Agency Information Collection Activities; Proposed Collection; Comment Request; Extension

FEDERAL TRADE COMMISSION

Agency Information Collection Activities; Proposed Collection;

Comment Request; Extension

AGENCY: Federal Trade Commission.

ACTION: Notice.

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SUMMARY: The Federal Trade Commission (FTC) is soliciting public

comments on proposed extensions of Paperwork Reduction Act (PRA)

clearance for information collection requirements associated with four

current rules enforced by the Commission. These clearances expire on

December 31, 1999. The FTC has submitted the proposed information

collection requirements described below to the Office of Management and

Budget (OMB) and has requested that OMB extend the paperwork clearances

through December 31, 2002.

DATES: Comments must be filed by December 14, 1999.

ADDRESSES: Send written comments to Carole Reynolds, Attorney, Division

of Financial Practices, Bureau of Consumer Protection, Federal Trade

Commission, Washington, DC 20580, 202-326-3230. All comments should be

identified as responding to this notice.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or

copies of the proposed information requirements should be addressed to

Carole Reynolds at the address listed above.

SUPPLEMENTARY INFORMATION: Under the Paperwork Reduction Act of 1995

(PRA) (44 U.S.C. 3501-3520), Federal agencies must obtain approval from

OMB for each collection of information they conduct or sponsor.

``Collection of information'' means agency requests or requirements

that members of the public submit reports, keep records, or provide

information to a third party. 44 U.S.C. 3502(3), 5 CFR 1320.3(c). As

required by section 3506(c)(2)(A) of the PRA, the FTC is providing this

opportunity for public comment before requesting that OMB extend the

existing paperwork clearance for the regulations noted herein.

The FTC invites comments on: (1) whether the proposed collection of

information is necessary for the proper performance of the functions of

the agency, including whether the information will have practical

utility; (2) the accuracy of the agency's estimate of the burden of the

proposed collection of information, including the validity of the

methodology and assumptions used; (3) ways to enhance the quality,

utility, and clarity of the information to be collected; and (4) ways

to minimize the burden of the collection of information on those who

are to respond, including through the use of appropriate automated,

electronic, mechanical, or other technological collection techniques or

other forms of information technology, e.g., permitting electronic

submission of responses.

The four rules covered by this notice are: (1) Regulations

promulgated under The Equal Credit Opportunity Act, 15 U.S.C. 1691 et

seq. (``ECOA'') (``Regulation B'') (Control Number: 3084-0087); (2)

Regulations promulgated under The Electronic Fund Transfer Act, 15

U.S.C. 1693 et seq. (``EFTA'') (``Regulation E'') (Control Number:

3084-0085); (3) Regulations promulgated under The Consumer Leasing Act,

15 U.S.C. 1667 et seq., (``CLA'') (``Regulation M'') (Control Number:

3084-0086);

(4) Regulations promulgated under The Truth-In-Lending Act, 15

U.S.C. 1601 et seq. (``TILA'') (``Regulation Z'') (Control Number:

3084-0088).

Each of these four rules impose certain PRA recordkeeping and

disclosure requirements associated with providing credit or with other

financial transactions. All of these rules require covered entities to

keep certain records. Staff believes that these entities would likely

retain these records in the normal course of business even absent the

recordkeeping requirement in the rules.\1\ There is, however, some

burden associated with ensuring that covered entities do not

prematurely dispose of

[[Page 55938]]

relevant records during the period of time required by the applicable

rule.

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\1\ PRA ``burden'' does not include effort expended in the

ordinary course of business, regardless of any regulatory

requirement. 5 CFR 1320.3(b)(2).

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Disclosure requirements involve both set-up and monitoring costs as

well as certain transaction-specific costs. ``Set-up'' burden, incurred

by new entrants only, includes identifying the applicable disclosure

requirements, determining compliance obligations, and designing and

developing compliance systems and procedures. ``Monitoring'' burden,

incurred by all covered entities, includes reviewing revisions to

regulatory requirements, revising compliance systems and procedures as

necessary, and monitoring the ongoing operation of systems and

procedures to ensure continued compliance. ``Transaction-related''

burden refers to the effort associated with providing the various

required disclosures in individual transactions. While this burden

varies with the number of transactions, the figures shown for

transaction-related burden in the tables that follow are estimated

averages. The actual range of compliance burden experienced by covered

entities, and reflected in those averages, varies widely. Depending on

the extent to which covered entities have developed automated systems

and procedures for providing the required disclosures, and the efficacy

of those systems and procedures, some entities may have little or no

such burden, while others incur a higher burden.\2\

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\2\ For example, large retailers may use automated means to

provide required disclosures, such as issuing, en masse, notices of

changes in terms. Smaller retailers and certain types of creditors

may have less automated compliance systems, and thus may issue

disclosures on an individual transaction basis, resulting in higher

burden.

