Proposed Agency Information Collection Activities; Comment Request, 20156-20158 [2021-07763]
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Federal Register / Vol. 86, No. 72 / Friday, April 16, 2021 / Notices
requested from the agency clearance
officer, whose name appears above.
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Request for Comment on Information
Collection Proposal
The Board invites public comment on
the following information collection,
which is being reviewed under
authority delegated by the OMB under
the PRA. Comments are invited on the
following:
a. Whether the proposed collection of
information is necessary for the proper
performance of the Board’s functions,
including whether the information has
practical utility;
b. The accuracy of the Board’s
estimate of the burden of the proposed
information collection, including the
validity of the methodology and
assumptions used;
c. Ways to enhance the quality,
utility, and clarity of the information to
be collected;
d. Ways to minimize the burden of
information collection on respondents,
including through the use of automated
collection techniques or other forms of
information technology; and
e. Estimates of capital or startup costs
and costs of operation, maintenance,
and purchase of services to provide
information.
At the end of the comment period, the
comments and recommendations
received will be analyzed to determine
the extent to which the Board should
modify the proposal.
Proposal Under OMB Delegated
Authority To Extend for Three Years,
Without Revision, the Following
Information Collection
Report title: Disclosure Requirements
Associated with Bureau’s Regulation M.
Agency form number: FR M.
OMB control number: 7100–0202.
Frequency: On occasion.
Respondents: The FR M panel
comprises state member banks with
assets of $10 billion or less that are not
affiliated with an insured depository
institution with assets over $10 billion
(irrespective of the consolidated assets
of any holding company); nondepository affiliates of such state
member banks; and non-depository
affiliates of bank holding companies
that are not affiliated with an insured
depository institution with assets over
$10 billion. Notwithstanding the
foregoing, the Bureau, and not the
Board, has supervisory authority for
Regulation M with respect to
automobile leasing over non-banks
defined as ‘‘larger participants’’ in the
automobile finance market pursuant to
12 U.S.C. 5514 (implemented by 12 CFR
1090.108).
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Estimated number of respondents: 4.
Estimated average hours per response:
Lease disclosures, 0.11; Advertising
rules, 0.42.
Estimated annual burden hours: Lease
disclosures, 252; Advertising rules,7.
General description of report: The
Consumer Leasing Act (CLA) and
Regulation M are intended to provide
consumers with meaningful disclosures
about the costs and terms of leases for
personal property. The disclosures
enable consumers to compare the terms
for a particular lease with those for
other leases and, when appropriate, to
compare lease terms with those for
credit transactions. The CLA and
Regulation M also contain rules about
advertising consumer leases and limit
the size of balloon payments in
consumer lease transactions.
The Bureau’s Regulation M applies to
all types of lessors of personal property
(except motor vehicle dealers excluded
from the Bureau’s authority under
Dodd-Frank Act section 1029, which are
covered by the Board’s Regulation M).
The CLA and Regulation M require
lessors uniformly to disclose to
consumers the costs, liabilities, and
terms of consumer lease transactions.
Legal authorization and
confidentiality: The FR M is authorized
pursuant to sections 105(a) and 187 of
the Truth in Lending Act (TILA), which
require that the Bureau prescribe
regulations regarding the disclosure
requirements relating to consumer lease
transactions. The FR M is mandatory.
Because the disclosures and records
comprising the FR M are maintained at
each banking organization, the Freedom
of Information Act (FOIA) would only
be implicated if the Board obtained such
records as part of the examination or
supervision of a banking organization.
In the event the records are obtained by
the Board as part of an examination or
supervision of a financial institution,
this information would be considered
confidential pursuant to exemption 8 of
the FOIA, which protects information
contained in ‘‘examination, operating,
or condition reports’’ obtained in the
bank supervisory process.
