[Federal Register Volume 64, Number 199 (Friday, October 15, 1999)]
[Notices]
[Pages 55937-55943]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-27007]
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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: The Federal Trade Commission (FTC) is soliciting public
comments on proposed extensions of Paperwork Reduction Act (PRA)
clearance for information collection requirements associated with four
current rules enforced by the Commission. These clearances expire on
December 31, 1999. The FTC has submitted the proposed information
collection requirements described below to the Office of Management and
Budget (OMB) and has requested that OMB extend the paperwork clearances
through December 31, 2002.
DATES: Comments must be filed by December 14, 1999.
ADDRESSES: Send written comments to Carole Reynolds, Attorney, Division
of Financial Practices, Bureau of Consumer Protection, Federal Trade
Commission, Washington, DC 20580, 202-326-3230. All comments should be
identified as responding to this notice.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the proposed information requirements should be addressed to
Carole Reynolds at the address listed above.
SUPPLEMENTARY INFORMATION: Under the Paperwork Reduction Act of 1995
(PRA) (44 U.S.C. 3501-3520), Federal agencies must obtain approval from
OMB for each collection of information they conduct or sponsor.
``Collection of information'' means agency requests or requirements
that members of the public submit reports, keep records, or provide
information to a third party. 44 U.S.C. 3502(3), 5 CFR 1320.3(c). As
required by section 3506(c)(2)(A) of the PRA, the FTC is providing this
opportunity for public comment before requesting that OMB extend the
existing paperwork clearance for the regulations noted herein.
The FTC invites comments on: (1) whether the proposed collection of
information is necessary for the proper performance of the functions of
the agency, including whether the information will have practical
utility; (2) the accuracy of the agency's estimate of the burden of the
proposed collection of information, including the validity of the
methodology and assumptions used; (3) ways to enhance the quality,
utility, and clarity of the information to be collected; and (4) ways
to minimize the burden of the collection of information on those who
are to respond, including through the use of appropriate automated,
electronic, mechanical, or other technological collection techniques or
other forms of information technology, e.g., permitting electronic
submission of responses.
The four rules covered by this notice are: (1) Regulations
promulgated under The Equal Credit Opportunity Act, 15 U.S.C. 1691 et
seq. (``ECOA'') (``Regulation B'') (Control Number: 3084-0087); (2)
Regulations promulgated under The Electronic Fund Transfer Act, 15
U.S.C. 1693 et seq. (``EFTA'') (``Regulation E'') (Control Number:
3084-0085); (3) Regulations promulgated under The Consumer Leasing Act,
15 U.S.C. 1667 et seq., (``CLA'') (``Regulation M'') (Control Number:
3084-0086);
(4) Regulations promulgated under The Truth-In-Lending Act, 15
U.S.C. 1601 et seq. (``TILA'') (``Regulation Z'') (Control Number:
3084-0088).
Each of these four rules impose certain PRA recordkeeping and
disclosure requirements associated with providing credit or with other
financial transactions. All of these rules require covered entities to
keep certain records. Staff believes that these entities would likely
retain these records in the normal course of business even absent the
recordkeeping requirement in the rules.\1\ There is, however, some
burden associated with ensuring that covered entities do not
prematurely dispose of
[[Page 55938]]
relevant records during the period of time required by the applicable
rule.
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\1\ PRA ``burden'' does not include effort expended in the
ordinary course of business, regardless of any regulatory
requirement. 5 CFR 1320.3(b)(2).
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Disclosure requirements involve both set-up and monitoring costs as
well as certain transaction-specific costs. ``Set-up'' burden, incurred
by new entrants only, includes identifying the applicable disclosure
requirements, determining compliance obligations, and designing and
developing compliance systems and procedures. ``Monitoring'' burden,
incurred by all covered entities, includes reviewing revisions to
regulatory requirements, revising compliance systems and procedures as
necessary, and monitoring the ongoing operation of systems and
procedures to ensure continued compliance. ``Transaction-related''
burden refers to the effort associated with providing the various
required disclosures in individual transactions. While this burden
varies with the number of transactions, the figures shown for
transaction-related burden in the tables that follow are estimated
averages. The actual range of compliance burden experienced by covered
entities, and reflected in those averages, varies widely. Depending on
the extent to which covered entities have developed automated systems
and procedures for providing the required disclosures, and the efficacy
of those systems and procedures, some entities may have little or no
such burden, while others incur a higher burden.\2\
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\2\ For example, large retailers may use automated means to
provide required disclosures, such as issuing, en masse, notices of
changes in terms. Smaller retailers and certain types of creditors
may have less automated compliance systems, and thus may issue
disclosures on an individual transaction basis, resulting in higher
burden.
