[Federal Register Volume 86, Number 72 (Friday, April 16, 2021)]
[Notices]
[Pages 20156-20158]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-07763]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, with revision, 
the reporting, recordkeeping, and disclosure requirements associated 
with the Truth in Lending Act (TILA), implemented by Regulation Z (FR 
Z; OMB No. 7100-0199).

DATES: Comments must be submitted on or before June 15, 2021.

ADDRESSES: You may submit comments, identified by FR Z, by any of the 
following methods:
     Agency Website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include the OMB 
number in the subject line of the message.
     Fax: (202) 452-3819 or (202) 452-3102.
     Mail: Ann E. Misback, Secretary, Board of Governors of the 
Federal Reserve System, 20th Street and Constitution Avenue NW, 
Washington, DC 20551.
    All public comments are available from the Board's website at 
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as 
submitted, unless modified for technical reasons or to remove 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any identifying or 
contact information. Public comments may also be viewed electronically 
or in paper in Room 146, 1709 New York Avenue NW, Washington, DC 20006, 
between 9:00 a.m. and 5:00 p.m. on weekdays. For security reasons, the 
Board requires that visitors make an appointment to inspect comments. 
You may do so by calling (202) 452-3684. Upon arrival, visitors will be 
required to present valid government-issued photo identification and to 
submit to security screening in order to inspect and photocopy 
comments.
    Additionally, commenters may send a copy of their comments to the 
Office of Management and Budget (OMB) Desk Officer--Shagufta Ahmed--
Office of Information and Regulatory Affairs, Office of Management and 
Budget, New

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Executive Office Building, Room 10235, 725 17th Street NW, Washington, 
DC 20503, or by fax to (202) 395-6974.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, Washington, DC 20551, (202) 
452-3829.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the PRA to approve and assign OMB control numbers to 
collections of information conducted or sponsored by the Board. In 
exercising this delegated authority, the Board is directed to take 
every reasonable step to solicit comment. In determining whether to 
approve a collection of information, the Board will consider all 
comments received from the public and other agencies.
    A copy of the Paperwork Reduction Act (PRA) OMB submission, 
including the reporting form and instructions, supporting statement, 
and other documentation will be available at https://www.reginfo.gov/public/do/PRAMain, if approved. These documents will also be made 
available on the Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears above.

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Board's functions, including whether the 
information has practical utility;
    b. The accuracy of the Board's estimate of the burden of the 
proposed 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;
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    e. Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Board 
should modify the proposal.

Proposal Under OMB Delegated Authority To Extend for Three Years, With 
Revision, the Following Information Collection

