81 FR 8492 - Proposed Agency Information Collection Activities; Comment Request
FEDERAL RESERVE SYSTEM Federal Register Volume 81, Issue 33 (February 19, 2016)
Federal Register Volume 81, Issue 33 (February 19, 2016)
| Page Range | 8492-8494 | |
| FR Document | 2016-03445 |
[Federal Register Volume 81, Number 33 (Friday, February 19, 2016)] [Notices] [Pages 8492-8494] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-03445] ----------------------------------------------------------------------- FEDERAL RESERVE SYSTEM Proposed Agency Information Collection Activities; Comment Request AGENCY: Board of Governors of the Federal Reserve System. SUMMARY: On June 15, 1984, the Office of Management and Budget (OMB) delegated to the Board of Governors of the Federal Reserve System (Board) its approval authority under the Paperwork Reduction Act (PRA), to approve of and assign OMB numbers to collection of information requests and requirements conducted or sponsored by the Board. Board- approved collections of information are incorporated into the official OMB inventory of currently approved collections of information. Copies of the PRA Submission, supporting statements and approved collection of information instruments are placed into OMB's public docket files. The Federal Reserve may not conduct or sponsor, and the respondent is not required to respond to, an information collection that has been extended, revised, or implemented on or after October 1, 1995, unless it displays a currently valid OMB number. DATES: Comments must be submitted on or before April 19, 2016. ADDRESSES: You may submit comments, identified by Reg Z, by any of the following methods:Agency Web site: http://www.federalreserve.gov. Follow the instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx. Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments. Email: [email protected]. Include OMB number in the subject line of the message. Fax: (202) 452-3819 or (202) 452-3102. Mail: Robert deV. Frierson, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW., Washington, DC 20551. All public comments are available from the Board's Web site at http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, unless modified for technical reasons. Accordingly, your comments will not be edited to remove any identifying or contact information. Public comments may also be viewed electronically or in paper form in Room 3515, 1801 K Street (between 18th and 19th Streets NW.,)Washington, DC 20006 between 9:00 a.m. and 5:00 p.m. on weekdays. Additionally, commenters may send a copy of their comments to the OMB Desk Officer-- Shagufta Ahmed--Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Room 10235 725 17th Street NW., Washington, DC 20503 or by fax to (202) 395-6974. FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, including the proposed reporting form and instructions, supporting statement, and other documentation will be placed into OMB's public docket files, once approved. These documents will also be made available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance officer, whose name appears below. Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of Governors of the Federal Reserve System, Washington, DC 20551 (202) 452-3829. Telecommunications Device for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors of the Federal Reserve System, Washington, DC 20551. SUPPLEMENTARY INFORMATION: Request for Comment on Information Collection Proposal The following information collection, which is being handled under this delegated authority, has received initial Board approval and is hereby published for comment. At the end of the comment period, the proposed information collection, along with an analysis of comments and recommendations received, will be submitted to the Board for final approval under OMB delegated authority. Comments are invited on the following: a. Whether the proposed collection of information is necessary for the proper performance of the Federal Reserve's functions, including whether the information has practical utility; b. The accuracy of the Federal Reserve's estimate of the burden of the proposed information collection, including the validity of the methodology and assumptions used; c. Ways to enhance the quality, utility, and clarity of the information to be collected; d. Ways to minimize the burden of information collection on respondents, including through the use of automated collection techniques or other forms of information technology; and e. Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. [[Page 8493]] Proposal To Approve Under OMB Delegated Authority the Extension for Three Years, With Revision, of the Following Report Report title: Recordkeeping and disclosure requirements associated with the Truth in Lending Act (TILA) (Regulation Z). Agency form number: Reg Z. OMB control number: 7100-0199. Frequency: Event-generated. Respondent types: State member banks, their subsidiaries, subsidiaries of bank holding companies, U.S. branches and agencies of foreign banks (other than federal branches, federal agencies, and insured state branches of foreign banks), commercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 or 25A of the Federal Reserve Act (12 U.S.C. 601-604a; 611- 631). Estimated annual burden hours: Open-end (not home-secured credit): Applications and solicitations, 16,896 hours; Account opening disclosures, 5,060 hours; Periodic statements, 95,232 hours; Change-in- terms disclosures, 62,000 hours; Timely settlement of estate debts policies (one-time), 7,936 hours; Timely settlement of estate debts policies (ongoing), 744 hours; Ability to pay policies (one-time), 1,408 hours; Ability to pay policies (ongoing), 132 hours; and Reporting and marketing rules for college student open-end credit and Internet posting of credit card agreements, 5,632 hours; Open-end credit (Home Equity Plans): Application disclosures, 12,522 hours; Account opening disclosures, 18,228 hours; Periodic statements, 60,864 hours; Change-in-terms disclosures, 39,625 hours; and Notices to restrict credit, 317 hours; All open-end credit: Error resolution-- credit cards, 12,760 hours and other open-end credit, 992 hours; Closed-end credit (Non-mortgage): Closed-end credit disclosures, 265,658 hours; Closed-end credit (Mortgage): Interest rate and payment summary and ``No guarantee-to-refinance'' statement, 304,320 hours; ARM disclosure (one-time), 951 hours; ARM disclosures (ongoing), 107,780 hours; Initial rate adjustment notice (one-time), 1,268 hours; Initial rate adjustment notice (ongoing), 53,890 hours; Periodic statements (one-time), 845 hours; Periodic statements (ongoing), 224,013 hours; Credit check for loan originators (one-time), 2,536 hours; Credit check for loan originators (ongoing), 9,510 hours; and Verification of documents for Qualified Mortgage (QM) and non-QM determination (one- time), 444 hours; Open and closed-end mortgage: Prompt crediting & payoff statement (one-time), 528 hours; Payoff statements (ongoing), 42,267 hours; and Mortgage transfer disclosure, 60,864 hours; Certain home mortgage types: Reverse mortgage disclosures, 188 hours; HOEPA disclosures (one-time), 500 hours; HOEPA disclosures (ongoing), 4,200 hours; HOEPA receipt of certification of counseling for high-cost mortgages (one-time), 19 hours; HOEPA receipt of certification of counseling for high-cost mortgages (ongoing), 25 hours; Appraisals for higher-priced mortgage loans: Order and review initial appraisal, 150 hours; Order and review additional appraisal, 150 hours; and Provide copy of initial and additional appraisals, 1 hour; Private education loans: Private student loan disclosures, 1,836 hours; Advertising rules (all credit types): Advertising rules, 2,067 hours; and Record retention (one-time), 190 hours. Estimated average hours per response: Open-end (not home-secured credit): Applications and solicitations, 8 hours; Account opening disclosures, 1.5 minutes; Periodic statements, 8 hours; Change-in-terms disclosures, 1 minute; Timely settlement of estate debts policies (one- time), 8 hours; Timely settlement of estate debts policies (ongoing), 45 minutes; Ability to pay policies (one-time), 8 hours; Ability to pay policies (ongoing), 45 minutes; and Reporting and marketing rules for college student open-end credit and Internet posting of credit card agreements, 8 hours; Open-end credit (Home Equity Plans): Application disclosures, 1.5 minutes; Account opening disclosures, 1.5 minutes; Periodic statements, 8 hours; Change-in-terms disclosures, 1 minute; and Notices to restrict credit, 3 minutes; All open-end credit: Error resolution--credit cards, 30 minutes and other open-end credit, 30 minutes; Closed-end credit (Non-mortgage): Closed-end credit disclosures, 6.5 minutes; Closed-end credit (Mortgage): Interest rate and payment summary and ``No guarantee-to-refinance'' statement, 40 hours; ARM disclosure (one-time), 1.5 hours; ARM disclosures (ongoing), 17 minutes; Initial rate adjustment notice (one-time), 2 hours; Initial rate adjustment notice (ongoing), 17 minutes; Periodic statements (one- time), 1 hour, 20 minutes; Periodic statements (ongoing), 0.5 minutes; Credit check for loan originators (one-time), 4 hours; Credit check for loan originators (ongoing), 15 hours; and Verification of documents for Qualified Mortgage (QM) and non-QM determination (one-time), 42 minutes; Open and closed-end