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Calculating the burden associated with the four regulations'
disclosure requirements is extremely difficult because of the highly
diverse group of affected entities. The ``respondents'' included in the
following burden calculations consist of all types of creditors (e.g.,
finance companies, mortgage companies, retailers, Internet businesses),
financial institutions (including new electronic commerce entities),
service providers, certain government agencies and others involved in
delivering electronic fund transfers of government benefits, and
lessors (e.g., auto dealers, independent leasing companies,
manufacturers' captive finance companies, furniture companies, computer
dealers). The burden estimates represent staff's best assessment, based
on its knowledge and expertise relating to the financial services
industry. To derive these estimates, 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) types of EFTs used; (4) types and occurrences of adverse
actions; (5) types of appraisal reports utilized; and (6) automation
with regard to their compliance operations.
The estimated PRA burden associated with these rules, attributable
to the Commission, is less today than in the past. Staff believes that
fewer entities are subject to the Commission's jurisdiction today. In
addition, as automation becomes more pervasive in the financial
services industry, entities may be able to comply more efficiently.
The cost estimates shown below relate solely to labor costs. The
applicable PRA requirements impose minimal capital or other non-labor
costs, as affected entities generally have the necessary equipment for
other business purposes. Similarly, staff estimates that compliance
with these rules entails minimal printing and copying costs beyond that
associated with documenting financial transactions in the ordinary
course of business. The burden estimates shown below include the time
necessary to train staff in compliance with the regulations.
The following paragraphs discuss each of these rules, their
particular PRA requirements, and staff's best estimates of the related
hour and cost burdens.
1. Regulation B
The ECOA prohibits discrimination in the extension of credit.
Regulation B, 12 CFR 202, promulgated by the Board of Governors of the
Federal Reserve System, establishes both recordkeeping and disclosure
requirements to assist consumers in understanding their rights under
the ECOA and to assist in detecting unlawful discrimination. The FTC
enforces the ECOA as to all creditors except those that are subject to
the regulatory authority of another federal agency (such federally
chartered or insured depository institutions).
Estimated annual hours burden: 2,560,000 hours, rounded (1,150,000
recordkeeping hours + 1,409,499 disclosure hours).
Recordkeeping: FTC staff estimates that Regulation B's general
recordkeeping requirements affect 1,000,000 credit firms subject to the
Commission's jurisdiction, at an average annual burden of one hour per
firm for a total of 1,000,000 hours. Staff also estimates that the
requirement that creditors monitor information about race/national
origin, sex, age, and marital status imposes a maximum burden of one
minute each \3\ for approximately nine million credit applications
(based on recent industry data regarding the approximate number of
mortgage purchase and refinance originations), for a total of 150,00
hours. The total estimated recordkeeping burden is 1,150,000 hours.
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\3\ Regulation B contains a model form that creditors may use to
gather and retain the required information.
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Disclosure: Regulation B requires that creditors (i.e., entities
that regularly participate in the decision whether or not to extend
credit and take ``adverse action'' under Regulation B) provide notices
whenever they take adverse action. The regulation also requires
entities that extend various types of mortgage credit to provide a copy
of the appraisal report and to notify applicants of their right to a
copy of the report.
As noted above, Regulation B applies to a highly diverse group of
entities, including retailers, mortgage lenders, mortgage brokers,
finance companies, Internet businesses, and others. In some instances,
where covered entities may make certain required disclosures in the
ordinary course of business, the Regulation imposes no burden. In
addition, some entities have developed highly automated means of
providing the required disclosures, while others rely on methods
requiring more manual effort. Thus, the following burden estimates are
averages based on staff's best estimate of the burden incurred over an
extremely broad spectrum of covered entities.
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Setup/monitoring \1\ Transaction-related \2\
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Average Total setup/ Average Total
Disclosure burden per monitoring Number of burden per transaction Total
Respondents respondent burden transactions transaction burden burden
(hours) (hours) (minutes) (hours) (hours)
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Adverse action notices...................................... 1,000,000 .5 500,000 200,000,000 .25 833,333 1,333,333
Appraisal notices........................................... 22,000 .5 11,000 6,500.000 .25 27,083 38,083
[[Page 55939]]
Appraisal reports........................................... 22,000 .5 11,000 6,500.000 .25 27,083 38,083
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Total................................................... ........... ........... ........... ............ ........... ........... 1,409,409
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\1\ With respect to appraisal notices and appraisal reports, the above figures assume that approximately half of applicable mortgage entities (.5 x
44,000, or 22,000 businesses) would not otherwise provide this information and thus would be affected.