Board of Governors of the Federal Reserve
System, April 12, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021–07790 Filed 4–15–21; 8:45 am]
BILLING CODE 6210–01–P
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FEDERAL RESERVE SYSTEM
Proposed Agency Information
Collection Activities; Comment
Request
Board of Governors of the
Federal Reserve System.
ACTION: Notice, request for comment.
AGENCY:
The Board of Governors of the
Federal Reserve System (Board) invites
comment on a proposal to extend for
three years, with revision, the reporting,
recordkeeping, and disclosure
requirements associated with the Truth
in Lending Act (TILA), implemented by
Regulation Z (FR Z; OMB No. 7100–
0199).
DATES: Comments must be submitted on
or before June 15, 2021.
ADDRESSES: You may submit comments,
identified by FR Z, by any of the
following methods:
• Agency Website: https://
www.federalreserve.gov/. Follow the
instructions for submitting comments at
https://www.federalreserve.gov/apps/
foia/proposedregs.aspx.
• Email: regs.comments@
federalreserve.gov. Include the OMB
number in the subject line of the
message.
• Fax: (202) 452–3819 or (202) 452–
3102.
• Mail: Ann E. Misback, Secretary,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue NW, Washington,
DC 20551.
All public comments are available
from the Board’s website at https://
www.federalreserve.gov/apps/foia/
proposedregs.aspx as submitted, unless
modified for technical reasons or to
remove personally identifiable
information at the commenter’s request.
Accordingly, comments will not be
edited to remove any identifying or
contact information. Public comments
may also be viewed electronically or in
paper in Room 146, 1709 New York
Avenue NW, Washington, DC 20006,
between 9:00 a.m. and 5:00 p.m. on
weekdays. For security reasons, the
Board requires that visitors make an
appointment to inspect comments. You
may do so by calling (202) 452–3684.
Upon arrival, visitors will be required to
present valid government-issued photo
identification and to submit to security
screening in order to inspect and
photocopy comments.
Additionally, commenters may send a
copy of their comments to the Office of
Management and Budget (OMB) Desk
Officer—Shagufta Ahmed—Office of
Information and Regulatory Affairs,
Office of Management and Budget, New
SUMMARY:
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Federal Register / Vol. 86, No. 72 / Friday, April 16, 2021 / Notices
jbell on DSKJLSW7X2PROD with NOTICES
Executive Office Building, Room 10235,
725 17th Street NW, Washington, DC
20503, or by fax to (202) 395–6974.
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance
Officer—Nuha Elmaghrabi—Office of
the Chief Data Officer, Board of
Governors of the Federal Reserve
System, Washington, DC 20551, (202)
452–3829.
SUPPLEMENTARY INFORMATION: On June
15, 1984, OMB delegated to the Board
authority under the PRA to approve and
assign OMB control numbers to
collections of information conducted or
sponsored by the Board. In exercising
this delegated authority, the Board is
directed to take every reasonable step to
solicit comment. In determining
whether to approve a collection of
information, the Board will consider all
comments received from the public and
other agencies.
A copy of the Paperwork Reduction
Act (PRA) OMB submission, including
the reporting form and instructions,
supporting statement, and other
documentation will be available at
https://www.reginfo.gov/public/do/
PRAMain, if approved. These
documents will also be made available
on the Board’s public website at https://
www.federalreserve.gov/apps/
reportforms/review.aspx or may be
requested from the agency clearance
officer, whose name appears above.
Request for Comment on Information
Collection Proposal
The Board invites public comment on
the following information collection,
which is being reviewed under
authority delegated by the OMB under
the PRA. Comments are invited on the
following:
a. Whether the proposed collection of
information is necessary for the proper
performance of the Board’s functions,
including whether the information has
practical utility;
b. The accuracy of the Board’s
estimate of the burden of the proposed
information collection, including the
validity of the methodology and
assumptions used;
c. Ways to enhance the quality,
utility, and clarity of the information to
be collected;
d. Ways to minimize the burden of
information collection on respondents,
including through the use of automated
collection techniques or other forms of
information technology; and
e. Estimates of capital or startup costs
and costs of operation, maintenance,
and purchase of services to provide
information.
