[Federal Register Volume 86, Number 93 (Monday, May 17, 2021)]
[Notices]
[Pages 26725-26733]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-10285]


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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: In accordance with the Paperwork Reduction Act of 1995 
(``PRA''), the Federal Trade Commission (``FTC'' or ``Commission'') is 
seeking public comment on its proposal to extend for an additional 
three years the Office of Management and Budget clearances for 
information collection requirements in Regulations B, E, M, and Z, 
which are enforced by the Commission. These clearances expire on 
September 30, 2021.

DATES: Comments must be filed by July 16, 2021.

[[Page 26726]]


ADDRESSES: Interested parties may file a comment online or on paper, by 
following the instructions in the Request for Comment part of the 
SUPPLEMENTARY INFORMATION section below. Write ``Regs BEMZ, PRA 
Comments, P084812'' on your comment and file your comment online at 
https://www.regulations.gov, by following the instructions on the web-
based form. If you prefer to file your comment on paper, mail your 
comment to the following address: Federal Trade Commission, Office of 
the Secretary, 600 Pennsylvania Avenue NW, Suite CC-5610 (Annex J), 
Washington, DC 20580, or deliver your comment to the following address: 
Federal Trade Commission, Office of the Secretary, Constitution Center, 
400 7th Street SW, 5th Floor, Suite 5610 (Annex J), Washington, DC 
20024.

FOR FURTHER INFORMATION CONTACT: Carole Reynolds or Stephanie 
Rosenthal, Attorneys, Division of Financial Practices, Bureau of 
Consumer Protection, Federal Trade Commission, 600 Pennsylvania Ave. 
NW, Washington, DC 20580, (202) 326-3224.

SUPPLEMENTARY INFORMATION: The four regulations covered by this notice 
are:
    (1) Regulations promulgated under the Equal Credit Opportunity Act, 
15 U.S.C. 1691 et seq. (``ECOA'') (``Regulation B'') (OMB Control 
Number: 3084-0087);
    (2) Regulations promulgated under the Electronic Fund Transfer Act, 
15 U.S.C. 1693 et seq. (``EFTA'') (``Regulation E'') (OMB Control 
Number: 3084-0085);
    (3) Regulations promulgated under the Consumer Leasing Act, 15 
U.S.C. 1667 et seq. (``CLA'') (``Regulation M'') (OMB Control Number: 
3084-0086); and
    (4) Regulations promulgated under the Truth-In-Lending Act, 15 
U.S.C. 1601 et seq. (``TILA'') (``Regulation Z'') (OMB Control Number: 
3084-0088).
    Type of Review: Extension without change of currently approved 
collection.
    Affected Public: Private Sector: Businesses and other for-profit 
entities.
    Discussion: Under the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (``Dodd-Frank Act''), Public Law 111-203, 124 Stat. 1376 
(2010), almost all rulemaking authority for the ECOA, EFTA, CLA, and 
TILA transferred from the Board of Governors of the Federal Reserve 
System (Board) to the Consumer Financial Protection Bureau (CFPB) on 
July 21, 2011 (``transfer date''). To implement this transferred 
authority, the CFPB published new regulations in 12 CFR part 1002 
(Regulation B), 12 CFR part 1005 (Regulation E), 12 CFR part 1013 
(Regulation M), and 12 CFR part 1026 (Regulation Z) for those entities 
under its rulemaking jurisdiction.\1\ Although the Dodd-Frank Act 
transferred most rulemaking authority under ECOA, EFTA, CLA, and TILA 
to the CFPB, the Board retained rulemaking authority for certain motor 
vehicle dealers \2\ under all of these statutes and also for certain 
interchange-related requirements under EFTA.\3\
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    \1\ 12 CFR pt. 1002 (Reg. B) (81 FR 25323, Apr. 28, 2016); 12 
CFR pt. 1005 (Reg. E) (81 FR 25323, Apr. 28, 2016) 12 CFR pt. 1013 
(Reg. M) (81 FR 25323, Apr. 28, 2016); 12 CFR pt. 1026 (Reg. Z) (81 
FR 25323, Apr. 28, 2016).
    \2\ Generally, these are dealers ``predominantly engaged in the 
sale and servicing of motor vehicles, the leasing and servicing of 
motor vehicles, or both.'' See Dodd-Frank Act, Sec.  1029, 12 U.S.C. 
5519(a), (c).
    \3\ See Dodd-Frank Act, Sec.  1075, 15 U.S.C. 1693 (these 
requirements are implemented through Board Regulation II, 12 CFR pt. 
235, rather than EFTA's implementing Regulation E).
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    As a result of the Dodd-Frank Act, the FTC and the CFPB generally 
share the authority to enforce Regulations B, E, M, and Z for entities 
for which the FTC had enforcement authority before the Act, except for 
certain motor vehicle dealers.\4\ Because of this shared enforcement 
jurisdiction, the two agencies have divided the FTC's previously-
cleared PRA burden estimates between them,\5\ except that the FTC has 
assumed all of the burden estimates associated with motor vehicle 
dealers \6\ and state-chartered credit unions. The division of PRA 
burden hours not attributable to motor vehicle dealers and state-
chartered credit unions is reflected in the CFPB's PRA clearance 
requests to OMB, as well as in the FTC's burden estimates below.
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    \4\ The FTC's enforcement authority includes state-chartered 
credit unions; other federal agencies also have various enforcement 
authority over credit unions. For example, for large credit unions 
(exceeding $10 billion in assets), the CFPB has certain authority. 
The National Credit Union Administration also has certain authority 
for state-chartered federally insured credit unions, and it 
additionally provides insurance for certain state-chartered credit 
unions through the National Credit Union Share Insurance Fund and 
examines credit unions for various purposes. There are approximately 
three state-chartered credit unions exceeding $10 billion in assets, 
and the CFPB assumes PRA burden for those entities. As of the fourth 
quarter of 2020, there were approximately 2,126 state-chartered 
credit unions--1,914 which were federally insured, an estimated 112 
or more which were privately insured, and an estimated 100 or more 
in Puerto Rico which were insured by a quasi-governmental entity. 
Because of the difficulty in parsing out PRA burden for such 
entities in view of the overlapping authority, the FTC's figures 
include PRA burden for all state-chartered credit unions. However, 
in view of fluctuations due to COVID-19 and to avoid undercounting, 
we have retained the prior estimate of 2,300 state-chartered credit 
unions. As noted above, the CFPB's figures as to state-chartered 
credit unions include burden for those entities exceeding $10 
billion in assets. See generally Dodd-Frank Act, Sec. Sec.  1061, 
1025, 1026. This attribution does not change actual enforcement 
authority. We also have retained the prior burden hours generally in 
the estimates below, in view of these considerations.
    \5\ The CFPB also factors into its burden estimates respondents 
over which it has jurisdiction but the FTC does not.
    \6\ See Dodd-Frank Act Sec.  1029, 12 U.S.C. 5519(a), as limited 
by subsection (b) as to motor vehicle dealers. Subsection (b) does 
not preclude CFPB regulatory oversight regarding, among others, 
businesses that extend retail credit or retail leases for motor 
vehicles in which the credit or lease offered is provided directly 
from those businesses, rather than unaffiliated third parties, to 
consumers. It is not practicable, however, for PRA purposes, to 
estimate the portion of dealers that engage in one form of financing 
versus another (and that would or would not be subject to CFPB 
oversight). Thus, FTC staff's PRA burden analysis reflects a general 
estimated volume of motor vehicle dealers. This attribution does not 
change actual enforcement authority.
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    Pursuant to the Dodd-Frank Act, the FTC generally has sole 
authority to enforce Regulations B, E, M, and Z regarding certain motor 
vehicle dealers predominantly engaged in the sale and servicing of 
motor vehicles, the leasing and servicing of motor vehicles, or both, 
that, among other things, assign their contracts to unaffiliated third 
parties.\7\ Because the FTC has exclusive jurisdiction to enforce these 
rules for such motor vehicle dealers and retains its concurrent 
authority with the CFPB for other types of motor vehicle dealers, and 
in view of the different types of motor vehicle dealers, the FTC 
retains the entire PRA burden for motor vehicle dealers in the burden 
estimates below.
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    \7\ See Dodd-Frank Act Sec.  1029, 12 U.S.C. 5519(a), (c).
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    The regulations impose certain recordkeeping and disclosure 
requirements associated with providing credit or with other financial 
transactions. Under the PRA, 44 U.S.C. 3501-3521, Federal agencies must 
get OMB approval for each collection of information they conduct or 
sponsor. ``Collection of information'' includes agency requests or 
requirements to submit reports, keep records, or provide information to 
a third party. See 44 U.S.C. 3502(3); 5 CFR 1320.3(c).
    All four of these regulations require covered entities to keep 
certain records, but FTC staff believes these records are kept in the 
normal course of business even absent the particular recordkeeping 
requirements.\8\ Covered entities, however, may incur some burden 
associated with ensuring that they do not prematurely dispose of 
relevant records (i.e., during the time

