81 FR 85266 - Agency Information Collection Activities: Recordkeeping, Reporting, and Disclosure Requirements Associated With the Truth in Lending Act (TILA), as Implemented by Regulation Z; Comment Request

NATIONAL CREDIT UNION ADMINISTRATION

Federal Register Volume 81, Issue 227 (November 25, 2016)

Page Range		85266-85266
FR Document		2016-28313

NCUA, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the submission for reinstatement of a previously approved collection, as required by the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. Chapter 35). NCUA is soliciting comment on the reinstatement of the information collection described below.

Federal Register, Volume 81 Issue 227 (Friday, November 25, 2016)

[Federal Register Volume 81, Number 227 (Friday, November 25, 2016)]
[Notices]
[Page 85266]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-28313]



[[Page 85266]]

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NATIONAL CREDIT UNION ADMINISTRATION


Agency Information Collection Activities: Recordkeeping, 
Reporting, and Disclosure Requirements Associated With the Truth in 
Lending Act (TILA), as Implemented by Regulation Z; Comment Request

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice and request for comment.

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SUMMARY: NCUA, as part of its continuing effort to reduce paperwork and 
respondent burden, invites the general public and other Federal 
agencies to comment on the submission for reinstatement of a previously 
approved collection, as required by the Paperwork Reduction Act of 1995 
(Pub. L. 104-13, 44 U.S.C. Chapter 35). NCUA is soliciting comment on 
the reinstatement of the information collection described below.

DATES: Comments should be received on or before January 24, 2017 to be 
assured consideration.

ADDRESSES: Interested persons are invited to submit written comments on 
the information collection to Troy Hillier, National Credit Union 
Administration, 1775 Duke Street, Alexandria, Virginia 22314-3428; Fax 
No. 703-519-8579; or Email at [email protected].

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to the address above.

SUPPLEMENTARY INFORMATION: 
    OMB Number: 3133-0102.
    Title: Recordkeeping, Reporting, and Disclosure Requirements 
Associated with the Truth in Lending Act (TILA), 15 U.S.C. 1601 et 
seq., as implemented by Regulation Z, 12 CFR 1026.
    Abstract: The Truth in Lending Act was enacted to foster comparison 
credit shopping and informed credit decision making by requiring 
accurate disclosure of the costs and terms of credit to consumers and 
to protect consumers against inaccurate and unfair credit billing 
practices. TILA has been revised numerous times since it took effect, 
notably by passage of the Fair Credit Billing Act of 1974, the Consumer 
Leasing Act of 1976, the Truth in Lending Simplification and Reform Act 
of 1980, the Fair Credit and Charge Card Disclosure Act of 1988, and 
the Home Equity Loan Consumer Protection Act of 1988. Historically, 
TILA was implemented by the Board of Governors of the Federal Reserve 
System's (FRB) Regulation Z, 12 CFR part 226. The Dodd-Frank Wall 
Street Reform and Consumer Protection Act transferred FRB's rulemaking 
authority for TILA to the Consumer Financial Protection Bureau (CFPB).
    Regulation Z contains several provisions that impose information 
collection requirements: The information collection requirements for 
open-end credit products; the information collection requirements for 
closed-end credit; the information collection requirements that apply 
to both open- and closed-end mortgage credit; the information 
collection requirements for specific residential mortgage types--
namely, reverse mortgages and high cost mortgages with rates and fees 
above specified thresholds; the information collection requirements for 
private education loans; and information collection requirements 
related to Regulation Z's advertising and record retention rules.
    The collection of information pursuant to Part 1026 is triggered by 
specific events and disclosures and must be provided to consumers 
within the time periods established under the regulation. To ease the 
compliance cost (particularly for small credit unions), model forms and 
clauses are appended to the regulation.
    Type of Review: Reinstatement with change of a previously approved 
collection.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Number of Respondents: 5,936.
    Frequency of Response: Upon occurrence of triggering action.
    Estimated Total Annual Burden Hours: 3,351,131. The one-time burden 
is estimated to be 340,783 hours and the ongoing burden, 3,010,349 
(340,783 + 3,010,349 = 3,351,131).
    Request For Comments: Comments submitted in response to this notice 
will be summarized and included in the request for Office of Management 
and Budget approval. All comments will become a matter of public 
record. The public is invited to submit comments concerning: (a) 
Whether the collection of information is necessary for the proper 
execution of the function of the agency, including whether the 
information will have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information, 
including the validity of the methodology and assumptions used; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; and (d) ways to minimize the burden of the collection.

    By Gerard Poliquin, Secretary of the Board, the National Credit 
Union Administration, on November 18, 2016.

    Dated: November 18, 2016.
Troy S. Hillier,
NCUA PRA Clearance Officer.
[FR Doc. 2016-28313 Filed 11-23-16; 8:45 am]
BILLING CODE 7535-01-P

