number of responses or programs each. 8 Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs. 9 This figure lists the number of entities followed by the number of responses or programs each. 10 Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs. 11 This figure lists the number of entities followed by the number of responses or programs each. 12 Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs. 13 This figure lists the number of entities followed by the number of responses or programs each. 14 Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs. 15 Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs. 16 Regulation Z has expanded various mortgage servicing requirements for successors-in-interest, which in some instances can affect openend credit, increasing burden. However, the number of entities and transactions under FTC jurisdiction have decreased, reducing overall burden compared to prior FTC estimates. 17 Regulation Z has expanded various mortgage servicing requirements for successors-in-interest, and periodic statement requirements including for consumers in bankruptcy, among other things, affecting closed-end credit, increasing burden. However, the number of entities and transactions under FTC jurisdiction have decreased, reducing overall burden compared to prior FTC estimates. REGULATION Z—RECORDKEEPING AND DISCLOSURES—COST Managerial amozie on DSK30RV082PROD with NOTICES Required task Time (hours) Recordkeeping .......................................................... Open-end credit Disclosures:. Initial terms ................................................................ Initial terms—prepaid accounts ................................. Rescission notices .................................................... Subsequent disclosures ............................................ Subsequent disclosures—prepaid accounts ............. Periodic statements ................................................... Periodic statements—prepaid accounts ................... Error resolution .......................................................... Error resolution—prepaid accounts followup ............ Credit and charge card accounts .............................. Credit and charge card accounts-prepaid accounts Settlement of estate debts ........................................ Special credit card requirements .............................. Home equity lines of credit ....................................... Home equity lines of credit—high cost mortgages ... College student credit card marketing—ed institutions ....................................................................... College student credit card marketing—card issuer reports .................................................................... Posting and reporting of credit card agreements ..... Posting and reporting of prepaid accounts ............... Advertising ................................................................. Advertising—prepaid accounts ................................. Advertising—prepaid accounts Updates ................... Sale, transfer, or assignment of mortgages ............. Appraiser misconduct reporting ................................ Mortgage servicing .................................................... Loan originators ........................................................ Total open-end credit ................................................ Closed-end credit Disclosures:. Credit disclosures ...................................................... Rescission notices .................................................... Redisclosures ............................................................ Integrated mortgage disclosures ............................... Variable rate mortgages ............................................ High cost mortgages ................................................. Higher priced mortgages ........................................... VerDate Sep<11>2014 16:47 Apr 02, 2018 Jkt 244001 Skilled Technical Cost ($56/hr.) Time (hours) Clerical Cost ($42/hr.) Time (hours) Total cost ($) Cost ($17/hr.) 0 $0 56,187 $2,359,854 505,679 $8,596,543 $10,956,397 8,337 50 39 7,634 26 125,015 159 22,822 90 3,972 16 2,084 3,972 40 55 466,872 2,800 2,184 427,504 1.456 7,000,840 8,904 1,278,032 5,040 222,432 896 116,704 222,432 2,240 3,080 75,030 454 352 68,704 232 1,125,138 1436 205,401 807 35,747 140 18,758 35,747 357 495 3,151,260 19,068 14,784 2,885,568 9,744 47,255,796 60,312 8,626,842 33.894 1,501,374 5,880 787,836 1,501,374 14,994 20,790 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3,618,132 21,868 16,968 3,313,072 11,200 54,256,636 69.216 9,904,874 38,934 1,723,806 6,776 904,540 1,723,806 17,234 23,870 101 5,656 912 38,304 0 0 43,960 17 3,972 1 3,044 6 1 233 26,351 238 638 ...................... 952 222,432 56 170,464 336 56 13,048 1,475,656 13,328 35,728 ...................... 152 35,747 2 27,393 54 2 2,100 237,156 2,137 5,737 ...................... 6,384 1,501,374 84 1,150,506 2,268 84 88,200 9,960,552 89,754 240,954 ........................ 0 0 0 0 0 0 0 0 0 0 ...................... 0 0 0 0 0 0 0 0 0 0 ...................... 7,336 1,723,806 140 1,320,970 2,604 140 101,248 11,436,208 103,082 276,682 90,667,108 442,200 9,308 6,954 67,525 1,430 321 222 2,476,300 521,248 389,424 3,781,400 80,080 17,976 12,432 3,979,802 83,767 62,587 607,725 12,866 2,887 1,995 167,151,684 3,518,214 2,628,654 25,524,450 540,372 121,254 83,790 0 0 0 0 0 0 0 0 0 0 0 0 0 0 169,627,984 4,039,462 3,018,078 29,305,850 620,452 139,230 96,222 PO 00000 Frm 00043 Fmt 4703 Sfmt 4703 E:\FR\FM\03APN1.SGM 03APN1 14281 Federal Register / Vol. 83, No. 64 / Tuesday, April 3, 2018 / Notices REGULATION Z—RECORDKEEPING AND DISCLOSURES—COST—Continued Managerial Required task Time (hours) Reverse mortgages ................................................... Advertising ................................................................. Private education loans ............................................. Sale, transfer, or assignment of mortgages ............. Ability to pay/qualified mortgage ............................... Appraiser misconduct reporting ................................ Mortgage servicing .................................................... Loan originators ........................................................ Cost ($56/hr.) 177 13,718 79 3,460 274 26,351 3,893 638 9,912 768,208 4,424 193,760 15,344 1,475,656 218,008 35,728 Skilled Technical Time (hours) 1,588 123,457 709 31,142 2,464 237,156 35,040 5,737 Clerical Cost ($42/hr.) Time (hours) 66,696 5,185,194 29,778 1,307,964 103,488 9,960,552 1,471,680 240,954 Total cost ($) Cost ($17/hr.) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 76,608 5,953,402 34,202 1,501,724 118,832 11,436,208 1,689,688 276,682 ...................... ...................... ...................... ........................ ...................... ...................... 227,934,624 Total Disclosures ............................................... ...................... ...................... ...................... ........................ ...................... ...................... 318,601,732 Total Recordkeeping and Disclosures ........ amozie on DSK30RV082PROD with NOTICES Total closed-end credit ...................................... ...................... ...................... ...................... ........................ ...................... ...................... 329,558,129 Request for Comment: Pursuant to Section 3506(c)(2)(A) of the PRA, the FTC invites comments on: (1) Whether the disclosure requirements are necessary, including whether the information will be practically useful; (2) the accuracy of our burden estimates, including whether the methodology and assumptions used are useful; (3) ways to enhance the quality, utility, and clarity of the information to be collected; and (4) ways to minimize the burden of providing the required information to consumers. You can file a comment online or on paper. For the FTC to consider your comment, we must receive it on or before June 4, 2018. Write ‘‘Regs BEMZ, PRA Comments, P084812’’ on your comment. Your comment—including your name and your state—will be placed on the public record of this proceeding, including, to the extent practicable, on the public FTC website, at https://www.ftc.gov/policy/publiccomments. Postal mail addressed to the Commission is subject to delay due to heightened security screening. As a result, we encourage you to submit your comments online. To make sure that the Commission considers your online comment, you must file it at https:// ftcpublic.commentworks.com/ftc/ RegsBEMZpra, by following the instructions on the web-based form. If this Notice appears at https:// www.regulations.gov/#!home, you also may file a comment through that website. If you file your comment on paper, write ‘‘Regs BEMZ, PRA Comments, P084812’’ on your comment and on the envelope, and mail it to the following address: Federal Trade Commission, Office of the Secretary, 600 Pennsylvania Avenue NW, Suite CC– 5610 (Annex J), or deliver your comment to the following address: Federal Trade Commission, Office of the VerDate Sep<11>2014 16:47 Apr 02, 2018 Jkt 244001 Secretary, Constitution Center, 400 7th Street SW, 5th Floor, Suite 5610 (Annex J), Washington, DC 20024. If possible, submit your paper comment to the Commission by courier or overnight service. Because your comment will be placed on the publicly accessible FTC website at https://www.ftc.gov/, you are solely responsible for making sure that your comment does not include any sensitive or confidential information. In particular, your comment should not include any sensitive personal information, such as your or anyone else’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. You are also solely responsible for making sure that your comment does not include any sensitive health information, such as medical records or other individually identifiable health information. In addition, your comment should not include any ‘‘trade secret or any commercial or financial information which . . . is privileged or confidential’’—as provided by 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)— including in particular competitively sensitive information such as costs, sales statistics, inventories, formulas, patterns, devices, manufacturing processes, or customer names. 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). In particular, the written request for confidential treatment that accompanies the comment must include the factual and legal basis for the request, and must identify the specific portions of the comment to be withheld from the public PO 00000 Frm 00044 Fmt 4703 Sfmt 4703 record. See FTC Rule 4.9(c). Your comment will be kept confidential only if the General Counsel grants your request in accordance with the law and the public interest. Once your comment has been posted on the public FTC website—as legally required by FTC Rule 4.9(b)—we cannot redact or remove your comment from the FTC website, unless you submit a confidentiality request that meets the requirements for such treatment under FTC Rule 4.9(c), and the General Counsel grants that request. Visit the FTC website to read this Notice. The FTC Act and other laws that 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 on or before June 4, 2018. For information on the Commission’s privacy policy, including routine uses permitted by the Privacy Act, see https://www.ftc.gov/ site-information/privacy-policy. David C. Shonka, Acting General Counsel. [FR Doc. 2018–06669 Filed 4–2–18; 8:45 am] BILLING CODE 6750–01–P DEPARTMENT OF HEALTH AND HUMAN SERVICES Administration for Children and Families Submission for OMB Review; Comment Request Title: Study of Coaching Practices in Early Care and Education Settings (SCOPE). OMB No.: New Collection. Description: The Administration for Children and Families (ACF) at the U.S. Department of Health and Human Services (HHS) seeks approval to collect E:\FR\FM\03APN1.SGM 03APN1