mortgage: Prompt crediting & payoff statement (one-time), 50 minutes; Payoff statements (ongoing), 5 minutes; and Mortgage transfer disclosure, 8 hours; Certain home mortgage types: Reverse mortgage disclosures, 3 minutes; HOEPA disclosures (one-time), 20 hours; HOEPA disclosures (ongoing), 14 hours; HOEPA receipt of certification of counseling for high-cost mortgages (one-time), 45 minutes; HOEPA receipt of certification of counseling for high-cost mortgages (ongoing), 1 hour; Appraisals for higher-priced mortgage loans: Order and review initial appraisal, 15 minutes; Order and review additional appraisal, 15 minutes; and Provide copy of initial and additional appraisals, 15 minutes; Private education loans: Private student loan disclosures, 17 hours; Advertising rules (all credit types): Advertising rules, 25 minutes; and Record retention (one-time), 18 minutes. Number of respondents: Open-end (not home-secured credit): Applications and solicitations and Account opening disclosures, 176 respondents; Periodic statements, Change-in-terms disclosures, Timely settlement of estate debts policies (one-time), and Timely settlement of estate debts policies (ongoing), 992 respondents; Ability to pay policies (one-time), Ability to pay policies (ongoing), and Reporting and marketing rules for college student open-end credit and Internet posting of credit card agreements, 176 respondents; Open-end credit (Home Equity Plans): Application disclosures, Account opening disclosures, Periodic statements, Change-in-terms disclosures, and Notices to restrict credit, 634 respondents; All open-end credit: Error resolution--credit cards, 176 respondents and other open-end credit, 992 respondents; Closed-end credit (Non-mortgage): Closed-end credit disclosures, 992 respondents; Closed-end credit (Mortgage): Interest rate and payment summary and ``No guarantee-to-refinance'' statement, ARM disclosure (one-time), ARM disclosures (ongoing), Initial rate adjustment notice (one-time), Initial rate adjustment notice (ongoing), Periodic statements (one-time), Periodic statements (ongoing), Credit check for loan originators (one-time), Credit check for loan originators (ongoing), and Verification of documents for Qualified Mortgage (QM) and non-QM determination (one-time), 634 respondents; Open and closed-end mortgage: Prompt crediting & payoff statement (one- time), Payoff statements (ongoing), and Mortgage transfer disclosure, 634 respondents; Certain home mortgage types: Reverse mortgage disclosures, 15 respondents; HOEPA disclosures (one-time), HOEPA [[Page 8494]] disclosures (ongoing), HOEPA receipt of certification of counseling for high-cost mortgages (one-time), HOEPA receipt of certification of counseling for high-cost mortgages (ongoing), Appraisals for higher- priced mortgage loans: Order and review initial appraisal, Order and review additional appraisal, and Provide copy of initial and additional appraisals, 25 respondents; Private education loans: Private student loan disclosures, 9 respondents; Advertising rules (all credit types): Advertising rules, 992 respondents; and Record retention (one-time), 634 respondents. Legal authorization and confidentiality: The disclosure, record- keeping, and other requirements of Regulation Z are authorized by the TILA, which directs the Consumer Financial Protection Bureau (CFPB) and, for certain lenders, the Federal Reserve to issue regulations implementing the statute. Covered lenders are required to comply with the recordkeeping, reporting, and disclosure provisions of Regulation Z. Regulation Z is chiefly a disclosure regulation, so the issue of confidentiality does not normally arise. One aspect of the rule requires certain card issuers to submit annual reports to the CFPB, but no reports are filed with the Federal Reserve. Abstract: TILA and Regulation Z ensure adequate disclosure of the costs and terms of credit to consumers. For open-end credit, such as credit cards and home-equity lines of credit (HELOCs), creditors are required to disclose information about the initial costs and terms and to provide periodic statements of account activity, notices of changes in terms, and statements of rights concerning billing error procedures. For closed-end loans, such as mortgage and installment loans, cost disclosures are required prior to and at consummation. Special disclosures are required for certain products, such as reverse mortgages and high cost mortgages with rates and fees above specified thresholds. TILA and Regulation Z also contain rules concerning credit advertising.