Federal Register Volume 82, Issue 234 (December 7, 2017)
Page Range
57751-57756
FR Document
2017-26424
The FDIC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on the renewal of the existing information collection, as required by the Paperwork Reduction Act of 1995. Currently, the FDIC is soliciting comment on renewal of the information collection described below.
Federal Register, Volume 82 Issue 234 (Thursday, December 7, 2017)
[Federal Register Volume 82, Number 234 (Thursday, December 7, 2017)]
[Notices]
[Pages 57751-57756]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2017-26424]
=======================================================================
-----------------------------------------------------------------------
FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities: Proposed Collection
Renewal; Comment Request
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The FDIC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to take this opportunity to comment on the renewal of the
existing information collection, as required by the Paperwork Reduction
Act of 1995. Currently, the FDIC is soliciting comment on renewal of
the information collection described below.
DATES: Comments must be submitted on or before February 5, 2018.
ADDRESSES: Interested parties are invited to submit written comments to
the FDIC by any of the following methods:
http://www.FDIC.gov/regulations/laws/federal/notices.html.
Email: [email protected]. Include the name and number of
the collection in the subject line of the message.
Mail: Manny Cabeza (202-898-3767), Counsel, MB-3007,
Federal Deposit Insurance Corporation, 550 17th Street NW., Washington,
DC 20429.
Hand Delivery: Comments may be hand-delivered to the guard
station at the rear of the 17th Street Building (located on F Street),
on business days between 7:00 a.m. and 5:00 p.m.
All comments should refer to the relevant OMB control number. A
copy
[[Page 57752]]
of the comments may also be submitted to the OMB desk officer for the
FDIC: Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Washington, DC
20503.
FOR FURTHER INFORMATION CONTACT: Manny Cabeza, at the FDIC address
above.
SUPPLEMENTARY INFORMATION:
Proposal To Renew the Following Currently Approved Collections of
Information
1. Title: Recordkeeping, Disclosure and Reporting Requirements in
Connection with Regulation Z.
OMB Number: 3064-0082.
Form Number: None.
Affected Public: State nonmember banks and state savings
associations.
General Description of Collection: Consumer Financial Protection
Bureau (CFPB) Regulation Z--12 CFR 1026 implements the Truth in Lending
Act (15 U.S.C. 1601, et seq.) and certain provisions of the Real Estate
Settlement Procedures Act (12 U.S.C. 2601 et seq.). This regulation
prescribes uniform methods for computing the cost of credit, the
disclosure of credit terms and costs, the resolution of errors and
imposes various other recordkeeping, reporting and disclosure
requirements. The FDIC has enforcement authority on the requirements of
the CFPB's Regulation over the financial institutions it supervises.
This information collection captures the recordkeeping, reporting and
disclosure burdens of Regulation Z on FDIC-supervised institutions.
The information collection is being revised to account for
revisions and changes made to Regulation Z by the CFPB since this
information collection was last submitted to OMB for clearance.
To arrive at the estimated annual burden the FDIC assessed the
number of potential respondents to the information collection by
identifying the number of FDIC-supervised institutions who reported
activity that would be within the scope of the information collection
requirements according to data from the most recent CALL Report.
Additionally, the FDIC estimated the frequency of responses to the
recordkeeping, reporting, or disclosure requirements by assessing the
dollar volume of activity that would be within the scope of the
information collection. In some instances the FDIC used information
provided by other sources to estimate the magnitude and scope of
activity attributable to FDIC-supervised institutions when more
immediate information sources did not exist.
Burden Estimate:
Implementation (one-time) Burden Estimate
--------------------------------------------------------------------------------------------------------------------------------------------------------
Estimated Estimated Total
Obligation to respond/ number of average number Frequency of Number of Estimated time estimated
type of burden respondents of credit response responses per response annual burden
\1\ Accounts (minutes) (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Open-End Credit Products
--------------------------------------------------------------------------------------------------------------------------------------------------------
Not Home-Secured Open-End Credit Plans
--------------------------------------------------------------------------------------------------------------------------------------------------------
[cir] Credit and Charge Card Provisions
--------------------------------------------------------------------------------------------------------------------------------------------------------
Timely Settlement of Estate Mandatory Recordkeeping 1 N/A 1 1 480.00 6
Debts (1026.11(c)(1)) Written
Policies and Procedures.
