Agency Information Collection Activities; Proposed Collection; Comment Request; Extension, 26725-26733 [2021-10285]

Download as PDF Federal Register / Vol. 86, No. 93 / Monday, May 17, 2021 / Notices when the list of FCC ICRs currently under review appears, look for the Title of this ICR and then click on the ICR Reference Number. A copy of the FCC submission to OMB will be displayed. SUPPLEMENTARY INFORMATION: As part of its continuing effort to reduce paperwork burdens, as required by the Paperwork Reduction Act (PRA) of 1995 (44 U.S.C. 3501–3520), the FCC invited the general public and other Federal Agencies to take this opportunity to comment on the following information collection. Comments are requested concerning: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; (b) the accuracy of the Commission’s burden estimates; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burden of the collection of information on the respondents, including the use of automated collection techniques or other forms of information technology. Pursuant to the Small Business Paperwork Relief Act of 2002, Public Law 107–198, see 44 U.S.C. 3506(c)(4), the FCC seeks specific comment on how it might ‘‘further reduce the information collection burden for small business concerns with fewer than 25 employees.’’ OMB Control Number: 3060–1257. Title: New Procedure for Non-Federal Public Safety Entities to License Federal Government Interoperability Channels. Form Number: N/A. Type of Review: Extension of a currently approved collection. Respondents: Not-for-profit institutions; State, local, or tribal government. Number of Respondents and Responses: 45,947 respondents; 45,947 responses. Estimated Time per Response: 0.25 hours. Frequency of Response: One-time reporting requirement. Obligation to Respond: Section 90.25 adopted in Order DA 18–282, requires any non-federal public safety entity seeking to license mobile and portable units on the Federal Interoperability Channels to obtain written concurrence from its Statewide Interoperability Coordinator (SWIC) or a state appointed official and include such written concurrence with its application for license. A non-federal public safety entity may communicate on designated Federal Interoperability Channels for joint federal/non-federal operations, provided it first obtains a license from VerDate Sep<11>2014 18:56 May 14, 2021 Jkt 253001 the Commission authorizing use of the channels. Statutory authority for these collections are contained in 47 U.S.C. 151, 154, 301, 303, and 332 of the Communications Act of 1934. Total Annual Burden: 11,487 hours. Total Annual Cost: No cost. Privacy Act Impact Assessment: No impact(s). Nature and Extent of Confidentiality: Applicants who include written concurrence from their SWIC or state appointed official with their application to license mobile and portable units on the Federal Interoperability Channels need not include any confidential information with their application. Nonetheless, there is a need for confidentiality with respect to all applications filed with the Commission through its Universal Licensing System (ULS). Although ULS stores all information pertaining to the individual license via an FCC Registration Number (FRN), confidential information is accessible only by persons or entities that hold the password for each account, and the Commission’s licensing staff. Information on private land mobile radio licensees is maintained in the Commission’s system of records, FCC/ WTB–1, ‘‘Wireless Services Licensing Records.’’ The licensee records will be publicly available and routinely used in accordance with subsection (b) of the Privacy Act. TIN Numbers and material which is afforded confidential treatment pursuant to a request made under 47 CFR 0.459 will not be available for Public inspection. Any personally identifiable information (PII) that individual applicants provide is covered by a system of records, FCC/WTB–1, ‘‘Wireless Services Licensing Records,’’ and these and all other records may be disclosed pursuant to the Routine Uses as stated in this system of records notice. Needs and Uses: This collection will be submitted as an extension of a currently approved collection after this 60-day comment period to the Office of Management and Budget (OMB) in order to obtain the full three-year clearance. The purpose of requiring a non-federal public safety entity to obtain written consent from its SWIC or state appointed official before communicating with federal government agencies on the Federal Interoperability Channels is to ensure that the non-federal public safety entity operates in accordance with the rules and procedures governing use of the federal interoperability channels and does not cause inadvertent interference during emergencies. Commission staff will use the written concurrence from the SWIC or state appointed official to PO 00000 Frm 00037 Fmt 4703 Sfmt 4703 26725 determine if an applicant’s proposed operation on the Federal Interoperability Channels conforms to the terms of an agreement signed by the SWIC or state appointed official with a federal user with a valid assignment from the National Telecommunications and Information Administration (NTIA) which has jurisdiction over the channels. Federal Communications Commission. Marlene Dortch, Secretary, Office of the Secretary. [FR Doc. 2021–10309 Filed 5–14–21; 8:45 am] BILLING CODE 6712–01–P FEDERAL MARITIME COMMISSION Sunshine Act Meeting May 19, 2021; 10 a.m. This meeting will be held by video-conference only. STATUS: This meeting will be open to the public. MATTERS TO BE CONSIDERED: 1. National Shipper Advisory Committee and Federal Advisory Committee Act Implementation. 2. Staff Briefing on Options to Update and Publish Commission Organizational Information and Delegations of Authority. CONTACT PERSON FOR MORE INFORMATION: Rachel Dickon, Secretary, (202) 523– 5725. TIME AND DATE: PLACE: Rachel Dickon, Secretary. [FR Doc. 2021–10451 Filed 5–13–21; 4:15 pm] BILLING CODE 6730–02–P FEDERAL TRADE COMMISSION Agency Information Collection Activities; Proposed Collection; Comment Request; Extension Federal Trade Commission. Notice. AGENCY: ACTION: In accordance with the Paperwork Reduction Act of 1995 (‘‘PRA’’), the Federal Trade Commission (‘‘FTC’’ or ‘‘Commission’’) is seeking public comment on its proposal to extend for an additional three years the Office of Management and Budget clearances for information collection requirements in Regulations B, E, M, and Z, which are enforced by the Commission. These clearances expire on September 30, 2021. DATES: Comments must be filed by July 16, 2021. SUMMARY: E:\FR\FM\17MYN1.SGM 17MYN1 26726 Federal Register / Vol. 86, No. 93 / Monday, May 17, 2021 / Notices 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:// www.regulations.gov, 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: 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). Type of Review: Extension without change of currently approved collection. Affected Public: Private Sector: Businesses and other for-profit entities. Discussion: 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 new regulations in 12 CFR part 1002 (Regulation B), 12 CFR part 1005 (Regulation E), 12 CFR part 1013 ADDRESSES: VerDate Sep<11>2014 18:56 May 14, 2021 Jkt 253001 (Regulation M), and 12 CFR part 1026 (Regulation Z) for those entities under its rulemaking jurisdiction.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 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 this shared enforcement jurisdiction, the two agencies have divided the FTC’s previously-cleared PRA burden estimates between them,5 except that the FTC has assumed all of the burden estimates associated with motor vehicle 1 12 CFR pt. 1002 (Reg. B) (81 FR 25323, Apr. 28, 2016); 12 CFR pt. 1005 (Reg. E) (81 FR 25323, Apr. 28, 2016) 12 CFR pt. 1013 (Reg. M) (81 FR 25323, Apr. 28, 2016); 12 CFR pt. 1026 (Reg. Z) (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, 12 U.S.C. 5519(a), (c). 3 See Dodd-Frank Act, § 1075, 15 U.S.C. 1693 (these requirements are implemented through Board Regulation II, 12 CFR pt. 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 fourth quarter of 2020, there were approximately 2,126 state-chartered credit unions—1,914 which were federally insured, an estimated 112 or more which were privately insured, and an estimated 100 or more in Puerto Rico which were 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. However, in view of fluctuations due to COVID–19 and to avoid undercounting, we have retained the prior estimate of 2,300 state-chartered credit unions. As noted above, the CFPB’s figures as to state-chartered credit unions include burden for those entities exceeding $10 billion in assets. See generally Dodd-Frank Act, §§ 1061, 1025, 1026. This attribution does not change actual enforcement authority. We also have retained the prior burden hours generally in the estimates below, in view of these considerations. 