# Agency Information Collection Activities: Proposed Collection Renewal; Comment Request

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URL: https://www.frixlaw.com/law-library/documents/fr%3A2017-26424

## Record

- **Collection:** Federal Register
- **Document type:** Notice
- **Published:** December 7, 2017
- **Citation:** 82 FR 57751

## Text

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

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/fr%3A2017-26424. Public record. Not legal advice.