\1\ --------------------------------------------------------------------------- \1\ In addition, Regulation Z contains requirements that are not considered information collections and thus are not addressed here. --------------------------------------------------------------------------- Creditors are required to comply with Regulation Z's disclosure and other requirements unless the transaction is exempt.\2\ Regulation Z generally does not apply to consumer credit transactions that exceed a threshold amount, adjusted annually for inflation.\3\ The threshold amount for credit extended during 2015 was $54,600; this threshold will remain the same in 2016. However, regardless of the amount of credit extended, Regulation Z applies to: (1) Consumer credit secured by real property; (2) consumer credit secured by personal property used or expected to be used as the principal swelling of the consumer; and (3) private student loans. --------------------------------------------------------------------------- \2\ Exemptions include business credit, credit over applicable threshold amounts, public utility credit, securities or commodities accounts, home fuel budget plans, certain student loan programs, and employer-sponsored retirement plans. See 12 CFR 1026.3. \3\ 12 CFR 1026.3(b). --------------------------------------------------------------------------- Current Actions: The Federal Reserve proposes to modify and update Reg Z to account for preexisting regulatory requirements that were not included separately in prior notices and to account for the requirements of new rules issued during the past three years. A summary of the changes is as follows: First, the Federal Reserve proposes to modify Reg Z to account for new required rules issued by the CFPB to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).\4\ These include: --------------------------------------------------------------------------- \4\ Public Law 111-203, 124 Stat. 1376. --------------------------------------------------------------------------- Combined closed-end mortgage disclosures under TILA and the Real Estate Settlement Procedures Act (RESPA); \5\ --------------------------------------------------------------------------- \5\ 12 U.S.C. 2601 et seq. --------------------------------------------------------------------------- A requirement that creditors must run a credit check on loan originators; Requirements that creditors verify documents used to determine ``qualified mortgage'' status; Mortgage payoff statement requirements; Revised and additional adjustable rate mortgage (ARM) disclosures; Periodic statements for closed-end residential mortgages; Revised and additional disclosures for high-cost mortgages under the Home Ownership Equity Protection Act \6\ (HOEPA). --------------------------------------------------------------------------- \6\ 15 U.S.C. 1639, 1640. --------------------------------------------------------------------------- Second, the Federal Reserve proposes to clarify and add several information collection elements for regulatory requirements that previously were accounted for as part of a more general category of information collections or were not previously included because institutions for whose burden the Federal Reserve accounts did not engage in the relevant line of business to a material degree. These include: A requirement that creditors of open-end (not home- secured) credit have policies to comply with requirements for the timely settlement of estate debts; A requirement that creditors of open-end (not home- secured) credit have policies to comply with requirements to account for a consumer's ability to repay a the debt; Separate disclosures for open-end (not home-secured) and open-end (home-secured) credit; Reverse mortgage disclosures. Other proposed changes to Reg Z are non-substantive and intended for clarity. Board of Governors of the Federal Reserve System, February 12, 2016. Robert deV. Frierson, Secretary of the Board. [FR Doc. 2016-03445 Filed 2-18-16; 8:45 am] BILLING CODE 6210-01-P
![8492 Federal Register / Vol. 81, No. 33 / Friday, February 19, 2016 / Notices
authorization for the collection of FEDERAL RESERVE SYSTEM Additionally, commenters may send a
information on the FR 3036.1 copy of their comments to the OMB
Because the Federal Reserve believes Proposed Agency Information Desk Officer—Shagufta Ahmed—Office
the release of this information would Collection Activities; Comment of Information and Regulatory Affairs,
cause substantial harm to the Request Office of Management and Budget, New
competitive position of the entity from AGENCY: Board of Governors of the Executive Office Building, Room 10235
whom the information was obtained, the Federal Reserve System. 725 17th Street NW., Washington, DC
information collected on the FR 3036 20503 or by fax to (202) 395–6974.