5 The CFPB also factors into its burden estimates respondents over which it has jurisdiction but the FTC does not. PO 00000 Frm 00038 Fmt 4703 Sfmt 4703 dealers 6 and state-chartered credit unions. The division of PRA burden hours not attributable to motor vehicle dealers and 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. Pursuant to 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 retains the entire PRA burden for 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 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 6 See Dodd-Frank Act § 1029, 12 U.S.C. 5519(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 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, 12 U.S.C. 5519(a), (c). 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). E:\FR\FM\17MYN1.SGM 17MYN1 Federal Register / Vol. 86, No. 93 / Monday, May 17, 2021 / Notices span they must retain records under the applicable regulation). The regulations also require covered entities to make disclosures to third parties. Related compliance involves set-up/monitoring and transactionspecific costs. ‘‘Set-up’’ burden, incurred only by covered new entrants, includes 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 ‘‘setup’’ and ‘‘monitoring’’ 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 the normal course of business. For other covered entities that do not, their compliance burden will vary depending on the extent to which they have developed effective computerbased or electronic systems and procedures to communicate and document required disclosures.9 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 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. 10 The Commission generally does not have jurisdiction over banks, thrifts, and federal credit unions under the applicable regulations. VerDate Sep<11>2014 18:56 May 14, 2021 Jkt 253001 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 $60 for managerial oversight, $44 for skilled technical services, and $18 for clerical work. These figures are averages drawn from Bureau of Labor Statistics data.11 Further, these 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 estimates under the PRA of recordkeeping and disclosure average time and labor costs, excluding that which FTC staff believes entities incur customarily in the normal course of business and information compiled and produced in response to FTC law enforcement investigations or prosecutions.12 11 These inputs are based broadly on mean hourly data found within the ‘‘Bureau of Labor Statistics, Economic News Release,’’ March 31, 2021, Table 1, ‘‘National employment and wage data from the Occupational Employment and Wage Statistics survey by occupation, May 2020.’’ https:// www.bls.gov/news.release/ocwage.t01.htm. 12 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’’). PO 00000 Frm 00039 Fmt 4703 Sfmt 4703 26727 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. 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. 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.13 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.14 This yields a total annual recordkeeping burden of 708,886 hours. 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.15 Finally, Regulation B also requires that for accounts that spouses may use or for 13 Regulation B contains model forms that creditors may use to gather and retain the required information. 14 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. 15 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. E:\FR\FM\17MYN1.SGM 17MYN1 26728 Federal Register / Vol. 86, No. 93 / Monday, May 17, 2021 / Notices 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.16 Burden estimates relating to the disclosures required under Regulation B and labor cost estimates are provided in the tables below. Burden Totals Recordkeeping: 708,886 hours; $15,666,176, associated labor costs. Disclosures: 1,088,912 hours; $49,654,400, associated labor costs. REGULATION B—DISCLOSURES—BURDEN HOURS Setup/monitoring 1 Transaction-related Average burden per respondent (hours) Disclosures Respondents Total setup/ monitoring burden (hours) Average burden per transaction (minutes) Number of transactions 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. REGULATION B—RECORDKEEPING AND DISCLOSURES—COST Managerial Required task Time (hours) Skilled technical Cost ($60/hr.) Time (hours) Clerical Cost ($44/hr.) Time (hours) Total cost ($) Cost ($18/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 $2,919,180 1,906,652 66,000 26,400 597,108 0 0 0 $10,747,944 0 0 0 $13,667,124 1,906,652 66,000 26,400 Total Recordkeeping .............................. Disclosures: Credit history reporting .......................... Adverse action notices ........................... Appraisal reports .................................... Self-test disclosure ................................. ........................ ........................ ........................ ........................ ........................ ........................ 15,666,176 28,380 78,509 1,903 100 1,702,800 4,710,540 114,180 6,0000 255,420 706,577 17,123 900 11,238,480 31,089,388 753,412 39,600 0 0 0 0 0 0 0 0 12,941,280 35,799,928 867,592 45,600 Total Disclosures ............................ ........................ ........................ ........................ ........................ ........................ ........................ 49,654,400 Total Recordkeeping and Disclosures ................................ ........................ ........................ ........................ ........................ ........................ ........................ 65,320,576 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. Burden estimates relating to the disclosures required under Regulation E and labor cost estimates are provided in the tables below. Burden Totals Recordkeeping: 251,053 hours; $5,171,684, associated labor costs. Disclosures: 7,184,903 hours; $327,631,676, associated labor costs. REGULATION E—DISCLOSURES—BURDEN HOURS Setup/monitoring Average burden per respondent (hours) Disclosures Respondents Initial terms .................................................... Change in terms ............................................ 27,300 8,550 Transaction-related Total setup/ monitoring burden (hours) .5 .5 13,650 4,275 Number of transactions Average burden per transaction (minutes) 273,000 11,286,000 .02 .02 16 The disclosure may be provided orally or in writing. The model form provided by Regulation B assists creditors in providing the written disclosure. VerDate Sep<11>2014 18:56 May 14, 2021 Jkt 253001 PO 00000 Frm 00040 Fmt 4703 Sfmt 4703 E:\FR\FM\17MYN1.SGM 17MYN1 Total transaction burden (hours) 91 3,762 Total burden (hours) 13,741 8,037 26729 Federal Register / Vol. 86, No. 93 / Monday, May 17, 2021 / Notices REGULATION E—DISCLOSURES—BURDEN HOURS—Continued Setup/monitoring Transaction-related Average burden per respondent (hours) Disclosures Respondents 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 4 ................... Submission of agreements .................... Updates to agreements 5 ....................... 550 138 550 300 ........................ 138 ........................ Total ................................................ ........................ Total setup/ monitoring burden (hours) Average burden per transaction (minutes) Number of transactions Total transaction burden (hours) Total burden (hours) 27,300 27,300 27,300 258,553 20,000 125 48,553 15,000 15,000 .5 .5 .5 .5 .25 .25 .5 .5 .5 13,650 13,650 13,650 129,277 5,000 31 24,277 7,500 7,500 327,600,000 273,000 1,375,000,000 6,463,825 200,000 25,000,000 728,295 1,500,000 750,000,000 .02 5 .02 .25 .25 .25 .02 .02 .02 109,200 22,750 458,333 26,933 833 104,167 243 500 250,000 122,850 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 1 40 × 10 1 × 10 3 20 ×10 4×4 N/A 2×1 N/A 220,000 2 1,380 110,000 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 Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs. 2 Individual burden hours are listed first, followed by the number of programs. 3 Burden hours are on a per program basis; individual burden hours are listed first, followed by the number of programs. 4 This pertains to prepaid accounts. 5 This pertains to prepaid accounts’ agreements. 