Agencies

[Federal Register Volume 83, Number 64 (Tuesday, April 3, 2018)]
[Notices]
[Pages 14273-14281]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-06669]


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FEDERAL TRADE COMMISSION


Agency Information Collection Activities; Proposed Collection; 
Comment Request; Extension

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

ACTION: Notice.

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SUMMARY: The FTC intends to ask the Office of Management and Budget 
(``OMB'') to extend for an additional three years the current Paperwork 
Reduction Act (``PRA'') clearance for the FTC's enforcement of the 
information collection requirements in four consumer financial 
regulations enforced by the Commission. Those clearances expire on July 
31, 2018.

DATES: Comments must be filed by June 4, 2018.

ADDRESSES: Interested parties may file a comment online or on paper, by 
following the instructions in the Request for Comment part of the 
SUPPLEMENTARY INFORMATION section below. Write ``Regs BEMZ, PRA 
Comments, P084812'' on your comment and file your comment online at 
https://ftcpublic.commentworks.com/ftc/RegsBEMZpra by following the 
instructions on the web-based form. If you prefer to file your comment 
on paper, mail your comment to the following address: Federal Trade 
Commission, Office of the Secretary, 600 Pennsylvania Avenue NW, Suite 
CC-5610 (Annex J), Washington, DC 20580, or deliver your comment to the 
following address: Federal Trade Commission, Office of the Secretary, 
Constitution Center, 400 7th Street SW, 5th Floor, Suite 5610 (Annex 
J), Washington, DC 20024.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the proposed information requirements should be addressed to 
Carole Reynolds or Stephanie Rosenthal, Attorneys, Division of 
Financial Practices, Bureau of Consumer Protection, Federal Trade 
Commission, 600 Pennsylvania Ave. NW, Washington, DC 20580, (202) 326-
3224.

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).
    The FTC enforces these statutes as to all businesses engaged in 
conduct these laws cover unless these businesses (such as federally 
chartered or insured depository institutions) are subject to the 
regulatory authority of another federal agency.
    Under the Dodd-Frank Wall Street Reform and Consumer Protection Act 
(``Dodd-Frank Act''), Public Law 111-203, 124 Stat. 1376 (2010), almost 
all rulemaking authority for the ECOA, EFTA, CLA, and TILA transferred 
from the Board of Governors of the Federal Reserve System (Board) to 
the Consumer Financial Protection Bureau (CFPB) on July 21, 2011 
(``transfer date''). To implement this transferred authority, the CFPB 
published interim final rules for new regulations in 12 CFR part 1002 
(Regulation B), 12 CFR part 1005 (Regulation E), 12 CFR part 1013 
(Regulation M), and 12 CFR 1026 (Regulation Z) for those entities under 
its rulemaking jurisdiction, which were issued as final rules 
thereafter.\1\ Although the Dodd-Frank Act transferred most rulemaking 
authority under ECOA, EFTA, CLA, and TILA to the CFPB, the Board 
retained rulemaking authority for certain motor vehicle dealers \2\ 
under all of these statutes and also for certain interchange-related 
requirements under EFTA.\3\
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    \1\ 12 CFR 1002 (Reg. B) (76 FR 79442, Dec. 21, 2011) (81 FR 
25323, Apr. 28, 2016); 12 CFR 1005 (Reg. E) (76 FR 81020, Dec. 27, 
2011); (81 FR 25323, Apr. 28, 2016) 12 CFR 1013 (Reg. M) (76 FR 
78500, Dec. 19, 2011) (81 FR 25323, Apr. 28, 2016); 12 CFR 1026 
(Reg. Z) (76 FR 79768, Dec. 22, 2011) (81 FR 25323, Apr. 28, 2016).
    \2\ Generally, these are dealers ``predominantly engaged in the 
sale and servicing of motor vehicles, the leasing and servicing of 
motor vehicles, or both.'' See Dodd-Frank Act, Sec.  1029(a), -(c).
    \3\ See Dodd-Frank Act, Sec.  1075 (these requirements are 
implemented through Board Regulation II, 12 CFR 235, rather than 
EFTA's implementing Regulation E).
---------------------------------------------------------------------------

    As a result of the Dodd-Frank Act, the FTC and the CFPB generally 
share the authority to enforce Regulations B, E, M, and Z for entities 
for which the FTC had enforcement authority before the Act, except for 
certain motor vehicle dealers.\4\ Because of the generally shared 
enforcement jurisdiction, the two agencies have divided the FTC's 
previously-cleared PRA burden

[[Page 14274]]

estimates between them,\5\ except that the FTC has assumed all of the 
burden estimates associated with motor vehicle dealers \6\ and now is 
also doing the same regarding estimated burden for state-chartered 
credit unions (both reflected in the burden summaries below as a 
``carve-out''). The division of PRA burden hours not attributable to 
motor vehicle dealers and, as appropriate, to state-chartered credit 
unions, is reflected in the CFPB's PRA clearance requests to OMB, as 
well as in the FTC's burden estimates below.
---------------------------------------------------------------------------