[[Page 26727]]

span they must retain records under the applicable regulation).
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    \8\ PRA ``burden'' does not include ``time, effort, and 
financial resources'' expended in the normal course of business, 
regardless of any regulatory requirement. See 5 CFR 1320.3(b)(2).
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    The regulations also require covered entities to make disclosures 
to third parties. Related compliance involves set-up/monitoring and 
transaction-specific costs. ``Set-up'' burden, incurred only by covered 
new entrants, includes identifying the applicable required disclosures, 
determining how best to comply, and designing and developing compliance 
systems and procedures. ``Monitoring'' burden, incurred by all covered 
entities, includes their time and costs to review changes to regulatory 
requirements, make necessary revisions to compliance systems and 
procedures, and to monitor the ongoing operation of systems and 
procedures to ensure continued compliance. ``Transaction-related'' 
burden refers to the time and cost associated with providing the 
various required disclosures in individual transactions, thus, 
generally, of much lesser magnitude than ``setup'' and ``monitoring'' 
burden. The FTC's estimates of transaction time and volume are intended 
as averages. The population of affected motor vehicle dealers is one 
component of a much larger universe of such entities.
    The required disclosures do not impose PRA burden on some covered 
entities because they make those disclosures in the normal course of 
business. For other covered entities that do not, their compliance 
burden will vary depending on the extent to which they have developed 
effective computer-based or electronic systems and procedures to 
communicate and document required disclosures.\9\
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    \9\ For example, large companies may use computer-based and/or 
electronic means to provide required disclosures, including issuing 
some disclosures en masse, e.g., notice of changes in terms. Smaller 
companies may have less automated compliance systems but may 
nonetheless rely on electronic mechanisms for disclosures and 
recordkeeping. Regardless of size, some entities may utilize 
compliance systems that are fully integrated into their general 
business operational system; if so, they may have minimal additional 
burden. Other entities may have incorporated fewer of these 
approaches into their systems and thus may have a higher burden.
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    The respondents included in the following burden calculations 
consist of, among others, credit and lease advertisers, creditors, 
owners (such as purchasers and assignees) of credit obligations, 
financial institutions, service providers, certain government agencies 
and others involved in delivering electronic fund transfers (``EFTs'') 
of government benefits, and lessors.\10\ The burden estimates represent 
FTC staff's best assessment, based on its knowledge and expertise 
relating to the financial services industry, of the average time to 
complete the aforementioned tasks associated with recordkeeping and 
disclosure. 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) EFT types used; (4) 
types and frequency of adverse actions taken; (5) types of appraisal 
reports utilized; and (6) computer systems and electronic features of 
compliance operations.
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    \10\ The Commission generally does not have jurisdiction over 
banks, thrifts, and federal credit unions under the applicable 
regulations.
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    The cost estimates that follow relate solely to labor costs, and 
they include the time necessary to train employees how to comply with 
the regulations. Staff calculated labor costs by multiplying 
appropriate hourly wages by the burden hours described above. The 
hourly wages used were $60 for managerial oversight, $44 for skilled 
technical services, and $18 for clerical work. These figures are 
averages drawn from Bureau of Labor Statistics data.\11\ Further, these 
cost estimates assume the following labor category apportionments, 
except where otherwise indicated below: Recordkeeping--10% skilled 
technical, 90% clerical; disclosure--10% managerial, 90% skilled 
technical.
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    \11\ These inputs are based broadly on mean hourly data found 
within the ``Bureau of Labor Statistics, Economic News Release,'' 
March 31, 2021, Table 1, ``National employment and wage data from 
the Occupational Employment and Wage Statistics survey by 
occupation, May 2020.'' http://www.bls.gov/news.release/ocwage.t01.htm.
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    The applicable PRA requirements impose minimal capital or other 
non-labor costs. Affected entities generally already have the necessary 
equipment for other business purposes. Similarly, FTC staff estimates 
that compliance with these rules entails minimal printing and copying 
costs beyond that associated with documenting financial transactions in 
the normal course of business.
    The following discussion and tables present estimates under the PRA 
of recordkeeping and disclosure average time and labor costs, excluding 
that which FTC staff believes entities incur customarily in the normal 
course of business and information compiled and produced in response to 
FTC law enforcement investigations or prosecutions.\12\
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    \12\ See 5 CFR 1320.4(a) (excluding information collected in 
response to, among other things, a federal civil action or ``during 
the conduct of an administrative action, investigation, or audit 
involving an agency against specific individuals or entities'').
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1. Regulation B