\2\ The above figures assume that half of applicable mortgage transactions (.5 x 13,000,000, or 6,500,000) would not otherwise provide the appraisal
notices and reports and thus would be affected.
Estimated annual cost burden: $46,418,000, rounded.
Staff calculated labor costs by applying appropriate hourly cost
figures to the burden hours described above. The hourly rates used
below ($50 for managerial or professional time, $20 for skilled
technical time, and $10 for clerical time) are averages.
Recordkeeping: Staff estimates that the general recordkeeping
responsibility of one hour per creditor would involve approximately 90
percent clerical time and ten percent skilled technical time. Keeping
records of race/national origin, sex, age, and marital status requires
an estimated one minute of skilled technical time. As shown below, the
total recordkeeping cost is $14,666,666.
Disclosure: For each notice or information item listed, staff
estimates that the burden hours consist of 10 percent managerial time
and 90 percent skilled technical time. As shown below, the total
disclosure cost is $32,418,477.
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Managerial Skilled technical Clerical
------------------------------------------------------------------------------------ Total cost
Required task Time Cost ($50/ Time Cost ($20/ Time Cost (10/ ($)
(hours) hr.) (hours) hr.) (hours) hr.)
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General Recordkeeping................................. 0 $0 100,000 $2,000,000 900,000 $9,000,000 $11,000,000
Other Recordkeeping................................... 0 0 150,000 3,000,000 0 0 3,000,000
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Total Recordkeeping............................... ............ ............ ............ ............ ............ ............ 14,666,666
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Adverse action notices................................ 133,333 6,666,665 1,200,000 23,999,994 0 0 30,666,659
Appraisal notices..................................... 3,808 190,415 32,275 685,494 0 0 875,909
Appraisal reports..................................... 3,808 190,415 32,275 685,494 0 0 875,909
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Total Disclosure.................................. ............ ............ ............ ............ ............ ............ 32,418,477
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Total Recordkeeping and Disclosure................ ............ ............ ............ ............ ............ ............ 46,418,477
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2. Regulation E
The EFTA requires accurate disclosure of the costs, terms, and
rights relating to electronic fund transfer (EFT) services to
consumers. Regulation E, promulgated by the Board of Governors of the
Federal Reserve System, establishes both recordkeeping and disclosure
requirements applicable to entities providing EFT services to
consumers. The FTC enforces the EFTA as to all entities providing EFT
services except those that are subject to the regulatory authority of
another federal agency (such as federally chartered or insured
depository institutions).
Estimated annual hours burden: 3,579,000 hours (500,000
recordkeeping hours + approximately 3,079,000 disclosure hours).
Recordkeeping: Staff estimates that Regulation E's recordkeeping
requirements affect 500,000 firms offering EFT services to consumers
and subject to the Commission's jurisdiction, at an average annual
burden of one hour per firm, for a total of 500,000 hours.
Disclosure: As noted above, Regulation E applies to a highly
diverse group of entities, including financial institutions (including
certain retailers and electronic commerce entities), service providers,
various federal and state agencies offering electronic fund transfers
(EFTs), and others. In some instances, where covered entities may make
certain required disclosures in the ordinary course of business, the
Regulation imposes no burden. In addition, some entities have developed
highly automated means of providing the required disclosures, while
others rely on methods requiring more manual effort. Thus, the
following burden estimates are averages based on the staff's best
estimate of the burden incurred over an extremely broad spectrum of
covered entities.