    \4\ The FTC's enforcement authority includes state-chartered 
credit unions; other federal agencies also have various enforcement 
authority over credit unions. For example, for large credit unions 
(exceeding $10 billion in assets), the CFPB has certain authority. 
The National Credit Union Administration also has certain authority 
for state-chartered federally insured credit unions, and it 
additionally provides insurance for certain state-chartered credit 
unions through the National Credit Union Share Insurance Fund and 
examines credit unions for various purposes. There are approximately 
three state-chartered credit unions exceeding $10 billion in assets, 
and the CFPB assumes PRA burden for those entities. As of the third 
quarter of 2017, there were approximately the following number of 
state-chartered credit unions: 2,347 state-chartered credit unions--
2,106 federally insured, 125 privately insured, and 116 in Puerto 
Rico insured by a quasi-governmental entity. Because of the 
difficulty in parsing out PRA burden for such entities in view of 
the overlapping authority, the FTC's figures include PRA burden for 
all state-chartered credit unions (rounded to 2,300). As noted 
above, the CFPB's figures as to state chartered credit unions 
include burden for those entities exceeding $10 billion in assets 
(approximately 3 entities). See generally Dodd-Frank Act, Sec. Sec.  
1061, 1025, 1026. This attribution does not change actual 
enforcement authority.
    \5\ The CFPB also factors into its burden estimates respondents 
over which it has jurisdiction but the FTC does not.
    \6\ See Dodd-Frank Act Sec.  1029 (a), as limited by subsection 
(b) as to motor vehicle dealers. Subsection (b) does not preclude 
CFPB regulatory oversight regarding, among others, businesses that 
extend retail credit or retail leases for motor vehicles in which 
the credit or lease offered is provided directly from those 
businesses, rather than unaffiliated third parties, to consumers. It 
is not practicable, however, for PRA purposes, to estimate the 
portion of dealers that engage in one form of financing versus 
another (and that would or would not be subject to CFPB oversight). 
Thus, FTC staff's ``carve-out'' for this PRA burden analysis 
reflects a general estimated volume of motor vehicle dealers. This 
attribution does not change actual enforcement authority.
---------------------------------------------------------------------------

    Through the Dodd-Frank Act, the FTC generally has sole authority to 
enforce Regulations B, E, M, and Z regarding certain motor vehicle 
dealers predominantly engaged in the sale and servicing of motor 
vehicles, the leasing and servicing of motor vehicles, or both, that, 
among other things, assign their contracts to unaffiliated third 
parties.\7\ Because the FTC has exclusive jurisdiction to enforce these 
rules for such motor vehicle dealers and retains its concurrent 
authority with the CFPB for other types of motor vehicle dealers, and 
in view of the different types of motor vehicle dealers, the FTC is 
including for itself the entire PRA burden for all motor vehicle 
dealers in the burden estimates below.
---------------------------------------------------------------------------

    \7\ See Dodd-Frank Act, Sec.  1029(a), -(c).
---------------------------------------------------------------------------

    The regulations impose certain recordkeeping and disclosure 
requirements associated with providing credit or with other financial 
transactions. Under the PRA, 44 U.S.C. 3501-3521, Federal agencies must 
get OMB approval for each collection of information they conduct or 
sponsor. ``Collection of information'' includes agency requests or 
requirements to submit reports, keep records, or provide information to 
a third party. See 44 U.S.C. 3502(3); 5 CFR 1320.3(c).
    All four of these regulations require covered entities to keep 
certain records, but FTC staff believes these records are kept in the 
normal course of business even absent the particular recordkeeping 
requirements.\8\ Covered entities, however, may incur some burden 
associated with ensuring that they do not prematurely dispose of 
relevant records (i.e., during the time span they must retain records 
under the applicable regulation).
---------------------------------------------------------------------------

    \8\ PRA ``burden'' does not include ``time, effort, and 
financial resources'' expended in the normal course of business, 
regardless of any regulatory requirement. See 5 CFR 1320.3(b)(2).
---------------------------------------------------------------------------

    The regulations also require covered entities to make disclosures 
to third-parties. Related compliance involves set-up/monitoring and 
transaction-specific costs. ``Set-up'' burden, incurred only by covered 
new entrants, includes their identifying the applicable required 
disclosures, determining how best to comply, and designing and 
developing compliance systems and procedures. ``Monitoring'' burden, 
incurred by all covered entities, includes their time and costs to 
review changes to regulatory requirements, make necessary revisions to 
compliance systems and procedures, and to monitor the ongoing operation 
of systems and procedures to ensure continued compliance. 
``Transaction-related'' burden refers to the time and cost associated 
with providing the various required disclosures in individual 
transactions, thus, generally, of much lesser magnitude than 
``monitoring'' (or ``setup'') burden. The FTC's estimates of 
transaction time and volume are intended as averages. The population of 
affected motor vehicle dealers is one component of a much larger 
universe of such entities.
    The required disclosures do not impose PRA burden on some covered 
entities because they make those disclosures in their normal course of 
activities. For other covered entities that do not, their compliance 
burden will vary widely depending on the extent to which they have 
developed effective computer-based or electronic systems and procedures 
to communicate and document required disclosures.\9\
---------------------------------------------------------------------------

    \9\ For example, large companies may use computer-based and/or 
electronic means to provide required disclosures, including issuing 
some disclosures en masse, e.g., notice 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; if so, they may have minimal additional 
burden. Other entities may have incorporated fewer of these 
approaches into their systems and thus 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, among others, credit and 
lease advertisers, creditors, owners (such as purchasers and assignees) 
of credit obligations, financial institutions, service providers, 
certain government agencies and others involved in delivering 
electronic fund transfers (``EFTs'') of government benefits, and 
lessors.\10\ The burden estimates represent FTC staff's best 
assessment, based on its knowledge and expertise relating to the 
financial services industry, of the average time to complete the 
aforementioned tasks associated with recordkeeping and disclosure. 
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) EFT types used; (4) types 
and frequency of adverse actions taken; (5) types of appraisal reports 
utilized; and (6) computer systems and electronic features of 
compliance operations.
---------------------------------------------------------------------------

    \10\ The Commission generally does not have jurisdiction over 
banks, thrifts, and federal credit unions under the applicable 
regulations.
---------------------------------------------------------------------------

    The cost estimates that follow relate solely to labor costs, and 
they include the time necessary to train employees how to comply with 
the regulations. Staff calculated labor costs by multiplying 
appropriate hourly wages by the burden hours described above. The 
hourly wages used were $56 for managerial oversight, $42 for skilled 
technical services, and $17 for clerical work. These figures are 
averages drawn from Bureau of Labor Statistics data.\11\ Further, the 
FTC cost estimates assume the following labor category apportionments, 
except where otherwise indicated below: Recordkeeping--10% skilled 
technical, 90% clerical; disclosure--10% managerial, 90% skilled 
technical.
---------------------------------------------------------------------------

    \11\ These inputs are based broadly on mean hourly data found 
within the ``Bureau of Labor Statistics, Economic News Release,'' 
March 31, 2017, Table 1, ``National employment and wage data from 
the Occupational Employment Statistics survey by occupation, May 
2016.'' http://www.bls.gov/news.release/ocwage.t01.htm.
---------------------------------------------------------------------------

    The applicable PRA requirements impose minimal capital or other 
non-labor costs. Affected entities generally already 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 normal course of business.
    The following discussion and tables present FTC estimates under the 
PRA of recordkeeping and disclosure average

[[Page 14275]]

time and labor costs, excluding that which the FTC believes entities 
incur customarily in the normal course of business \12\ and information 
compiled and produced in response to FTC law enforcement investigations 
or prosecutions.\13\
---------------------------------------------------------------------------