    The ECOA prohibits discrimination in the extension of credit. 
Regulation B implements the ECOA, establishing disclosure requirements 
to assist customers in understanding their rights under the ECOA and 
recordkeeping requirements to assist agencies in enforcement. 
Regulation B applies to retailers, mortgage lenders, mortgage brokers, 
finance companies, and others.
    FTC staff estimates that Regulation B's general recordkeeping 
requirements affect 530,762 credit firms subject to the Commission's 
jurisdiction, at an average annual burden of 1.25 hours per firm for a 
total of 663,453 hours. Staff also estimates that the requirement that 
mortgage creditors monitor information about race/national origin, sex, 
age, and marital status imposes a maximum burden of one minute each (of 
skilled technical time) for approximately 2.6 million credit 
applications (based on industry data regarding the approximate number 
of mortgage purchase and refinance originations), for a total of 43,333 
hours.\13\ Staff also estimates that recordkeeping of self-testing 
subject to the regulation would affect 1,500 firms, with an average 
annual burden of one hour (of skilled technical time) per firm, for a 
total of 1,500 hours, and that recordkeeping of any corrective action 
as a result of self-testing would affect 10% of them, i.e., 150 firms, 
with an average annual burden of four hours (of skilled technical time) 
per firm, for a total of 600 hours.\14\ This yields a total annual 
recordkeeping burden of 708,886 hours.
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    \13\ Regulation B contains model forms that creditors may use to 
gather and retain the required information.
    \14\ In contrast to banks, for example, entities under FTC 
jurisdiction are not subject to audits by the FTC for compliance 
with Regulation B; rather they may be subject to FTC investigations 
and enforcement actions. This may impact the level of self-testing 
(as specifically defined by Regulation B) in a given year, and staff 
has sought to address such factors in its burden estimates.
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    Regulation B requires that creditors (i.e., entities that regularly 
participate in the decision whether to extend credit under Regulation 
B) provide notices whenever they take adverse action, such as denial of 
a credit application. It requires entities that extend mortgage credit 
with first liens to provide a copy of the appraisal report or other 
written valuation to applicants.\15\ Finally, Regulation B also 
requires that for accounts that spouses may use or for

[[Page 26728]]

which they are contractually liable, creditors who report credit 
history must do so in a manner reflecting both spouses' participation. 
Further, it requires creditors that collect applicant characteristics 
for purposes of conducting a self-test to disclose to those applicants 
that: (1) Providing the information is optional; (2) the creditor will 
not take the information into account in any aspect of the credit 
transactions; and (3) if applicable, the information will be noted by 
visual observation or surname if the applicant chooses not to provide 
it.\16\ Burden estimates relating to the disclosures required under 
Regulation B and labor cost estimates are provided in the tables below.
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    \15\ While the rule also requires the creditor to provide a 
short written disclosure regarding the appraisal process, the 
disclosure is provided by the CFPB, and is thus not a ``collection 
of information'' for PRA purposes. Accordingly, it is not included 
in burden estimates below.
    \16\ The disclosure may be provided orally or in writing. The 
model form provided by Regulation B assists creditors in providing 
the written disclosure.
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Burden Totals

    Recordkeeping: 708,886 hours; $15,666,176, associated labor costs.
    Disclosures: 1,088,912 hours; $49,654,400, associated labor costs.

                                                         Regulation B--Disclosures--Burden Hours
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                                                       Setup/monitoring \1\                                     Transaction-related
                                         ---------------------------------------------------------------------------------------------------------------
                                                                                                          Average burden
               Disclosures                                Average burden   Total setup/      Number of          per            Total       Total burden
                                            Respondents   per respondent    monitoring     transactions     transaction     transaction       (hours)
                                                              (hours)     burden (hours)                     (minutes)    burden (hours)
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Credit history reporting................         133,553             .25          33,388      60,098,850             .25         250,412         283,800
Adverse action notices..................         530,762             .75         398,072      92,883,350             .25         387,014         785,086
Appraisal reports/written valuations....           4,650               1           4,650       1,725,150             .50          14,376          19,026
Self-test disclosures...................           1,500              .5             750          60,000             .25             250           1,000
                                         ---------------------------------------------------------------------------------------------------------------
    Total...............................  ..............  ..............  ..............  ..............  ..............  ..............       1,088,912
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\1\ The estimates assume that all applicable entities would be affected, with respect to appraisal reports and other written valuations.