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Setup/monitoring Transaction-related
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Total setup/ Average burden Total
Disclosure Average burden monitoring Number of per transaction Total burden
Respondents per respondent burden transactions transaction burden (hours)
(hours) (hours) (minutes) (hours)
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Initial terms........................... 100,000 .5 50,000 1,000,000 .02 333 50,333
Change in terms......................... 25,000 .5 12,500 33,000,000 .02 11,000 23,500
[[Page 55940]]
Periodic statements..................... 100,000 .5 50,000 1,200,000,000 .02 400,000 450,000
Error resolution........................ 100,000 .5 50,000 1,000,000 5 83,333 133,333
Transaction receipts.................... 100,000 .5 50,000 5,000,000,000 .02 1,666,667 1,716,667
Preauthorized transfers................. 500,000 .5 250,000 1,000,000 .25 4167 254,167
Service provider notices................ 100,000 .25 25,000 1,000,000 .25 4167 29,167
Govt. benefit notices................... 10,000 .5 5,000 100,000,000 .25 416,667 421,667
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Total............................... .............. .............. .............. .............. .............. .............. 3,078,834
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Estiamted annual cost burden: $76,313,000, rounded.
Staff calculated labor costs by applying appropriate hourly cost
figures to the burden hours described above. The hourly rates used
below ($50 for managerial or professional time, $20 for skilled
technical time, and $10 for clerical time) are averages.
Recordkeeping: For the 500,000 recordkeeping hours, staff estimates
that 10 percent of the burden hours require skilled technical time and
90 percent require clerical time. As shown below, the total
recordkeeping cost is $5,500,000.
Disclosure: For each notice or information item listed, staff
estimates that 10 percent of the burden hours require managerial time
and 90 percent require skilled technical time. As shown below, the
total disclosure cost is $70,813,182.
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Managerial Skilled technical Clerical
------------------------------------------------------------------------------------ Total cost
Required task Time Cost ($50/ Time Cost ($20/ Time Cost ($10/ ($)
(hours) hr.) (hours) hr.) (hours) hr.)
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Recordkeeping......................................... 0 $0 50,000 $1,000,000 450,000 $4,500,000 $5,500,000
Disclosure:
Initial terms..................................... 5,033 251,665 45,300 905,994 0 0 1,157,659
Change in terms................................... 2,350 117,500 21,150 423,000 0 0 540,500
Periodic statements............................... 45,000 2,250,000 405,000 8,100,000 0 0 10,350,000
Error resolution.................................. 13,333 666,665 120,000 2,399,994 0 0 3,066,659
Transaction receipts.............................. 171,667 8,583,335 1,540,000 30,900,006 0 0 39,483,34
Preauthorized transfers........................... 25,417 1,270,835 228,750 4,575,006 0 0 5,845,84
Service provider notices.......................... 2,917 145,835 26,250 525,006 0 0 670,84
Govt. benefit notices............................. 42,167 2,108,335 379,500 7,590,006 0 0 9,698,34
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Total Disclosure.............................. ............ ............ ............ ............ ............ ............ 70,813,182
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Total Recordkeeping and Disclosures........... ............ ............ ............ ............ ............ ............ 76,313,182
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3. Regulation M
The CLA requries accurate disclosure of the costs and terms of
leases to consumers. Regulation M, promulgated by the Board of
Governors of the Federal reserve System, establishes disclosure
requirements that assist consumers in understanding the terms of leases
and recordkeeping requirements that assist enforcement of the CLA. The
FTC enforces the CLA as to all lessors and advertisers except those
that are subject to the regulatory authority of another federal agency
(such as federally chartered or insured depository institutions).
Estimated annual hours burden: 387,500 hours, rounded (200,000
recordkeeping hours + 187,501 disclosures hours).
Recordkeeping: Staff estimates that Regulation M's recordkeeping
requirements affect 200,000 firms leasing products to consumers and
subject to the Commission's jurisdiction, at an average annual burden
of one hour per firm, for a total of 200,000 hours.
Disclosure: As noted above, Regulation M applies to a highly
diverse group of entities, including automobile 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, and diverse types of lease advertisers, and others. In some
instances, where covered entities may make certain required disclosures
in the ordinary course of business, the Regulation imposes no burden.
In addition, some entities have developed highly automated means of
providing the required disclosures, while others rely on methods
requiring more manual effort. Thus, the following burden estimates are
averages based on staff's best estimate of the burden incurred over an
extremely broad spectrum of covered entities.
[[Page 55941]]
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Setup/monitoring Transaction related
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Total setup/ Average burden Total Total burden
Disclosure Average burden monitoring Number of per transaction (hours)
Respondents per respondent burden transactions transaction burden
(hours) (hours) (minutes) (hours)
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Auto Leases \1\......................... 100,00 .75 75,000 5,000,000 50 41,667 116,667
Other Leases \2\........................ 100,000 .50 50,000 1,000,000 25 4,167 54,167
Advertising............................. 25,000 .50 12,500 1,000,000 .25 4,167 16,667
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Total............................... .............. .............. .............. .............. .............. .............. 187,501
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\1\ This category focuses on consumer vehicle leases. the number of such leases--the largest category of consumer leases--has increased considerably in
recent years. Vehicle leases are subject to additional lease disclosure requirements (pertaining to computation of payment obligations) than other
lease transactions. Only consumers leases for more than four months are covered. See 15 U.S.C. 1667(1); 12 CFR 213.2(a)(6).