Ability to Pay (1026.51(a)(ii)) Mandatory Recordkeeping 1 N/A 1 1 480.00 6
Written Policies and
Procedures.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Mortgage Products (Open and Closed-End)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Valuation Independence
--------------------------------------------------------------------------------------------------------------------------------------------------------
[cir] Mandatory Reporting
--------------------------------------------------------------------------------------------------------------------------------------------------------
Implementation of Policies and Mandatory Recordkeeping 1 N/A 1 0 1,200.00 20
Procedures (1026.42(g)).
-----------------------------------------------------------------------------------------------
Total Estimated ....................... .............. .............. .............. .............. .............. 32 Hours
Implementation Burden.
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 57753]]
Ongoing Burden Estimate
--------------------------------------------------------------------------------------------------------------------------------------------------------
Open-End Credit Products
--------------------------------------------------------------------------------------------------------------------------------------------------------
Not Home-Secured Open-End Credit Plans
--------------------------------------------------------------------------------------------------------------------------------------------------------
[cir] General Disclosure Rules for Not Home-Secured Open-End Credit Plans
--------------------------------------------------------------------------------------------------------------------------------------------------------
Credit and Charge Card Mandatory Disclosure... 634 N/A 1 634 480.00 5,072
Applications and Solicitations
(1026.60).
Account Opening Disclosures Mandatory Disclosure... 634 N/A 1 634 720.00 7,608
(1026.6(b)).
Periodic Statements (1026.7(b)) Mandatory Disclosure... 634 N/A 12 7,608 480.00 60,864
Annual Statement of Billing Mandatory Disclosure... 317 N/A 1 317 480.00 2,536
Rights (1026.9(a)(1)).
Alternative Summary Statement Voluntary Disclosure... 317 N/A 12 3,804 480.00 30,432
of Billing Rights
(1026.9(a)(2)).
Change in Terms Disclosures Mandatory Disclosure... 634 N/A 1 634 480.00 5,072
(1026.9(b) through (h)).
--------------------------------------------------------------------------------------------------------------------------------------------------------
[cir] Credit and Charge Card Provisions
--------------------------------------------------------------------------------------------------------------------------------------------------------
Timely Settlement of Estate Mandatory Disclosure... 634 428 1 271,352 5.00 22,613
Debts (1026.11(c)(2)).
Ability to Pay (1026.51)....... Mandatory Recordkeeping 634 N/A 1 634 720.00 7,608
College Student Credit Annual Mandatory Reporting.... 634 N/A 1 634 480.00 5,072
Report (1026.57(d)).
Submission of Credit Card Mandatory Reporting.... 634 N/A 4 2,536 180.00 7,608
Agreements (1026.58(c)).
Internet Posting of Credit Card Mandatory Disclosure... 634 N/A 4 2,536 360.00 15,216
Agreements (1026.58(d)).
Individual Credit Card Mandatory Disclosure... 634 125 1 79,250 15.00 19,813
Agreements (1026.58(e)).
--------------------------------------------------------------------------------------------------------------------------------------------------------
Home Equity Open-End Credit Plans (HELOC)
--------------------------------------------------------------------------------------------------------------------------------------------------------
[cir] General Disclosure Rules for HELOC's
--------------------------------------------------------------------------------------------------------------------------------------------------------
Application Disclosures Mandatory Disclosure... 2,717 N/A 1 2,717 720.00 32,604
(1026.40).
Account Opening Disclosures Mandatory Disclosure... 2,717 N/A 1 2,717 720.00 32,604
(1026.6(a)).
Periodic Statements (1026.7(a)) Mandatory Disclosure... 2,717 N/A 1 2,717 480.00 21,736
Annual Statement of Billing Mandatory Disclosure... 2,717 N/A 1 2,717 480.00 21,736
Rights (1026.9(a)(1)).
Alternative Summary Statement Voluntary.............. 2,717 N/A 1 2,717 480.00 21,736
of Billing Rights Disclosure.............
(1026.9(a)(2)).
Change in Terms Disclosures Mandatory Disclosure... 2,717 N/A 1 2,717 480.00 21,736
(1026.9(b) through (h)).
