Truth in Lending Act (Regulation Z) 12 CFR 1026

ICR 201908-3170-001

OMB: 3170-0015

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2019-08-26
IC Document Collections
IC ID
Document
Title
Status
209497
Modified
ICR Details
3170-0015 201908-3170-001
Active 201810-3170-002
CFPB
Truth in Lending Act (Regulation Z) 12 CFR 1026
Extension without change of a currently approved collection   No
Regular
Approved without change 03/17/2020
Retrieve Notice of Action (NOA) 08/26/2019
  Inventory as of this Action Requested Previously Approved
03/31/2023 36 Months From Approved 03/31/2020
303,968,000 0 243,058,296
1,265,000 0 10,224,672
140,459,000 0 20,021,382

The Truth in Lending Act (TILA), 15 U.S.C. 1601 et seq., 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 and to protect consumers against inaccurate and unfair credit billing practices. Creditors are subject to disclosure and other requirements that apply to open-end credit (e.g., revolving credit or credit lines) and closed-end credit (e.g., installment financing). TILA imposes disclosure requirements on all types of creditors in connection with consumer credit, including mortgage companies, finance companies, retailers, and credit card issuers, to ensure that consumers are fully apprised of the terms of financing prior to consummation of the transaction and, as applicable, during the loan term.

US Code: 15 USC 1601 Name of Law: Truth in Lending Act
  
None

Not associated with rulemaking

  84 FR 24498 05/28/2019
84 FR 44604 08/26/2019
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 303,968,000 243,058,296 0 0 60,909,704 0
Annual Time Burden (Hours) 1,265,000 10,224,672 0 0 -8,959,672 0
Annual Cost Burden (Dollars) 140,459,000 20,021,382 0 0 120,437,618 0
No
No
The Bureau estimates that there is an increase of about 6,100 respondents due to new entrants into the market. Annual burden increased because the Bureau conducted a comprehensive review of the information collections in Regulation Z and the related estimated burdens. This comprehensive review resulted in the Bureau identifying information collections that OMB had approved when the Bureau inherited Regulation Z from the Board, but had not been subsequently enumerated. Finally, burden hours decreased because of industry adoption of technology in the previous several years.

$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.
08/26/2019


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