Agency Information Collection Activities: Proposed Collection Renewal; Comment Request

FEDERAL DEPOSIT INSURANCE CORPORATION

Agency Information Collection Activities: Proposed Collection Renewal; Comment Request

AGENCY:

Federal Deposit Insurance Corporation (FDIC).

ACTION:

Notice and request for comment.

SUMMARY:

The FDIC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on the renewal of the existing information collection, as required by the Paperwork Reduction Act of 1995. Currently, the FDIC is soliciting comment on renewal of the information collection described below.

DATES:

Comments must be submitted on or before February 5, 2018.

ADDRESSES:

Interested parties are invited to submit written comments to the FDIC by any of the following methods:

•

http://www.FDIC.gov/regulations/laws/federal/notices.html.

•

Email: comments@fdic.gov.

Include the name and number of the collection in the subject line of the message.

•

Mail:

Manny Cabeza (202-898-3767), Counsel, MB-3007, Federal Deposit Insurance Corporation, 550 17th Street NW., Washington, DC 20429.

•

Hand Delivery:

Comments may be hand-delivered to the guard station at the rear of the 17th Street Building (located on F Street), on business days between 7:00 a.m. and 5:00 p.m.

All comments should refer to the relevant OMB control number. A copy

of the comments may also be submitted to the OMB desk officer for the FDIC: Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT:

Manny Cabeza, at the FDIC address above.

SUPPLEMENTARY INFORMATION:

Proposal To Renew the Following Currently Approved Collections of Information

1.

Title:

Recordkeeping, Disclosure and Reporting Requirements in Connection with Regulation Z.

OMB Number:

3064-0082.

Form Number:

None.

Affected Public:

State nonmember banks and state savings associations.

General Description of Collection:

Consumer Financial Protection Bureau (CFPB) Regulation Z—12 CFR 1026 implements the Truth in Lending Act (15 U.S.C. 1601,

et seq.

) and certain provisions of the Real Estate Settlement Procedures Act (12 U.S.C. 2601

et seq.

). This regulation prescribes uniform methods for computing the cost of credit, the disclosure of credit terms and costs, the resolution of errors and imposes various other recordkeeping, reporting and disclosure requirements. The FDIC has enforcement authority on the requirements of the CFPB's Regulation over the financial institutions it supervises. This information collection captures the recordkeeping, reporting and disclosure burdens of Regulation Z on FDIC-supervised institutions.

The information collection is being revised to account for revisions and changes made to Regulation Z by the CFPB since this information collection was last submitted to OMB for clearance.

To arrive at the estimated annual burden the FDIC assessed the number of potential respondents to the information collection by identifying the number of FDIC-supervised institutions who reported activity that would be within the scope of the information collection requirements according to data from the most recent CALL Report. Additionally, the FDIC estimated the frequency of responses to the recordkeeping, reporting, or disclosure requirements by assessing the dollar volume of activity that would be within the scope of the information collection. In some instances the FDIC used information provided by other sources to estimate the magnitude and scope of activity attributable to FDIC-supervised institutions when more immediate information sources did not exist.

Burden Estimate:

Implementation (one-time) Burden Estimate

Obligation to

respond/type

of burden

Estimated number of

respondents

1

Estimated

average

number of

credit

Accounts

Frequency of response

Number of

responses

Estimated time per response (minutes)

Total

estimated

annual burden

(hours)

Open-End Credit Products

• Not Home-Secured Open-End Credit Plans

○ Credit and Charge Card Provisions

Timely Settlement of Estate Debts (1026.11(c)(1)) Written Policies and Procedures

Mandatory Recordkeeping

1

N/A

1

1

480.00

6

Ability to Pay (1026.51(a)(ii)) Written Policies and Procedures

Mandatory Recordkeeping

1

N/A

1

1

480.00

6

Mortgage Products (Open and Closed-End)

• Valuation Independence

○ Mandatory Reporting

Implementation of Policies and Procedures (1026.42(g))

