Truth in Lending Act (Regulation Z) 12 CFR 1026

Forms and Documents

Document Name	Status
Regulation Z - Supplementary Supporting Statement for TILA-RESPA.pdf Supplementary Document	2012-10-18
Regulation Z - Supplementary Supporting Statement for Servicing.pdf Supplementary Document	2012-10-18
Regulation Z - Supplementary Supporting Statement for LO Compensation.pdf Supplementary Document	2012-10-18
Regulation Z - Supplementary Supporting Statement for HRM Appraisals.pdf Supplementary Document	2012-10-18
HOEPA Reg Z PRA SS (8-15-12) final.docx Supplementary Document	2012-08-15
Supporting Statement.doc Supporting Statement A	2012-04-30

IC Document Collections

IC ID	Document Title	Status
200279	Recordkeeping	Unchanged
200277	Transaction-Related Disclosure Requirements	Unchanged
200275	Setup/Monitoring Disclosure Requirements Other-Model Forms in Regulation	Modified

ICR Details

OMB Control No: 3170-0015	ICR Reference No: 201208-3170-003
Status: Historical Active	Previous ICR Reference No: 201204-3170-013
Agency/Subagency: CFPB	Agency Tracking No:
Title: Truth in Lending Act (Regulation Z) 12 CFR 1026
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/21/2012
	Date Received in OIRA: 08/15/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2015	36 Months From Approved	06/30/2015
Responses	201,389,041	0	201,389,041
Time Burden (Hours)	6,467,000	0	6,467,000
Cost Burden (Dollars)	6,467,000	0	6,467,000

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Abstract: Federal and state enforcement agencies and private litigants use records retained under the requirement of Regulation Z to ascertain whether accurate and complete disclosures of the cost of credit have been provided to consumers prior to consummation of the credit obligation and, in some instances, during the loan term. The information is also used to determine whether other actions required under the TILA, including complying with billing error resolution procedures and limitation of consumer liability for unauthorized use of credit, have been met. The information retained provides the primary evidence of law violations in TILA enforcement actions brought by federal agencies. Without the Regulation Z recordkeeping requirement, the agencies' ability to enforce the TILA would be significantly impaired. As noted above, consumers rely on the disclosures required by the TILA and Regulation Z to shop among options and to facilitate informed credit decision making. Without this information, consumers would be severely hindered in their ability to assess the true costs and terms of financing offered. Also, without the special billing error information, consumers would be unable to detect and correct errors or fraudulent charges on their open-end credit accounts. Additionally, enforcement agencies and private litigants need the information in these disclosures to enforce the TILA and Regulation Z. See 15 U.S.C. 1607, 1640.

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Authorizing Statute(s): US Code: 15 USC 1601 Name of Law: Congressional findings and declaration of purpose
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3170-AA06	Final or interim final rulemaking	76 FR 79768	12/22/2011

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Recordkeeping
Setup/Monitoring Disclosure Requirements
Transaction-Related Disclosure Requirements

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	201,389,041	201,389,041	0	0	0	0
Annual Time Burden (Hours)	6,467,000	6,467,000	0	0	0	0
Annual Cost Burden (Dollars)	6,467,000	6,467,000	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 08/15/2012

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