                                                    Regulation B--Recordkeeping and Disclosures--Cost
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                                                    Managerial                   Skilled technical                   Clerical
              Required task              ------------------------------------------------------------------------------------------------ Total cost ($)
                                           Time (hours)   Cost ($60/hr.)   Time (hours)   Cost ($44/hr.)   Time (hours)   Cost ($18/hr.)
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General recordkeeping...................               0              $0          66,345      $2,919,180         597,108     $10,747,944     $13,667,124
Other recordkeeping.....................               0               0          43,333       1,906,652               0               0       1,906,652
Recordkeeping of self-test..............               0               0           1,500          66,000               0               0          66,000
Recordkeeping of corrective action......               0               0             600          26,400               0               0          26,400
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    Total Recordkeeping.................  ..............  ..............  ..............  ..............  ..............  ..............      15,666,176
Disclosures:
    Credit history reporting............          28,380       1,702,800         255,420      11,238,480               0               0      12,941,280
    Adverse action notices..............          78,509       4,710,540         706,577      31,089,388               0               0      35,799,928
    Appraisal reports...................           1,903         114,180          17,123         753,412               0               0         867,592
    Self-test disclosure................             100          6,0000             900          39,600               0               0          45,600
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        Total Disclosures...............  ..............  ..............  ..............  ..............  ..............  ..............      49,654,400
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            Total Recordkeeping and       ..............  ..............  ..............  ..............  ..............  ..............      65,320,576
             Disclosures................
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2. Regulation E

    The EFTA requires that covered entities provide consumers with 
accurate disclosure of the costs, terms, and rights relating to EFT and 
certain other services. Regulation E implements the EFTA, establishing 
disclosure and other requirements to aid consumers and recordkeeping 
requirements to assist agencies with enforcement. It applies to 
financial institutions, retailers, gift card issuers and others that 
provide gift cards, service providers, various federal and state 
agencies offering EFTs, prepaid account entities, etc. Staff estimates 
that Regulation E's recordkeeping requirements affect 251,053 firms 
offering EFT and certain other services to consumers and that are 
subject to the Commission's jurisdiction, at an average annual burden 
of one hour per firm, for a total of 251,053 hours. Burden estimates 
relating to the disclosures required under Regulation E and labor cost 
estimates are provided in the tables below.

Burden Totals

    Recordkeeping: 251,053 hours; $5,171,684, associated labor costs.
    Disclosures: 7,184,903 hours; $327,631,676, associated labor costs.

                                                         Regulation E--Disclosures--Burden Hours
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                                                         Setup/monitoring                                       Transaction-related
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                                                                                                          Average burden
               Disclosures                                Average burden   Total setup/      Number of          per            Total       Total burden
                                            Respondents   per respondent    monitoring     transactions     transaction     transaction       (hours)
                                                              (hours)     burden (hours)                     (minutes)    burden (hours)
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Initial terms...........................          27,300              .5          13,650         273,000             .02              91          13,741
Change in terms.........................           8,550              .5           4,275      11,286,000             .02           3,762           8,037

[[Page 26729]]

 
Periodic statements.....................          27,300              .5          13,650     327,600,000             .02         109,200         122,850
Error resolution........................          27,300              .5          13,650         273,000               5          22,750          36,400
Transaction receipts....................          27,300              .5          13,650   1,375,000,000             .02         458,333         471,983
Preauthorized transfers.................         258,553              .5         129,277       6,463,825             .25          26,933         156,210
Service provider notices................          20,000             .25           5,000         200,000             .25             833           5,833
ATM notices.............................             125             .25              31      25,000,000             .25         104,167         104,198
Electronic check conversion.............          48,553              .5          24,277         728,295             .02             243          24,520
Overdraft services......................          15,000              .5           7,500       1,500,000             .02             500           8,000
Gift cards..............................          15,000              .5           7,500     750,000,000             .02         250,000         257,500
Remittance transfers:
    Disclosures.........................           4,800            1.25           6,000      96,000,000              .9       1,440,000       1,446,000
    Error resolution....................           4,800            1.25           6,000     120,960,000              .9       1,814,400       1,820,400
    Agent compliance....................           4,800            1.25           6,000      96,000,000              .9       1,440,000       1,446,000
Prepaid accounts and gov't benefits:
    Disclosures.........................             550     \1\ 40 x 10         220,000   2,750,000,000             .02         916,667       1,136,667
    Disclosures--updates................             138          1 x 10       \2\ 1,380             N/A  ..............  ..............           1,380
    Access to account information.......             550      \3\ 20 x10         110,000       1,100,000             .01             183         110,183
    Error resolution....................             300           4 x 4           4,800         275,000               2           9,167          13,967
    Error resolution--followup \4\......  ..............             N/A  ..............           1,380              30             690             690
    Submission of agreements............             138           2 x 1             276             690               1              11             287
    Updates to agreements \5\...........  ..............             N/A  ..............             690               5              57              57
                                         ---------------------------------------------------------------------------------------------------------------
        Total...........................  ..............  ..............  ..............  ..............  ..............  ..............       7,184,903
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\1\ Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs.
\2\ Individual burden hours are listed first, followed by the number of programs.
\3\ Burden hours are on a per program basis; individual burden hours are listed first, followed by the number of programs.
\4\ This pertains to prepaid accounts.
\5\ This pertains to prepaid accounts' agreements.