SUMMARY: On June 15, 1984, the Office
may be granted confidential treatment FOR FURTHER INFORMATION CONTACT: A
of Management and Budget (OMB)
under exemption (b)(4) of the Freedom delegated to the Board of Governors of copy of the PRA OMB submission,
of Information Act, 5 U.S.C. 552(b)(4), the Federal Reserve System (Board) its including the proposed reporting form
which protects from disclosure ‘‘trade approval authority under the Paperwork and instructions, supporting statement,
secrets and commercial or financial Reduction Act (PRA), to approve of and and other documentation will be placed
information obtained from a person and assign OMB numbers to collection of into OMB’s public docket files, once
privileged or confidential.’’ information requests and requirements approved. These documents will also be
Abstract: The FR 3036 is the U.S. part made available on the Federal Reserve
conducted or sponsored by the Board.
of a global data collection that is Board’s public Web site at: http://
Board-approved collections of
conducted by central banks once every www.federalreserve.gov/apps/
information are incorporated into the
three years. More than 50 central banks reportforms/review.aspx or may be
official OMB inventory of currently
plan to conduct the survey in 2016. The requested from the agency clearance
approved collections of information.
Bank for International Settlements (BIS) officer, whose name appears below.
Copies of the PRA Submission, Federal Reserve Board Clearance
compiles aggregate national data from supporting statements and approved Officer—Nuha Elmaghrabi—Office of
each central bank to produce global collection of information instruments the Chief Data Officer, Board of
market statistics. The Federal Reserve are placed into OMB’s public docket Governors of the Federal Reserve
Bank of New Your (FRBNY) uses the files. The Federal Reserve may not System, Washington, DC 20551 (202)
survey to monitor activity in the foreign conduct or sponsor, and the respondent 452–3829. Telecommunications Device
exchange and derivatives markets. is not required to respond to, an for the Deaf (TDD) users may contact
Survey results also provide perspective information collection that has been (202) 263–4869, Board of Governors of
on market developments for the extended, revised, or implemented on or the Federal Reserve System,
Manager of the System Open Market after October 1, 1995, unless it displays Washington, DC 20551.
Account, on the Desk’s trading a currently valid OMB number. SUPPLEMENTARY INFORMATION:
relationships, and for planning Federal DATES: Comments must be submitted on
Reserve and U.S. Treasury foreign or before April 19, 2016. Request for Comment on Information
exchange operations. Respondents also ADDRESSES: You may submit comments, Collection Proposal
use the published data to gauge their identified by Reg Z, by any of the The following information collection,
market share. following methods: which is being handled under this
Current Actions: On December 1, 2015 • Agency Web site: http:// delegated authority, has received initial
the Federal Reserve published a notice www.federalreserve.gov. Follow the Board approval and is hereby published
in the Federal Register (80 FR 75102) instructions for submitting comments at for comment. At the end of the comment
requesting public comment for 60 days http://www.federalreserve.gov/apps/ period, the proposed information
on the extension, without revision, of foia/proposedregs.aspx. collection, along with an analysis of
the Semiannual Report of Derivatives • Federal eRulemaking Portal: http:// comments and recommendations
Activity. The comment period for this www.regulations.gov. Follow the received, will be submitted to the Board
notice expired on February 1, 2016. The instructions for submitting comments. for final approval under OMB delegated
Federal Reserve did not receive any • Email: regs.comments@ authority. Comments are invited on the
comments. The revisions will be federalreserve.gov. Include OMB following:
implemented as proposed. number in the subject line of the a. Whether the proposed collection of
Board of Governors of the Federal Reserve message. information is necessary for the proper
System, February 16, 2016. • Fax: (202) 452–3819 or (202) 452– performance of the Federal Reserve’s
Robert deV. Frierson,
3102. functions, including whether the
• Mail: Robert deV. Frierson, information has practical utility;
Secretary of the Board. Secretary, Board of Governors of the b. The accuracy of the Federal
[FR Doc. 2016–03480 Filed 2–18–16; 8:45 am] Federal Reserve System, 20th Street and Reserve’s estimate of the burden of the
BILLING CODE 6210–01–P Constitution Avenue NW., Washington, proposed information collection,
DC 20551. including the validity of the
1 Additionally, depending upon the survey All public comments are available methodology and assumptions used;
respondent, the information collection may be from the Board’s Web site at http://
authorized under a more specific statute.