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Calculating the burden associated with the four regulations'

disclosure requirements is extremely difficult because of the highly

diverse group of affected entities. The ``respondents'' included in the

following burden calculations consist of all types of creditors (e.g.,

finance companies, mortgage companies, retailers, Internet businesses),

financial institutions (including new electronic commerce entities),

service providers, certain government agencies and others involved in

delivering electronic fund transfers of government benefits, and

lessors (e.g., auto dealers, independent leasing companies,

manufacturers' captive finance companies, furniture companies, computer

dealers). The burden estimates represent staff's best assessment, based

on its knowledge and expertise relating to the financial services

industry. To derive these estimates, 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) types of EFTs used; (4) types and occurrences of adverse

actions; (5) types of appraisal reports utilized; and (6) automation

with regard to their compliance operations.

The estimated PRA burden associated with these rules, attributable

to the Commission, is less today than in the past. Staff believes that

fewer entities are subject to the Commission's jurisdiction today. In

addition, as automation becomes more pervasive in the financial

services industry, entities may be able to comply more efficiently.

The cost estimates shown below relate solely to labor costs. The

applicable PRA requirements impose minimal capital or other non-labor

costs, as affected entities generally have the necessary equipment for

other business purposes. Similarly, staff estimates that compliance

with these rules entails minimal printing and copying costs beyond that

associated with documenting financial transactions in the ordinary

course of business. The burden estimates shown below include the time

necessary to train staff in compliance with the regulations.

The following paragraphs discuss each of these rules, their

particular PRA requirements, and staff's best estimates of the related

hour and cost burdens.

1. Regulation B

The ECOA prohibits discrimination in the extension of credit.

Regulation B, 12 CFR 202, promulgated by the Board of Governors of the

Federal Reserve System, establishes both recordkeeping and disclosure

requirements to assist consumers in understanding their rights under

the ECOA and to assist in detecting unlawful discrimination. The FTC

enforces the ECOA as to all creditors except those that are subject to

the regulatory authority of another federal agency (such federally

chartered or insured depository institutions).

Estimated annual hours burden: 2,560,000 hours, rounded (1,150,000

recordkeeping hours + 1,409,499 disclosure hours).

Recordkeeping: FTC staff estimates that Regulation B's general

recordkeeping requirements affect 1,000,000 credit firms subject to the

Commission's jurisdiction, at an average annual burden of one hour per

firm for a total of 1,000,000 hours. Staff also estimates that the

requirement that creditors monitor information about race/national

origin, sex, age, and marital status imposes a maximum burden of one

minute each \3\ for approximately nine million credit applications

(based on recent industry data regarding the approximate number of

mortgage purchase and refinance originations), for a total of 150,00

hours. The total estimated recordkeeping burden is 1,150,000 hours.

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\3\ Regulation B contains a model form that creditors may use to

gather and retain the required information.

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Disclosure: Regulation B requires that creditors (i.e., entities

that regularly participate in the decision whether or not to extend

credit and take ``adverse action'' under Regulation B) provide notices

whenever they take adverse action. The regulation also requires

entities that extend various types of mortgage credit to provide a copy

of the appraisal report and to notify applicants of their right to a

copy of the report.

As noted above, Regulation B applies to a highly diverse group of

entities, including retailers, mortgage lenders, mortgage brokers,

finance companies, Internet businesses, and others. In some instances,

where covered entities may make certain required disclosures in the

ordinary course of business, the Regulation imposes no burden. In

addition, some entities have developed highly automated means of

providing the required disclosures, while others rely on methods

requiring more manual effort. Thus, the following burden estimates are

averages based on staff's best estimate of the burden incurred over an

extremely broad spectrum of covered entities.