Mandatory Recordkeeping

1

N/A

1

0

1,200.00

20

Total Estimated Implementation Burden

32 Hours

Ongoing Burden Estimate

Open-End Credit Products

• Not Home-Secured Open-End Credit Plans

○ General Disclosure Rules for Not Home-Secured Open-End Credit Plans

Credit and Charge Card Applications and Solicitations (1026.60)

Mandatory Disclosure

634

N/A

1

634

480.00

5,072

Account Opening Disclosures (1026.6(b))

Mandatory Disclosure

634

N/A

1

634

720.00

7,608

Periodic Statements (1026.7(b))

Mandatory Disclosure

634

N/A

12

7,608

480.00

60,864

Annual Statement of Billing Rights (1026.9(a)(1))

Mandatory Disclosure

317

N/A

1

317

480.00

2,536

Alternative Summary Statement of Billing Rights (1026.9(a)(2))

Voluntary Disclosure

317

N/A

12

3,804

480.00

30,432

Change in Terms Disclosures (1026.9(b) through (h))

Mandatory Disclosure

634

N/A

1

634

480.00

5,072

○ Credit and Charge Card Provisions

Timely Settlement of Estate Debts (1026.11(c)(2))

Mandatory Disclosure

634

428

1

271,352

5.00

22,613

Ability to Pay (1026.51)

Mandatory Recordkeeping

634

N/A

1

634

720.00

7,608

College Student Credit Annual Report (1026.57(d))

Mandatory Reporting

634

N/A

1

634

480.00

5,072

Submission of Credit Card Agreements (1026.58(c))

Mandatory Reporting

634

N/A

4

2,536

180.00

7,608

Internet Posting of Credit Card Agreements (1026.58(d))

Mandatory Disclosure

634

N/A

4

2,536

360.00

15,216

Individual Credit Card Agreements (1026.58(e))

Mandatory Disclosure

634

125

1

79,250

15.00

19,813

• Home Equity Open-End Credit Plans (HELOC)

○ General Disclosure Rules for HELOC's

Application Disclosures (1026.40)

Mandatory Disclosure

2,717

N/A

1

2,717

720.00

32,604

Account Opening Disclosures (1026.6(a))

Mandatory Disclosure

2,717

N/A

1

2,717

720.00

32,604

Periodic Statements (1026.7(a))

Mandatory Disclosure

2,717

N/A

1

2,717

480.00

21,736

Annual Statement of Billing Rights (1026.9(a)(1))

Mandatory Disclosure

2,717

N/A

1

2,717

480.00

21,736

Alternative Summary Statement of Billing Rights (1026.9(a)(2))

Voluntary

Disclosure

2,717

N/A

1

2,717

480.00

21,736

Change in Terms Disclosures (1026.9(b) through (h))

Mandatory Disclosure

2,717

N/A

1

2,717

480.00

21,736

Notice to Restrict Credit (1026.9(c)(1)(iii); .40(f)(3)(i) and (vi))

Mandatory Disclosure

2,717

N/A

1

2,717

120.00

5,434

• All Open-End Credit Plans

Error Resolution (1026.13)

Mandatory Disclosure

3,624

2,963

1

10,737,912

1.0

178,965

Closed-End Credit Products

• General Rules for Closed-End Credit

Other than Real Estate, Home-Secured and Private Education Loans (1026.17 and .18)

Mandatory Disclosure

1

N/A

1

1

720.00

12

• Closed-End Mortgages

○ Application and Consummation

Loan Estimate (1026.19(e); and .37)

Mandatory Disclosure

3,628

N/A

1

3,628

480.00

29,204

Closing Disclosure (1026.19(f); and .38)

Mandatory Disclosure

3,628

N/A

1

3,628

480.00

29,204

Record Retention of Disclosures (1026.19(e), (f); .37; and .38)

Mandatory Recordkeeping

3,628

N/A

1

3,628

18.00

1,088

○ Post-Consummation Disclosures

Interest Rate and Payment Summary (1026.18(s))

Mandatory Disclosure

3,628

N/A

1

3,628

2,400.00

145,120

No Guarantee to Refinance Statement (1026.18(t))