c. Ways to enhance the quality,
Specifically, the Federal Reserve is authorized to
www.federalreserve.gov/apps/foia/ utility, and clarity of the information to
collect information from state member banks under proposedregs.aspx as submitted, unless be collected;
modified for technical reasons. d. Ways to minimize the burden of
asabaliauskas on DSK5VPTVN1PROD with NOTICES
section 9 of the Federal Reserve Act (12 U.S.C. 324);
from bank holding companies (and their Accordingly, your comments will not be information collection on respondents,
subsidiaries) under section 5(c) of the Bank Holding
Company Act (12 U.S.C. 1844(c)); from Edge and
edited to remove any identifying or including through the use of automated
agreement corporations under section 25 and 25A contact information. Public comments collection techniques or other forms of
of the Federal Reserve Act (12 U.S.C. 602 and 625); may also be viewed electronically or in information technology; and
and from U.S. branches and agencies of foreign paper form in Room 3515, 1801 K Street e. Estimates of capital or start-up costs
banks under section 7(c)(2) of the International
Banking Act of 1978 (12 U.S.C. 3105(c)(2)) and
(between 18th and 19th Streets and costs of operation, maintenance,
under section 7(a) of the Federal Deposit Insurance NW.,)Washington, DC 20006 between and purchase of services to provide
Act (12 U.S.C. 1817(a)). 9:00 a.m. and 5:00 p.m. on weekdays. information.
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![8494 Federal Register / Vol. 81, No. 33 / Friday, February 19, 2016 / Notices
disclosures (ongoing), HOEPA receipt of amount, adjusted annually for have policies to comply with
certification of counseling for high-cost inflation.3 The threshold amount for requirements to account for a
mortgages (one-time), HOEPA receipt of credit extended during 2015 was consumer’s ability to repay a the debt;
certification of counseling for high-cost $54,600; this threshold will remain the • Separate disclosures for open-end
mortgages (ongoing), Appraisals for same in 2016. However, regardless of (not home-secured) and open-end
higher-priced mortgage loans: Order and the amount of credit extended, (home-secured) credit;
review initial appraisal, Order and Regulation Z applies to: (1) Consumer • Reverse mortgage disclosures.
review additional appraisal, and credit secured by real property; (2) Other proposed changes to Reg Z are
Provide copy of initial and additional consumer credit secured by personal non-substantive and intended for
appraisals, 25 respondents; Private property used or expected to be used as clarity.
education loans: Private student loan the principal swelling of the consumer; Board of Governors of the Federal Reserve
disclosures, 9 respondents; Advertising and (3) private student loans. System, February 12, 2016.
rules (all credit types): Advertising Current Actions: The Federal Reserve Robert deV. Frierson,
rules, 992 respondents; and Record proposes to modify and update Reg Z to Secretary of the Board.
retention (one-time), 634 respondents. account for preexisting regulatory
[FR Doc. 2016–03445 Filed 2–18–16; 8:45 am]
Legal authorization and requirements that were not included
BILLING CODE 6210–01–P
confidentiality: The disclosure, record- separately in prior notices and to
keeping, and other requirements of account for the requirements of new
Regulation Z are authorized by the rules issued during the past three years. FEDERAL RESERVE SYSTEM
TILA, which directs the Consumer A summary of the changes is as follows:
Financial Protection Bureau (CFPB) and, First, the Federal Reserve proposes to Proposed Agency Information
for certain lenders, the Federal Reserve modify Reg Z to account for new Collection Activities; Comment
to issue regulations implementing the required rules issued by the CFPB to Request
statute. Covered lenders are required to implement the Dodd-Frank Wall Street
comply with the recordkeeping, Reform and Consumer Protection Act AGENCY: Board of Governors of the
reporting, and disclosure provisions of (Dodd-Frank Act).4 These include: Federal Reserve System.
Regulation Z. Regulation Z is chiefly a • Combined closed-end mortgage SUMMARY: On June 15, 1984, the Office
disclosure regulation, so the issue of disclosures under TILA and the Real of Management and Budget (OMB)
confidentiality does not normally arise. Estate Settlement Procedures Act delegated to the Board of Governors of
One aspect of the rule requires certain (RESPA); 5 the Federal Reserve System (Board) its
card issuers to submit annual reports to • A requirement that creditors must approval authority under the Paperwork
the CFPB, but no reports are filed with run a credit check on loan originators; Reduction Act (PRA), to approve of and
the Federal Reserve. • Requirements that creditors verify assign OMB numbers to collection of
Abstract: TILA and Regulation Z documents used to determine ‘‘qualified information requests and requirements
ensure adequate disclosure of the costs mortgage’’ status; conducted or sponsored by the Board.