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Setup/monitoring \1\ Transaction-related \2\

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Average Total setup/ Average Total

Disclosure burden per monitoring Number of burden per transaction Total

Respondents respondent burden transactions transaction burden burden

(hours) (hours) (minutes) (hours) (hours)

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Adverse action notices...................................... 1,000,000 .5 500,000 200,000,000 .25 833,333 1,333,333

Appraisal notices........................................... 22,000 .5 11,000 6,500.000 .25 27,083 38,083

[[Page 55939]]

Appraisal reports........................................... 22,000 .5 11,000 6,500.000 .25 27,083 38,083

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Total................................................... ........... ........... ........... ............ ........... ........... 1,409,409

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\1\ With respect to appraisal notices and appraisal reports, the above figures assume that approximately half of applicable mortgage entities (.5 x

44,000, or 22,000 businesses) would not otherwise provide this information and thus would be affected.

\2\ The above figures assume that half of applicable mortgage transactions (.5 x 13,000,000, or 6,500,000) would not otherwise provide the appraisal

notices and reports and thus would be affected.

Estimated annual cost burden: $46,418,000, rounded.

Staff calculated labor costs by applying appropriate hourly cost

figures to the burden hours described above. The hourly rates used

below ($50 for managerial or professional time, $20 for skilled

technical time, and $10 for clerical time) are averages.

Recordkeeping: Staff estimates that the general recordkeeping

responsibility of one hour per creditor would involve approximately 90

percent clerical time and ten percent skilled technical time. Keeping

records of race/national origin, sex, age, and marital status requires

an estimated one minute of skilled technical time. As shown below, the

total recordkeeping cost is $14,666,666.

Disclosure: For each notice or information item listed, staff

estimates that the burden hours consist of 10 percent managerial time

and 90 percent skilled technical time. As shown below, the total

disclosure cost is $32,418,477.

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Managerial Skilled technical Clerical

------------------------------------------------------------------------------------ Total cost

Required task Time Cost ($50/ Time Cost ($20/ Time Cost (10/ ($)

(hours) hr.) (hours) hr.) (hours) hr.)

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General Recordkeeping................................. 0 $0 100,000 $2,000,000 900,000 $9,000,000 $11,000,000

Other Recordkeeping................................... 0 0 150,000 3,000,000 0 0 3,000,000

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Total Recordkeeping............................... ............ ............ ............ ............ ............ ............ 14,666,666

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Adverse action notices................................ 133,333 6,666,665 1,200,000 23,999,994 0 0 30,666,659

Appraisal notices..................................... 3,808 190,415 32,275 685,494 0 0 875,909

Appraisal reports..................................... 3,808 190,415 32,275 685,494 0 0 875,909

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Total Disclosure.................................. ............ ............ ............ ............ ............ ............ 32,418,477

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Total Recordkeeping and Disclosure................ ............ ............ ............ ............ ............ ............ 46,418,477

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2. Regulation E

The EFTA requires accurate disclosure of the costs, terms, and

rights relating to electronic fund transfer (EFT) services to

consumers. Regulation E, promulgated by the Board of Governors of the

Federal Reserve System, establishes both recordkeeping and disclosure

requirements applicable to entities providing EFT services to

consumers. The FTC enforces the EFTA as to all entities providing EFT

services except those that are subject to the regulatory authority of

another federal agency (such as federally chartered or insured

depository institutions).

Estimated annual hours burden: 3,579,000 hours (500,000

recordkeeping hours + approximately 3,079,000 disclosure hours).

Recordkeeping: Staff estimates that Regulation E's recordkeeping

requirements affect 500,000 firms offering EFT services to consumers

and subject to the Commission's jurisdiction, at an average annual

burden of one hour per firm, for a total of 500,000 hours.

Disclosure: As noted above, Regulation E applies to a highly

diverse group of entities, including financial institutions (including

certain retailers and electronic commerce entities), service providers,

various federal and state agencies offering electronic fund transfers

(EFTs), and others. In some instances, where covered entities may make

certain required disclosures in the ordinary course of business, the

Regulation imposes no burden. In addition, some entities have developed

highly automated means of providing the required disclosures, while

others rely on methods requiring more manual effort. Thus, the

following burden estimates are averages based on the staff's best

estimate of the burden incurred over an extremely broad spectrum of

covered entities.