At the end of the comment period, the
comments and recommendations
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Jkt 253001
received will be analyzed to determine
the extent to which the Board should
modify the proposal.
Proposal Under OMB Delegated
Authority To Extend for Three Years,
With Revision, the Following
Information Collection
Report title: Recordkeeping and
Disclosure Requirements Associated
with
Truth in Lending (Regulation Z).1
Agency form number: FR Z.
OMB control number: 7100–0199.
Frequency: Annually, on occasion.
Respondents: The FR Z panel
comprises state member banks with
assets of $10 billion or less that are not
affiliated with an insured depository
institution with assets over $10 billion
(irrespective of the consolidated assets
of any holding company); nondepository affiliates of such state
member banks; and non-depository
affiliates of bank holding companies
that are not affiliated with an insured
depository institution with assets over
$10 billion.2 However, the Consumer
Financial Protection Bureau (Bureau)
and the Federal Trade Commission
(FTC) also have administrative
enforcement authority over
nondepository institutions for
Regulation Z.3 Accordingly, the Bureau
allocates to itself half of the estimated
burden to non-depository institutions,
with the other half allocated to the
FTC.4
The Board’s ability to reduce
regulatory burden for small entities
under Regulation Z is limited because,
as noted, the Dodd-Frank Act
transferred rule writing authority for
Board-supervised institutions under
Regulation Z to the Bureau.
Nonetheless, the Board has taken steps
to minimize burden on small entities
through tailored supervision, including
through a risk-focused consumer
compliance supervision program and an
examination frequency policy that
provides for lengthened time between
examinations for institutions with a
lower risk profile.
The Board allocates to itself all
estimated burden to state member banks
with assets of $10 billion or less that are
not affiliated with an insured depository
institution with assets over $10 billion.
1 Truth in Lending Act (TILA) is codified at 15
U.S.C. 1601 et seq. Regulation Z is published by the
Board at 12 CFR part 226 and by the Consumer
Financial Protection Bureau (Bureau) at 12 CFR part
1026.
2 See, e.g., 12 U.S.C. 5515–5516.
3 See 12 U.S.C. 5514–5516.
4 See, e.g., 78 FR 6408, 6481 (January 30, 2013);
78 FR 11280, 11408 (February 15, 2013); 78 FR
79730, 80100 (December 31, 2013).
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20157
Estimated number of respondents:
Open-end (not home-secured credit):
Applications and solicitations, 161;
Account opening disclosures, Periodic
statements, and Change-in-terms
disclosures, 516; Timely settlement of
estate debts policies, Timely settlement
of estate debts—account information to
estate administrator, and Ability to pay
policies, 161; Open-End Credit—Home
Equity Plans: Application disclosures,
Account opening disclosures, Periodic
statements, Change-in-terms
disclosures, and Notices to restrict
credit, 596; All Open-End Credit: Error
resolution—credit cards, 161; ClosedEnd Credit—Non-Mortgage: Closed-end
credit disclosures, 741; Closed-End
Credit—Mortgage: Interest rate and
payment summary and ‘‘no-guaranteeto-refinance’’ statement, 300; and, Loan
estimate, Closing disclosure, ARM
disclosures, Initial rate adjustment
notice, Periodic statements, Periodic
statements in bankruptcy (one time),
Periodic statements in bankruptcy
(ongoing), Post-consummation
disclosures for successors in interest
(one time), and Post-consummation
disclosures for successors in interest
(ongoing), 757; Open and Closed-End
Mortgage: Pay off statements and
Mortgage transfer disclosure, 757;
Certain Home Mortgage Types: Reverse
mortgage disclosures, 4; HOEPA
disclosures and HOEPA receipt of
certification of counseling for high-cost
mortgages, 32; and Appraisals for
higher-priced mortgage loans: Review
and provide copy of initial appraisal,
Investigate and verify requirement for
additional appraisal, and Review and
provide copy of additional appraisal,
674; Private Education Loans: Private
student loan disclosures, 24; and
Advertising Rules (all credit types):
Advertising rules, 758.
