[Federal Register Volume 83, Number 34 (Tuesday, February 20, 2018)]
[Notices]
[Pages 7179-7183]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-03426]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Submission for OMB 
Review; Comment Request (3064-0082)

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: 30-Day notice and request for comment.

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SUMMARY: The Federal Deposit Insurance Corporation (FDIC) will submit 
the following information collection request to the Office of 
Management and Budget (OMB) for review and approval in accordance with 
the Paperwork Reduction Act of 1995. The proposed information 
collection was previously published in the Federal Register on December 
7, 2017, allowing for a 60-day comment period.

DATES: Comments are encouraged and will be accepted for an additional 
30 days until March 22, 2018.

ADDRESSES: Interested parties are invited to submit written comments to 
the FDIC by any of the following methods:
     https://www.FDIC.gov/regulations/laws/federal.
     Email: [email protected]. Please include the name and OMB 
control number of the relevant information collection in the subject 
line of the message.
     Mail: Manny Cabeza, Counsel, Room MB-3007, Federal Deposit 
Insurance Corporation, 550 17th Street NW, Washington, DC 20429.

[[Page 7180]]

     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. 
Written comments and/or suggestions can also be directed to the Office 
of Management and Budget, Office of Information and Regulatory Affairs, 
attention FDIC Desk Officer, New Executive Office Building, Washington, 
DC 20503 or sent to [email protected].

FURTHER INFORMATION CONTACT: If you have additional comments, 
particularly with respect to the estimated public burden or associated 
response time, have suggestions, need a copy of any proposed 
information collection instrument and instructions, or desire any other 
additional information, please contact Manny Cabeza, Counsel, FDIC 
Legal Division either by mail at Room MB-3007, Federal Deposit 
Insurance Corporation, 550 17th Street NW, Washington, DC 20429; by 
email at [email protected]; or by telephone at (202) 898-3767.

SUPPLEMENTARY INFORMATION: Written comments and suggestions from the 
public and affected agencies concerning the proposed collection of 
information are encouraged. All comments received will become a matter 
of public record. Your comments should address one or more of the 
following four points:

--Evaluate whether the proposed collection of information is necessary 
for the proper performance of the functions of the agency, including 
whether the information has practical utility;
--Evaluate the accuracy of the agency's estimate of the burden of the 
proposed information collection, including the validity of the 
methodology and assumptions used;
--Evaluate whether and if so, how, the quality, utility, and clarity of 
the information to be collected can be enhanced; and
--Ways to minimize the burden of the information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology.

Overview of the Information Collection Request

    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 by the FDIC 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: The total estimated annual burden is 2,395,630 
hours (36 hours estimated implementation burden, plus 2,395,594 hours 
estimated ongoing burden). The burden estimate is detailed on the 
following tables:

                                                        Implementation (One-Time) Burden Estimate
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                          Estimated                                             Total
                                                                             Estimated     average                               Estimated    estimated
                                             Obligation to  respond/type     number of    number of    Frequency    Number of     time per      annual
                                                      of burden             respondents     credit    of response   responses     response      burden
                                                                                \1\        accounts                              (minutes)     (hours)
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                                                                Open-End Credit Products
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                                                      Not Home-Secured Open-End Credit Plans
                                                         [cir] Credit and Charge Card Provisions
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Timely Settlement of Estate Debts           Mandatory Recordkeeping......             1          N/A            1            1       480.00            8
 (1026.11(c)(1)) Written Policies and
 Procedures.
Ability to Pay (1026.51(a)(ii)) Written     Mandatory Recordkeeping......             1          N/A            1            1       480.00            8
 Policies and Procedures.
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                         Mortgage Products (Open and Closed-End)
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                              Valuation Independence
                                                                [cir] Mandatory Reporting
--------------------------------------------------------------------------------------------------------------------------------------------------------
Implementation of Policies and Procedures   MandatoryRecordkeeping.......             1          N/A            1            0     1,200.00           20
 (1026.42(g)).
                                           -------------------------------------------------------------------------------------------------------------
    Total Estimated Implementation Burden.  .............................  ............  ...........  ...........  ...........  ...........           36
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[[Page 7181]]