85266 Federal Register / Vol. 81, No. 227 / Friday, November 25, 2016 / Notices

NATIONAL CREDIT UNION Consumer Protection Act transferred Dated: November 18, 2016.
ADMINISTRATION FRB’s rulemaking authority for TILA to Troy S. Hillier,
the Consumer Financial Protection NCUA PRA Clearance Officer.
Agency Information Collection Bureau (CFPB). [FR Doc. 2016–28313 Filed 11–23–16; 8:45 am]
Activities: Recordkeeping, Reporting, Regulation Z contains several BILLING CODE 7535–01–P
and Disclosure Requirements provisions that impose information
Associated With the Truth in Lending collection requirements: The
Act (TILA), as Implemented by information collection requirements for
Regulation Z; Comment Request open-end credit products; the NATIONAL FOUNDATION OF THE
information collection requirements for ARTS AND THE HUMANITIES
AGENCY: National Credit Union closed-end credit; the information
Administration (NCUA). collection requirements that apply to Institute of Museum and Library
ACTION: Notice and request for comment. both open- and closed-end mortgage Services
credit; the information collection
SUMMARY: NCUA, as part of its requirements for specific residential Sunshine Act Meeting of the National
continuing effort to reduce paperwork mortgage types—namely, reverse Museum and Library Services Board
and respondent burden, invites the mortgages and high cost mortgages with
general public and other Federal rates and fees above specified AGENCY: Institute of Museum and
agencies to comment on the submission thresholds; the information collection Library Services (IMLS), NFAH.
for reinstatement of a previously requirements for private education ACTION: Notice of meeting.
approved collection, as required by the loans; and information collection
Paperwork Reduction Act of 1995 requirements related to Regulation Z’s SUMMARY: The National Museum and
(Pub. L. 104–13, 44 U.S.C. Chapter 35). advertising and record retention rules. Library Services Board, which advises
NCUA is soliciting comment on the The collection of information the Director of the Institute of Museum
reinstatement of the information pursuant to Part 1026 is triggered by and Library Services on general policies
collection described below. specific events and disclosures and with respect to the duties, powers, and
DATES: Comments should be received on must be provided to consumers within authority of the Institute relating to
or before January 24, 2017 to be assured the time periods established under the museum, library and information
consideration. regulation. To ease the compliance cost services, will meet on December 7,
ADDRESSES: Interested persons are (particularly for small credit unions), 2016.
invited to submit written comments on model forms and clauses are appended DATES: Wednesday, December 7, 2016,
the information collection to Troy to the regulation. from 2:00 p.m. to 4:00 p.m. EST.
Hillier, National Credit Union Type of Review: Reinstatement with
ADDRESSES: The meeting will be held at
Administration, 1775 Duke Street, change of a previously approved
collection. the IMLS Offices, Panel Room, Suite
Alexandria, Virginia 22314–3428; Fax 4000, 955 L’Enfant Plaza North SW.,
No. 703–519–8579; or Email at Affected Public: Private Sector:
Businesses or other for-profits. Washington, DC 20024.
PRAComments@ncua.gov.
Estimated Number of Respondents: FOR FURTHER INFORMATION CONTACT:
FOR FURTHER INFORMATION CONTACT:
5,936. Katherine Maas, Program Specialist,
Requests for additional information Frequency of Response: Upon Institute of Museum and Library
should be directed to the address above. occurrence of triggering action. Services, Suite 4000, 955 L’Enfant Plaza
SUPPLEMENTARY INFORMATION: Estimated Total Annual Burden North SW., Washington, DC 20024.
OMB Number: 3133–0102. Hours: 3,351,131. The one-time burden Telephone: (202) 653–4798. Please
Title: Recordkeeping, Reporting, and is estimated to be 340,783 hours and the provide advance notice of any special
Disclosure Requirements Associated ongoing burden, 3,010,349 (340,783 + needs or accommodations.
with the Truth in Lending Act (TILA), 3,010,349 = 3,351,131). SUPPLEMENTARY INFORMATION:
15 U.S.C. 1601 et seq., as implemented Request For Comments: Comments
by Regulation Z, 12 CFR 1026. submitted in response to this notice will STATUS: The meeting will be open to the
Abstract: The Truth in Lending Act be summarized and included in the public.
was enacted to foster comparison credit request for Office of Management and AGENDA: Thirty-Fourth Meeting of the
shopping and informed credit decision Budget approval. All comments will National Museum and Library Service
making by requiring accurate disclosure become a matter of public record. The Board Meeting:
of the costs and terms of credit to public is invited to submit comments I. Welcome and Director’s Report
consumers and to protect consumers concerning: (a) Whether the collection II. Approval of Minutes and Office of General
against inaccurate and unfair credit of information is necessary for the Counsel Update
billing practices. TILA has been revised proper execution of the function of the III. Financial and Operations Update
numerous times since it took effect, agency, including whether the IV. Office of Library Services Update
notably by passage of the Fair Credit information will have practical utility; V. Office of Museum Services Update
Billing Act of 1974, the Consumer (b) the accuracy of the agency’s estimate VI. Office of Communications and
Leasing Act of 1976, the Truth in of the burden of the collection of Government Affairs Update
Lending Simplification and Reform Act information, including the validity of VII. Office of Digital and Information Strategy
asabaliauskas on DSK3SPTVN1PROD with NOTICES

Update
of 1980, the Fair Credit and Charge Card the methodology and assumptions used; VIII. Question and Answer Session
Disclosure Act of 1988, and the Home (c) ways to enhance the quality, utility, IX. Adjourn
Equity Loan Consumer Protection Act of and clarity of the information to be
1988. Historically, TILA was collected; and (d) ways to minimize the Dated: November 17, 2016.
implemented by the Board of Governors burden of the collection. Calvin D. Trowbridge III,
of the Federal Reserve System’s (FRB) Deputy General Counsel.
By Gerard Poliquin, Secretary of the Board,
Regulation Z, 12 CFR part 226. The the National Credit Union Administration, on [FR Doc. 2016–28223 Filed 11–23–16; 8:45 am]
Dodd-Frank Wall Street Reform and November 18, 2016. BILLING CODE 7036–01–M

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Document Created: 2016-11-23 23:18:04
Document Modified: 2016-11-23 23:18:04

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		Notice and request for comment.
Dates		Comments should be received on or before January 24, 2017 to be assured consideration.
Contact		Requests for additional information
FR Citation		81 FR 85266