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 ......................... Skilled technical Cost ($60/hr.) Time (hours) Clerical Cost ($44/hr.) Time (hours) Total cost ($) Cost ($18/hr.) 0 $0 25,105 $1,104,620 225,948 $4,067,064 $5,171,684 1,374 804 12,285 3,640 47,198 15,621 583 10,420 2,452 800 25,750 82,440 48,240 737,100 218,400 2,831,880 937,260 34,980 625,200 147,120 48,000 1,545,000 12,367 7,233 110,565 32,760 424,785 140,589 5,250 93,778 22,068 7,200 231,750 544,148 318,252 4,864,860 1,441,440 18,690,540 6,185,916 231,000 4,126,232 970,992 316,800 10,197,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 626,588 366,492 5,601,960 1,659,840 21.522,420 7,123,176 265,980 4,751,432 1,118,112 364,800 11,742,000 144,600 182,040 144,600 8,676,000 10,922,400 8,676,000 1,301,400 1,638,360 1,301,400 57,261,600 72,087,840 57,261,600 0 0 0 0 0 0 65,937,600 83,010,240 65,937,600 113,667 138 11,018 1,397 69 29 6 6,820,020 8,2808 661,080 83,820 4,140 1,740 360 1,023,000 1,242 99,165 12,570 621 259 52 45,012,000 54,648 4,363,260 553,080 27,324 11,396 2,288 0 0 0 0 0 0 0 0 0 0 0 0 0 0 51,832,020 62,928 5,024,340 636,900 31,464 13,136 2,648 Total Disclosures ............................ ........................ ........................ ........................ ........................ ........................ ........................ 327,631,676 Total Recordkeeping and Disclosures ................................ ........................ ........................ ........................ ........................ ........................ ........................ 332,803,360 3. Regulation M The CLA requires that covered entities provide consumers with accurate disclosure of the costs and terms of leases. Regulation M VerDate Sep<11>2014 18:56 May 14, 2021 Jkt 253001 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, PO 00000 Frm 00041 Fmt 4703 Sfmt 4703 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 E:\FR\FM\17MYN1.SGM 17MYN1 26730 Federal Register / Vol. 86, No. 93 / Monday, May 17, 2021 / Notices 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 estimates relating to the disclosures required under Regulation M and labor cost estimates are provided in the tables below. Burden Totals 17 Recordkeeping: 30,203 hours; $1,763,860, associated labor costs. Disclosures: 71,750 hours; $4,190,200, associated labor costs. REGULATION M—DISCLOSURES—BURDEN HOURS Setup/monitoring Transaction-related Average burden per respondent (hours) Disclosures Respondents Total setup/ monitoring burden (hours) Average burden per transaction (minutes) Number of transactions Total transaction burden (hours) Total burden (hours) Motor Vehicle Leases 1 ................................. Other Leases 2 .............................................. Advertising ..................................................... 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 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). CLA and Regulation M now cover leases up to $58,300 plus an annual adjustment. 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). CLA and Regulation M now cover leases up to $58,300 plus an annual adjustment. REGULATION M—RECORDKEEPING AND DISCLOSURES—COST Managerial Required task Time (hours) Skilled technical Cost ($60/hr.) Time (hours) Clerical Cost ($44/hr.) Time (hours) Total cost ($) Cost ($18/hr.) Recordkeeping .............................................. Disclosures: Motor Vehicle Leases ............................ Other Leases ......................................... Advertising ............................................. 27,183 $1,630,980 3,020 $132,880 0 $0 $1,763,860 54,021 1,806 8,748 3,241,260 108,360 524,880 6,002 201 972 264,088 8,844 42,768 0 0 0 0 0 0 3,505,348 117,204 567,648 Total Disclosures ............................ ........................ ........................ ........................ ........................ ........................ ........................ 4,190,200 Total Recordkeeping and Disclosures ................................ ........................ ........................ ........................ ........................ ........................ ........................ 5,954,060 4. Regulation Z The TILA was enacted to foster comparison credit shopping and informed credit decisionmaking 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; 17 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 VerDate Sep<11>2014 18:56 May 14, 2021 Jkt 253001 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,18 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). This yields a total annual recordkeeping burden of 561,866 hours. Burden estimates relating to the disclosures required under Regulation Z and labor cost estimates are provided in the tables below. 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. 18 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. PO 00000 Frm 00042 Fmt 4703 Sfmt 4703 Burden Totals Recordkeeping: 561,866 hours; $11,574,450, associated labor costs. Disclosures: 7,854,575 hours; $358,169,628, associated labor costs. E:\FR\FM\17MYN1.SGM 17MYN1 26731 Federal Register / Vol. 86, No. 93 / Monday, May 17, 2021 / Notices REGULATION Z—DISCLOSURES—BURDEN HOURS Setup/monitoring Disclosures 1 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 .......... 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 ................................. Loan originators ..................................... Transaction-related Average burden per respondent (hours) 23,650 3 750 4,650 3 23,650 3 23,650 Total setup/ monitoring burden (hours) .75 ×1 .5 .75 17,738 12 375 3,488 ×1 .75 6 40 × 1 .75 12 17,738 120 17,738 24 44 Number of transactions Average burden per transaction (minutes) Total transaction burden (hours) Total burden (hours) 10,500,600 × 78,667 3,750 23,250,000 .375 .125 .25 .188 65,629 492 16 72,850 83,367 504 391 76,338 5 3 × 78,667 788,325,450 7 3 × 944,000 2,104,850 .0625 .0938 .03125 6 246 1,232,415 1,475 210,485 258 1,250,153 1,595 228,223 × 1,180 5,125,000 15 .375 885 32,031 897 39,719 33 3 10,250 84 ×1 .75 12 7,688 3 23,650 10,250 750 10 4 ×1 .75 .75 .5 12 17,738 7,688 375 × 12 496,650 5,125,000 5,250 240 .375 .375 .25 144 3,104 32,031 22 156 20,842 39,719 397 250 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 .75 7,688 5,125,000 .375 32,031 39,719 ×1 .75 ×1 15 0.2 × 5 2 28,988 60 3 ×5 115,950 N/A N/A 2.5 .75 ........................ ........................ 1 1,449 ........................ ........................ 3 30,437 60 3 500 301,150 1,500 2,250 .5 .75 .75 2 250 225,863 1,125 4,500 500,000 6,023,000 150,000 22,500 .25 .375 .5 5 2,083 37,644 1,250 1,875 2,333 263,507 2,375 6,375 280,762 3,650 101,150 3,650 3,650 1,750 1,750 3,025 205,762 75 .75 .5 .5 10 1 1 1 .5 .5 .5 210,572 1,825 50,575 36,500 3,650 1,750 1,750 1,513 102,881 38 112,304,800 5,475,000 505,750 10,950,000 365,000 43,750 14,000 15,125 2,057,620 30,000 2.25 1 2.25 3.5 1.75 2 2 1 1 1.5 4,211,430 91,250 18,966 638,750 10,646 1,458 467 252 34,294 750 4,422,002 93,075 69,541 675,250 14,296 3,208 2,217 1,765 137,175 788 48,850 3,650 301,150 3,650 2,250 .5 .75 .75 1.5 2 24,425 2,738 225,863 5,475 4,500 2,442,500 0 6,023,000 730,000 22,500 .25 0 .375 2.75 5 10,177 0 37,644 33,458 1,875 34,602 2,738 263,507 38,933 6,375 Total open-end credit ...................... ........................ ........................ ........................ ........................ ........................ ........................ 2,089,103 Total closed-end credit ................... ........................ ........................ ........................ ........................ ........................ ........................ 5,765,472 Total credit ............................... ........................ ........................ ........................ ........................ ........................ ........................ 7,854,575 10,250 3 38,650 3 3 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 ................................. Loan originators ..................................... 12 .75 14 20 93 11 3 13 3 1 Regulation Z requires disclosures for closed-end and open-end credit. TILA and Regulation Z now cover credit up to $58,300 plus an annual adjustment (except that real estate credit and private education loans are covered regardless of amount). 