[Federal Register Volume 86, Number 167 (Wednesday, September 1, 2021)]
[Notices]
[Pages 49028-49029]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-18833]


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FEDERAL RESERVE SYSTEM


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

AGENCY: Board of Governors of the Federal Reserve System.

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

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.
    Office of Management and Budget (OMB) Desk Officer for the Federal 
Reserve Board, Office of Information and Regulatory Affairs, Office of 
Management and Budget, New Executive Office Building, Room 10235, 725 
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the Paperwork Reduction Act (PRA) to approve and assign 
OMB control numbers to collections of information conducted or 
sponsored by the Board. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. The OMB inventory, as well as copies of the 
PRA Submission, supporting statements, and approved collection of 
information instrument(s) are available at https://www.reginfo.gov/public/do/PRAMain. These documents are also available on the Federal 
Reserve 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.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, With Revision, of the Following Information Collection

    Report title: Recordkeeping and Disclosure Requirements Associated 
with Truth in Lending (Regulation Z).\1\
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    \1\ The 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.
    Effective Date: The revisions are effective immediately.
    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 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

[[Page 49029]]

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-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.
    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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    Current actions: On April 16, 2021, the Board published an initial 
notice in the Federal Register (86 FR 20156) requesting public comment 
for 60 days on the extension, with revision, of the FR Z. The Board 
proposed 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. The 
comment period for this notice expired on June 15, 2021. The Board did 
not receive any comments. The revisions will be implemented as 
proposed.

    Board of Governors of the Federal Reserve System, August 26, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-18833 Filed 8-31-21; 8:45 am]
BILLING CODE 6210-01-P