[[Page 57754]]
Notice to Restrict Credit Mandatory Disclosure... 2,717 N/A 1 2,717 120.00 5,434
(1026.9(c)(1)(iii);
.40(f)(3)(i) and (vi)).
--------------------------------------------------------------------------------------------------------------------------------------------------------
All Open-End Credit Plans
--------------------------------------------------------------------------------------------------------------------------------------------------------
Error Resolution (1026.13)..... Mandatory Disclosure... 3,624 2,963 1 10,737,912 1.0 178,965
--------------------------------------------------------------------------------------------------------------------------------------------------------
Closed-End Credit Products
--------------------------------------------------------------------------------------------------------------------------------------------------------
General Rules for Closed-End Credit
--------------------------------------------------------------------------------------------------------------------------------------------------------
Other than Real Estate, Home- Mandatory Disclosure... 1 N/A 1 1 720.00 12
Secured and Private Education
Loans (1026.17 and .18).
--------------------------------------------------------------------------------------------------------------------------------------------------------
Closed-End Mortgages
--------------------------------------------------------------------------------------------------------------------------------------------------------
[cir] Application and Consummation
--------------------------------------------------------------------------------------------------------------------------------------------------------
Loan Estimate (1026.19(e); and Mandatory Disclosure... 3,628 N/A 1 3,628 480.00 29,204
.37).
Closing Disclosure (1026.19(f); Mandatory Disclosure... 3,628 N/A 1 3,628 480.00 29,204
and .38).
Record Retention of Disclosures Mandatory Recordkeeping 3,628 N/A 1 3,628 18.00 1,088
(1026.19(e), (f); .37; and
.38).
--------------------------------------------------------------------------------------------------------------------------------------------------------
[cir] Post-Consummation Disclosures
--------------------------------------------------------------------------------------------------------------------------------------------------------
Interest Rate and Payment Mandatory Disclosure... 3,628 N/A 1 3,628 2,400.00 145,120
Summary (1026.18(s)).
No Guarantee to Refinance Mandatory Disclosure... 3,628 N/A 1 3,628 480.00 29,204
Statement (1026.18(t)).
ARMs Rate Adjustments with Mandatory Disclosure... 3,628 N/A 1 3,628 90.00 5,442
Payment Change Disclosures
(1026.20(c)).
Initial Rate Adjustment Mandatory Disclosure... 3,628 N/A 1 3,628 120.00 7,256
Disclosure for ARMs
(1026.20(d)).
Escrow Cancellation Notice Mandatory Disclosure... 3,628 N/A 1 3,628 480.00 29,204
(1026.20(e)).
Periodic Statements (1026.41).. Mandatory Disclosure... 3,628 N/A 1 3,628 480.00 29,204
--------------------------------------------------------------------------------------------------------------------------------------------------------
[cir]Ability to Repay Requirements
--------------------------------------------------------------------------------------------------------------------------------------------------------
Minimum Standards (1026.43(c) Mandatory Recordkeeping 3,628 926 1 3,359,528 15.00 839,882
through (f)).
Prepayment Penalties Mandatory Disclosure... 3,628 16 1 58,048 12.00 11.610
(1026.43(g)).
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 57755]]
Mortgage Products (Open and Closed-End)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Mortgage Servicing Disclosures
--------------------------------------------------------------------------------------------------------------------------------------------------------
[cir] Payoff Statements
--------------------------------------------------------------------------------------------------------------------------------------------------------
Payoff Statements Mandatory Disclosure... 3,628 N/A 1 3,628 480.00 29,024
(1026.36(c)(3)).
--------------------------------------------------------------------------------------------------------------------------------------------------------
[cir] Notice of Sale or Transfer
--------------------------------------------------------------------------------------------------------------------------------------------------------
Notice of Sale or Transfer Mandatory Disclosure... 3,628 N/A 1 3,628 480.00 29,204
(1026.39).
--------------------------------------------------------------------------------------------------------------------------------------------------------
Valuation Independence
--------------------------------------------------------------------------------------------------------------------------------------------------------
[cir] Mandatory Reporting
--------------------------------------------------------------------------------------------------------------------------------------------------------
Reporting Appraiser Mandatory Reporting.... 3,628 1 1 3,628 10.00 605
Noncompliance (1026.42(g)).