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. VerDate Sep<11>2014 18:56 May 14, 2021 Jkt 253001 PO 00000 Frm 00043 Fmt 4703 Sfmt 4703 E:\FR\FM\17MYN1.SGM 17MYN1 26732 Federal Register / Vol. 86, No. 93 / Monday, May 17, 2021 / Notices REGULATION Z—RECORDKEEPING AND DISCLOSURES—COST Managerial 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 ..................................... Skilled technical Cost ($60/hr.) Time (hours) Clerical Cost ($44/hr.) Time (hours) Total cost ($) Cost ($18/hr.) 0 $0 56,187 $2,472,228 505,679 $9,102,222 $11,574,450 8,337 50 39 7,634 500,220 3,000 2,340 458,040 75,030 454 352 68,704 3,301,220 19,776 15,488 3,022,976 0 0 0 0 0 0 0 0 3,301,540 22,976 17,828 3,481,016 26 125,015 159 22,822 1.560 7,500,900 9,540 1,369,320 232 1,125,138 1436 205,401 10,208 49,506,072 63,184 9,037,644 0 0 0 0 0 0 0 0 11,768 57,006,972 72,724 10,406,964 90 3,972 5,400 238,320 807 35,747 35,508 1,572,868 0 0 0 0 40,908 1,811,188 16 2,084 3,972 40 960 125,040 238,320 2,400 140 18,758 35,747 357 6,160 825,352 1,572,868 15,708 0 0 0 0 0 0 0 0 7,120 950,392 1,811,188 18,108 55 3,300 495 21,780 0 0 25,080 101 6,060 912 40,128 0 0 46,188 17 1,020 152 6,688 0 0 7,708 3,972 238,320 35,747 1,572,868 0 0 1,811,188 1 3,044 6 1 60 182,640 360 60 2 27,393 54 2 88 1,205,292 2,376 88 0 0 0 0 0 0 0 0 148 1,388,932 2,736 148 233 26,351 238 638 13,980 1,581,060 14,280 38,280 2,100 237,156 2,137 5,737 92,400 10,434,864 94,028 252,428 0 0 0 0 0 0 0 0 106,380 12,015,924 108,308 290,708 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 ....................... Reverse mortgages ................................ Advertising ............................................. Private education loans ......................... Sale, transfer, or assignment of mortgages .................................................. Ability to pay/qualified mortgage ............ Appraiser misconduct reporting ............. Mortgage servicing ................................. Loan originators ..................................... ........................ ........................ ........................ ........................ ........................ ........................ 95,264,140 442,200 9,308 6,954 67,525 1,430 321 222 177 13,718 79 26,532,000 558,480 417,240 4,051,500 85,800 19,260 13,320 10,620 823,080 4,740 3,979,802 83,767 62,587 607,725 12,866 2,887 1,995 1,588 123,457 709 175,111,288 3,685,748 2,753,828 26,739,900 566,104 127,028 87,780 69,872 5,432,108 31,196 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 201,643,208 4,244,228 3,171,068 30,791,400 651,904 146,288 101,100 80,492 6,255,188 35,936 3,460 274 26,351 3,893 638 207,600 16,440 1,581,060 233,580 38,280 31,142 2,464 237,156 35,040 5,737 1,370,248 108,416 10,434,864 1,541,760 252,428 0 0 0 0 0 0 0 0 0 0 1,577,848 124,856 12,015,924 1,775,340 290,708 Total closed-end credit ................... ........................ ........................ ........................ ........................ ........................ ........................ 262,905,488 Total Disclosures ............................ ........................ ........................ ........................ ........................ ........................ ........................ 358,169,628 Total Recordkeeping and Disclosures ................................ ........................ ........................ ........................ ........................ ........................ ........................ 369,744,078 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 VerDate Sep<11>2014 18:56 May 14, 2021 Jkt 253001 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 Commission to consider your comment, we must receive it on or before July 16, 2021. Write ‘‘Regs BEMZ, PRA Comments, P084812’’ on your comment. Your comment, including PO 00000 Frm 00044 Fmt 4703 Sfmt 4703 your name and your state, will be placed on the public record of this proceeding, including the https:// www.regulations.gov website. Because of the public health emergency in response to the COVID–19 outbreak and the agency’s heightened security screening, postal mail addressed to the Commission will be subject to delay. We strongly encourage E:\FR\FM\17MYN1.SGM 17MYN1 Federal Register / Vol. 86, No. 93 / Monday, May 17, 2021 / Notices you to submit your comment online through the https://www.regulations.gov website. To ensure the Commission considers your online comment, please follow the instructions on the webbased form. If you file your comment on paper, write ‘‘Regs BEMZ, PRA Comments, P084812’’ on your comment and on the envelope, and 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. If possible, please submit your paper comment to the Commission by courier or overnight service. Because your comment will be placed on https://www.regulations.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 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. Your comment will be kept confidential only if the FTC General Counsel grants your request in accordance with the law and the public VerDate Sep<11>2014 18:56 May 14, 2021 Jkt 253001 interest. Once your comment has been posted on https://www.regulations.gov, we cannot redact or remove your comment from that 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. 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 July 16, 2021. For information on the Commission’s privacy policy, including routine uses permitted by the Privacy Act, see https://www.ftc.gov/ siteinformation/privacy-policy. Josephine Liu, Assistant General Counsel for Legal Counsel. [FR Doc. 2021–10285 Filed 5–14–21; 8:45 am] BILLING CODE 6750–01–P DEPARTMENT OF HEALTH AND HUMAN SERVICES Centers for Disease Control and Prevention [Docket No. CDC–2021–0053] The Systematic Review Report for Diagnosis and Treatment of Myalgic Encephalomyelitis/Chronic Fatigue Syndrome (ME/CFS): Request for Comment Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS). ACTION: Notice with comment period. AGENCY: The Centers for Disease Control and Prevention (CDC) in the Department of Health and Human Services (HHS) announces the opening of a docket to obtain comment on the systematic review draft report for Diagnosis and Treatment of Myalgic Encephalomyelitis/Chronic Fatigue Syndrome (ME/CFS). The draft report describes inclusion and exclusion criteria to identify relevant literature, outlines the approach for evaluating study quality, and summarizes the systematic review results. The report, once finalized, is intended to support the anticipated development of future clinical practice guidelines, which would guide physicians in managing and providing care for patients with ME/CFS. Currently there are no federal guidelines for management of ME/CFS. CDC has commissioned the Pacific Northwest Evidence-Based Practice Center at Oregon Health & Science SUMMARY: PO 00000 Frm 00045 Fmt 4703 Sfmt 4703 26733 University to conduct a systematic review of the publicly available scientific literature and now seeks public comment to inform the final report. In particular, CDC seeks data and information, including reports and manuscripts that are pending publications or are not available through indexed bibliographic databases. Access to pertinent scientific information from research and evidence-based clinical practice may be used to inform the final report. The anticipated CDC guideline would assist clinicians by outlining management practices for patients with ME/CFS. DATES: Written comments must be received on or before August 16, 2021.May 17, 2021. ADDRESSES: You may submit comments, identified by Docket No. CDC–2021– 0053 by either of the following methods: • Federal eRulemaking Portal: https:// www.regulations.gov. Follow the instructions for submitting comments. • Mail: Anindita Issa, MD, Centers for Disease Control and Prevention, 1600 Clifton Road NE, Mailstop H24–12, Atlanta, Georgia 30329. Instructions: All submissions received must include the agency name and Docket Number. All relevant comments received will be posted without change to https://regulations.gov, including any personal information provided. For access to the docket to read background documents or comments received, go to https://www.regulations.gov. Do not submit comments by email. CDC does not accept comments by email. FOR FURTHER INFORMATION CONTACT: For technical information on the systematic review report for ME/CFS, contact Anindita Issa, MD, Centers for Disease Control and Prevention, 1600 Clifton Road NE, Mailstop H24–12, Atlanta, Georgia 30329. Telephone: 404–718– 3959; email: cfs@cdc.gov. SUPPLEMENTARY INFORMATION: Public Participation Interested persons or organizations are invited to participate by submitting written views, recommendations, and data related to the draft report, including perspectives on and experiences with diagnosis and management of ME/CFS illness. In addition, CDC invites comments specifically on topics for pharmacological or nonpharmacological treatments. Please note that comments received, including attachments and other supporting materials, are part of the public record and are subject to public disclosure. Comments will be posted on https://www.regulations.gov. Therefore, E:\FR\FM\17MYN1.SGM 17MYN1

