Agency Information Collection Activities: Proposed Collection; Comment Request; Truth in Lending Disclosure and Recordkeeping Requirements, 74767 [2020-25847]

Download as PDF Federal Register / Vol. 85, No. 226 / Monday, November 23, 2020 / Notices Paperwork Reduction Act of 1995 (44 U.S.C. 3506) and Secretary of Labor’s Order No. 1–2012 (77 FR 3912). Signed at Washington, DC, on November 17, 2020. Loren Sweatt, Principal Deputy Assistant Secretary of Labor Occupational Safety and Health. [FR Doc. 2020–25716 Filed 11–20–20; 8:45 am] BILLING CODE 4510–26–P NATIONAL CREDIT UNION ADMINISTRATION Agency Information Collection Activities: Proposed Collection; Comment Request; Truth in Lending Disclosure and Recordkeeping Requirements National Credit Union Administration (NCUA). ACTION: Notice and request for comment. AGENCY: The National Credit Union Administration (NCUA), as part of a continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the following extension of a currently approved collection, as required by the Paperwork Reduction Act of 1995. DATES: Written comments should be received on or before January 22, 2021 to be assured consideration. ADDRESSES: Interested persons are invited to submit written comments on the information collection to Dawn Wolfgang, National Credit Union Administration, 1775 Duke Street, Suite 6032, Alexandria, Virginia 22314; Fax No. 703–548–2279; or email at PRAComments@NCUA.gov. Given the limited in-house staff because of the COVID–19 pandemic, email comments are preferred. FOR FURTHER INFORMATION CONTACT: Address requests for additional information to Dawn Wolfgang at the address above or telephone 703–548– 2279. SUPPLEMENTARY INFORMATION: OMB Number: 3133–0102. Title: Truth in Lending (TILA), Regulation Z. Type of Review: Extension of a currently approved collection. Abstract: The Truth in Lending Act (TILA) was enacted to foster comparison credit shopping and informed credit decision making by requiring accurate disclosure of the costs and terms of credit to consumers and to protect consumers against inaccurate and unfair credit billing practices. TILA has been revised numerous times since it took SUMMARY: VerDate Sep<11>2014 17:07 Nov 20, 2020 Jkt 253001 effect, notably by passage of the Fair Credit Billing Act of 1974, the Consumer Leasing Act of 1976, the Truth in Lending Simplification and Reform Act of 1980, the Fair Credit and Charge Card Disclosure Act of 1988, and the Home Equity Loan Consumer Protection Act of 1988. Historically, TILA was implemented by the Board of Governors of the Federal Reserve System’s (FRB) Regulation Z, 12 CFR part 226. The Dodd-Frank Wall Street Reform and Consumer Protection Act transferred FRB’s rulemaking authority for TILA to the Consumer Financial Protection Bureau (CFPB). Regulation Z contains several provisions that impose information collection requirements: The information collection requirements for open-end credit products; the information collection requirements for closed-end credit; the information collection requirements that apply to both open- and closed-end mortgage credit; the information collection requirements for specific residential mortgage types-namely, reverse mortgages and high cost mortgages with rates and fees above specified thresholds; the information collection requirements for private education loans; and information collection requirements related to Regulation Z’s advertising and record retention rules. The collection of information pursuant to Part 1026 is triggered by specific events and disclosures and must be provided to consumers within the time periods established under the regulation. To ease the compliance cost (particularly for small credit unions), model forms and clauses are appended to the regulation. Affected Public: Private Sector: Notfor-profit institutions. Estimated Number of Respondents: 5,150. Estimated Frequency of Response: Upon occurrence of triggering action. Estimated Burden Hours per Response: 0.064. Estimated Total Annual Burden Hours: 2,906,986. Request for Comments: Comments submitted in response to this notice will be summarized and included in the request for Office of Management and Budget approval. All comments will become a matter of public record. The public is invited to submit comments concerning: (a) Whether the collection of information is necessary for the proper execution of the function of the agency, including whether the information will have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information, including the validity of PO 00000 Frm 00104 Fmt 4703 Sfmt 4703 74767 the methodology and assumptions used; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of the information on the respondents, including the use of automated collection techniques or other forms of information technology. By Melane Conyers-Ausbrooks, Secretary of the Board, the National Credit Union Administration, on November 18, 2020. Dated: November 18, 2020. Dawn D. Wolfgang, NCUA PRA Clearance Officer. [FR Doc. 2020–25847 Filed 11–20–20; 8:45 am] BILLING CODE 7535–01–P NUCLEAR REGULATORY COMMISSION [NRC–2020–0001] Sunshine Act Meetings Weeks of November 23, 30, December 7, 14, 21, 28, 2020. PLACE: Commissioners’ Conference Room, 11555 Rockville Pike, Rockville, Maryland. STATUS: Public. TIME AND DATE: Week of November 23, 2020 There are no meetings scheduled for the week of November 23, 2020. Week of November 30, 2020—Tentative Friday, December 4, 2020 10:00 a.m. Meeting with Advisory Committee on Reactor Safeguards (Public Meeting) (Contact: Larry Burkhart: 301–287– 3775) Additional Information: Due to COVID–19, there will be no physical public attendance. The public is invited to attend the Commission’s meeting live by webcast at the Web address—https:// www.nrc.gov/. Week of December 7, 2020—Tentative There are no meetings scheduled for the week of December 7, 2020. Week of December 14, 2020—Tentative There are no meetings scheduled for the week of December 14, 2020. Week of December 21, 2020—Tentative There are no meetings scheduled for the week of December 21, 2020. Week of December 28, 2020—Tentative There are no meetings scheduled for the week of December 28, 2020. CONTACT PERSON FOR MORE INFORMATION: For more information or to verify the E:\FR\FM\23NON1.SGM 23NON1