    Report title: Recordkeeping and Disclosure Requirements Associated 
with
    Truth in Lending (Regulation Z).\1\
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    \1\ Truth in Lending Act (TILA) is codified at 15 U.S.C. 1601 et 
seq. Regulation Z is published by the Board at 12 CFR part 226 and 
by the Consumer Financial Protection Bureau (Bureau) at 12 CFR part 
1026.
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    Agency form number: FR Z.
    OMB control number: 7100-0199.
    Frequency: Annually, on occasion.
    Respondents: The FR Z panel comprises state member banks with 
assets of $10 billion or less that are not affiliated with an insured 
depository institution with assets over $10 billion (irrespective of 
the consolidated assets of any holding company); non-depository 
affiliates of such state member banks; and non-depository affiliates of 
bank holding companies that are not affiliated with an insured 
depository institution with assets over $10 billion.\2\ However, the 
Consumer Financial Protection Bureau (Bureau) and the Federal Trade 
Commission (FTC) also have administrative enforcement authority over 
nondepository institutions for Regulation Z.\3\ Accordingly, the Bureau 
allocates to itself half of the estimated burden to non-depository 
institutions, with the other half allocated to the FTC.\4\
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    \2\ See, e.g., 12 U.S.C. 5515-5516.
    \3\ See 12 U.S.C. 5514-5516.
    \4\ See, e.g., 78 FR 6408, 6481 (January 30, 2013); 78 FR 11280, 
11408 (February 15, 2013); 78 FR 79730, 80100 (December 31, 2013).
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    The Board's ability to reduce regulatory burden for small entities 
under Regulation Z is limited because, as noted, the Dodd-Frank Act 
transferred rule writing authority for Board-supervised institutions 
under Regulation Z to the Bureau. Nonetheless, the Board has taken 
steps to minimize burden on small entities through tailored 
supervision, including through a risk-focused consumer compliance 
supervision program and an examination frequency policy that provides 
for lengthened time between examinations for institutions with a lower 
risk profile.
    The Board allocates to itself all estimated burden to state member 
banks with assets of $10 billion or less that are not affiliated with 
an insured depository institution with assets over $10 billion.
    Estimated number of respondents: Open-end (not home-secured 
credit): Applications and solicitations, 161; Account opening 
disclosures, Periodic statements, and Change-in-terms disclosures, 516; 
Timely settlement of estate debts policies, Timely settlement of estate 
debts--account information to estate administrator, and Ability to pay 
policies, 161; Open-End Credit--Home Equity Plans: Application 
disclosures, Account opening disclosures, Periodic statements, Change-
in-terms disclosures, and Notices to restrict credit, 596; All Open-End 
Credit: Error resolution--credit cards, 161; Closed-End Credit--Non-
Mortgage: Closed-end credit disclosures, 741; Closed-End Credit--
Mortgage: Interest rate and payment summary and ``no-guarantee-to-
refinance'' statement, 300; and, Loan estimate, Closing disclosure, ARM 
disclosures, Initial rate adjustment notice, Periodic statements, 
Periodic statements in bankruptcy (one time), Periodic statements in 
bankruptcy (ongoing), Post-consummation disclosures for successors in 
interest (one time), and Post-consummation disclosures for successors 
in interest (ongoing), 757; Open and Closed-End Mortgage: Pay off 
statements and Mortgage transfer disclosure, 757; Certain Home Mortgage 
Types: Reverse mortgage disclosures, 4; HOEPA disclosures and HOEPA 
receipt of certification of counseling for high-cost mortgages, 32; and 
Appraisals for higher-priced mortgage loans: Review and provide copy of 
initial appraisal, Investigate and verify requirement for additional 
appraisal, and Review and provide copy of additional appraisal, 674; 
Private Education Loans: Private student loan disclosures, 24; and 
Advertising Rules (all credit types): Advertising rules, 758.
    Estimated average hours per response: Open-end (not home-secured 
credit): Applications and solicitations, 0.0014; Account opening 
disclosures, 0.003; Periodic statements and Change-in-terms 
disclosures, 0.017; Timely settlement of estate debts policies, 0.75; 
Timely settlement of estate debts--account information to estate 
administrator, 0.003; and Ability to pay policies, 0.75; Open-End 
Credit--Home Equity Plans: Application disclosures, 0.003; Account 
opening disclosures, Periodic statements, Change-in-terms disclosures, 
and Notices to restrict credit, 0.017; All Open-End Credit: Error 
resolution--credit cards, 0.5; Closed-End Credit--Non-Mortgage: Closed-
end credit disclosures, 0.017; Closed-End Credit--Mortgage: Interest 
rate and payment summary and ``no-guarantee-