 
                                                                 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
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Credit and Charge Card Applications and     Mandatory Disclosure.........           634          N/A            1          634       480.00        5,072
 Solicitations (1026.60).
Account Opening Disclosures (1026.6(b))...  Mandatory Disclosure.........           634          N/A            1          634       720.00        7,608
Periodic Statements (1026.7(b))...........  Mandatory Disclosure.........           634          N/A           12        7,608       480.00       60,864
Annual Statement of Billing Rights          Mandatory Disclosure.........           317          N/A            1          317       480.00        2,536
 (1026.9(a)(1)).
Alternative Summary Statement of Billing    Voluntary Disclosure.........           317          N/A           12        3,804       480.00       30,432
 Rights (1026.9(a)(2)).
Change in Terms Disclosures (1026.9(b)      Mandatory Disclosure.........           634          N/A            1          634       480.00        5,072
 through (h)).
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                                                         [cir] Credit and Charge Card Provisions
--------------------------------------------------------------------------------------------------------------------------------------------------------
Timely Settlement of Estate Debts           Mandatory Disclosure.........           634          428            1      271,352         5.00       22,613
 (1026.11(c)(2)).
Ability to Pay (1026.51)..................  Mandatory Recordkeeping......           634          N/A            1          634       720.00        7,608
College Student Credit Annual Report        Mandatory Reporting..........           634          N/A            1          634       480.00        5,072
 (1026.57(d)).
Submission of Credit Card Agreements        Mandatory Reporting..........           634          N/A            4        2,536       180.00        7,608
 (1026.58(c)).
Internet Posting of Credit Card Agreements  Mandatory Disclosure.........           634          N/A            4        2,536       360.00       15,216
 (1026.58(d)).
Individual Credit Card Agreements           Mandatory Disclosure.........           634          125            1       79,250        15.00       19,813
 (1026.58(e)).
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                                                    Home Equity Open-End Credit Plans (HELOC)
                                                        [cir] General Disclosure Rules for HELOCs
--------------------------------------------------------------------------------------------------------------------------------------------------------
Application Disclosures (1026.40).........  Mandatory Disclosure.........         2,717          N/A            1        2,717       720.00       32,604
Account Opening Disclosures (1026.6(a))...  Mandatory Disclosure.........         2,717          N/A            1        2,717       720.00       32,604
Periodic Statements (1026.7(a))...........  Mandatory Disclosure.........         2,717          N/A            1        2,717       480.00       21,736
Annual Statement of Billing Rights          Mandatory Disclosure.........         2,717          N/A            1        2,717       480.00       21,736
 (1026.9(a)(1)).
Alternative Summary Statement of Billing    Voluntary Disclosure.........         2,717          N/A            1        2,717       480.00       21,736
 Rights (1026.9(a)(2)).
Change in Terms Disclosures (1026.9(b)      Mandatory Disclosure.........         2,717          N/A            1        2,717       480.00       21,736
 through (h)).
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)).
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                                                            All Open-End Credit Plans
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Error Resolution (1026.13)................  Mandatory Disclosure.........         3,624        2,963            1   10,737,912          1.0      178,965
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                                                            Closed-End Credit Products
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                                                       General Rules for Closed-End Credit
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Other than Real Estate, Home-Secured and    Mandatory Disclosure.........             1          N/A            1            1       720.00           12
 Private Education Loans (1026.17 and .18).
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                                                               Closed-End Mortgages
                                                           [cir] Application and Consummation
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Loan Estimate (1026.19(e); and .37).......  Mandatory Disclosure.........         3,628          N/A            1        3,628       480.00       29,024
Closing Disclosure (1026.19(f); and .38)..  Mandatory Disclosure.........         3,628          N/A            1        3,628       480.00       29,024
Record Retention of Disclosures             Mandatory Recordkeeping......         3,628          N/A            1        3,628        18.00        1,088
 (1026.19(e), (f); .37; and .38).
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                                                           [cir] Post-Consummation Disclosures
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Interest Rate and Payment Summary           Mandatory Disclosure.........         3,628          N/A            1        3,628     2,400.00      145,120
 (1026.18(s)).
No Guarantee to Refinance Statement         Mandatory Disclosure.........         3,628          N/A            1        3,628       480.00       29,024
 (1026.18(t)).
ARMs Rate Adjustments with Payment Change   Mandatory Disclosure.........         3,628          N/A            1        3,628        90.00        5,442
 Disclosures (1026.20(c)).
Initial Rate Adjustment Disclosure for      Mandatory Disclosure.........         3,628          N/A            1        3,628       120.00        7,256
 ARMs (1026.20(d)).
Escrow Cancellation Notice (1026.20(e))...  Mandatory Disclosure.........         3,628          N/A            1        3,628       480.00       29,024