                                                    Regulation E--Recordkeeping and Disclosures--Cost
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                                                    Managerial                   Skilled technical                   Clerical
              Required task              ------------------------------------------------------------------------------------------------ Total cost ($)
                                           Time (hours)   Cost ($60/hr.)   Time (hours)   Cost ($44/hr.)   Time (hours)   Cost ($18/hr.)
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Recordkeeping...........................               0              $0          25,105      $1,104,620         225,948      $4,067,064      $5,171,684
Disclosures:
    Initial terms.......................           1,374          82,440          12,367         544,148               0               0         626,588
    Change in terms.....................             804          48,240           7,233         318,252               0               0         366,492
    Periodic statements.................          12,285         737,100         110,565       4,864,860               0               0       5,601,960
    Error resolution....................           3,640         218,400          32,760       1,441,440               0               0       1,659,840
    Transaction receipts................          47,198       2,831,880         424,785      18,690,540               0               0      21.522,420
    Preauthorized transfers.............          15,621         937,260         140,589       6,185,916               0               0       7,123,176
    Service provider notices............             583          34,980           5,250         231,000               0               0         265,980
    ATM notices.........................          10,420         625,200          93,778       4,126,232               0               0       4,751,432
    Electronic check conversion.........           2,452         147,120          22,068         970,992               0               0       1,118,112
    Overdraft services..................             800          48,000           7,200         316,800               0               0         364,800
    Gift cards..........................          25,750       1,545,000         231,750      10,197,000               0               0      11,742,000
Remittance transfers:
    Disclosures.........................         144,600       8,676,000       1,301,400      57,261,600               0               0      65,937,600
    Error resolution....................         182,040      10,922,400       1,638,360      72,087,840               0               0      83,010,240
    Agent compliance....................         144,600       8,676,000       1,301,400      57,261,600               0               0      65,937,600
Prepaid accounts and gov't. benefits:
    Disclosures.........................         113,667       6,820,020       1,023,000      45,012,000               0               0      51,832,020
    Disclosures--updates................             138          8,2808           1,242          54,648               0               0          62,928
    Access to account information.......          11,018         661,080          99,165       4,363,260               0               0       5,024,340
    Error resolution....................           1,397          83,820          12,570         553,080               0               0         636,900
    Error resolution--followup..........              69           4,140             621          27,324               0               0          31,464
    Submission of agreements............              29           1,740             259          11,396               0               0          13,136
    Updates to agreements...............               6             360              52           2,288               0               0           2,648
                                         ---------------------------------------------------------------------------------------------------------------
        Total Disclosures...............  ..............  ..............  ..............  ..............  ..............  ..............     327,631,676
                                         ---------------------------------------------------------------------------------------------------------------
            Total Recordkeeping and       ..............  ..............  ..............  ..............  ..............  ..............     332,803,360
             Disclosures................
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3. Regulation M

    The CLA requires that covered entities provide consumers with 
accurate disclosure of the costs and terms of leases. Regulation M 
implements the CLA, establishing disclosure requirements to help 
consumers comparison shop and understand the terms of leases and 
recordkeeping requirements. It applies to vehicle 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, diverse types of lease

[[Page 26730]]

advertisers, and others. Staff estimates that Regulation M's 
recordkeeping requirements affect approximately 30,203 firms within the 
FTC's jurisdiction leasing products to consumers at an average annual 
burden of one hour per firm, for a total of 30,203 hours. Burden 
estimates relating to the disclosures required under Regulation M and 
labor cost estimates are provided in the tables below.

Burden Totals 17
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    \17\ Recordkeeping and disclosure burden estimates for 
Regulation M are more substantial for motor vehicle leases than for 
other leases, including burden estimates based on market changes and 
regulatory definitions of coverage. Based on industry information, 
the estimates for recordkeeping and disclosure costs assume the 
following: 90% managerial, and 10% skilled technical. As noted 
above, for purposes of PRA burden calculations for Regulations B, E, 
M, and Z, and given the different types of motor vehicle dealers, 
the FTC is including in its estimates burden for all of them.
---------------------------------------------------------------------------

    Recordkeeping: 30,203 hours; $1,763,860, associated labor costs.
    Disclosures: 71,750 hours; $4,190,200, associated labor costs.

                                                         Regulation M--Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                         Setup/monitoring                                       Transaction-related
                                         ---------------------------------------------------------------------------------------------------------------
                                                                                                          Average burden
               Disclosures                                Average burden   Total setup/      Number of          per            Total       Total burden
                                            Respondents   per respondent    monitoring     transactions     transaction     transaction       (hours)
                                                              (hours)     burden (hours)                     (minutes)    burden (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Motor Vehicle Leases \1\................          26,690               1          26,690       4,000,000             .50          33,333          60,023
Other Leases \2\........................           3,513             .50           1,757          60,000             .25             250           2,007
Advertising.............................          14,615             .50           7,308         578,960             .25           2,412           9,720
                                         ---------------------------------------------------------------------------------------------------------------
    Total...............................  ..............  ..............  ..............  ..............  ..............  ..............          71,750
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ This category focuses on consumer vehicle leases. Vehicle leases are subject to more lease disclosure requirements (pertaining to computation of
  payment obligations) than other lease transactions. (Only consumer leases for more than four months are covered.) See 15 U.S.C. 1667(1); 12 CFR
  1013.2(e)(1). CLA and Regulation M now cover leases up to $58,300 plus an annual adjustment.
\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 consumer leases for more than four months are covered.) See 15 U.S.C. 1667(1); 12 CFR
  1013.2(e)(1). CLA and Regulation M now cover leases up to $58,300 plus an annual adjustment.


