Truth in Lending Act (Regulation Z) 12 CFR 1026

ICR 201810-3170-002

OMB: 3170-0015

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2018-10-03
Supplementary Document
2018-10-03
Supplementary Document
2018-10-03
Supplementary Document
2018-10-03
Justification for No Material/Nonsubstantive Change
2018-10-03
Supporting Statement A
2014-01-13
IC Document Collections
IC ID
Document
Title
Status
209497
Modified
ICR Details
3170-0015 201810-3170-002
Historical Active 201510-3170-002
CFPB
Truth in Lending Act (Regulation Z) 12 CFR 1026
No material or nonsubstantive change to a currently approved collection   No
Regular
Approved without change 10/19/2018
Retrieve Notice of Action (NOA) 10/03/2018
  Inventory as of this Action Requested Previously Approved
10/31/2018 10/31/2018 10/31/2018
243,058,296 0 216,724,041
10,224,672 0 10,055,000
20,021,382 0 9,400,000

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.

US Code: 15 USC 1601 Name of Law: Congressional findings and declaration of purpose
  
None

3170-AA19 Final or interim final rulemaking 80 FR 43911 07/24/2015

No

1
IC Title Form No. Form Name
Regulation Z Recordkeeping and Disclosure Requirements

  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 243,058,296 216,724,041 0 0 26,334,255 0
Annual Time Burden (Hours) 10,224,672 10,055,000 0 0 169,672 0
Annual Cost Burden (Dollars) 20,021,382 9,400,000 0 0 10,621,382 0
No
No
The change in burden results from merging the information collections and associated burdens from OMB control numbers 3170-0023, 3170-0026, 3170-0028, and 3170-0031.

$0
No
    No
    No
No
Yes
No
Uncollected
Darrin King 202-693-4129 King.Darrin@dol.gov

  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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
10/03/2018


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