[[Page 7182]]

 
Periodic Statements (1026.41).............  Mandatory Disclosure.........         3,628          N/A            1        3,628       480.00       29,024
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                                                           [cir] Ability to Repay Requirements
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Minimum Standards (1026.43(c) through (f))  Mandatory Recordkeeping......         3,628          926            1    3,359,528        15.00      839,882
Prepayment Penalties (1026.43(g)).........  Mandatory Disclosure.........         3,628           16            1       58,048        12.00       11.610
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                                                         Mortgage Products (Open and Closed-End)
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                          Mortgage Servicing Disclosures
                                                                 [cir] Payoff Statements
--------------------------------------------------------------------------------------------------------------------------------------------------------
Payoff Statements (1026.36(c)(3)).........  Mandatory Disclosure.........         3,628          N/A            1        3,628       480.00       29,024
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                                                            [cir] Notice of Sale or Transfer
--------------------------------------------------------------------------------------------------------------------------------------------------------
Notice of Sale or Transfer (1026.39)......  Mandatory Disclosure.........         3,628          N/A            1        3,628       480.00       29,204
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                                                              Valuation Independence
                                                                [cir] Mandatory Reporting
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Reporting Appraiser Noncompliance           Mandatory Reporting..........         3,628            1            1        3,628        10.00          605
 (1026.42(g)).
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                                                             Reverse and High-Cost Mortgages
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                                                                Reverse Mortgages
                                                           [cir] Reverse Mortgage Disclosures
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Reverse Mortgage Disclosures                Mandatory Disclosure.........            14          N/A            1           14     1,440.00          336
 (1026.31(c)(2) and .33).
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                                                             High-Cost Mortgage Loans
                                                           [cir] HOEPA Disclosures and Notice
--------------------------------------------------------------------------------------------------------------------------------------------------------
HOEPA Disclosures and Notice (1026.32(c)..  Mandatory Disclosure.........         3,628          N/A            1        3,628        14.00          847
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                                                                 Private Education Loans
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                                                               Initial Disclosures
                                                     [cir] Application and Solicitation Disclosures
--------------------------------------------------------------------------------------------------------------------------------------------------------
Application or Solicitation Disclosures     Mandatory Disclosure.........         3,561          N/A            1        3,561     3,600.00      213,660
 (1026.47(a)).
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                                                               [cir] Approval Disclosures
--------------------------------------------------------------------------------------------------------------------------------------------------------
Approval Disclosures (1026.47(b)).........  Mandatory Disclosure.........         3,561          N/A            1        3,561     3,600.00      213,660
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                 [cir] Final Disclosures
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Final Disclosures (1026.47(c))............  Mandatory Disclosure.........         3,561          N/A            1        3,561      3600.00      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
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                 [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 (1026.25).........  Mandatory Recordkeeping......         3,652          N/A            1        3,652        18.00        1,096
                                           -------------------------------------------------------------------------------------------------------------
    Total Estimated Ongoing Burden........  .............................  ............  ...........  ...........  ...........  ...........    2,395,594
                                           -------------------------------------------------------------------------------------------------------------
    Total Estimated Annual Burden.........  .............................  ............  ...........  ...........  ...........  ...........    2,395,630
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\1\ 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 Ongoing Burden Estimate table. 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.



[[Page 7183]]

    Dated at Washington, DC, this 14th day of February 2018.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2018-03426 Filed 2-16-18; 8:45 am]
 BILLING CODE 6714-01-P