    \12\ See supra note 8 and accompanying text.
    \13\ See 5 CFR 1320.4(a) (excluding information collected in 
response to, among other things, a federal civil action or ``during 
the conduct of an administrative action, investigation, or audit 
involving an agency against specific individuals or entities'').
    FTC enforcement initiatives are based on diverse statutory and 
regulatory requirements. Some actions are brought in partnership 
with other federal and state agencies and encompass matters enforced 
by those agencies, not solely issues related to Regulations M and Z. 
Further, even where Regulations M and Z matters also are involved in 
FTC actions, or are in the broader initiative or enforcement sweep 
of automobile actions, the actions frequently include charges of 
unfair and/or deceptive practices under Section 5 of the FTC Act, 15 
U.S.C. 45(a), and/or may involve warranty violations under the 
Magnuson Moss Warranty Act, 15 U.S.C. 2301-2312, and other issues 
not pertinent to this PRA submission. See, e.g., FTC, Press Release, 
FTC, Multiple Law Enforcement Partners Announce Crackdown on 
Deception, Fraud in Auto Sales, Financing and Leasing, Mar. 26, 
2015, available at https://www.ftc.gov/news-events/press-releases/2015/03/ftc-multiple-law-enforcement-partners-announce-crackdown. 
The FTC also frequently issues business ``blog'' guidance with its 
enforcement initiatives to guide and facilitate compliance. See, 
e.g., Lesley Fair, ``FTC says car dealer took consumers for a ride--
again, FTC BUSINESS CENTER BLOG (Aug. 18, 2016), available at 
https://www.ftc.gov/news-events/blogs/business-blog/2016/08/ftc-says-car-dealer-took-consumers-ride-again; Lesley Fair, Operation 
Ruse Control: Six tips if cars are up your alley, FTC BUSINESS 
CENTER BLOG (Mar. 26, 2015), available at https://www.ftc.gov/news-events/blogs/business-blog/2015/03/operation-ruse-control-6-tips-if-cars-are-your-alley.
---------------------------------------------------------------------------

1. Regulation B

    The ECOA prohibits discrimination in the extension of credit. 
Regulation B implements the ECOA, establishing disclosure requirements 
to assist customers in understanding their rights under the ECOA and 
recordkeeping requirements to assist agencies in enforcement. 
Regulation B applies to retailers, mortgage lenders, mortgage brokers, 
finance companies, and others.

Recordkeeping

    FTC staff estimates that Regulation B's general recordkeeping 
requirements affect 530,762 credit firms subject to the Commission's 
jurisdiction, at an average annual burden of 1.25 hours per firm for a 
total of 663,453 hours.\14\ 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 (of skilled technical time) for approximately 2.6 million credit 
applications (based on industry data regarding the approximate number 
of mortgage purchase and refinance originations), for a total of 43,333 
hours.\15\ Staff also estimates that recordkeeping of self-testing 
subject to the regulation would affect 1,500 firms, with an average 
annual burden of one hour (of skilled technical time) per firm, for a 
total of 1,500 hours, and that recordkeeping of any corrective action 
as a result of self-testing would affect 10% of them, i.e., 150 firms, 
with an average annual burden of four hours (of skilled technical time) 
per firm, for a total of 600 hours.\16\ Keeping associated records of 
race/national origin, sex, age, and marital status requires an 
estimated one minute of skilled technical time.
---------------------------------------------------------------------------

    \14\ Section 1071 of the Dodd-Frank Act amended the ECOA to 
require financial institutions to collect and report information 
concerning credit applications by women- or minority-owned 
businesses and small businesses, effective on the July 21, 2011 
transfer date. Both the CFPB and the Board have exempted affected 
entities from complying with this requirement until a date set by 
the prospective final rules these agencies issue to implement it. 
The Commission will address PRA burden for its enforcement of the 
requirement after the CFPB and the Board have issued the associated 
final rules.
    \15\ Regulation B contains model forms that creditors may use to 
gather and retain the required information.
    \16\ In contrast to banks, for example, entities under FTC 
jurisdiction are not subject to audits by the FTC for compliance 
with Regulation B; rather they may be subject to FTC investigations 
and enforcement actions. This may impact the level of self-testing 
(as specifically defined by Regulation B) in a given year, and staff 
has sought to address such factors in its burden estimates.
---------------------------------------------------------------------------

Disclosure

    Regulation B requires that creditors (i.e., entities that regularly 
participate in the decision whether to extend credit under Regulation 
B) provide notices whenever they take adverse action, such as denial of 
a credit application. It requires entities that extend mortgage credit 
with first liens to provide a copy of the appraisal report or other 
written valuation to applicants.\17\ Finally, Regulation B also 
requires that for accounts which 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: (1) 
Providing the information is optional; (2) the creditor will not take 
the information into account in any aspect of the credit transactions; 
and (3) if applicable, the information will be noted by visual 
observation or surname if the applicant chooses not to provide it.\18\
---------------------------------------------------------------------------

    \17\ While the rule also requires the creditor to provide a 
short written disclosure regarding the appraisal process, the 
disclosure is provided by the CFPB, and is thus not a ``collection 
of information'' for PRA purposes. Accordingly, it is not included 
in burden estimates below.
    \18\ The disclosure may be provided orally or in writing. The 
model form provided by Regulation B assists creditors in providing 
the written disclosure.
---------------------------------------------------------------------------

Burden Totals

    Recordkeeping: 708,886 hours (631,281 + 77,605 carve-out); 
$14,845,512 ($13,316,477 + $1,529,035 carve-out), associated labor 
costs.
    Disclosures: 1,088,912 hours (961,224 + 127,688 carve-out); 
$47,258,792 ($41,717,144 + $5,541,648 carve-out), associated labor 
costs.

                                                         Regulation B--Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                       Setup/Monitoring \1\                       Transaction-related \2\
                                                                   ----------------------------                ----------------------------
                                                                       Average    Total setup/     Number of       Average        Total     Total burden
                     Disclosures                       Respondents   burden per    monitoring    transactions    burden per    transaction     (hours)
                                                                     respondent      burden                      transaction     burden
                                                                       (hours)       (hours)                      (minutes)      (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Credit history reporting............................       133,553           .25        33,388      60,098,850           .25       250,412       283,800
Adverse action notices..............................       530,762           .75       398,072      92,883,350           .25       387,014       785,086
Appraisal reports/written valuations................         4,650             1         4,650       1,725,150           .50        14,376        19,026
Self-test disclosures...............................         1,500            .5           750          60,000           .25           250         1,000
                                                     ---------------------------------------------------------------------------------------------------
    Total...........................................  ............  ............  ............  ..............  ............  ............     1,088,912
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ The estimates assume that all applicable entities would be affected, with respect to appraisal reports and other written valuations. These entities
  have decreased slightly, while credit history, adverse action and self-test entities have increased slightly, from prior FTC estimates, based on
  market changes.
\2\ Applicable transactions have increased for appraisal reports; however, credit history, adverse action and self-test transactions have decreased,
  based on market changes. Taken together, the overall total disclosure burden has decreased.


