# Agency Information Collection Activities: Submission for OMB Review; Comment Request (3064-0082)

> Briefs, arguments, decisions, and more.

URL: https://www.frixlaw.com/law-library/documents/fr%3A2018-03426

## Record

- **Collection:** Federal Register
- **Document type:** Notice
- **Published:** February 20, 2018
- **Citation:** 83 FR 7179

## Text

FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities: Submission for OMB Review; Comment Request (3064-0082)

AGENCY:

Federal Deposit Insurance Corporation (FDIC).

ACTION:

30-Day notice and request for comment.

SUMMARY:

The Federal Deposit Insurance Corporation (FDIC) will submit the following information collection request to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act of 1995. The proposed information collection was previously published in the
Federal Register
on December 7, 2017, allowing for a 60-day comment period.

DATES:

Comments are encouraged and will be accepted for an additional 30 days until March 22, 2018.

ADDRESSES:

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

•
https://www.FDIC.gov/regulations/laws/federal
.

•
Email: comments@fdic.gov
. Please include the name and OMB control number of the relevant information collection in the subject line of the message.

•
Mail:
Manny Cabeza, Counsel, Room 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. Written comments and/or suggestions can also be directed to the Office of Management and Budget, Office of Information and Regulatory Affairs, attention FDIC Desk Officer, New Executive Office Building, Washington, DC 20503 or sent to
OIRA_submissions@omb.eop.gov
.

FURTHER INFORMATION CONTACT:

If you have additional comments, particularly with respect to the estimated public burden or associated response time, have suggestions, need a copy of any proposed information collection instrument and instructions, or desire any other additional information, please contact Manny Cabeza, Counsel, FDIC Legal Division either by mail at Room MB-3007, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429; by email at
mcabeza@fdic.gov;
or by telephone at (202) 898-3767.

SUPPLEMENTARY INFORMATION:

Written comments and suggestions from the public and affected agencies concerning the proposed collection of information are encouraged. All comments received will become a matter of public record. Your comments should address one or more of the following four points:

—Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information has practical utility;

—Evaluate the accuracy of the agency's estimate of the burden of the proposed information collection, including the validity of the methodology and assumptions used;

—Evaluate whether and if so, how, the quality, utility, and clarity of the information to be collected can be enhanced; and

—Ways to minimize the burden of the information collection on respondents, including through the use of automated collection techniques or other forms of information technology.

Overview of the Information Collection Request

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 by the FDIC 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:
The total estimated annual burden is 2,395,630 hours (36 hours estimated implementation burden, plus 2,395,594 hours estimated ongoing burden). The burden estimate is detailed on the following tables:

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
8

Ability to Pay (1026.51(a)(ii)) Written Policies and Procedures
Mandatory Recordkeeping
1
N/A
1
1
480.00
8

Mortgage Products (Open and Closed-End)

•
Valuation Independence

○
Mandatory Reporting

Implementation of Policies and Procedures (1026.42(g))
MandatoryRecordkeeping
1
N/A
1
0
1,200.00
20

Total Estimated Implementation Burden

36

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 HELOCs

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
29,024

Closing Disclosure (1026.19(f); and .38)
Mandatory Disclosure
3,628
N/A
1
3,628
480.00
29,024

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
29,024

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
29,024

Periodic Statements (1026.41)
Mandatory Disclosure
3,628
N/A
1
3,628
480.00
29,024

○
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
3600.00
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

2,395,594

Total Estimated Annual Burden

2,395,630

1
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 Ongoing Burden Estimate table. 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.

Dated at Washington, DC, this 14th day of February 2018.
Federal Deposit Insurance Corporation.

Robert E. Feldman,
Executive Secretary.

[FR Doc. 2018-03426 Filed 2-16-18; 8:45 am]
BILLING CODE 6714-01-P

---

Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/fr%3A2018-03426. Public record. Not legal advice.