Agencies

[Federal Register Volume 86, Number 93 (Monday, May 17, 2021)]
[Notices]
[Pages 26725-26733]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-10285]


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FEDERAL TRADE COMMISSION


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

AGENCY: Federal Trade Commission.

ACTION: Notice.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995 
(``PRA''), the Federal Trade Commission (``FTC'' or ``Commission'') is 
seeking public comment on its proposal to extend for an additional 
three years the Office of Management and Budget clearances for 
information collection requirements in Regulations B, E, M, and Z, 
which are enforced by the Commission. These clearances expire on 
September 30, 2021.

DATES: Comments must be filed by July 16, 2021.

[[Page 26726]]


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://www.regulations.gov, 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: 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).
    Type of Review: Extension without change of currently approved 
collection.
    Affected Public: Private Sector: Businesses and other for-profit 
entities.
    Discussion: 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 new regulations in 12 CFR part 1002 
(Regulation B), 12 CFR part 1005 (Regulation E), 12 CFR part 1013 
(Regulation M), and 12 CFR part 1026 (Regulation Z) for those entities 
under its rulemaking jurisdiction.\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 pt. 1002 (Reg. B) (81 FR 25323, Apr. 28, 2016); 12 
CFR pt. 1005 (Reg. E) (81 FR 25323, Apr. 28, 2016) 12 CFR pt. 1013 
(Reg. M) (81 FR 25323, Apr. 28, 2016); 12 CFR pt. 1026 (Reg. Z) (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, 12 U.S.C. 
5519(a), (c).
    \3\ See Dodd-Frank Act, Sec.  1075, 15 U.S.C. 1693 (these 
requirements are implemented through Board Regulation II, 12 CFR pt. 
235, rather than EFTA's implementing Regulation E).
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    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 this shared enforcement 
jurisdiction, the two agencies have divided the FTC's previously-
cleared PRA burden estimates between them,\5\ except that the FTC has 
assumed all of the burden estimates associated with motor vehicle 
dealers \6\ and state-chartered credit unions. The division of PRA 
burden hours not attributable to motor vehicle dealers and 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 fourth 
quarter of 2020, there were approximately 2,126 state-chartered 
credit unions--1,914 which were federally insured, an estimated 112 
or more which were privately insured, and an estimated 100 or more 
in Puerto Rico which were 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. However, 
in view of fluctuations due to COVID-19 and to avoid undercounting, 
we have retained the prior estimate of 2,300 state-chartered credit 
unions. As noted above, the CFPB's figures as to state-chartered 
credit unions include burden for those entities exceeding $10 
billion in assets. See generally Dodd-Frank Act, Sec. Sec.  1061, 
1025, 1026. This attribution does not change actual enforcement 
authority. We also have retained the prior burden hours generally in 
the estimates below, in view of these considerations.
    \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, 12 U.S.C. 5519(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 PRA burden analysis reflects a general 
estimated volume of motor vehicle dealers. This attribution does not 
change actual enforcement authority.
---------------------------------------------------------------------------