[[Page 14276]]


                                                    Regulation B--Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                              Managerial                Skilled Technical                Clerical
                                                     --------------------------------------------------------------------------------------  Total cost
                    Required Task                         Time       Cost ($56/       Time                          Time       Cost  ($17/       ($)
                                                         (hours)        hr.)         (hours)    Cost ($47/hr.)     (hours)        hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
General recordkeeping...............................             0            $0        66,345      $2,786,490       597,108   $10,150,836   $12,937,326
Other recordkeeping.................................             0             0        43,333       1,819,986             0             0     1,819,986
Recordkeeping of self-test..........................             0             0         1,500          63,000             0             0        63,000
Recordkeeping of corrective action..................             0             0           600          25,200             0             0        25,200
                                                     ---------------------------------------------------------------------------------------------------
    Total Recordkeeping.............................  ............  ............  ............  ..............  ............  ............    14,845,512
--------------------------------------------------------------------------------------------------------------------------------------------------------
Disclosures:
Credit history reporting............................        28,380     1,589,280       255,420      10,727,640             0             0    12,316,920
Adverse action notices..............................        78,509     4,396,504       706,577      29,676,234             0             0    34,072,738
Appraisal reports...................................         1,903       106,568        17,123         719,166             0             0       825,734
Self-test disclosure................................           100         5,600           900          37,800             0             0        43,400
                                                     ---------------------------------------------------------------------------------------------------
    Total Disclosures...............................  ............  ............  ............  ..............  ............  ............    47,258,792
rrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
        Total Recordkeeping and Disclosures.........  ............  ............  ............  ..............  ............  ............    62,104,304
--------------------------------------------------------------------------------------------------------------------------------------------------------

2. Regulation E

    The EFTA requires that covered entities provide consumers with 
accurate disclosure of the costs, terms, and rights relating to EFT and 
certain other services. Regulation E implements the EFTA, establishing 
disclosure and other requirements to aid consumers and recordkeeping 
requirements to assist agencies with enforcement. It applies to 
financial institutions, retailers, gift card issuers and others that 
provide gift cards, service providers, various federal and state 
agencies offering EFTs, prepaid account entities, etc. Staff estimates 
that Regulation E's recordkeeping requirements affect 251,053 firms 
offering EFT and certain other services to consumers and that are 
subject to the Commission's jurisdiction, at an average annual burden 
of one hour per firm, for a total of 251,053 hours. This represents a 
decrease from prior figures, reflecting a decrease in entities under 
FTC jurisdiction engaged in applicable activities.

Burden Totals

    Recordkeeping: 251,053 hours (233,947 + 17,106 carve-out); 
$4,895,526 ($4,561,949 + $333,577 carve-out), associated labor costs.
    Disclosures: 7,184,903 hours (7,165,929 + 18,974 carve-out); 
$311,824,800 ($310,999,734 + $825,066 carve-out), associated labor 
costs.

                                                         Regulation E--Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                  Setup/Monitoring                          Transaction-related
                                                     --------------------------------------------------------------------------------------
                                                                                  Total setup/                     Average        Total         Total
                   Disclosures \1\                                     Average     monitoring      Number of     burden per    transaction     burden
                                                       Respondents   burden per      burden      Transactions    transaction     burden        (hours)
                                                                     respondent      (hours)                      (minutes)      (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Initial terms.......................................        27,300            .5        13,650         273,000           .02            91        13,741
Change in terms.....................................         8,550            .5         4,275      11,286,000           .02         3,762         8,037
Periodic statements.................................        27,300            .5        13,650     327,600,000           .02       109,200       122,850
Error resolution....................................        27,300            .5        13,650         273,000             5        22,750        36,400
Transaction receipts................................        27,300            .5        13,650   1,375,000,000           .02       458,333       471,983
Preauthorized transfers \2\.........................       258,553            .5       129,277       6,463,825           .25        26,933       156,210
Service provider notices............................        20,000           .25         5,000         200,000           .25           833         5,833
ATM notices.........................................           125           .25            31      25,000,000           .25       104,167       104,198
Electronic check conversion \3\.....................        48,553            .5        24,277         728,295           .02           243        24,520
Overdraft services..................................        15,000            .5         7,500       1,500,000           .02           500         8,000
Gift cards..........................................        15,000            .5         7,500     750,000,000           .02       250,000       257,500
Remittance transfers:
    Disclosures.....................................         4,800          1.25         6,000      96,000,000            .9     1,440,000     1,446,000
    Error resolution................................         4,800          1.25         6,000     120,960,000            .9     1,814,400     1,820,400
    Agent compliance................................         4,800          1.25         6,000      96,000,000            .9     1,440,000     1,446,000
Prepaid accounts and gov't benefits: \4\
    Disclosures.....................................           550     40x10 \5\       220,000   2,750,000,000           .02       916,667     1,136,667
    Disclosures--updates............................           138          1x10     1,380 \6\             N/A  ............  ............         1,380
    Access to account information...................           550     20x10 \7\       110,000       1,100,000           .01           183       110,183
    Error resolution................................           300           4x4         4,800         275,000             2         9,167        13,967
    Error resolution--followup \8\..................  ............           N/A  ............           1,380            30           690           690
    Submission of agreements........................           138           2x1           276             690             1            11           287
    Updates to agreements \9\.......................  ............           N/A  ............             690             5            57            57
                                                     ---------------------------------------------------------------------------------------------------
        Total.......................................  ............  ............  ............  ..............  ............  ............     7,184,903
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Except as noted below, most respondent tallies in this table have decreased due to business shifts and other market changes that result in fewer
  entities under FTC jurisdiction. Accordingly, related transactions under FTC jurisdiction have also decreased.
\2\ Preauthorized transfers rules apply to ``persons'' and entities. The number of respondents and transactions by such persons have increased, as these
  preauthorized transfers are used more commonly than previously.
\3\ The total number of electronic check conversion respondents and transactions has decreased, particularly due to declining check usage.
\4\ Prepaid accounts are now covered by Regulation E (and payroll cards are included in this area). Government benefit notices are included also in this
  area, although some separate requirements for government benefits remain; these factors are accounted for in the estimates. The number of government
  benefit entities also have declined given business shifts that have reduced the number of entities under FTC jurisdiction (and prepaid entities under
  FTC jurisdiction are also few in number).
\5\ Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs.

[[Page 14277]]

 
\6\ This reflects prepaid accounts' updates of additional fee type disclosures. Individual burden hours are listed first, followed by the number of
  programs.
\7\ Burden hours are on a per program basis; individual burden hours are listed first, followed by the number of programs.
\8\ This pertains to prepaid accounts.
\9\ This pertains to prepaid accounts' agreements.


                                                    Regulation E--Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                              Managerial                Skilled Technical                Clerical
                                                     --------------------------------------------------------------------------------------  Total cost
                    Required task                                    Cost ($56/                                                Cost ($17/        ($)
                                                      Time (hours)      hr.)      Time (hours)  Cost ($42/hr.)  Time (hours)      hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping.......................................             0            $0        25,105      $1,054,410       225,948    $3,841,116    $4,895,526
Disclosures:
    Initial terms...................................         1,374        76,944        12,367         519,414             0             0       596,358
    Change in terms.................................           804        45,024         7,233         303,786             0             0       348,810
    Periodic statements.............................        12,285       687,960       110,565       4,643,730             0             0     5,331,690
    Error resolution................................         3,640       203,840        32,760       1,375,920             0             0     1,579,760
    Transaction receipts............................        47,198     2,643,088       424,785      17,840,970             0             0    20,484,058
    Preauthorized transfers.........................        15,621       874,776       140,589       5,904,738             0             0     6,779,514
    Service provider notices........................           583        32,648         5,250         220,500             0             0       253,148
    ATM notices.....................................        10,420       583,520        93,778       3,938,676             0             0     4,522,196
    Electronic check conversion.....................         2,452       137,312        22,068         926,856             0             0     1,064,168
    Overdraft services..............................           800        44,800         7,200         302,400             0             0       347,200
    Gift cards......................................        25,750     1,442,000       231,750       9,733,500             0             0    11,175,500
Remittance transfers:
    Disclosures.....................................       144,600     8,097,600     1,301,400      54,658,800             0             0    62,756,400
    Error resolution................................       182,040    10,194,240     1,638,360      68,811,120             0             0    79,005,360
    Agent compliance................................       144,600     8,097,600     1,301,400      54,658,800             0             0    62,756,400
Prepaid accounts and gov't. benefits:
    Disclosures.....................................       113,667     6,365,352     1,023,000      42,966,000             0             0    49,331,352
    Disclosures--updates............................           138         7,728         1,242          52,164             0             0        59,892
    Access to account information...................        11,018       617,008        99,165       4,164,930             0             0     4,781,938
    Error resolution................................         1,397        78,232        12,570         527,940             0             0       606,172
    Error resolution--followup......................            69         3,864           621          26,082             0             0        29,946
    Submission of agreements........................            29         1,624           258          10,836             0             0        12,460
    Updates to agreements...........................             6           336            51           2,142             0             0         2,478
                                                     ---------------------------------------------------------------------------------------------------
        Total Disclosures...........................  ............  ............  ............  ..............  ............  ............   311,824,800
                                                     ---------------------------------------------------------------------------------------------------
            Total Recordkeeping and Disclosures.....  ............  ............  ............  ..............  ............  ............   316,720,326
--------------------------------------------------------------------------------------------------------------------------------------------------------

