Truth in Lending Act (Regulation Z) 12 CFR 1026 Pre-Paid Card Regulation

Forms and Documents

Document Name	Status
3170-0050 Reg Z (Prepaid) NFRM RIN 3170-AA22 Rev03222019(2).pdf Supporting Statement A	2019-03-22

IC Document Collections

IC ID	Document Title	Status
214451	Disclosure Requirements	Modified

ICR Details

OMB Control No: 3170-0050	ICR Reference No: 201611-3170-002
Status: Active	Previous ICR Reference No: 201412-3170-008
Agency/Subagency: CFPB	Agency Tracking No: Final Rule
Title: Truth in Lending Act (Regulation Z) 12 CFR 1026 Pre-Paid Card Regulation
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 03/22/2019
	Date Received in OIRA: 11/22/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2022	36 Months From Approved
Responses	3,307,637	0	0
Time Burden (Hours)	3,475	0	0
Cost Burden (Dollars)	0	0	0

---

Abstract: On November 22, 2016, the Bureau issued a final rule that amends Regulation E, which implements the Electronic Fund Transfer Act (EFTA), Regulation Z, which implements the Truth in Lending Act (TILA), and the official interpretation to the regulations, to provide comprehensive protections for consumers who use “prepaid accounts” (the Prepaid Account Final Rule or final rule). The final rule modifies general Regulation E requirements to create tailored provisions governing disclosures, limited liability and error resolution, and periodic statements, and adds new requirements regarding the posting of account agreements. Additionally, the final rule amends Regulations Z and E to regulate overdraft credit features offered in connection with prepaid accounts. Subject to certain exceptions, such credit features will be covered under Regulation Z where the credit feature is offered by the prepaid account issuer, its affiliate, or its business partner and credit can be accessed in the course of a transaction conducted with a prepaid card.

---

Authorizing Statute(s): US Code: 15 USC 1601(a) Name of Law: Truth In Lending Act
  

Citations for New Statutory Requirements: None

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3170-AA22	Final or interim final rulemaking	81 FR 83934	11/22/2016

---

Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Disclosure Requirements

---

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	3,307,637	0	0	3,307,637	0	0
Annual Time Burden (Hours)	3,475	0	0	3,475	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: This is a request for a new OMB control number that adds information collections to Regulation Z but does not alter any existing collections. The new collections will require 3,307,637 responses and add 3,475 hours of burden.

---

Annual Cost to Federal Government:

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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

---

Common Form ICR:  No

---

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: 11/22/2016

---