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Setup/monitoring Transaction-related

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Total setup/ Average burden Total

Disclosure Average burden monitoring Number of per transaction Total burden

Respondents per respondent burden transactions transaction burden (hours)

(hours) (hours) (minutes) (hours)

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Initial terms........................... 100,000 .5 50,000 1,000,000 .02 333 50,333

Change in terms......................... 25,000 .5 12,500 33,000,000 .02 11,000 23,500

[[Page 55940]]

Periodic statements..................... 100,000 .5 50,000 1,200,000,000 .02 400,000 450,000

Error resolution........................ 100,000 .5 50,000 1,000,000 5 83,333 133,333

Transaction receipts.................... 100,000 .5 50,000 5,000,000,000 .02 1,666,667 1,716,667

Preauthorized transfers................. 500,000 .5 250,000 1,000,000 .25 4167 254,167

Service provider notices................ 100,000 .25 25,000 1,000,000 .25 4167 29,167

Govt. benefit notices................... 10,000 .5 5,000 100,000,000 .25 416,667 421,667

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Total............................... .............. .............. .............. .............. .............. .............. 3,078,834

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Estiamted annual cost burden: $76,313,000, rounded.

Staff calculated labor costs by applying appropriate hourly cost

figures to the burden hours described above. The hourly rates used

below ($50 for managerial or professional time, $20 for skilled

technical time, and $10 for clerical time) are averages.

Recordkeeping: For the 500,000 recordkeeping hours, staff estimates

that 10 percent of the burden hours require skilled technical time and

90 percent require clerical time. As shown below, the total

recordkeeping cost is $5,500,000.

Disclosure: For each notice or information item listed, staff

estimates that 10 percent of the burden hours require managerial time

and 90 percent require skilled technical time. As shown below, the

total disclosure cost is $70,813,182.

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Managerial Skilled technical Clerical

------------------------------------------------------------------------------------ Total cost

Required task Time Cost ($50/ Time Cost ($20/ Time Cost ($10/ ($)

(hours) hr.) (hours) hr.) (hours) hr.)

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Recordkeeping......................................... 0 $0 50,000 $1,000,000 450,000 $4,500,000 $5,500,000

Disclosure:

Initial terms..................................... 5,033 251,665 45,300 905,994 0 0 1,157,659

Change in terms................................... 2,350 117,500 21,150 423,000 0 0 540,500

Periodic statements............................... 45,000 2,250,000 405,000 8,100,000 0 0 10,350,000

Error resolution.................................. 13,333 666,665 120,000 2,399,994 0 0 3,066,659

Transaction receipts.............................. 171,667 8,583,335 1,540,000 30,900,006 0 0 39,483,34

Preauthorized transfers........................... 25,417 1,270,835 228,750 4,575,006 0 0 5,845,84

Service provider notices.......................... 2,917 145,835 26,250 525,006 0 0 670,84

Govt. benefit notices............................. 42,167 2,108,335 379,500 7,590,006 0 0 9,698,34

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Total Disclosure.............................. ............ ............ ............ ............ ............ ............ 70,813,182

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Total Recordkeeping and Disclosures........... ............ ............ ............ ............ ............ ............ 76,313,182

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3. Regulation M

The CLA requries accurate disclosure of the costs and terms of

leases to consumers. Regulation M, promulgated by the Board of

Governors of the Federal reserve System, establishes disclosure

requirements that assist consumers in understanding the terms of leases

and recordkeeping requirements that assist enforcement of the CLA. The

FTC enforces the CLA as to all lessors and advertisers except those

that are subject to the regulatory authority of another federal agency

(such as federally chartered or insured depository institutions).

Estimated annual hours burden: 387,500 hours, rounded (200,000

recordkeeping hours + 187,501 disclosures hours).

Recordkeeping: Staff estimates that Regulation M's recordkeeping

requirements affect 200,000 firms leasing products to consumers and

subject to the Commission's jurisdiction, at an average annual burden

of one hour per firm, for a total of 200,000 hours.

Disclosure: As noted above, Regulation M applies to a highly

diverse group of entities, including automobile 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, and diverse types of lease advertisers, and others. In some

instances, where covered entities may make certain required disclosures

in the ordinary course of business, the Regulation imposes no burden.

In addition, some entities have developed highly automated means of

providing the required disclosures, while others rely on methods

requiring more manual effort. Thus, the following burden estimates are

averages based on staff's best estimate of the burden incurred over an

extremely broad spectrum of covered entities.

[[Page 55941]]

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Setup/monitoring Transaction related

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Total setup/ Average burden Total Total burden

Disclosure Average burden monitoring Number of per transaction (hours)

Respondents per respondent burden transactions transaction burden

(hours) (hours) (minutes) (hours)

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Auto Leases \1\......................... 100,00 .75 75,000 5,000,000 50 41,667 116,667

Other Leases \2\........................ 100,000 .50 50,000 1,000,000 25 4,167 54,167

Advertising............................. 25,000 .50 12,500 1,000,000 .25 4,167 16,667

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Total............................... .............. .............. .............. .............. .............. .............. 187,501

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\1\ This category focuses on consumer vehicle leases. the number of such leases--the largest category of consumer leases--has increased considerably in

recent years. Vehicle leases are subject to additional lease disclosure requirements (pertaining to computation of payment obligations) than other

lease transactions. Only consumers leases for more than four months are covered. See 15 U.S.C. 1667(1); 12 CFR 213.2(a)(6).