    Pursuant to 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 
retains the entire PRA burden for motor vehicle dealers in the burden 
estimates below.
---------------------------------------------------------------------------

    \7\ See Dodd-Frank Act Sec.  1029, 12 U.S.C. 5519(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

[[Page 26727]]

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 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 ``setup'' and ``monitoring'' 
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 the normal course of 
business. For other covered entities that do not, their compliance 
burden will vary 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.
---------------------------------------------------------------------------

    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 $60 for managerial oversight, $44 for skilled 
technical services, and $18 for clerical work. These figures are 
averages drawn from Bureau of Labor Statistics data.\11\ Further, these 
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, 2021, Table 1, ``National employment and wage data from 
the Occupational Employment and Wage Statistics survey by 
occupation, May 2020.'' https://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 estimates under the PRA 
of recordkeeping and disclosure average time and labor costs, excluding 
that which FTC staff believes entities incur customarily in the normal 
course of business and information compiled and produced in response to 
FTC law enforcement investigations or prosecutions.\12\
---------------------------------------------------------------------------

    \12\ 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'').
---------------------------------------------------------------------------

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.
    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. 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.\13\ 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.\14\ This yields a total annual 
recordkeeping burden of 708,886 hours.
---------------------------------------------------------------------------

    \13\ Regulation B contains model forms that creditors may use to 
gather and retain the required information.
    \14\ 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.
---------------------------------------------------------------------------

    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.\15\ Finally, Regulation B also 
requires that for accounts that spouses may use or for

[[Page 26728]]

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.\16\ Burden estimates relating to the disclosures required under 
Regulation B and labor cost estimates are provided in the tables below.
---------------------------------------------------------------------------

    \15\ 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.
    \16\ 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; $15,666,176, associated labor costs.
    Disclosures: 1,088,912 hours; $49,654,400, associated labor costs.

                                                         Regulation B--Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                       Setup/monitoring \1\                                     Transaction-related
                                         ---------------------------------------------------------------------------------------------------------------
                                                                                                          Average burden
               Disclosures                                Average burden   Total setup/      Number of          per            Total       Total burden
                                            Respondents   per respondent    monitoring     transactions     transaction     transaction       (hours)
                                                              (hours)     burden (hours)                     (minutes)    burden (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.


                                                    Regulation B--Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                    Managerial                   Skilled technical                   Clerical
              Required task              ------------------------------------------------------------------------------------------------ Total cost ($)
                                           Time (hours)   Cost ($60/hr.)   Time (hours)   Cost ($44/hr.)   Time (hours)   Cost ($18/hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
General recordkeeping...................               0              $0          66,345      $2,919,180         597,108     $10,747,944     $13,667,124
Other recordkeeping.....................               0               0          43,333       1,906,652               0               0       1,906,652
Recordkeeping of self-test..............               0               0           1,500          66,000               0               0          66,000
Recordkeeping of corrective action......               0               0             600          26,400               0               0          26,400
                                         ---------------------------------------------------------------------------------------------------------------
    Total Recordkeeping.................  ..............  ..............  ..............  ..............  ..............  ..............      15,666,176
Disclosures:
    Credit history reporting............          28,380       1,702,800         255,420      11,238,480               0               0      12,941,280
    Adverse action notices..............          78,509       4,710,540         706,577      31,089,388               0               0      35,799,928
    Appraisal reports...................           1,903         114,180          17,123         753,412               0               0         867,592
    Self-test disclosure................             100          6,0000             900          39,600               0               0          45,600
                                         ---------------------------------------------------------------------------------------------------------------
        Total Disclosures...............  ..............  ..............  ..............  ..............  ..............  ..............      49,654,400
                                         ---------------------------------------------------------------------------------------------------------------
            Total Recordkeeping and       ..............  ..............  ..............  ..............  ..............  ..............      65,320,576
             Disclosures................
--------------------------------------------------------------------------------------------------------------------------------------------------------

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. Burden estimates 
relating to the disclosures required under Regulation E and labor cost 
estimates are provided in the tables below.

Burden Totals

    Recordkeeping: 251,053 hours; $5,171,684, associated labor costs.
    Disclosures: 7,184,903 hours; $327,631,676, associated labor costs.

                                                         Regulation E--Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                         Setup/monitoring                                       Transaction-related
                                         ---------------------------------------------------------------------------------------------------------------
                                                                                                          Average burden
               Disclosures                                Average burden   Total setup/      Number of          per            Total       Total burden
                                            Respondents   per respondent    monitoring     transactions     transaction     transaction       (hours)
                                                              (hours)     burden (hours)                     (minutes)    burden (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

[[Page 26729]]

 
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.................         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.............          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:
    Disclosures.........................             550     \1\ 40 x 10         220,000   2,750,000,000             .02         916,667       1,136,667
    Disclosures--updates................             138          1 x 10       \2\ 1,380             N/A  ..............  ..............           1,380
    Access to account information.......             550      \3\ 20 x10         110,000       1,100,000             .01             183         110,183
    Error resolution....................             300           4 x 4           4,800         275,000               2           9,167          13,967
    Error resolution--followup \4\......  ..............             N/A  ..............           1,380              30             690             690
    Submission of agreements............             138           2 x 1             276             690               1              11             287
    Updates to agreements \5\...........  ..............             N/A  ..............             690               5              57              57
                                         ---------------------------------------------------------------------------------------------------------------
        Total...........................  ..............  ..............  ..............  ..............  ..............  ..............       7,184,903
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs.
\2\ Individual burden hours are listed first, followed by the number of programs.
\3\ Burden hours are on a per program basis; individual burden hours are listed first, followed by the number of programs.
\4\ This pertains to prepaid accounts.
\5\ This pertains to prepaid accounts' agreements.