Estimated average hours per response:
Open-end (not home-secured credit):
Applications and solicitations, 0.0014;
Account opening disclosures, 0.003;
Periodic statements and Change-interms disclosures, 0.017; Timely
settlement of estate debts policies, 0.75;
Timely settlement of estate debts—
account information to estate
administrator, 0.003; and Ability to pay
policies, 0.75; Open-End Credit—Home
Equity Plans: Application disclosures,
0.003; Account opening disclosures,
Periodic statements, Change-in-terms
disclosures, and Notices to restrict
credit, 0.017; All Open-End Credit: Error
resolution—credit cards, 0.5; ClosedEnd Credit—Non-Mortgage: Closed-end
credit disclosures, 0.017; Closed-End
Credit—Mortgage: Interest rate and
payment summary and ‘‘no-guarantee-
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Federal Register / Vol. 86, No. 72 / Friday, April 16, 2021 / Notices
to-refinance’’ statement, Loan estimate,
and Closing disclosure, 0.017; ARM
disclosures and Initial rate adjustment
notice, 0.003; Periodic statements,
0.017; Periodic statements in
bankruptcy (one time), 16.5; Periodic
statements in bankruptcy (ongoing),
0.017; Post-consummation disclosures
for successors in interest (one time),
16.5; and Post-consummation
disclosures for successors in interest
(ongoing), 0.17; Open and Closed-End
Mortgage: Pay off statements, 0.017; and
Mortgage transfer disclosure, 0.003;
Certain Home Mortgage Types: Reverse
mortgage disclosures, and HOEPA
disclosures, 0.017; HOEPA receipt of
certification of counseling for high-cost
mortgages, 0.003; and Appraisals for
higher-priced mortgage loans: Review
and provide copy of initial appraisal,
Investigate and verify requirement for
additional appraisal, and Review and
provide copy of additional appraisal,
0.25; Private Education Loans: Private
student loan disclosures, 0.003; and
Advertising Rules (all credit types):
Advertising rules, 0.417.
Estimated annual burden hours:
Open-end (not home-secured credit):
Applications and solicitations, 89;
Account opening disclosures, 853;
Periodic statements, 150,343; Changein-terms disclosures, 12,526; Timely
settlement of estate debts policies, 121;
Timely settlement of estate debts—
account information to estate
administrator, 4; and Ability to pay
policies, 121; Open-End Credit—Home
Equity Plans: Application disclosures,
885; Account opening disclosures,
3,445; Periodic statements, 54,105;
Change-in-terms disclosures, 902; and
Notices to restrict credit, 730; All OpenEnd Credit: Error resolution—credit
cards, 1,047; Closed-End Credit—NonMortgage: Closed-end credit disclosures,
2,305; Closed-End Credit—Mortgage:
Interest rate and payment summary and
‘‘no-guarantee-to-refinance’’ statement,
128; Loan estimate, 6,756; Closing
disclosure, 4,967; ARM disclosures, 34;
Initial rate adjustment notice, 20;
Periodic statements, 7,335; Periodic
statements in bankruptcy (one time),
12,491; Periodic statements in
bankruptcy (ongoing), 77; Postconsummation disclosures for
successors in interest (one time), 12,491;
and Post-consummation disclosures for
successors in interest (ongoing), 129;
Open and Closed-End Mortgage: Pay off
statements, 373; and Mortgage transfer
disclosure, 89; Certain Home Mortgage
Types: Reverse mortgage disclosures, 8;
HOEPA disclosures, 1; HOEPA receipt
of certification of counseling for highcost mortgages, 0; Appraisals for higher-
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priced mortgage loans: Review and
provide copy of initial appraisal, 4,887;
Investigate and verify requirement for
additional appraisal, 4,887; and Review
and provide copy of additional
appraisal, 202; Private Education Loans:
Private student loan disclosures, 123;
and Advertising Rules (all credit types):
Advertising rules, 1,580.