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to-refinance'' statement, Loan estimate, and Closing disclosure, 0.017; 
ARM disclosures and Initial rate adjustment notice, 0.003; Periodic 
statements, 0.017; Periodic statements in bankruptcy (one time), 16.5; 
Periodic statements in bankruptcy (ongoing), 0.017; Post-consummation 
disclosures for successors in interest (one time), 16.5; and Post-
consummation disclosures for successors in interest (ongoing), 0.17; 
Open and Closed-End Mortgage: Pay off statements, 0.017; and Mortgage 
transfer disclosure, 0.003; Certain Home Mortgage Types: Reverse 
mortgage disclosures, and HOEPA disclosures, 0.017; HOEPA receipt of 
certification of counseling for high-cost mortgages, 0.003; and 
Appraisals for higher-priced mortgage loans: Review and provide copy of 
initial appraisal, Investigate and verify requirement for additional 
appraisal, and Review and provide copy of additional appraisal, 0.25; 
Private Education Loans: Private student loan disclosures, 0.003; and 
Advertising Rules (all credit types): Advertising rules, 0.417.
    Estimated annual burden hours: Open-end (not home-secured credit): 
Applications and solicitations, 89; Account opening disclosures, 853; 
Periodic statements, 150,343; Change-in-terms disclosures, 12,526; 
Timely settlement of estate debts policies, 121; Timely settlement of 
estate debts--account information to estate administrator, 4; and 
Ability to pay policies, 121; Open-End Credit--Home Equity Plans: 
Application disclosures, 885; Account opening disclosures, 3,445; 
Periodic statements, 54,105; Change-in-terms disclosures, 902; and 
Notices to restrict credit, 730; All Open-End Credit: Error 
resolution--credit cards, 1,047; Closed-End Credit--Non-Mortgage: 
Closed-end credit disclosures, 2,305; Closed-End Credit--Mortgage: 
Interest rate and payment summary and ``no-guarantee-to-refinance'' 
statement, 128; Loan estimate, 6,756; Closing disclosure, 4,967; ARM 
disclosures, 34; Initial rate adjustment notice, 20; Periodic 
statements, 7,335; Periodic statements in bankruptcy (one time), 
12,491; Periodic statements in bankruptcy (ongoing), 77; Post-
consummation disclosures for successors in interest (one time), 12,491; 
and Post-consummation disclosures for successors in interest (ongoing), 
129; Open and Closed-End Mortgage: Pay off statements, 373; and 
Mortgage transfer disclosure, 89; Certain Home Mortgage Types: Reverse 
mortgage disclosures, 8; HOEPA disclosures, 1; HOEPA receipt of 
certification of counseling for high-cost mortgages, 0; Appraisals for 
higher-priced mortgage loans: Review and provide copy of initial 
appraisal, 4,887; Investigate and verify requirement for additional 
appraisal, 4,887; and Review and provide copy of additional appraisal, 
202; Private Education Loans: Private student loan disclosures, 123; 
and Advertising Rules (all credit types): Advertising rules, 1,580.
    General description of report: The Truth in Lending Act (TILA) and 
Regulation Z promote the informed use of credit to consumers for 
personal, family, or household purposes by requiring disclosures about 
its terms and costs, as well as ensure that consumers are provided with 
timely information on the nature and costs of the residential real 
estate settlement process.
    Proposed revisions: The Board proposes to revise FR Z to: (1) Add 
burden related to disclosure requirements in rules issued by the Bureau 
since the Board's last Paperwork Reduction Act (PRA) submission, as 
well as for one information collection for which the Bureau estimates 
burden but the Board previously did not; (2) break out and clarify 
burden estimates that were previously consolidated; and (3) eliminate 
burden associated with certain requirements because the Bureau accounts 
for burden for the entire industry, or because the burden is now deemed 
de minimis or a part of an institution's usual and customary business 
practices.
    Legal authorization and confidentiality: The disclosure, 
recordkeeping, and other requirements of Regulation Z are authorized by 
TILA, which directs the Bureau and, for certain lenders, the Board to 
issue regulations implementing the statute. The obligation to respond 
is mandatory.
    The disclosures, records, policies and procedures required by 
Regulation Z are not required to be submitted to the Board. To the 
extent such information is obtained by the Board through the 
examination process, they may be kept confidential under exemption 8 of 
the Freedom of Information Act, which protects information contained in 
or related to an examination of a financial institution.\5\
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    \5\ 5 U.S.C. 552(b)(8).
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    Consultation outside the agency: The Board consulted with the 
Bureau regarding the estimated burden of this information collection.

    Board of Governors of the Federal Reserve System, April 12, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-07763 Filed 4-15-21; 8:45 am]
BILLING CODE 6210-01-P