                                                    Regulation E--Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                    Managerial                   Skilled technical                   Clerical
              Required task              ------------------------------------------------------------------------------------------------ Total cost ($)
                                           Time (hours)   Cost ($60/hr.)   Time (hours)   Cost ($44/hr.)   Time (hours)   Cost ($18/hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping...........................               0              $0          25,105      $1,104,620         225,948      $4,067,064      $5,171,684
Disclosures:
    Initial terms.......................           1,374          82,440          12,367         544,148               0               0         626,588
    Change in terms.....................             804          48,240           7,233         318,252               0               0         366,492
    Periodic statements.................          12,285         737,100         110,565       4,864,860               0               0       5,601,960
    Error resolution....................           3,640         218,400          32,760       1,441,440               0               0       1,659,840
    Transaction receipts................          47,198       2,831,880         424,785      18,690,540               0               0      21.522,420
    Preauthorized transfers.............          15,621         937,260         140,589       6,185,916               0               0       7,123,176
    Service provider notices............             583          34,980           5,250         231,000               0               0         265,980
    ATM notices.........................          10,420         625,200          93,778       4,126,232               0               0       4,751,432
    Electronic check conversion.........           2,452         147,120          22,068         970,992               0               0       1,118,112
    Overdraft services..................             800          48,000           7,200         316,800               0               0         364,800
    Gift cards..........................          25,750       1,545,000         231,750      10,197,000               0               0      11,742,000
Remittance transfers:
    Disclosures.........................         144,600       8,676,000       1,301,400      57,261,600               0               0      65,937,600
    Error resolution....................         182,040      10,922,400       1,638,360      72,087,840               0               0      83,010,240
    Agent compliance....................         144,600       8,676,000       1,301,400      57,261,600               0               0      65,937,600
Prepaid accounts and gov't. benefits:
    Disclosures.........................         113,667       6,820,020       1,023,000      45,012,000               0               0      51,832,020
    Disclosures--updates................             138          8,2808           1,242          54,648               0               0          62,928
    Access to account information.......          11,018         661,080          99,165       4,363,260               0               0       5,024,340
    Error resolution....................           1,397          83,820          12,570         553,080               0               0         636,900
    Error resolution--followup..........              69           4,140             621          27,324               0               0          31,464
    Submission of agreements............              29           1,740             259          11,396               0               0          13,136
    Updates to agreements...............               6             360              52           2,288               0               0           2,648
                                         ---------------------------------------------------------------------------------------------------------------
        Total Disclosures...............  ..............  ..............  ..............  ..............  ..............  ..............     327,631,676
                                         ---------------------------------------------------------------------------------------------------------------
            Total Recordkeeping and       ..............  ..............  ..............  ..............  ..............  ..............     332,803,360
             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, 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

[[Page 26730]]

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 
estimates relating to the disclosures required under Regulation M and 
labor cost estimates are provided in the tables below.

Burden Totals 17
---------------------------------------------------------------------------

    \17\ 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; $1,763,860, associated labor costs.
    Disclosures: 71,750 hours; $4,190,200, associated labor costs.

                                                         Regulation M--Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                         Setup/monitoring                                       Transaction-related
                                         ---------------------------------------------------------------------------------------------------------------
                                                                                                          Average burden
               Disclosures                                Average burden   Total setup/      Number of          per            Total       Total burden
                                            Respondents   per respondent    monitoring     transactions     transaction     transaction       (hours)
                                                              (hours)     burden (hours)                     (minutes)    burden (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.............................          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). CLA and Regulation M now cover leases up to $58,300 plus an annual adjustment.
\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). CLA and Regulation M now cover leases up to $58,300 plus an annual adjustment.


                                                    Regulation M--Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                    Managerial                   Skilled technical                   Clerical
              Required task              ------------------------------------------------------------------------------------------------ Total cost ($)
                                           Time (hours)   Cost ($60/hr.)   Time (hours)   Cost ($44/hr.)   Time (hours)   Cost ($18/hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping...........................          27,183      $1,630,980           3,020        $132,880               0              $0      $1,763,860
Disclosures:
    Motor Vehicle Leases................          54,021       3,241,260           6,002         264,088               0               0       3,505,348
    Other Leases........................           1,806         108,360             201           8,844               0               0         117,204
    Advertising.........................           8,748         524,880             972          42,768               0               0         567,648
                                         ---------------------------------------------------------------------------------------------------------------
        Total Disclosures...............  ..............  ..............  ..............  ..............  ..............  ..............       4,190,200
                                         ---------------------------------------------------------------------------------------------------------------
            Total Recordkeeping and       ..............  ..............  ..............  ..............  ..............  ..............       5,954,060
             Disclosures................
--------------------------------------------------------------------------------------------------------------------------------------------------------

4. Regulation Z

    The TILA was enacted to foster comparison credit shopping and 
informed credit decisionmaking 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,\18\ 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). This yields a total annual 
recordkeeping burden of 561,866 hours. Burden estimates relating to the 
disclosures required under Regulation Z and labor cost estimates are 
provided in the tables below.
---------------------------------------------------------------------------

    \18\ 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.
---------------------------------------------------------------------------

Burden Totals

    Recordkeeping: 561,866 hours; $11,574,450, associated labor costs.
    Disclosures: 7,854,575 hours; $358,169,628, associated labor costs.

[[Page 26731]]



                                                         Regulation Z--Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                         Setup/monitoring                                       Transaction-related
                                         ---------------------------------------------------------------------------------------------------------------
                                                                                                          Average burden
             Disclosures \1\                              Average burden   Total setup/      Number of          per            Total       Total burden
                                            Respondents   per respondent    monitoring     transactions     transaction     transaction       (hours)
                                                              (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\ 4 x 1              12  \3\ 3 x 78,667            .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                    3       \4\ 4 x 1              12  \5\ 3 x 78,667           .0625             246             258
     accounts...........................
    Periodic statements.................          23,650             .75          17,738     788,325,450           .0938       1,232,415       1,250,153
    Periodic statements--prepaid                       3      \6\ 40 x 1             120         \7\ 3 x          .03125           1,475           1,595
     accounts...........................                                                         944,000
    Error resolution....................          23,650             .75          17,738       2,104,850               6         210,485         228,223
    Error resolution--prepaid accounts                 3       \8\ 4 x 1              12   \9\ 3 x 1,180              15             885             897
     followup...........................
    Credit and charge card accounts.....          10,250             .75           7,688       5,125,000            .375          32,031          39,719
    Credit and charge card accounts--                  3      \10\ 4 x 1              12     \11\ 3 x 12             240             144             156
     prepaid 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-                250               2             500           1,500               2              50             550
     cost mortgages.....................
    College student credit card                    1,350              .5             675          81,000             .25             338           1,013
     marketing--ed. institutions........
    College student credit card                      150             .75             113           4,500             .75              56             169
     marketing--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                   3    \12\ .75 x 1               2      \13\ 3 x 5             2.5               1               3
     account agreements.................
    Advertising.........................          38,650             .75          28,988         115,950             .75           1,449          30,437
    Advertising--prepaid accounts.......               3     \14\ 20 x 1              60             N/A  ..............  ..............              60
    Advertising--prepaid accounts                      3    \15\ 0.2 x 5               3             N/A  ..............  ..............               3
     Updates............................
    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..................           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..................           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
                                         ---------------------------------------------------------------------------------------------------------------
            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 $58,300 plus an annual adjustment
  (except that real estate credit and private education loans are covered regardless of amount).
\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.