and terms of credit to consumers. For • Mortgage payoff statement Board-approved collections of
open-end credit, such as credit cards requirements; information are incorporated into the
and home-equity lines of credit • Revised and additional adjustable official OMB inventory of currently
(HELOCs), creditors are required to rate mortgage (ARM) disclosures; approved collections of information.
disclose information about the initial • Periodic statements for closed-end Copies of the PRA Submission,
costs and terms and to provide periodic residential mortgages; supporting statements and approved
statements of account activity, notices of • Revised and additional disclosures collection of information instruments
changes in terms, and statements of for high-cost mortgages under the Home are placed into OMB’s public docket
rights concerning billing error Ownership Equity Protection Act 6 files. The Federal Reserve may not
procedures. For closed-end loans, such (HOEPA). conduct or sponsor, and the respondent
as mortgage and installment loans, cost Second, the Federal Reserve proposes is not required to respond to, an
disclosures are required prior to and at to clarify and add several information information collection that has been
consummation. Special disclosures are collection elements for regulatory extended, revised, or implemented on or
required for certain products, such as requirements that previously were after October 1, 1995, unless it displays
reverse mortgages and high cost accounted for as part of a more general a currently valid OMB number.
mortgages with rates and fees above category of information collections or DATES: Comments must be submitted on
specified thresholds. TILA and were not previously included because or before April 19, 2016.
Regulation Z also contain rules institutions for whose burden the
ADDRESSES: You may submit comments,
concerning credit advertising.1 Federal Reserve accounts did not engage
in the relevant line of business to a identified by Reg Y–1, Form MSD–4, or
Creditors are required to comply with
material degree. Form MSD–5 by any of the following
Regulation Z’s disclosure and other
These include: methods:
requirements unless the transaction is
• A requirement that creditors of • Agency Web site: http://
exempt.2 Regulation Z generally does
open-end (not home-secured) credit www.federalreserve.gov. Follow the
not apply to consumer credit instructions for submitting comments at
transactions that exceed a threshold have policies to comply with
http://www.federalreserve.gov/apps/
asabaliauskas on DSK5VPTVN1PROD with NOTICES
requirements for the timely settlement
1 In addition, Regulation Z contains requirements of estate debts; foia/proposedregs.aspx.
that are not considered information collections and • A requirement that creditors of • Federal eRulemaking Portal: http://
thus are not addressed here. open-end (not home-secured) credit www.regulations.gov. Follow the
2 Exemptions include business credit, credit over instructions for submitting comments.
applicable threshold amounts, public utility credit, 3 12 CFR 1026.3(b). • Email: regs.comments@
securities or commodities accounts, home fuel
budget plans, certain student loan programs, and
4 Public Law 111–203, 124 Stat. 1376. federalreserve.gov. Include OMB
employer-sponsored retirement plans. See 12 CFR 5 12 U.S.C. 2601 et seq. number in the subject line of the
1026.3. 6 15 U.S.C. 1639, 1640. message.
VerDate Sep<11>2014 17:59 Feb 18, 2016 Jkt 238001 PO 00000 Frm 00021 Fmt 4703 Sfmt 4703 E:\FR\FM\19FEN1.SGM 19FEN1](https://thefederalregister.org/doc/81_FR_8525/page/3.svg)
Document Created: 2018-02-02 14:32:06
Document Modified: 2018-02-02 14:32:06
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | The Federal Reserve proposes to modify and update Reg Z to account for preexisting regulatory requirements that were not included separately in prior notices and to account for the requirements of new rules issued during the past three years. A summary of the changes is as follows: | |
| Dates | Comments must be submitted on or before April 19, 2016. | |
| Contact | A copy of the PRA OMB submission, including the proposed reporting form and instructions, supporting statement, and other documentation will be placed into OMB's public docket files, once approved. These documents will also be made available on the Federal Reserve Board's public Web site at: http:// www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance officer, whose name appears below. | |
| FR Citation | 81 FR 8492 |
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