[Federal Register Volume 65, Number 75 (Tuesday, April 18, 2000)]
[Notices]
[Pages 20822-20823]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-9677]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

SUMMARY:  

Background

    Notice is hereby given of the final approval of a proposed 
information collection by the Board of Governors of the Federal Reserve 
System (Board) under OMB delegated authority, as per 5 CFR 1320.16 (OMB 
Regulations on Controlling Paperwork Burdens on the Public). Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. Copies 
of the OMB 83-Is and supporting statements and approved collection of 
information instrument(s) 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 control number.

FOR FURTHER INFORMATION CONTACT: Chief, Financial Reports Section--Mary 
M. West--Division of Research and Statistics, Board of Governors of the 
Federal Reserve System, Washington, DC 20551 (202-452-3829), OMB Desk 
Officer--Alexander T. Hunt--Office of Information and Regulatory 
Affairs, Office of Management and Budget, New Executive Office 
Building, Room 3208, Washington, DC 20503 (202-395-7860).

Final Approval Under OMB Delegated Authority of the Extension for 
Three Years, Without Revision, of the Following Report

    1. Report title: The Recordkeeping and Disclosure Requirements in 
Connection with Regulation Z (Truth in Lending).
    Agency form number: unnum Reg Z.
    OMB Control Number: 7100-0199.
    Frequency: Event-generated.
    Reporters: State Member Banks.
    Annual reporting hours: 1,863,754 hours.
    Estimated average hours per response: Open-end credit: initial 
terms 2.5 minutes, change in terms 1 minute; Periodic statement 45 
seconds; Error resolution 15 minutes; Credit and charge card accounts: 
Advance disclosures 10 seconds, renewal notice 5 seconds, insurance 
notice 15 seconds; Home equity plans: advance disclosure 2 minutes, 
change in terms 2 minutes; Closed-end credit disclosures 6.4 minutes; 
Advertising 30 minutes.

[[Page 20823]]

    Number of respondents: 988.
    Small businesses are affected.
    General description of report: Title I of the Consumer Credit 
Protection Act (15 U.S.C. 1601 et seq.) authorizes the Board to issue 
regulations to carry out the provisions of the Consumer Credit 
Protection Act (15 U.S.C. 1604(a)). Since the Federal Reserve does not 
collect any information, no issue of confidentiality arises. 
Transaction-or account-specific disclosures and billing error 
allegations are not publicly available and are confidential between the 
creditor and consumer. Abstract: Regulation Z (12 CFR part 226) 
implements the Truth in Lending Act (15 U.S.C. 1601 et seq.). The act 
and regulation ensure adequate disclosure of the costs and terms of 
credit to consumers on an event-generated basis. For open-end credit 
(revolving credit accounts), creditors are required to disclose 
information about the initial costs and terms and to provide periodic 
statements of account activity, notices of change in terms, and 
statements of rights concerning billing error procedures. The 
regulation also requires specific types of disclosures for credit and 
charge card accounts, and home equity plans. For closed-end loans (such 
as mortgage and installment loans) cost disclosures are required to be 
provided prior to consummation. Specific products trigger special 
disclosures, such as reverse mortgages, certain variable rate loans, 
and certain mortgages with rates and fees above a specific amount. 
Regulation Z also contains rules concerning credit advertising. 
Creditors are required to retain records as evidence of compliance with 
Regulation Z for twenty-four months (subpart D, section 226.25).

Board of Governors of the Federal Reserve System, April 13, 2000.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 00-9677 Filed 4-17-00; 8:45 am]
BILLING CODE 6210-01-P