[[Page 26732]]


                                                    Regulation Z--Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                    Managerial                   Skilled technical                   Clerical
              Required task              ------------------------------------------------------------------------------------------------ Total cost ($)
                                           Time (hours)   Cost ($60/hr.)   Time (hours)   Cost ($44/hr.)   Time (hours)   Cost ($18/hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping...........................               0              $0          56,187      $2,472,228         505,679      $9,102,222     $11,574,450
Open-end credit Disclosures:
    Initial terms.......................           8,337         500,220          75,030       3,301,220               0               0       3,301,540
    Initial terms--prepaid accounts.....              50           3,000             454          19,776               0               0          22,976
    Rescission notices..................              39           2,340             352          15,488               0               0          17,828
    Subsequent disclosures..............           7,634         458,040          68,704       3,022,976               0               0       3,481,016
    Subsequent disclosures--prepaid                   26           1.560             232          10,208               0               0          11,768
     accounts...........................
    Periodic statements.................         125,015       7,500,900       1,125,138      49,506,072               0               0      57,006,972
    Periodic statements--prepaid                     159           9,540            1436          63,184               0               0          72,724
     accounts...........................
    Error resolution....................          22,822       1,369,320         205,401       9,037,644               0               0      10,406,964
    Error resolution--prepaid accounts                90           5,400             807          35,508               0               0          40,908
     followup...........................
    Credit and charge card accounts.....           3,972         238,320          35,747       1,572,868               0               0       1,811,188
    Credit and charge card accounts--                 16             960             140           6,160               0               0           7,120
     prepaid accounts...................
    Settlement of estate debts..........           2,084         125,040          18,758         825,352               0               0         950,392
    Special credit card requirements....           3,972         238,320          35,747       1,572,868               0               0       1,811,188
    Home equity lines of credit.........              40           2,400             357          15,708               0               0          18,108
    Home equity lines of credit--high                 55           3,300             495          21,780               0               0          25,080
     cost mortgages.....................
    College student credit card                      101           6,060             912          40,128               0               0          46,188
     marketing--ed institutions.........
    College student credit card                       17           1,020             152           6,688               0               0           7,708
     marketing--card issuer reports.....
    Posting and reporting of credit card           3,972         238,320          35,747       1,572,868               0               0       1,811,188
     agreements.........................
    Posting and reporting of prepaid                   1              60               2              88               0               0             148
     accounts...........................
    Advertising.........................           3,044         182,640          27,393       1,205,292               0               0       1,388,932
    Advertising--prepaid accounts.......               6             360              54           2,376               0               0           2,736
    Advertising--prepaid accounts                      1              60               2              88               0               0             148
     Updates............................
    Sale, transfer, or assignment of                 233          13,980           2,100          92,400               0               0         106,380
     mortgages..........................
    Appraiser misconduct reporting......          26,351       1,581,060         237,156      10,434,864               0               0      12,015,924
    Mortgage servicing..................             238          14,280           2,137          94,028               0               0         108,308
    Loan originators....................             638          38,280           5,737         252,428               0               0         290,708
                                         ---------------------------------------------------------------------------------------------------------------
        Total open-end credit...........  ..............  ..............  ..............  ..............  ..............  ..............      95,264,140
Closed-end credit Disclosures:
    Credit disclosures..................         442,200      26,532,000       3,979,802     175,111,288               0               0     201,643,208
    Rescission notices..................           9,308         558,480          83,767       3,685,748               0               0       4,244,228
    Redisclosures.......................           6,954         417,240          62,587       2,753,828               0               0       3,171,068
    Integrated mortgage disclosures.....          67,525       4,051,500         607,725      26,739,900               0               0      30,791,400
    Variable rate mortgages.............           1,430          85,800          12,866         566,104               0               0         651,904
    High cost mortgages.................             321          19,260           2,887         127,028               0               0         146,288
    Higher priced mortgages.............             222          13,320           1,995          87,780               0               0         101,100
    Reverse mortgages...................             177          10,620           1,588          69,872               0               0          80,492
    Advertising.........................          13,718         823,080         123,457       5,432,108               0               0       6,255,188
    Private education loans.............              79           4,740             709          31,196               0               0          35,936
    Sale, transfer, or assignment of               3,460         207,600          31,142       1,370,248               0               0       1,577,848
     mortgages..........................
    Ability to pay/qualified mortgage...             274          16,440           2,464         108,416               0               0         124,856
    Appraiser misconduct reporting......          26,351       1,581,060         237,156      10,434,864               0               0      12,015,924
    Mortgage servicing..................           3,893         233,580          35,040       1,541,760               0               0       1,775,340
    Loan originators....................             638          38,280           5,737         252,428               0               0         290,708
                                         ---------------------------------------------------------------------------------------------------------------
        Total closed-end credit.........  ..............  ..............  ..............  ..............  ..............  ..............     262,905,488
                                         ---------------------------------------------------------------------------------------------------------------
        Total Disclosures...............  ..............  ..............  ..............  ..............  ..............  ..............     358,169,628
                                         ---------------------------------------------------------------------------------------------------------------
            Total Recordkeeping and       ..............  ..............  ..............  ..............  ..............  ..............     369,744,078
             Disclosures................
--------------------------------------------------------------------------------------------------------------------------------------------------------

    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 Commission to 
consider your comment, we must receive it on or before July 16, 2021. 
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 the https://www.regulations.gov website.
    Because of the public health emergency in response to the COVID-19 
outbreak and the agency's heightened security screening, postal mail 
addressed to the Commission will be subject to delay. We strongly 
encourage

[[Page 26733]]

you to submit your comment online through the https://www.regulations.gov website. To ensure the Commission considers your 
online comment, please follow the instructions on the web-based form.
    If you file your comment on paper, write ``Regs BEMZ, PRA Comments, 
P084812'' on your comment and on the envelope, and 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. If possible, please submit your paper comment to the Commission 
by courier or overnight service.
    Because your comment will be placed on https://www.regulations.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 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. Your comment will be kept confidential only if the 
FTC General Counsel grants your request in accordance with the law and 
the public interest. Once your comment has been posted on https://www.regulations.gov, we cannot redact or remove your comment from that 
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.
    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 July 16, 2021. 
For information on the Commission's privacy policy, including routine 
uses permitted by the Privacy Act, see https://www.ftc.gov/siteinformation/privacy-policy.

Josephine Liu,
Assistant General Counsel for Legal Counsel.
[FR Doc. 2021-10285 Filed 5-14-21; 8:45 am]
BILLING CODE 6750-01-P
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