\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 consumers leases for more than four months are covered. See 15 U.S.C. 1667(1); 12 CFR 213.2(a)(6).
Estimated annual burden: $6,513,000, rounded.
Staff calculated labor costs by applying appropriate hourly cost
figures to the burden hours described above. The hourly rates used
below ($50 for managerial or professional time, $20 for skilled
technical time, and $10 for clerical time) are averages.
Recordkeeping: For the 200,000 recordkeeping hours, staff estimates
that 10 percent of the burden hours require skilled technical time and
90 percent require clerical time. As shown below, the total
recordkeeping cost is $2,200,000.
Disclosure: For each notice or information item listed, staff
estimates that 10 percent of the burden hours require managerial time
and 90 percent require skilled technical time. As shown below, the
total disclosure cost is $4,312,523.
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Managerial Skilled technical Clerical
------------------------------------------------------------------------------------ Total cost
Required task Time Cost ($50/ Cost ($20/ Time Cost ($10/ ($)
(hours) hr.) Time (hours) hr.) (hours) hr.)
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Recordkeeping......................................... 0 $0 20,000 $400,000 180,000 $1,800,000 $2,200,000
Disclosures:
Auto Leases....................................... 11,667 583,335 105,000 2,100,006 0 0 2,683,341
Other Leases...................................... 5,417 270,835 48,750 975,006 0 0 1,245,841
Advertising....................................... 1,667 83,335 15,000 300,000 0 0 383,341
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Total Disclosures............................. ............ ............ ............ ............ ............ ............ 4,312,523
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Total Recordkeeping and Disclosures........... ............ ............ ............ ............ ............ ............ 6,512,523
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4. Regulation Z
The TILA 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. Regulation Z, promulgated by
the Board of Governors of the Federal Reserve System, establishes both
recordkeeping and disclosure requirements to assist consumers and the
enforcement of the TILA. The FTC enforces the TILA as to all creditors
except those that are subject to the regulatory authority of another
federal agency (such as federally chartered or insured depository
institutions).
Estimated annual hours burden. 46,412,000 hours (1,000,000
recordkeeping hours + 45,412,000 disclosure hours).
Recordkeeping: FTC staff estimates that Regulation Z's
recordkeeping requirements affect approximately 1,000,000 firms
offering credit and subject to the Commission's jurisdiction, at an
average annual burden of one hour per firm, for a total of 1,000,000
hours.
Disclosure: Regulation Z disclosure requirements pertain to open-
end and closed-end credit. As noted above, the Regulation applies to a
highly diverse group of entities, including retailers (such as
department stores, appliance stores, discount retailers, medical-dental
service providers, home improvement sellers, and newly-emerging
electronic commerce retail operators); mortgage companies; finance
companies; credit advertisers; auto dealerships; student loan
companies; home fuel or power services (for furnaces, stoves,
microwaves, and other heating, cooling or residential power equipment);
credit advertisers; and others. In some instances, where covered
entities may make certain required disclosures in the ordinary course
of business, the Regulation imposes no burden. In addition, some
entities have developed highly automated means of providing the
required disclosures, while others rely on methods requiring more
manual effort. Thus, the following burden estimates are averages based
on staff's best estimate of the burden incurred over an extremely broad
spectrum of covered entities.