                                                    Regulation M--Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                    Managerial                   Skilled technical                   Clerical
              Required task              ------------------------------------------------------------------------------------------------ Total cost ($)
                                           Time (hours)   Cost ($60/hr.)   Time (hours)   Cost ($44/hr.)   Time (hours)   Cost ($18/hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping...........................          27,183      $1,630,980           3,020        $132,880               0              $0      $1,763,860
Disclosures:
    Motor Vehicle Leases................          54,021       3,241,260           6,002         264,088               0               0       3,505,348
    Other Leases........................           1,806         108,360             201           8,844               0               0         117,204
    Advertising.........................           8,748         524,880             972          42,768               0               0         567,648
                                         ---------------------------------------------------------------------------------------------------------------
        Total Disclosures...............  ..............  ..............  ..............  ..............  ..............  ..............       4,190,200
                                         ---------------------------------------------------------------------------------------------------------------
            Total Recordkeeping and       ..............  ..............  ..............  ..............  ..............  ..............       5,954,060
             Disclosures................
--------------------------------------------------------------------------------------------------------------------------------------------------------

4. Regulation Z

    The TILA was enacted to foster comparison credit shopping and 
informed credit decisionmaking by requiring creditors and others to 
provide accurate disclosures regarding the costs and terms of credit to 
consumers. Regulation Z implements the TILA, establishing disclosure 
requirements to assist consumers and recordkeeping requirements to 
assist agencies with enforcement. These requirements pertain to open-
end and closed-end credit and apply to various types of entities, 
including mortgage companies; finance companies; auto dealerships; 
private education loan companies; merchants who extend credit for goods 
or services; credit advertisers; acquirers of mortgages; and others. 
Additional requirements also exist in the mortgage area, including for 
high cost mortgages, higher-priced mortgage loans,\18\ ability to pay 
of mortgage consumers, mortgage servicing, loan originators, and 
certain integrated mortgage disclosures. FTC staff estimates that 
Regulation Z's recordkeeping requirements affect approximately 430,762 
entities subject to the Commission's jurisdiction, at an average annual 
burden of 1.25 hours per entity with .25 additional hours per entity 
for 3,650 entities (ability to pay), and 5 additional hours per entity 
for 4,500 entities (loan originators). This yields a total annual 
recordkeeping burden of 561,866 hours. Burden estimates relating to the 
disclosures required under Regulation Z and labor cost estimates are 
provided in the tables below.
---------------------------------------------------------------------------

    \18\ While Regulation Z also requires the creditor to provide a 
short written disclosure regarding the appraisal process for higher-
priced mortgage loans, the disclosure is provided by the CFPB. As a 
result, it is not a ``collection of information'' for PRA purposes 
(see 5 CFR 1320.3(c)(2)). It is thus excluded from the burden 
estimates below.
---------------------------------------------------------------------------

Burden Totals

    Recordkeeping: 561,866 hours; $11,574,450, associated labor costs.
    Disclosures: 7,854,575 hours; $358,169,628, associated labor costs.

[[Page 26731]]



                                                         Regulation Z--Disclosures--Burden Hours
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                         Setup/monitoring                                       Transaction-related
                                         ---------------------------------------------------------------------------------------------------------------
                                                                                                          Average burden
             Disclosures \1\                              Average burden   Total setup/      Number of          per            Total       Total burden
                                            Respondents   per respondent    monitoring     transactions     transaction     transaction       (hours)
                                                              (hours)     burden (hours)                     (minutes)    burden (hours)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Open-end credit:
    Initial terms.......................          23,650             .75          17,738      10,500,600            .375          65,629          83,367
    Initial terms--prepaid accounts.....               3       \2\ 4 x 1              12  \3\ 3 x 78,667            .125             492             504
    Rescission notices..................             750              .5             375           3,750             .25              16             391
    Subsequent disclosures..............           4,650             .75           3,488      23,250,000            .188          72,850          76,338
    Subsequent disclosures--prepaid                    3       \4\ 4 x 1              12  \5\ 3 x 78,667           .0625             246             258
     accounts...........................
    Periodic statements.................          23,650             .75          17,738     788,325,450           .0938       1,232,415       1,250,153
    Periodic statements--prepaid                       3      \6\ 40 x 1             120         \7\ 3 x          .03125           1,475           1,595
     accounts...........................                                                         944,000
    Error resolution....................          23,650             .75          17,738       2,104,850               6         210,485         228,223
    Error resolution--prepaid accounts                 3       \8\ 4 x 1              12   \9\ 3 x 1,180              15             885             897
     followup...........................
    Credit and charge card accounts.....          10,250             .75           7,688       5,125,000            .375          32,031          39,719
    Credit and charge card accounts--                  3      \10\ 4 x 1              12     \11\ 3 x 12             240             144             156
     prepaid accounts...................
    Settlement of estate debts..........          23,650             .75          17,738         496,650            .375           3,104          20,842
    Special credit card requirements....          10,250             .75           7,688       5,125,000            .375          32,031          39,719
    Home equity lines of credit.........             750              .5             375           5,250             .25              22             397
    Home equity lines of credit high-                250               2             500           1,500               2              50             550
     cost mortgages.....................
    College student credit card                    1,350              .5             675          81,000             .25             338           1,013
     marketing--ed. institutions........
    College student credit card                      150             .75             113           4,500             .75              56             169
     marketing--card issuer reports.....
    Posting and reporting of credit card          10,250             .75           7,688       5,125,000            .375          32,031          39,719
     agreements.........................
    Posting and reporting of prepaid                   3    \12\ .75 x 1               2      \13\ 3 x 5             2.5               1               3
     account agreements.................
    Advertising.........................          38,650             .75          28,988         115,950             .75           1,449          30,437
    Advertising--prepaid accounts.......               3     \14\ 20 x 1              60             N/A  ..............  ..............              60
    Advertising--prepaid accounts                      3    \15\ 0.2 x 5               3             N/A  ..............  ..............               3
     Updates............................
    Sale, transfer, or assignment of                 500              .5             250         500,000             .25           2,083           2,333
     mortgages..........................
    Appraiser misconduct reporting......         301,150             .75         225,863       6,023,000            .375          37,644         263,507
    Mortgage servicing..................           1,500             .75           1,125         150,000              .5           1,250           2,375
    Loan originators....................           2,250               2           4,500          22,500               5           1,875           6,375
                                         ---------------------------------------------------------------------------------------------------------------
Closed-end credit:
    Credit disclosures..................         280,762             .75         210,572     112,304,800            2.25       4,211,430       4,422,002
    Rescission notices..................           3,650              .5           1,825       5,475,000               1          91,250          93,075
    Redisclosures.......................         101,150              .5          50,575         505,750            2.25          18,966          69,541
    Integrated mortgage disclosures.....           3,650              10          36,500      10,950,000             3.5         638,750         675,250
    Variable rate mortgages.............           3,650               1           3,650         365,000            1.75          10,646          14,296
    High cost mortgages.................           1,750               1           1,750          43,750               2           1,458           3,208
    Higher priced mortgages.............           1,750               1           1,750          14,000               2             467           2,217
    Reverse mortgages...................           3,025              .5           1,513          15,125               1             252           1,765
    Advertising.........................         205,762              .5         102,881       2,057,620               1          34,294         137,175
    Private education loans.............              75              .5              38          30,000             1.5             750             788
    Sale, transfer, or assignment of              48,850              .5          24,425       2,442,500             .25          10,177          34,602
     mortgages..........................
    Ability to pay/qualified mortgage...           3,650             .75           2,738               0               0               0           2,738
    Appraiser misconduct reporting......         301,150             .75         225,863       6,023,000            .375          37,644         263,507
    Mortgage servicing..................           3,650             1.5           5,475         730,000            2.75          33,458          38,933
    Loan originators....................           2,250               2           4,500          22,500               5           1,875           6,375
                                         ---------------------------------------------------------------------------------------------------------------
        Total open-end credit...........  ..............  ..............  ..............  ..............  ..............  ..............       2,089,103
                                         ---------------------------------------------------------------------------------------------------------------
        Total closed-end credit.........  ..............  ..............  ..............  ..............  ..............  ..............       5,765,472
                                         ---------------------------------------------------------------------------------------------------------------
            Total credit................  ..............  ..............  ..............  ..............  ..............  ..............       7,854,575
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Regulation Z requires disclosures for closed-end and open-end credit. TILA and Regulation Z now cover credit up to $58,300 plus an annual adjustment
  (except that real estate credit and private education loans are covered regardless of amount).
\2\ Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs.
\3\ This figure lists the number of entities followed by the number of responses or programs each.
\4\ Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs.
\5\ This figure lists the number of entities followed by the number of responses or programs each.
\6\ Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs.
\7\ This figure lists the number of entities followed by the number of responses or programs each.
\8\ Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs.
\9\ This figure lists the number of entities followed by the number of responses or programs each.
\10\ Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs.
\11\ This figure lists the number of entities followed by the number of responses or programs each.
\12\ Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs.
\13\ This figure lists the number of entities followed by the number of responses or programs each.
\14\ Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs.
\15\ Burden hours are on a per program basis. Individual burden hours are listed first, followed by the number of programs.