Agencies

[Federal Register Volume 85, Number 226 (Monday, November 23, 2020)]
[Notices]
[Page 74767]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-25847]


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NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Proposed Collection; 
Comment Request; Truth in Lending Disclosure and Recordkeeping 
Requirements

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice and request for comment.

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

SUMMARY: The National Credit Union Administration (NCUA), as part of a 
continuing effort to reduce paperwork and respondent burden, invites 
the general public and other Federal agencies to comment on the 
following extension of a currently approved collection, as required by 
the Paperwork Reduction Act of 1995.

DATES: Written comments should be received on or before January 22, 
2021 to be assured consideration.

ADDRESSES: Interested persons are invited to submit written comments on 
the information collection to Dawn Wolfgang, National Credit Union 
Administration, 1775 Duke Street, Suite 6032, Alexandria, Virginia 
22314; Fax No. 703-548-2279; or email at [email protected]. Given 
the limited in-house staff because of the COVID-19 pandemic, email 
comments are preferred.

FOR FURTHER INFORMATION CONTACT: Address requests for additional 
information to Dawn Wolfgang at the address above or telephone 703-548-
2279.

SUPPLEMENTARY INFORMATION:
    OMB Number: 3133-0102.
    Title: Truth in Lending (TILA), Regulation Z.
    Type of Review: Extension of a currently approved collection.
    Abstract: The Truth in Lending Act (TILA) was enacted to foster 
comparison credit shopping and informed credit decision making by 
requiring accurate disclosure of the costs and terms of credit to 
consumers and to protect consumers against inaccurate and unfair credit 
billing practices. TILA has been revised numerous times since it took 
effect, notably by passage of the Fair Credit Billing Act of 1974, the 
Consumer Leasing Act of 1976, the Truth in Lending Simplification and 
Reform Act of 1980, the Fair Credit and Charge Card Disclosure Act of 
1988, and the Home Equity Loan Consumer Protection Act of 1988. 
Historically, TILA was implemented by the Board of Governors of the 
Federal Reserve System's (FRB) Regulation Z, 12 CFR part 226. The Dodd-
Frank Wall Street Reform and Consumer Protection Act transferred FRB's 
rulemaking authority for TILA to the Consumer Financial Protection 
Bureau (CFPB).
    Regulation Z contains several provisions that impose information 
collection requirements: The information collection requirements for 
open-end credit products; the information collection requirements for 
closed-end credit; the information collection requirements that apply 
to both open- and closed-end mortgage credit; the information 
collection requirements for specific residential mortgage types-namely, 
reverse mortgages and high cost mortgages with rates and fees above 
specified thresholds; the information collection requirements for 
private education loans; and information collection requirements 
related to Regulation Z's advertising and record retention rules.
    The collection of information pursuant to Part 1026 is triggered by 
specific events and disclosures and must be provided to consumers 
within the time periods established under the regulation. To ease the 
compliance cost (particularly for small credit unions), model forms and 
clauses are appended to the regulation.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Number of Respondents: 5,150.
    Estimated Frequency of Response: Upon occurrence of triggering 
action.
    Estimated Burden Hours per Response: 0.064.
    Estimated Total Annual Burden Hours: 2,906,986.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and included in the request for Office of Management 
and Budget approval. All comments will become a matter of public 
record. The public is invited to submit comments concerning: (a) 
Whether the collection of information is necessary for the proper 
execution of the function of the agency, including whether the 
information will have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information, 
including the validity of the methodology and assumptions used; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; and (d) ways to minimize the burden of the collection of 
the information on the respondents, including the use of automated 
collection techniques or other forms of information technology.
    By Melane Conyers-Ausbrooks, Secretary of the Board, the National 
Credit Union Administration, on November 18, 2020.

    Dated: November 18, 2020.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2020-25847 Filed 11-20-20; 8:45 am]
BILLING CODE 7535-01-P
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