3. Regulation M

    The CLA requires that covered entities provide consumers with 
accurate disclosure of the costs and terms of leases. Regulation M 
implements the CLA, establishing disclosure requirements to help 
consumers comparison shop and understand the terms of leases and 
recordkeeping requirements. It applies to vehicle 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.
    Staff estimates that Regulation M's recordkeeping requirements 
affect approximately 30,203 firms within the FTC's jurisdiction leasing 
products to consumers at an average annual burden of one hour per firm, 
for a total of 30,203 hours.

Burden Totals \19\
---------------------------------------------------------------------------

    \19\ Recordkeeping and disclosure burden estimates for 
Regulation M are more substantial for motor vehicle leases than for 
other leases, including burden estimates based on market changes and 
regulatory definitions of coverage. Based on industry information, 
the estimates for recordkeeping and disclosure costs assume the 
following: 90% managerial, and 10% skilled technical. As noted 
above, for purposes of PRA burden calculations for Regulations B, E, 
M, and Z, and given the different types of motor vehicle dealers, 
the FTC is including in its estimates burden for all of them.
---------------------------------------------------------------------------

    Recordkeeping: 30,203 hours (3,513 + 26,690 carve-out); $1,649,088 
($191,814 + $1,457,274 carve-out), associated labor costs.
    Disclosures: 71,750 hours (2,094 + 69,656 carve-out); $3,917,550 
($114,394 + $3,803,156 carve-out), associated labor costs.

                                                         Regulation M--Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                  Setup/Monitoring                          Transaction-related
                                                     --------------------------------------------------------------------------------------
                                                                       Average    Total setup/                     Average        Total     Total burden
                     Disclosures                                     burden per    monitoring      Number of     burden per    transaction     (hours)
                                                       Respondents   respondent      burden      transactions    transaction     burden
                                                                       (hours)       (hours)                      (minutes)      (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Motor Vehicle Leases \1\............................        26,690             1        26,690       4,000,000           .50        33,333        60,023
Other Leases \2\....................................         3,513           .50         1,757          60,000           .25           250         2,007
Advertising \3\.....................................        14,615           .50         7,308         578,960           .25         2,412         9,720
                                                     ---------------------------------------------------------------------------------------------------
    Total...........................................  ............  ............  ............  ..............  ............  ............        71,750
--------------------------------------------------------------------------------------------------------------------------------------------------------
\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
  1013.2(e)(1). While the number of respondents for vehicle leases has decreased with market changes, the number of vehicle lease transactions has
  remained about the same, compared to past FTC estimates. Leases up to $55,800 plus an annual adjustment are now covered. The resulting total burden
  has decreased.

[[Page 14278]]

 
\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 consumer leases for more than four months are covered.) See 15 U.S.C. 1667(1); 12 CFR
  1013.2(e)(1). The number of respondents has decreased, based on market changes in companies and types of transactions they offer; the number of such
  transactions has also declined, based on types of transactions offered that are covered by the CLA. Leases up to $55,800 plus an annual adjustment are
  now covered. The resulting total burden has decreased.
\3\ Respondents for advertising have decreased as have lease advertisements, based on market changes, from past FTC estimates. The resulting total
  burden has decreased.


                                                    Regulation M--Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                              Managerial                Skilled Technical                Clerical
                                                     --------------------------------------------------------------------------------------  Total cost
                    Required task                                    Cost ($56/                                                Cost ($17/        ($)
                                                      Time (hours)      hr.)      Time (hours)  Cost ($42/hr.)  Time (hours)      hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping.......................................        27,183    $1,522,248         3,020        $126,840             0             0    $1,649,088
Disclosures:........................................
Motor Vehicle Leases................................        54,021     3,025,176         6,002         252,084             0             0     3,277,260
Other Leases........................................         1,806       101,136           201           8,442             0             0       109,578
Advertising.........................................         8,748       489,888           972          40,824             0             0       530,712
                                                     ---------------------------------------------------------------------------------------------------
    Total Disclosures...............................  ............  ............  ............  ..............  ............  ............     3,917,550
                                                     ---------------------------------------------------------------------------------------------------
        Total Recordkeeping and Disclosures.........  ............  ............  ............  ..............  ............  ............     5,566,638
--------------------------------------------------------------------------------------------------------------------------------------------------------

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 disclosures regarding the costs and terms of credit to 
consumers. Regulation Z implements the TILA, establishing disclosure 
requirements to assist consumers and recordkeeping requirements to 
assist agencies with enforcement. These requirements pertain to open-
end and closed-end credit and apply to various types of entities, 
including mortgage companies; finance companies; auto dealerships; 
private education loan companies; merchants who extend credit for goods 
or services; credit advertisers; acquirers of mortgages; and others. 
Additional requirements also exist in the mortgage area, including for 
high cost mortgages, higher-priced mortgage loans,\20\ ability to pay 
of mortgage consumers, mortgage servicing, loan originators, and 
certain integrated mortgage disclosures.
---------------------------------------------------------------------------

    \20\ While Regulation Z also requires the creditor to provide a 
short written disclosure regarding the appraisal process for higher-
priced mortgage loans, the disclosure is provided by the CFPB. As a 
result, it is not a ``collection of information'' for PRA purposes 
(see 5 CFR 1320.3(c)(2)). It is thus excluded from the burden 
estimates below.
---------------------------------------------------------------------------

    FTC staff estimates that Regulation Z's recordkeeping requirements 
affect approximately 430,762 entities subject to the Commission's 
jurisdiction, at an average annual burden of 1.25 hours per entity with 
.25 additional hours per entity for 3,650 entities (ability to pay), 
and 5 additional hours per entity for 4,500 entities (loan 
originators).

Burden Totals

    Recordkeeping: 561,866 hours (484,961 + 76,905 carve-out); 
$10,956,397 ($9,456,749 + $1,499,648 carve-out), associated labor 
costs.
    Disclosures: 7,854,575 hours ($6,838,256 + 1,016,319 carve-out; 
$318,601,732 ($274,493,500 + $44,108,232 carve-out), associated labor 
costs.