\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 consumers leases for more than four months are covered. See 15 U.S.C. 1667(1); 12 CFR 213.2(a)(6).

Estimated annual burden: $6,513,000, rounded.

Staff calculated labor costs by applying appropriate hourly cost

figures to the burden hours described above. The hourly rates used

below ($50 for managerial or professional time, $20 for skilled

technical time, and $10 for clerical time) are averages.

Recordkeeping: For the 200,000 recordkeeping hours, staff estimates

that 10 percent of the burden hours require skilled technical time and

90 percent require clerical time. As shown below, the total

recordkeeping cost is $2,200,000.

Disclosure: For each notice or information item listed, staff

estimates that 10 percent of the burden hours require managerial time

and 90 percent require skilled technical time. As shown below, the

total disclosure cost is $4,312,523.

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Managerial Skilled technical Clerical

------------------------------------------------------------------------------------ Total cost

Required task Time Cost ($50/ Cost ($20/ Time Cost ($10/ ($)

(hours) hr.) Time (hours) hr.) (hours) hr.)

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Recordkeeping......................................... 0 $0 20,000 $400,000 180,000 $1,800,000 $2,200,000

Disclosures:

Auto Leases....................................... 11,667 583,335 105,000 2,100,006 0 0 2,683,341

Other Leases...................................... 5,417 270,835 48,750 975,006 0 0 1,245,841

Advertising....................................... 1,667 83,335 15,000 300,000 0 0 383,341

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Total Disclosures............................. ............ ............ ............ ............ ............ ............ 4,312,523

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Total Recordkeeping and Disclosures........... ............ ............ ............ ............ ............ ............ 6,512,523

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4. Regulation Z

The TILA was enacted to foster comparison credit shopping and

informed credit decision making by requiring accurate disclosure of the

costs and terms of credit to consumers. Regulation Z, promulgated by

the Board of Governors of the Federal Reserve System, establishes both

recordkeeping and disclosure requirements to assist consumers and the

enforcement of the TILA. The FTC enforces the TILA as to all creditors

except those that are subject to the regulatory authority of another

federal agency (such as federally chartered or insured depository

institutions).

Estimated annual hours burden. 46,412,000 hours (1,000,000

recordkeeping hours + 45,412,000 disclosure hours).

Recordkeeping: FTC staff estimates that Regulation Z's

recordkeeping requirements affect approximately 1,000,000 firms

offering credit and subject to the Commission's jurisdiction, at an

average annual burden of one hour per firm, for a total of 1,000,000

hours.

Disclosure: Regulation Z disclosure requirements pertain to open-

end and closed-end credit. As noted above, the Regulation applies to a

highly diverse group of entities, including retailers (such as

department stores, appliance stores, discount retailers, medical-dental

service providers, home improvement sellers, and newly-emerging

electronic commerce retail operators); mortgage companies; finance

companies; credit advertisers; auto dealerships; student loan

companies; home fuel or power services (for furnaces, stoves,

microwaves, and other heating, cooling or residential power equipment);

credit advertisers; and others. In some instances, where covered

entities may make certain required disclosures in the ordinary course

of business, the Regulation imposes no burden. In addition, some

entities have developed highly automated means of providing the

required disclosures, while others rely on methods requiring more

manual effort. Thus, the following burden estimates are averages based

on staff's best estimate of the burden incurred over an extremely broad

spectrum of covered entities.