General description of report: The
Truth in Lending Act (TILA) and
Regulation Z promote the informed use
of credit to consumers for personal,
family, or household purposes by
requiring disclosures about its terms
and costs, as well as ensure that
consumers are provided with timely
information on the nature and costs of
the residential real estate settlement
process.
Proposed revisions: The Board
proposes to revise FR Z to: (1) Add
burden related to disclosure
requirements in rules issued by the
Bureau since the Board’s last Paperwork
Reduction Act (PRA) submission, as
well as for one information collection
for which the Bureau estimates burden
but the Board previously did not; (2)
break out and clarify burden estimates
that were previously consolidated; and
(3) eliminate burden associated with
certain requirements because the Bureau
accounts for burden for the entire
industry, or because the burden is now
deemed de minimis or a part of an
institution’s usual and customary
business practices.
Legal authorization and
confidentiality: The disclosure,
recordkeeping, and other requirements
of Regulation Z are authorized by TILA,
which directs the Bureau and, for
certain lenders, the Board to issue
regulations implementing the statute.
The obligation to respond is mandatory.
The disclosures, records, policies and
procedures required by Regulation Z are
not required to be submitted to the
Board. To the extent such information is
obtained by the Board through the
examination process, they may be kept
confidential under exemption 8 of the
Freedom of Information Act, which
protects information contained in or
related to an examination of a financial
institution.5
Consultation outside the agency: The
Board consulted with the Bureau
regarding the estimated burden of this
information collection.
55
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U.S.C. 552(b)(8).
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Board of Governors of the Federal Reserve
System, April 12, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021–07763 Filed 4–15–21; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL TRADE COMMISSION
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request
Federal Trade Commission.
Notice.
AGENCY:
ACTION:
The Federal Trade
Commission (‘‘FTC’’ or ‘‘Commission’’)
requests that the Office of Management
and Budget (‘‘OMB’’) extend for an
additional three years the current
Paperwork Reduction Act (‘‘PRA’’)
clearance for the information collection
requirements in in its rule governing
Care Labeling of Textile Wearing
Apparel and Certain Piece Goods As
Amended (‘‘Care Labeling Rule’’). The
current clearance expires on May 31,
2021.
SUMMARY:
Comments must be filed by May
17, 2021.
ADDRESSES: Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to www.reginfo.gov/public/do/
PRAMain. Find this particular
information collection by selecting
‘‘Currently under Review—Open for
Public Comments’’ or by using the
search function.
FOR FURTHER INFORMATION CONTACT:
Hampton Newsome, Attorney, Division
of Enforcement, Bureau of Consumer
Protection, (202) 326–2889, 600
Pennsylvania Ave. NW, Washington, DC
20580.
SUPPLEMENTARY INFORMATION:
Title of Collection: Care Labeling of
Textile Wearing Apparel and Certain
Piece Goods As Amended, 16 CFR 423.
OMB Control Number: 3084–0103.
Type of Review: Extension of
currently approved collection.
Affected Public: Private Sector:
Businesses and other for-profit entities.
Abstract: The Care Labeling Rule
requires manufacturers and importers of
textile wearing apparel and certain
piece goods to attach labels to their
products disclosing the care needed for
the ordinary use of the product. The
Rule also requires manufacturers or
importers to possess a reasonable basis
for care instructions, and allows the use
of approved care symbols in lieu of
words to disclose those instructions.