--------------------------------------------------------------------------------------------------------------------------------------------------------
Reverse and High-Cost Mortgages
--------------------------------------------------------------------------------------------------------------------------------------------------------
Reverse Mortgages
--------------------------------------------------------------------------------------------------------------------------------------------------------
[cir] Reverse Mortgage Disclosures
--------------------------------------------------------------------------------------------------------------------------------------------------------
Reverse Mortgage Disclosures Mandatory Disclosure... 14 N/A 1 14 1,440.00 336
(1026.31(c)(2) and .33).
--------------------------------------------------------------------------------------------------------------------------------------------------------
High-Cost Mortgage Loans
--------------------------------------------------------------------------------------------------------------------------------------------------------
[cir] HOEPA Disclosures and Notice
--------------------------------------------------------------------------------------------------------------------------------------------------------
HOEPA Disclosures and Notice Mandatory Disclosure... 3,628 N/A 1 3,628 14.00 847
(1026.32(c).
--------------------------------------------------------------------------------------------------------------------------------------------------------
Private Education Loans
--------------------------------------------------------------------------------------------------------------------------------------------------------
Initial Disclosures
--------------------------------------------------------------------------------------------------------------------------------------------------------
[cir] Application and Solicitation Disclosures
--------------------------------------------------------------------------------------------------------------------------------------------------------
Application or Solicitation Mandatory Disclosure... 3,561 N/A 1 3,561 3,600.00 213,660
Disclosures (1026.47(a)).
--------------------------------------------------------------------------------------------------------------------------------------------------------
[cir] Approval Disclosures
--------------------------------------------------------------------------------------------------------------------------------------------------------
Approval Disclosures Mandatory Disclosure... 3,561 N/A 1 3,561 3,600.00 213,660
(1026.47(b)).
--------------------------------------------------------------------------------------------------------------------------------------------------------
[cir] Final Disclosures
--------------------------------------------------------------------------------------------------------------------------------------------------------
Final Disclosures (1026.47(c)). Mandatory Disclosure... 3,561 N/A 1 3,561 3,600.00 213,660
--------------------------------------------------------------------------------------------------------------------------------------------------------
Advertising Rules
--------------------------------------------------------------------------------------------------------------------------------------------------------
All Credit Types
--------------------------------------------------------------------------------------------------------------------------------------------------------
[cir] Open-End Credit
--------------------------------------------------------------------------------------------------------------------------------------------------------
Open-End Credit (1026.16)...... Mandatory Disclosure... 3,624 5 1 18,120 20.00 6,040
--------------------------------------------------------------------------------------------------------------------------------------------------------
[[Page 57756]]
[cir] Closed-End Credit
--------------------------------------------------------------------------------------------------------------------------------------------------------
Closed-End Credit (1026.24).... Mandatory Disclosure... 3,628 5 1 18,140 20.00 6,047
--------------------------------------------------------------------------------------------------------------------------------------------------------
Record Retention
--------------------------------------------------------------------------------------------------------------------------------------------------------
Evidence of Compliance
--------------------------------------------------------------------------------------------------------------------------------------------------------
Regulation Z in General Mandatory Recordkeeping 3,652 N/A 1 3,652 18.00 1,096
(1026.25).
------------------------------------------------------------------------------------------------------------------------
Total Estimated Ongoing ....................... .............. .............. .............. .............. .............. 2,396,494
Burden.
------------------------------------------------------------------------------------------------------------------------
Total Estimated Annual ....................... .............. .............. .............. .............. .............. 2,396,526
Burden.
--------------------------------------------------------------------------------------------------------------------------------------------------------
FDIC estimates that all existing FDIC-supervised institutions have implemented the policies and procedures required by Regulation Z and will only face
the estimated ongoing (transaction) burdens reflected in the table below. The respondent count of 1 is intended as a placeholder for the associated
burden estimate to account for any institution(s) that may become subject to the information collection requirements in the future.
Request for Comment
Comments are invited on: (a) Whether the collection of information
is necessary for the proper performance of the FDIC's functions,
including whether the information has practical utility; (b) the
accuracy of the estimates of the burden of the 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; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology. All
comments will become a matter of public record.
Dated at Washington, DC, this 4th day of December, 2017.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2017-26424 Filed 12-6-17; 8:45 am]
BILLING CODE 6714-01-P