[[Page 26732]]


                                                    Regulation Z--Recordkeeping and Disclosures--Cost
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                    Managerial                   Skilled technical                   Clerical
              Required task              ------------------------------------------------------------------------------------------------ Total cost ($)
                                           Time (hours)   Cost ($60/hr.)   Time (hours)   Cost ($44/hr.)   Time (hours)   Cost ($18/hr.)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Recordkeeping...........................               0              $0          56,187      $2,472,228         505,679      $9,102,222     $11,574,450
Open-end credit Disclosures:
    Initial terms.......................           8,337         500,220          75,030       3,301,220               0               0       3,301,540
    Initial terms--prepaid accounts.....              50           3,000             454          19,776               0               0          22,976
    Rescission notices..................              39           2,340             352          15,488               0               0          17,828
    Subsequent disclosures..............           7,634         458,040          68,704       3,022,976               0               0       3,481,016
    Subsequent disclosures--prepaid                   26           1.560             232          10,208               0               0          11,768
     accounts...........................
    Periodic statements.................         125,015       7,500,900       1,125,138      49,506,072               0               0      57,006,972
    Periodic statements--prepaid                     159           9,540            1436          63,184               0               0          72,724
     accounts...........................
    Error resolution....................          22,822       1,369,320         205,401       9,037,644               0               0      10,406,964
    Error resolution--prepaid accounts                90           5,400             807          35,508               0               0          40,908
     followup...........................
    Credit and charge card accounts.....           3,972         238,320          35,747       1,572,868               0               0       1,811,188
    Credit and charge card accounts--                 16             960             140           6,160               0               0           7,120
     prepaid accounts...................
    Settlement of estate debts..........           2,084         125,040          18,758         825,352               0               0         950,392
    Special credit card requirements....           3,972         238,320          35,747       1,572,868               0               0       1,811,188
    Home equity lines of credit.........              40           2,400             357          15,708               0               0          18,108
    Home equity lines of credit--high                 55           3,300             495          21,780               0               0          25,080
     cost mortgages.....................
    College student credit card                      101           6,060             912          40,128               0               0          46,188
     marketing--ed institutions.........
    College student credit card                       17           1,020             152           6,688               0               0           7,708
     marketing--card issuer reports.....
    Posting and reporting of credit card           3,972         238,320          35,747       1,572,868               0               0       1,811,188
     agreements.........................
    Posting and reporting of prepaid                   1              60               2              88               0               0             148
     accounts...........................
    Advertising.........................           3,044         182,640          27,393       1,205,292               0               0       1,388,932
    Advertising--prepaid accounts.......               6             360              54           2,376               0               0           2,736
    Advertising--prepaid accounts                      1              60               2              88               0               0             148
     Updates............................
    Sale, transfer, or assignment of                 233          13,980           2,100          92,400               0               0         106,380
     mortgages..........................
    Appraiser misconduct reporting......          26,351       1,581,060         237,156      10,434,864               0               0      12,015,924
    Mortgage servicing..................             238          14,280           2,137          94,028               0               0         108,308
    Loan originators....................             638          38,280           5,737         252,428               0               0         290,708
                                         ---------------------------------------------------------------------------------------------------------------
        Total open-end credit...........  ..............  ..............  ..............  ..............  ..............  ..............      95,264,140
Closed-end credit Disclosures:
    Credit disclosures..................         442,200      26,532,000       3,979,802     175,111,288               0               0     201,643,208
    Rescission notices..................           9,308         558,480          83,767       3,685,748               0               0       4,244,228
    Redisclosures.......................           6,954         417,240          62,587       2,753,828               0               0       3,171,068
    Integrated mortgage disclosures.....          67,525       4,051,500         607,725      26,739,900               0               0      30,791,400
    Variable rate mortgages.............           1,430          85,800          12,866         566,104               0               0         651,904
    High cost mortgages.................             321          19,260           2,887         127,028               0               0         146,288
    Higher priced mortgages.............             222          13,320           1,995          87,780               0               0         101,100
    Reverse mortgages...................             177          10,620           1,588          69,872               0               0          80,492
    Advertising.........................          13,718         823,080         123,457       5,432,108               0               0       6,255,188
    Private education loans.............              79           4,740             709          31,196               0               0          35,936
    Sale, transfer, or assignment of               3,460         207,600          31,142       1,370,248               0               0       1,577,848
     mortgages..........................
    Ability to pay/qualified mortgage...             274          16,440           2,464         108,416               0               0         124,856
    Appraiser misconduct reporting......          26,351       1,581,060         237,156      10,434,864               0               0      12,015,924
    Mortgage servicing..................           3,893         233,580          35,040       1,541,760               0               0       1,775,340
    Loan originators....................             638          38,280           5,737         252,428               0               0         290,708
                                         ---------------------------------------------------------------------------------------------------------------
        Total closed-end credit.........  ..............  ..............  ..............  ..............  ..............  ..............     262,905,488
                                         ---------------------------------------------------------------------------------------------------------------
        Total Disclosures...............  ..............  ..............  ..............  ..............  ..............  ..............     358,169,628
                                         ---------------------------------------------------------------------------------------------------------------
            Total Recordkeeping and       ..............  ..............  ..............  ..............  ..............  ..............     369,744,078
             Disclosures................
--------------------------------------------------------------------------------------------------------------------------------------------------------

