[Federal Register Volume 82, Number 234 (Thursday, December 7, 2017)]
[Notices]
[Pages 57751-57756]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-26424]


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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.

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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.
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[[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)).
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[[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