[[Page 55942]]
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Setup/monitoring Transaction-related
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Average Total setup/ Average Total Total
Disclosure burden per monitoring Number of burden per transaction burden
Respondents respondent burden transactions transaction burden (hours)
(hours) (hours) (minutes) (hours)
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Open-end credit:
Initial terms........................................ 100,000 .5 50,000 50,000,000 .25 208,333 258,333
Rescission notices................................... 50,000 .5 25,000 100,000 .25 417 25,417
Change in terms...................................... 25,000 .5 12,500 136,000,000 .125 283,333 295,833
Periodic statements.................................. 200,000 .5 100,000 4,800,000,000 .0625 5,000,000 5,100,000
Error resolution..................................... 100,000 .5 50,000 10,000,000 5 833,333 883,333
Credit and charge card accounts...................... 100,000 1 100,000 50,000,000 .25 208,333 308,333
Home equity lines of credit.......................... 100,000 1 100,000 5,000,000 .25 20,833 120,833
Advertising.......................................... 250,000 .25 62,500 700,000 .5 5,833 68,333
Closed-end credit:
Credit disclosures................................... 800,000 .50 400,000 330,000,000 2 11,000,000 11,400,000
Rescission notices................................... 200,000 .50 100,000 34,000,000 1 566,667 666,667
Variable rate mortgages.............................. 100,000 .50 50,000 1,800,000 2 60,000 110,000
High rate/high fee mortgages......................... 100,000 .50 50,000 500,000 2 16,667 66,667
Reverse mortgages.................................... 50,000 .50 25,000 150,000 1 2,500 27,500
Advertising.......................................... 500,000 .25 125,000 1,000,000 1 16,667 141,667
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Total open-end credit............................ ........... ........... ........... ............... ........... ........... 7,060,415
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Total closed-end credit.......................... ........... ........... ........... ............... ........... ........... 12,412,501
========================================================================================================================================================
Total credit..................................... ........... ........... ........... ............... ........... ........... 19,472,916
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Estimated annual cost burden: $458,877,000, rounded.
Staff calculated labor costs by applying appropriate hourly cost
figures to the burden hours described above. The hourly rates used
below ($50 for managerial or professional time, $20 for skilled
technical time, and $10 for clerical time) are averages.
Recordkeeping: For the 1,000,000 recordkeeping hours, staff
estimates that 10 percent of the burden hours require skilled technical
time and 90 percent require clerical time. As shown below, the total
recordkeeping cost is $11,000,000.
Disclosure: For each notice or information item listed, staff
estimates that 10 percent of the burden hours require managerial time
and 90 percent require skilled technical time. As shown below, the
total disclosure cost is $447,877,068.
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Managerial Skilled Technical Clerical
------------------------------------------------------------------------------ Total Cost
Required task Time Cost ($50/ Time Cost ($20/ Time Cost ($10/ ($)
(hours) hr.) (hours) hr.) (hours) hr.)
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Recordkeeping................................................ 0 $0 100,000 $2,000,000 900,000 $9,000,000 $11,000,000
Open-end credit Disclosures:
Initial terms............................................ 25,833 1,291,665 232,500 4,649,994 0 0 5,941,659
Rescission notices....................................... 2,542 127,085 22,875 457,506 0 0 584,591
Change in terms.......................................... 29,583 1,479,165 266,250 5,324,994 0 0 6,804,159
Periodic statements...................................... 510,000 25,500,000 4,590,000 91,800,000 0 0 117,300,000
Error resolution......................................... 88,333 4,416,665 795,000 15,899,994 0 0 20,316,659
Credit and charge card accounts.......................... 30,833 1,541,665 277,500 5,549,994 0 0 7,091,659
Home equity lines of credit.............................. 12,083 604,165 108,750 2,174,994 0 0 2,779,159
Advertising.............................................. 6,833 341,665 61,500 1,229,994 0 0 1,571,659
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Total open-end credit................................ ........... ........... ........... ........... ........... ........... 162,389,545
Closed-end credit Disclosures:
Credit disclosures....................................... 1,140,000 57,000,000 10,260,000 205,200,000 0 0 262,200,000
Rescission notices....................................... 66,667 3,333,335 600,000 12,000,006 0 0 15,333,341
Variable rate mortgages.................................. 11,000 550,000 99,000 1,980,000 0 0 2,530,000
High rate/high fee mortgages............................. 6,667 333,335 60,000 1,200,006 0 0 1,533,341
Reverse mortgages........................................ 2,750 137,500 24,750 495,000 0 0 632,500
Advertising.............................................. 14,167 708,335 127,500 2,550,006 0 0 3,258,341
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Total open-end credit................................ ........... ........... ........... ........... ........... ........... 258,487,523
==========================================================================================
Total Disclosures.................................... ........... ........... ........... ........... ........... ........... 447,877,068
Total Recordkeeping and Disclosures:................. ........... ........... ........... ........... ........... ........... 458,877,068
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[[Page 55943]]
Debra A. Valentine,
General Counsel.
[FR Doc. 99-27007 Filed 10-14-99; 8:45 am]
BILLING CODE 6750-01-M