DATES:
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]]>Agencies
[Federal Register Volume 86, Number 72 (Friday, April 16, 2021)]
[Notices]
[Pages 20156-20158]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-07763]
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
-----------------------------------------------------------------------
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, with revision,
the reporting, recordkeeping, and disclosure requirements associated
with the Truth in Lending Act (TILA), implemented by Regulation Z (FR
Z; OMB No. 7100-0199).
DATES: Comments must be submitted on or before June 15, 2021.
ADDRESSES: You may submit comments, identified by FR Z, by any of the
following methods:
Agency Website: https://www.federalreserve.gov/. Follow
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
Email: [email protected]. Include the OMB
number in the subject line of the message.
Fax: (202) 452-3819 or (202) 452-3102.
Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
All public comments are available from the Board's website at
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as
submitted, unless modified for technical reasons or to remove
personally identifiable information at the commenter's request.
Accordingly, comments will not be edited to remove any identifying or
contact information. Public comments may also be viewed electronically
or in paper in Room 146, 1709 New York Avenue NW, Washington, DC 20006,
between 9:00 a.m. and 5:00 p.m. on weekdays. For security reasons, the
Board requires that visitors make an appointment to inspect comments.
You may do so by calling (202) 452-3684. Upon arrival, visitors will be
required to present valid government-issued photo identification and to
submit to security screening in order to inspect and photocopy
comments.
Additionally, commenters may send a copy of their comments to the
Office of Management and Budget (OMB) Desk Officer--Shagufta Ahmed--
Office of Information and Regulatory Affairs, Office of Management and
Budget, New
[[Page 20157]]
Executive Office Building, Room 10235, 725 17th Street NW, Washington,
DC 20503, or by fax to (202) 395-6974.
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of
Governors of the Federal Reserve System, Washington, DC 20551, (202)
452-3829.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the PRA to approve and assign OMB control numbers to
collections of information conducted or sponsored by the Board. In
exercising this delegated authority, the Board is directed to take
every reasonable step to solicit comment. In determining whether to
approve a collection of information, the Board will consider all
comments received from the public and other agencies.
A copy of the Paperwork Reduction Act (PRA) OMB submission,
including the reporting form and instructions, supporting statement,
and other documentation will be available at https://www.reginfo.gov/public/do/PRAMain, if approved. These documents will also be made
available on the Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested
from the agency clearance officer, whose name appears above.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Board's functions, including whether the
information has practical utility;
b. The accuracy of the Board's estimate of the burden of the
proposed information collection, including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Board
should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years, With
Revision, the Following Information Collection
Report title: Recordkeeping and Disclosure Requirements Associated
with
Truth in Lending (Regulation Z).\1\
---------------------------------------------------------------------------
\1\ Truth in Lending Act (TILA) is codified at 15 U.S.C. 1601 et
seq. Regulation Z is published by the Board at 12 CFR part 226 and
by the Consumer Financial Protection Bureau (Bureau) at 12 CFR part
1026.
---------------------------------------------------------------------------
Agency form number: FR Z.
OMB control number: 7100-0199.
Frequency: Annually, on occasion.
Respondents: The FR Z panel comprises state member banks with
assets of $10 billion or less that are not affiliated with an insured
depository institution with assets over $10 billion (irrespective of
the consolidated assets of any holding company); non-depository
affiliates of such state member banks; and non-depository affiliates of
bank holding companies that are not affiliated with an insured
depository institution with assets over $10 billion.\2\ However, the
Consumer Financial Protection Bureau (Bureau) and the Federal Trade
Commission (FTC) also have administrative enforcement authority over
nondepository institutions for Regulation Z.\3\ Accordingly, the Bureau
allocates to itself half of the estimated burden to non-depository
institutions, with the other half allocated to the FTC.\4\
---------------------------------------------------------------------------
\2\ See, e.g., 12 U.S.C. 5515-5516.
\3\ See 12 U.S.C. 5514-5516.