[[Page 55942]]

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Setup/monitoring Transaction-related

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Average Total setup/ Average Total Total

Disclosure burden per monitoring Number of burden per transaction burden

Respondents respondent burden transactions transaction burden (hours)

(hours) (hours) (minutes) (hours)

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Open-end credit:

Initial terms........................................ 100,000 .5 50,000 50,000,000 .25 208,333 258,333

Rescission notices................................... 50,000 .5 25,000 100,000 .25 417 25,417

Change in terms...................................... 25,000 .5 12,500 136,000,000 .125 283,333 295,833

Periodic statements.................................. 200,000 .5 100,000 4,800,000,000 .0625 5,000,000 5,100,000

Error resolution..................................... 100,000 .5 50,000 10,000,000 5 833,333 883,333

Credit and charge card accounts...................... 100,000 1 100,000 50,000,000 .25 208,333 308,333

Home equity lines of credit.......................... 100,000 1 100,000 5,000,000 .25 20,833 120,833

Advertising.......................................... 250,000 .25 62,500 700,000 .5 5,833 68,333

Closed-end credit:

Credit disclosures................................... 800,000 .50 400,000 330,000,000 2 11,000,000 11,400,000

Rescission notices................................... 200,000 .50 100,000 34,000,000 1 566,667 666,667

Variable rate mortgages.............................. 100,000 .50 50,000 1,800,000 2 60,000 110,000

High rate/high fee mortgages......................... 100,000 .50 50,000 500,000 2 16,667 66,667

Reverse mortgages.................................... 50,000 .50 25,000 150,000 1 2,500 27,500

Advertising.......................................... 500,000 .25 125,000 1,000,000 1 16,667 141,667

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Total open-end credit............................ ........... ........... ........... ............... ........... ........... 7,060,415

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Total closed-end credit.......................... ........... ........... ........... ............... ........... ........... 12,412,501

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Total credit..................................... ........... ........... ........... ............... ........... ........... 19,472,916

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Estimated annual cost burden: $458,877,000, rounded.

Staff calculated labor costs by applying appropriate hourly cost

figures to the burden hours described above. The hourly rates used

below ($50 for managerial or professional time, $20 for skilled

technical time, and $10 for clerical time) are averages.

Recordkeeping: For the 1,000,000 recordkeeping hours, staff

estimates that 10 percent of the burden hours require skilled technical

time and 90 percent require clerical time. As shown below, the total

recordkeeping cost is $11,000,000.

Disclosure: For each notice or information item listed, staff

estimates that 10 percent of the burden hours require managerial time

and 90 percent require skilled technical time. As shown below, the

total disclosure cost is $447,877,068.

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Managerial Skilled Technical Clerical

------------------------------------------------------------------------------ Total Cost

Required task Time Cost ($50/ Time Cost ($20/ Time Cost ($10/ ($)

(hours) hr.) (hours) hr.) (hours) hr.)

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Recordkeeping................................................ 0 $0 100,000 $2,000,000 900,000 $9,000,000 $11,000,000

Open-end credit Disclosures:

Initial terms............................................ 25,833 1,291,665 232,500 4,649,994 0 0 5,941,659

Rescission notices....................................... 2,542 127,085 22,875 457,506 0 0 584,591

Change in terms.......................................... 29,583 1,479,165 266,250 5,324,994 0 0 6,804,159

Periodic statements...................................... 510,000 25,500,000 4,590,000 91,800,000 0 0 117,300,000

Error resolution......................................... 88,333 4,416,665 795,000 15,899,994 0 0 20,316,659

Credit and charge card accounts.......................... 30,833 1,541,665 277,500 5,549,994 0 0 7,091,659

Home equity lines of credit.............................. 12,083 604,165 108,750 2,174,994 0 0 2,779,159

Advertising.............................................. 6,833 341,665 61,500 1,229,994 0 0 1,571,659

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Total open-end credit................................ ........... ........... ........... ........... ........... ........... 162,389,545

Closed-end credit Disclosures:

Credit disclosures....................................... 1,140,000 57,000,000 10,260,000 205,200,000 0 0 262,200,000

Rescission notices....................................... 66,667 3,333,335 600,000 12,000,006 0 0 15,333,341

Variable rate mortgages.................................. 11,000 550,000 99,000 1,980,000 0 0 2,530,000

High rate/high fee mortgages............................. 6,667 333,335 60,000 1,200,006 0 0 1,533,341

Reverse mortgages........................................ 2,750 137,500 24,750 495,000 0 0 632,500

Advertising.............................................. 14,167 708,335 127,500 2,550,006 0 0 3,258,341

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Total open-end credit................................ ........... ........... ........... ........... ........... ........... 258,487,523

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Total Disclosures.................................... ........... ........... ........... ........... ........... ........... 447,877,068

Total Recordkeeping and Disclosures:................. ........... ........... ........... ........... ........... ........... 458,877,068

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[[Page 55943]]

Debra A. Valentine,

General Counsel.

[FR Doc. 99-27007 Filed 10-14-99; 8:45 am]

BILLING CODE 6750-01-M