                                                         Regulation Z--Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                         Setup/Monitoring                               Transaction-related
                                         ------------------------------------------------------------------------------------------------
                                                                                                          Average burden                   Total burden
             Disclosures \1\                              Average burden   Total setup/      Number of          per            Total          (hours)
                                            Respondents   per respondent    monitoring     transactions     transaction     transaction
                                                              (hours)     burden (hours)                     (minutes)    burden (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Open-end credit:........................
Initial terms...........................          23,650             .75          17,738      10,500,600            .375          65,629          83,367
Initial terms--prepaid accounts.........               3         \2\ 4x1              12    \3\ 3x78,667            .125             492             504
Rescission notices......................             750              .5             375           3,750             .25              16             391
Subsequent disclosures..................           4,650             .75           3,488      23,250,000            .188          72,850          76,338
Subsequent disclosures--prepaid accounts               3         \4\ 4x1              12    \5\ 3x78,667           .0625             246             258
Periodic statements.....................          23,650             .75          17,738     788,325,450           .0938       1,232,415       1,250,153
Periodic statements--prepaid accounts...               3        \6\ 40x1             120   \7\ 3x944,000          .03125           1,475           1,595
Error resolution........................          23,650             .75          17,738       2,104,850               6         210,485         228,223
Error resolution--prepaid accounts                     3         \8\ 4x1              12     \9\ 3x1,180              15             885             897
 followup...............................
Credit and charge card accounts.........          10,250             .75           7,688       5,125,000            .375          32,031          39,719

[[Page 14279]]

 
Credit and charge card accounts--prepaid               3        \10\ 4x1              12       \11\ 3x12             240             144             156
 accounts...............................
Settlement of estate debts..............          23,650             .75          17,738         496,650            .375           3,104          20,842
Special credit card requirements........          10,250             .75           7,688       5,125,000            .375          32,031          39,719
Home equity lines of credit.............             750              .5             375           5,250             .25              22             397
Home equity lines of credit high-cost                250               2             500           1,500               2              50             550
 mortgages..............................
College student credit card marketing--            1,350              .5             675          81,000             .25             338           1,013
 ed. institutions.......................
College student credit card marketing--              150             .75             113           4,500             .75              56             169
 card issuer reports....................
Posting and reporting of credit card              10,250             .75           7,688       5,125,000            .375          32,031          39,719
 agreements.............................
Posting and reporting of prepaid account               3      \12\ .75x1               2        \13\ 3x5             2.5               1               3
 agreements.............................
Advertising.............................          38,650             .75          28,988         115,950             .75           1,449          30,437
Advertising--prepaid accounts...........               3       \14\ 20x1              60             N/A  ..............  ..............              60
Advertising--prepaid accounts Updates...               3      \15\ 0.2x5               3             N/A  ..............  ..............               3
Sale, transfer, or assignment of                     500              .5             250         500,000             .25           2,083           2,333
 mortgages..............................
Appraiser misconduct reporting..........         301,150             .75         225,863       6,023,000            .375          37,644         263,507
Mortgage servicing \16\.................           1,500             .75           1,125         150,000              .5           1,250           2,375
Loan originators........................           2,250               2           4,500          22,500               5           1,875           6,375
Closed-end credit:......................
Credit disclosures......................         280,762             .75         210,572     112,304,800            2.25       4,211,430       4,422,002
Rescission notices......................           3,650              .5           1,825       5,475,000               1          91,250          93,075
Redisclosures...........................         101,150              .5          50,575         505,750            2.25          18,966          69,541
Integrated mortgage disclosures.........           3,650              10          36,500      10,950,000             3.5         638,750         675,250
Variable rate mortgages.................           3,650               1           3,650         365,000            1.75          10,646          14,296
High cost mortgages.....................           1,750               1           1,750          43,750               2           1,458           3,208
Higher priced mortgages.................           1,750               1           1,750          14,000               2             467           2,217
Reverse mortgages.......................           3,025              .5           1,513          15,125               1             252           1,765
Advertising.............................         205,762              .5         102,881       2,057,620               1          34,294         137,175
Private education loans.................              75              .5              38          30,000             1.5             750             788
Sale, transfer, or assignment of                  48,850              .5          24,425       2,442,500             .25          10,177          34,602
 mortgages..............................
Ability to pay/qualified mortgage.......           3,650             .75           2,738               0               0               0           2,738
Appraiser misconduct reporting..........         301,150             .75         225,863       6,023,000            .375          37,644         263,507
Mortgage servicing \17\.................           3,650             1.5           5,475         730,000            2.75          33,458          38,933
Loan originators........................           2,250               2           4,500          22,500               5           1,875           6,375
                                         ---------------------------------------------------------------------------------------------------------------
    Total open-end credit...............  ..............  ..............  ..............  ..............  ..............  ..............       2,089,103
                                         ---------------------------------------------------------------------------------------------------------------
    Total closed-end credit.............  ..............  ..............  ..............  ..............  ..............  ..............       5,765,472
                                         ---------------------------------------------------------------------------------------------------------------

[[Page 14280]]

 
        Total credit....................  ..............  ..............  ..............  ..............  ..............  ..............       7,854,575
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Regulation Z requires disclosures for closed-end and open-end credit. TILA and Regulation Z now cover credit up to $55,800 plus an annual adjustment
  (except that real estate credit and private education loans are covered regardless of amount). In most instances noted below, business shifts and
  other market changes have reduced estimated PRA burden. In a few instances noted below, changes to Regulation Z have increased estimated PRA burden.
  This is particularly due to the inclusion of burden for prepaid accounts with certain credit aspects, as applicable, due to new rules. However, the
  overall effect of these competing factors, combined with the FTC sharing with the CFPB estimated PRA burden (for all but motor vehicle dealers and
  certain credit unions) yields a net decrease from the FTC's prior reported estimate for open-end credit and for closed-end credit.
\2\ Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs.
\3\ This figure lists the number of entities followed by the number of responses or programs each.
\4\ Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs.
\5\ This figure lists the number of entities followed by the number of responses or programs each.
\6\ Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs.
\7\ This figure lists the number of entities followed by the number of responses or programs each.
\8\ Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs.
\9\ This figure lists the number of entities followed by the number of responses or programs each.
\10\ Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs.
\11\ This figure lists the number of entities followed by the number of responses or programs each.
\12\ Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs.
\13\ This figure lists the number of entities followed by the number of responses or programs each.
\14\ Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs.
\15\ Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs.
\16\ Regulation Z has expanded various mortgage servicing requirements for successors-in-interest, which in some instances can affect open-end credit,
  increasing burden. However, the number of entities and transactions under FTC jurisdiction have decreased, reducing overall burden compared to prior
  FTC estimates.
\17\ Regulation Z has expanded various mortgage servicing requirements for successors-in-interest, and periodic statement requirements including for
  consumers in bankruptcy, among other things, affecting closed-end credit, increasing burden. However, the number of entities and transactions under
  FTC jurisdiction have decreased, reducing overall burden compared to prior FTC estimates.