\4\ See, e.g., 78 FR 6408, 6481 (January 30, 2013); 78 FR 11280,
11408 (February 15, 2013); 78 FR 79730, 80100 (December 31, 2013).
---------------------------------------------------------------------------
The Board's ability to reduce regulatory burden for small entities
under Regulation Z is limited because, as noted, the Dodd-Frank Act
transferred rule writing authority for Board-supervised institutions
under Regulation Z to the Bureau. Nonetheless, the Board has taken
steps to minimize burden on small entities through tailored
supervision, including through a risk-focused consumer compliance
supervision program and an examination frequency policy that provides
for lengthened time between examinations for institutions with a lower
risk profile.
The Board allocates to itself all estimated burden to state member
banks with assets of $10 billion or less that are not affiliated with
an insured depository institution with assets over $10 billion.
Estimated number of respondents: Open-end (not home-secured
credit): Applications and solicitations, 161; Account opening
disclosures, Periodic statements, and Change-in-terms disclosures, 516;
Timely settlement of estate debts policies, Timely settlement of estate
debts--account information to estate administrator, and Ability to pay
policies, 161; Open-End Credit--Home Equity Plans: Application
disclosures, Account opening disclosures, Periodic statements, Change-
in-terms disclosures, and Notices to restrict credit, 596; All Open-End
Credit: Error resolution--credit cards, 161; Closed-End Credit--Non-
Mortgage: Closed-end credit disclosures, 741; Closed-End Credit--
Mortgage: Interest rate and payment summary and ``no-guarantee-to-
refinance'' statement, 300; and, Loan estimate, Closing disclosure, ARM
disclosures, Initial rate adjustment notice, Periodic statements,
Periodic statements in bankruptcy (one time), Periodic statements in
bankruptcy (ongoing), Post-consummation disclosures for successors in
interest (one time), and Post-consummation disclosures for successors
in interest (ongoing), 757; Open and Closed-End Mortgage: Pay off
statements and Mortgage transfer disclosure, 757; Certain Home Mortgage
Types: Reverse mortgage disclosures, 4; HOEPA disclosures and HOEPA
receipt of certification of counseling for high-cost mortgages, 32; and
Appraisals for higher-priced mortgage loans: Review and provide copy of
initial appraisal, Investigate and verify requirement for additional
appraisal, and Review and provide copy of additional appraisal, 674;
Private Education Loans: Private student loan disclosures, 24; and
Advertising Rules (all credit types): Advertising rules, 758.
Estimated average hours per response: Open-end (not home-secured
credit): Applications and solicitations, 0.0014; Account opening
disclosures, 0.003; Periodic statements and Change-in-terms
disclosures, 0.017; Timely settlement of estate debts policies, 0.75;
Timely settlement of estate debts--account information to estate
administrator, 0.003; and Ability to pay policies, 0.75; Open-End
Credit--Home Equity Plans: Application disclosures, 0.003; Account
opening disclosures, Periodic statements, Change-in-terms disclosures,
and Notices to restrict credit, 0.017; All Open-End Credit: Error
resolution--credit cards, 0.5; Closed-End Credit--Non-Mortgage: Closed-
end credit disclosures, 0.017; Closed-End Credit--Mortgage: Interest
rate and payment summary and ``no-guarantee-
[[Page 20158]]
to-refinance'' statement, Loan estimate, and Closing disclosure, 0.017;
ARM disclosures and Initial rate adjustment notice, 0.003; Periodic
statements, 0.017; Periodic statements in bankruptcy (one time), 16.5;
Periodic statements in bankruptcy (ongoing), 0.017; Post-consummation
disclosures for successors in interest (one time), 16.5; and Post-
consummation disclosures for successors in interest (ongoing), 0.17;
Open and Closed-End Mortgage: Pay off statements, 0.017; and Mortgage
transfer disclosure, 0.003; Certain Home Mortgage Types: Reverse
mortgage disclosures, and HOEPA disclosures, 0.017; HOEPA receipt of
certification of counseling for high-cost mortgages, 0.003; and
Appraisals for higher-priced mortgage loans: Review and provide copy of
initial appraisal, Investigate and verify requirement for additional
appraisal, and Review and provide copy of additional appraisal, 0.25;
Private Education Loans: Private student loan disclosures, 0.003; and
Advertising Rules (all credit types): Advertising rules, 0.417.