Mandatory Disclosure

3,628

N/A

1

3,628

480.00

29,204

ARMs Rate Adjustments with Payment Change Disclosures (1026.20(c))

Mandatory Disclosure

3,628

N/A

1

3,628

90.00

5,442

Initial Rate Adjustment Disclosure for ARMs (1026.20(d))

Mandatory Disclosure

3,628

N/A

1

3,628

120.00

7,256

Escrow Cancellation Notice (1026.20(e))

Mandatory Disclosure

3,628

N/A

1

3,628

480.00

29,204

Periodic Statements (1026.41)

Mandatory Disclosure

3,628

N/A

1

3,628

480.00

29,204

○Ability to Repay Requirements

Minimum Standards (1026.43(c) through (f))

Mandatory Recordkeeping

3,628

926

1

3,359,528

15.00

839,882

Prepayment Penalties (1026.43(g))

Mandatory Disclosure

3,628

16

1

58,048

12.00

11.610

Mortgage Products (Open and Closed-End)

• Mortgage Servicing Disclosures

○ Payoff Statements

Payoff Statements (1026.36(c)(3))

Mandatory Disclosure

3,628

N/A

1

3,628

480.00

29,024

○ Notice of Sale or Transfer

Notice of Sale or Transfer (1026.39)

Mandatory Disclosure

3,628

N/A

1

3,628

480.00

29,204

• Valuation Independence

○ Mandatory Reporting

Reporting Appraiser Noncompliance (1026.42(g))

Mandatory Reporting

3,628

1

1

3,628

10.00

605

Reverse and High-Cost Mortgages

• Reverse Mortgages

○ Reverse Mortgage Disclosures

Reverse Mortgage Disclosures (1026.31(c)(2) and .33)

Mandatory Disclosure

14

N/A

1

14

1,440.00

336

• High-Cost Mortgage Loans

○ HOEPA Disclosures and Notice

HOEPA Disclosures and Notice (1026.32(c)

Mandatory Disclosure

3,628

N/A

1

3,628

14.00

847

Private Education Loans

• Initial Disclosures

○ Application and Solicitation Disclosures

Application or Solicitation Disclosures (1026.47(a))

Mandatory Disclosure

3,561

N/A

1

3,561

3,600.00

213,660

○ Approval Disclosures

Approval Disclosures (1026.47(b))

Mandatory Disclosure

3,561

N/A

1

3,561

3,600.00

213,660

○ Final Disclosures

Final Disclosures (1026.47(c))

Mandatory Disclosure

3,561

N/A

1

3,561

3,600.00

213,660

Advertising Rules

• All Credit Types

○ Open-End Credit

Open-End Credit (1026.16)

Mandatory Disclosure

3,624

5

1

18,120

20.00

6,040

○ Closed-End Credit

Closed-End Credit (1026.24)

Mandatory Disclosure

3,628

5

1

18,140

20.00

6,047

Record Retention

• Evidence of Compliance

Regulation Z in General (1026.25)

Mandatory Recordkeeping

3,652

N/A

1

3,652

18.00

1,096

Total Estimated Ongoing Burden

2,396,494

Total Estimated Annual Burden

2,396,526

FDIC estimates that all existing FDIC-supervised institutions have implemented the policies and procedures required by Regulation Z and will only face the estimated ongoing (transaction) burdens reflected in the table below. The respondent count of 1 is intended as a placeholder for the associated burden estimate to account for any institution(s) that may become subject to the information collection requirements in the future.

Request for Comment

Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the FDIC's functions, including whether the information has practical utility; (b) the accuracy of the estimates of the burden of the information collection, including the validity of the methodology and assumptions used; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. All comments will become a matter of public record.

Dated at Washington, DC, this 4th day of December, 2017.

Federal Deposit Insurance Corporation.

Robert E. Feldman,

Executive Secretary.

[FR Doc. 2017-26424 Filed 12-6-17; 8:45 am]

BILLING CODE 6714-01-P