                                                    Regulation Z--Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                              Managerial                Skilled Technical                Clerical
                                                     --------------------------------------------------------------------------------------  Total cost
                    Required task                         Time       Cost  ($56/      Time        Cost  ($42/       Time       Cost  ($17/       ($)
                                                         (hours)        hr.)         (hours)         hr.)          (hours)        hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping.......................................             0            $0        56,187      $2,359,854       505,679    $8,596,543   $10,956,397
Open-end credit Disclosures:........................
Initial terms.......................................         8,337       466,872        75,030       3,151,260             0             0     3,618,132
Initial terms--prepaid accounts.....................            50         2,800           454          19,068             0             0        21,868
Rescission notices..................................            39         2,184           352          14,784             0             0        16,968
Subsequent disclosures..............................         7,634       427,504        68,704       2,885,568             0             0     3,313,072
Subsequent disclosures--prepaid accounts............            26         1.456           232           9,744             0             0        11,200
Periodic statements.................................       125,015     7,000,840     1,125,138      47,255,796             0             0    54,256,636
Periodic statements--prepaid accounts...............           159         8,904          1436          60,312             0             0        69.216
Error resolution....................................        22,822     1,278,032       205,401       8,626,842             0             0     9,904,874
Error resolution--prepaid accounts followup.........            90         5,040           807          33.894             0             0        38,934
Credit and charge card accounts.....................         3,972       222,432        35,747       1,501,374             0             0     1,723,806
Credit and charge card accounts-prepaid accounts....            16           896           140           5,880             0             0         6,776
Settlement of estate debts..........................         2,084       116,704        18,758         787,836             0             0       904,540
Special credit card requirements....................         3,972       222,432        35,747       1,501,374             0             0     1,723,806
Home equity lines of credit.........................            40         2,240           357          14,994             0             0        17,234
Home equity lines of credit--high cost mortgages....            55         3,080           495          20,790             0             0        23,870
College student credit card marketing--ed                      101         5,656           912          38,304             0             0        43,960
 institutions.......................................
College student credit card marketing--card issuer              17           952           152           6,384             0             0         7,336
 reports............................................
Posting and reporting of credit card agreements.....         3,972       222,432        35,747       1,501,374             0             0     1,723,806
Posting and reporting of prepaid accounts...........             1            56             2              84             0             0           140
Advertising.........................................         3,044       170,464        27,393       1,150,506             0             0     1,320,970
Advertising--prepaid accounts.......................             6           336            54           2,268             0             0         2,604
Advertising--prepaid accounts Updates...............             1            56             2              84             0             0           140
Sale, transfer, or assignment of mortgages..........           233        13,048         2,100          88,200             0             0       101,248
Appraiser misconduct reporting......................        26,351     1,475,656       237,156       9,960,552             0             0    11,436,208
Mortgage servicing..................................           238        13,328         2,137          89,754             0             0       103,082
Loan originators....................................           638        35,728         5,737         240,954             0             0       276,682
Total open-end credit...............................  ............  ............  ............  ..............  ............  ............    90,667,108
Closed-end credit Disclosures:......................
Credit disclosures..................................       442,200     2,476,300     3,979,802     167,151,684             0             0   169,627,984
Rescission notices..................................         9,308       521,248        83,767       3,518,214             0             0     4,039,462
Redisclosures.......................................         6,954       389,424        62,587       2,628,654             0             0     3,018,078
Integrated mortgage disclosures.....................        67,525     3,781,400       607,725      25,524,450             0             0    29,305,850
Variable rate mortgages.............................         1,430        80,080        12,866         540,372             0             0       620,452
High cost mortgages.................................           321        17,976         2,887         121,254             0             0       139,230
Higher priced mortgages.............................           222        12,432         1,995          83,790             0             0        96,222

[[Page 14281]]

 
Reverse mortgages...................................           177         9,912         1,588          66,696             0             0        76,608
Advertising.........................................        13,718       768,208       123,457       5,185,194             0             0     5,953,402
Private education loans.............................            79         4,424           709          29,778             0             0        34,202
Sale, transfer, or assignment of mortgages..........         3,460       193,760        31,142       1,307,964             0             0     1,501,724
Ability to pay/qualified mortgage...................           274        15,344         2,464         103,488             0             0       118,832
Appraiser misconduct reporting......................        26,351     1,475,656       237,156       9,960,552             0             0    11,436,208
Mortgage servicing..................................         3,893       218,008        35,040       1,471,680             0             0     1,689,688
Loan originators....................................           638        35,728         5,737         240,954             0             0       276,682
                                                     ---------------------------------------------------------------------------------------------------
    Total closed-end credit.........................  ............  ............  ............  ..............  ............  ............   227,934,624
                                                     ---------------------------------------------------------------------------------------------------
    Total Disclosures...............................  ............  ............  ............  ..............  ............  ............   318,601,732
                                                     ---------------------------------------------------------------------------------------------------
        Total Recordkeeping and Disclosures.........  ............  ............  ............  ..............  ............  ............   329,558,129
--------------------------------------------------------------------------------------------------------------------------------------------------------

    Request for Comment: Pursuant to Section 3506(c)(2)(A) of the PRA, 
the FTC invites comments on: (1) Whether the disclosure requirements 
are necessary, including whether the information will be practically 
useful; (2) the accuracy of our burden estimates, including whether the 
methodology and assumptions used are useful; (3) ways to enhance the 
quality, utility, and clarity of the information to be collected; and 
(4) ways to minimize the burden of providing the required information 
to consumers.
    You can file a comment online or on paper. For the FTC to consider 
your comment, we must receive it on or before June 4, 2018. Write 
``Regs BEMZ, PRA Comments, P084812'' on your comment. Your comment--
including your name and your state--will be placed on the public record 
of this proceeding, including, to the extent practicable, on the public 
FTC website, at https://www.ftc.gov/policy/public-comments.
    Postal mail addressed to the Commission is subject to delay due to 
heightened security screening. As a result, we encourage you to submit 
your comments online. To make sure that the Commission considers your 
online comment, you must file it at https://ftcpublic.commentworks.com/ftc/RegsBEMZpra, by following the instructions on the web-based form. 
If this Notice appears at https://www.regulations.gov/#!home, you also 
may file a comment through that website.
    If you file your comment on paper, write ``Regs BEMZ, PRA Comments, 
P084812'' on your comment and on the envelope, and mail it to the 
following address: Federal Trade Commission, Office of the Secretary, 
600 Pennsylvania Avenue NW, Suite CC-5610 (Annex J), or deliver your 
comment to the following address: Federal Trade Commission, Office of 
the Secretary, Constitution Center, 400 7th Street SW, 5th Floor, Suite 
5610 (Annex J), Washington, DC 20024. If possible, submit your paper 
comment to the Commission by courier or overnight service.
    Because your comment will be placed on the publicly accessible FTC 
website at https://www.ftc.gov/, you are solely responsible for making 
sure that your comment does not include any sensitive or confidential 
information. In particular, your comment should not include any 
sensitive personal information, such as your or anyone else'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. You are also 
solely responsible for making sure that your comment does not include 
any sensitive health information, such as medical records or other 
individually identifiable health information. In addition, your comment 
should not include any ``trade secret or any commercial or financial 
information which . . . is privileged or confidential''--as provided by 
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)--including in particular competitively sensitive 
information such as costs, sales statistics, inventories, formulas, 
patterns, devices, manufacturing processes, or customer names.
    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). In particular, 
the written request for confidential treatment that accompanies the 
comment must include the factual and legal basis for the request, and 
must identify the specific portions of the comment to be withheld from 
the public record. See FTC Rule 4.9(c). Your comment will be kept 
confidential only if the General Counsel grants your request in 
accordance with the law and the public interest. Once your comment has 
been posted on the public FTC website--as legally required by FTC Rule 
4.9(b)--we cannot redact or remove your comment from the FTC website, 
unless you submit a confidentiality request that meets the requirements 
for such treatment under FTC Rule 4.9(c), and the General Counsel 
grants that request.
    Visit the FTC website to read this Notice. The FTC Act and other 
laws that 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 on or before June 4, 2018. For information on the 
Commission's privacy policy, including routine uses permitted by the 
Privacy Act, see https://www.ftc.gov/site-information/privacy-policy.

David C. Shonka,
Acting General Counsel.
[FR Doc. 2018-06669 Filed 4-2-18; 8:45 am]
 BILLING CODE 6750-01-P