Estimated annual burden hours: Open-end (not home-secured credit):
Applications and solicitations, 89; Account opening disclosures, 853;
Periodic statements, 150,343; Change-in-terms disclosures, 12,526;
Timely settlement of estate debts policies, 121; Timely settlement of
estate debts--account information to estate administrator, 4; and
Ability to pay policies, 121; Open-End Credit--Home Equity Plans:
Application disclosures, 885; Account opening disclosures, 3,445;
Periodic statements, 54,105; Change-in-terms disclosures, 902; and
Notices to restrict credit, 730; All Open-End Credit: Error
resolution--credit cards, 1,047; Closed-End Credit--Non-Mortgage:
Closed-end credit disclosures, 2,305; Closed-End Credit--Mortgage:
Interest rate and payment summary and ``no-guarantee-to-refinance''
statement, 128; Loan estimate, 6,756; Closing disclosure, 4,967; ARM
disclosures, 34; Initial rate adjustment notice, 20; Periodic
statements, 7,335; Periodic statements in bankruptcy (one time),
12,491; Periodic statements in bankruptcy (ongoing), 77; Post-
consummation disclosures for successors in interest (one time), 12,491;
and Post-consummation disclosures for successors in interest (ongoing),
129; Open and Closed-End Mortgage: Pay off statements, 373; and
Mortgage transfer disclosure, 89; Certain Home Mortgage Types: Reverse
mortgage disclosures, 8; HOEPA disclosures, 1; HOEPA receipt of
certification of counseling for high-cost mortgages, 0; Appraisals for
higher-priced mortgage loans: Review and provide copy of initial
appraisal, 4,887; Investigate and verify requirement for additional
appraisal, 4,887; and Review and provide copy of additional appraisal,
202; Private Education Loans: Private student loan disclosures, 123;
and Advertising Rules (all credit types): Advertising rules, 1,580.
General description of report: The Truth in Lending Act (TILA) and
Regulation Z promote the informed use of credit to consumers for
personal, family, or household purposes by requiring disclosures about
its terms and costs, as well as ensure that consumers are provided with
timely information on the nature and costs of the residential real
estate settlement process.
Proposed revisions: The Board proposes to revise FR Z to: (1) Add
burden related to disclosure requirements in rules issued by the Bureau
since the Board's last Paperwork Reduction Act (PRA) submission, as
well as for one information collection for which the Bureau estimates
burden but the Board previously did not; (2) break out and clarify
burden estimates that were previously consolidated; and (3) eliminate
burden associated with certain requirements because the Bureau accounts
for burden for the entire industry, or because the burden is now deemed
de minimis or a part of an institution's usual and customary business
practices.
Legal authorization and confidentiality: The disclosure,
recordkeeping, and other requirements of Regulation Z are authorized by
TILA, which directs the Bureau and, for certain lenders, the Board to
issue regulations implementing the statute. The obligation to respond
is mandatory.
The disclosures, records, policies and procedures required by
Regulation Z are not required to be submitted to the Board. To the
extent such information is obtained by the Board through the
examination process, they may be kept confidential under exemption 8 of
the Freedom of Information Act, which protects information contained in
or related to an examination of a financial institution.\5\
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\5\ 5 U.S.C. 552(b)(8).
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Consultation outside the agency: The Board consulted with the
Bureau regarding the estimated burden of this information collection.
Board of Governors of the Federal Reserve System, April 12,
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-07763 Filed 4-15-21; 8:45 am]
BILLING CODE 6210-01-P
