Agency Information Collection Activities; Submission for OMB Review; Comment Request

FEDERAL TRADE COMMISSION

Agency Information Collection Activities; Submission for OMB

Review; Comment Request

AGENCY: Federal Trade Commission.

ACTION: Notice.

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SUMMARY: The Federal Trade Commission (FTC) has submitted to the Office

of Management and Budget (OMB) for review under the Paperwork Reduction

Act (PRA) information collection requirements associated with four

current rules enforced by the Commission. Current clearances for this

information collection expire on December 31, 1999. The FTC is

requesting that OMB extend the paperwork clearances through December

31, 2002.

DATES: Comments must be filed by January 21, 2000.

ADDRESSES: Send written comments to the Office of Information and

Regulatory Affairs, Office of Management and Budget, New Executive

Office Building, Room 10202, Washington, DC 20503, ATTN: Desk Officer

for the Federal Trade Commission, and 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: The FTC has submitted a request to OMB to

extend the existing clearances to collect information associated with

the four rules described below. A Federal Register Notice with a 60-day

comment period soliciting comments on this collection of information

was published on October 15, 1999 (64 FR 55937). No comments were

received.

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 many of 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 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 credit and lease

advertisers, creditors (e.g., finance companies, mortgage companies,

retailers, Internet businesses), financial institution (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 electronic fund

transfers (EFTs) used; (4) types and occurrences of adverse actions;

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

to compliance operations.

The estimated PRA burden associated with these rules, attributable

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

as automation and expanded quality control become more pervasive in the

financial services industry entities are able to comply more

efficiently.

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

applicable PRA requirements impose minimal

[[Page 71788]]

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.

I. Regulation B

The ECOA prohibits discrimination in the extension of credit.

Regulation B, 12 CFR part 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 as 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 industry data regarding the approximate number of mortgage

purchase and refinance originations), for a total of 150,000 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 requirement 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 under Regulation B) provide notices whenever they take adverse

action. The Regulations 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 board spectrum of covered entities.

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

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Total

Disclosure Average setup/ Average Total Total

Respondents burden per monitoring Number of burden per transaction burden

respondent burden transactions transaction burden (hours)

(hours) (hours) (minutes) (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

Appraisal reports.......................................... 22,000 .5 11,000 6,500,000 .25 27,083 38,083

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Total.................................................. ........... .......... .......... ............... ........... ........... 1,409,499

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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

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

(hours) hr.) (hours) hr.) (hours) hr.) Cost ($)

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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

===========================================================================================

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

[[Page 71789]]

Appraisal notices........................................... 3,808 190,415 34,275 685,494 0 0 875,909

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Appraisal reports........................................... 3,808 190,415 34,275 685,494 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, 12 CFR part 205, 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 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 Total

Disclosure Average setup Average Total burden

Respondents burden per monitoring Number of burden per transaction (hours)

respondent burden transactions transaction burden

(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

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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Estimated 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 30,900,000 0 0 39,483,34

[[Page 71790]]

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

===========================================================================================

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

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(Minor discrepancies in totals are due to rounding of the hours shown for skilled technical time.)

3. Regulation M

The CLA requires accurate disclosure of the costs and terms of

leases to consumers. Regulation M, 12 CFR part 213, promulgated by the

Board of Governors of the Federal Reserve System, establishes

disclosure requirements that assist consumers in comparison shopping

and 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 disclosure 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.

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Setup/monitoring Transaction-related

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Total

Disclosure Average setup/ Average Total Total

Respondents burden per monitoring Number of burden per transaction burden

respondent burden transactions transaction burden (hours)

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

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Auto Leases \1\............................................ 100,000 .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 more lease disclosure requirements (pertaining to computation of payment obligations) than other lease

transactions. (Only consumer leases for more than four months are covered.) See 15 U.S.C. Sec. 1667(1); 12 C.F.R. Sec. 213.2(e)(1).

\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 consumer leases for more than four months are covered.) See 15 U.S.C. Sec. 1667(1); 12 C.F.R.

Sec. 213.2(e)(1).

Estimated annual cost 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/ Time Cost ($20/ Time Cost (10/ ($)

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

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Recordkeeping............................................... 0 0 20,000 400,000 1,280,000 1,800,000 2,200,000

[[Page 71791]]

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

===========================================================================================

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

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(Minor discrepancies in totals are due to rounding of the hours shown for skilled technical time.)

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, 12 CFR part 226,

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 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: 20,473,000 hours, rounded (1,000,000

recordkeeping hours + 19,472,916 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.

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Setup/monitoring Transaction-related

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Total Total

Disclosure Average setup/ Average Total burden

Respondents burden per monitoring Number of burden per transaction (hours)

respondent burden transactions transaction burden

(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 5833 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

============================================================================================

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

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

[[Page 71792]]

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 0 584,491

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

-------------

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 closed-end credit............................. ........... ........... ........... ........... ........... ........... 285,487,523

===========================================================================================

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

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

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(Minor discrepancies in totals are due to rounding of the hours shown for skilled technical time.)

Debra A. Valentine,

General Counsel.

[FR Doc. 99-33206 Filed 12-21-99; 8:45 am]

BILLING CODE 6750-01-M