    Request for Comment:
    Pursuant to Section 3506(c)(2)(A) of the PRA, the FTC invites 
comments on: (1) Whether the disclosure requirements are necessary, 
including whether the information will be practically useful; (2) the 
accuracy of our burden estimates, including whether the methodology and 
assumptions used are useful; (3) ways to enhance the quality, utility, 
and clarity of the information to be collected; and (4) ways to 
minimize the burden of providing the required information to consumers.
    You can file a comment online or on paper. For the Commission to 
consider your comment, we must receive it on or before July 16, 2021. 
Write ``Regs BEMZ, PRA Comments, P084812'' on your comment. Your 
comment, including your name and your state, will be placed on the 
public record of this proceeding, including the https://www.regulations.gov website.
    Because of the public health emergency in response to the COVID-19 
outbreak and the agency's heightened security screening, postal mail 
addressed to the Commission will be subject to delay. We strongly 
encourage

[[Page 26733]]

you to submit your comment online through the https://www.regulations.gov website. To ensure the Commission considers your 
online comment, please follow the instructions on the web-based form.
    If you file your comment on paper, write ``Regs BEMZ, PRA Comments, 
P084812'' on your comment and on the envelope, and mail your comment to 
the following address: Federal Trade Commission, Office of the 
Secretary, 600 Pennsylvania Avenue NW, Suite CC-5610 (Annex J), 
Washington, DC 20580; or deliver your comment to the following address: 
Federal Trade Commission, Office of the Secretary, Constitution Center, 
400 7th Street SW, 5th Floor, Suite 5610 (Annex J), Washington, DC 
20024. If possible, please submit your paper comment to the Commission 
by courier or overnight service.
    Because your comment will be placed on https://www.regulations.gov, 
you are solely responsible for making sure that your comment does not 
include any sensitive or confidential information. In particular, your 
comment should not include any sensitive personal information, such as 
your or anyone else's Social Security number, date of birth, driver's 
license number or other state identification number or foreign country 
equivalent, passport number, financial account number, or credit or 
debit card number. You are also solely responsible for making sure that 
your comment does not include sensitive health information, such as 
medical records or other individually identifiable health information. 
In addition, your comment should not include any ``trade secret or any 
commercial or financial information which . . . is privileged or 
confidential,'' as provided by section 6(f) of the FTC Act, 15 U.S.C. 
46(f), and FTC Rule 4.10(a)(2), 16 CFR 4.10(a)(2), including in 
particular, competitively sensitive information such as costs, sales 
statistics, inventories, formulas, patterns, devices, manufacturing 
processes, or customer names.
    Comments containing material for which confidential treatment is 
requested must be filed in paper form, must be clearly labeled 
``Confidential,'' and must comply with FTC Rule 4.9(c). In particular, 
the written request for confidential treatment that accompanies the 
comment must include the factual and legal basis for the request, and 
must identify the specific portions of the comment to be withheld from 
the public record. Your comment will be kept confidential only if the 
FTC General Counsel grants your request in accordance with the law and 
the public interest. Once your comment has been posted on https://www.regulations.gov, we cannot redact or remove your comment from that 
website, unless you submit a confidentiality request that meets the 
requirements for such treatment under FTC Rule 4.9(c), and the General 
Counsel grants that request.
    The FTC Act and other laws that the Commission administers permit 
the collection of public comments to consider and use in this 
proceeding as appropriate. The Commission will consider all timely and 
responsive public comments that it receives on or before July 16, 2021. 
For information on the Commission's privacy policy, including routine 
uses permitted by the Privacy Act, see https://www.ftc.gov/siteinformation/privacy-policy.

Josephine Liu,
Assistant General Counsel for Legal Counsel.
[FR Doc. 2021-10285 Filed 5-14-21; 8:45 am]
BILLING CODE 6750-01-P