AGENCY:
Federal Deposit Insurance Corporation (FDIC).
ACTION:
30-Day notice and request for comment.
SUMMARY:
The Federal Deposit Insurance Corporation (FDIC) will submit the following information collection request to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act of 1995. The proposed information collection was previously published in the Federal Register on December 7, 2017, allowing for a 60-day comment period.
DATES:
Comments are encouraged and will be accepted for an additional 30 days until March 22, 2018.
ADDRESSES:
Interested parties are invited to submit written comments to the FDIC by any of the following methods:
- https://www.FDIC.gov/regulations/laws/federal .
- Email: comments@fdic.gov. Please include the name and OMB control number of the relevant information collection in the subject line of the message.
- Mail: Manny Cabeza, Counsel, Room MB-3007, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429.
- Hand Delivery: Comments may be hand-delivered to the guard station at the rear of the 17th Street Building (located on F Street), on business days between 7:00 a.m. and 5:00 p.m.
All comments should refer to the relevant OMB control number. Written comments and/or suggestions can also be directed to the Office of Management and Budget, Office of Information and Regulatory Affairs, attention FDIC Desk Officer, New Executive Office Building, Washington, DC 20503 or sent to OIRA_submissions@omb.eop.gov.
FURTHER INFORMATION CONTACT:
If you have additional comments, particularly with respect to the estimated public burden or associated response time, have suggestions, need a copy of any proposed information collection instrument and instructions, or desire any other additional information, please contact Manny Cabeza, Counsel, FDIC Legal Division either by mail at Room MB-3007, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429; by email at mcabeza@fdic.gov; or by telephone at (202) 898-3767.
SUPPLEMENTARY INFORMATION:
Written comments and suggestions from the public and affected agencies concerning the proposed collection of information are encouraged. All comments received will become a matter of public record. Your comments should address one or more of the following four points:
—Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information has practical utility;
—Evaluate the accuracy of the agency's estimate of the burden of the proposed information collection, including the validity of the methodology and assumptions used;
—Evaluate whether and if so, how, the quality, utility, and clarity of the information to be collected can be enhanced; and
—Ways to minimize the burden of the information collection on respondents, including through the use of automated collection techniques or other forms of information technology.
Overview of the Information Collection Request
1. Title: Recordkeeping, Disclosure and Reporting Requirements in Connection with Regulation Z.
OMB Number: 3064-0082.
Form Number: None.
Affected Public: State nonmember banks and state savings associations.
General Description of Collection: Consumer Financial Protection Bureau (CFPB) Regulation Z—12 CFR 1026 implements the Truth in Lending Act (15 U.S.C. 1601, et seq.) and certain provisions of the Real Estate Settlement Procedures Act (12 U.S.C. 2601 et seq.). This regulation prescribes uniform methods for computing the cost of credit, the disclosure of credit terms and costs, the resolution of errors and imposes various other recordkeeping, reporting and disclosure requirements. The FDIC has enforcement authority on the requirements of the CFPB's Regulation over the financial institutions it supervises. This information collection captures the recordkeeping, reporting and disclosure burdens of Regulation Z on FDIC-supervised institutions. The information collection is being revised to account for revisions and changes made to Regulation Z by the CFPB since this information collection was last submitted by the FDIC to OMB for clearance.
To arrive at the estimated annual burden the FDIC assessed the number of potential respondents to the information collection by identifying the number of FDIC-supervised institutions who reported activity that would be within the scope of the information collection requirements according to data from the most recent CALL Report. Additionally, the FDIC estimated the frequency of responses to the recordkeeping, reporting, or disclosure requirements by assessing the dollar volume of activity that would be within the scope of the information collection. In some instances the FDIC used information provided by other sources to estimate the magnitude and scope of activity attributable to FDIC-supervised institutions when more immediate information sources did not exist.
Burden Estimate: The total estimated annual burden is 2,395,630 hours (36 hours estimated implementation burden, plus 2,395,594 hours estimated ongoing burden). The burden estimate is detailed on the following tables:
Implementation (One-Time) Burden Estimate
| | Obligation to respond/type of burden | Estimated number of respondents | Estimated average number of credit accounts | Frequency of response | Number of responses | Estimated time per response (minutes) | Total estimated annual burden (hours) |
| Open-End Credit Products |
| • Not Home-Secured Open-End Credit Plans |
| ○ Credit and Charge Card Provisions |
| Timely Settlement of Estate Debts (1026.11(c)(1)) Written Policies and Procedures | Mandatory Recordkeeping | 1 | N/A | 1 | 1 | 480.00 | 8 |
| Ability to Pay (1026.51(a)(ii)) Written Policies and Procedures | Mandatory Recordkeeping | 1 | N/A | 1 | 1 | 480.00 | 8 |
| Mortgage Products (Open and Closed-End) |
| • Valuation Independence |
| ○ Mandatory Reporting |
| Implementation of Policies and Procedures (1026.42(g)) | MandatoryRecordkeeping | 1 | N/A | 1 | 0 | 1,200.00 | 20 |
| Total Estimated Implementation Burden | | | | | | | 36 |
| |
| Ongoing Burden Estimate |
| Open-End Credit Products |
| • Not Home-Secured Open-End Credit Plans |
| ○ General Disclosure Rules for Not Home-Secured Open-End Credit Plans |
| Credit and Charge Card Applications and Solicitations (1026.60) | Mandatory Disclosure | 634 | N/A | 1 | 634 | 480.00 | 5,072 |
| Account Opening Disclosures (1026.6(b)) | Mandatory Disclosure | 634 | N/A | 1 | 634 | 720.00 | 7,608 |
| Periodic Statements (1026.7(b)) | Mandatory Disclosure | 634 | N/A | 12 | 7,608 | 480.00 | 60,864 |
| Annual Statement of Billing Rights (1026.9(a)(1)) | Mandatory Disclosure | 317 | N/A | 1 | 317 | 480.00 | 2,536 |
| Alternative Summary Statement of Billing Rights (1026.9(a)(2)) | Voluntary Disclosure | 317 | N/A | 12 | 3,804 | 480.00 | 30,432 |
| Change in Terms Disclosures (1026.9(b) through (h)) | Mandatory Disclosure | 634 | N/A | 1 | 634 | 480.00 | 5,072 |
| ○ Credit and Charge Card Provisions |
| Timely Settlement of Estate Debts (1026.11(c)(2)) | Mandatory Disclosure | 634 | 428 | 1 | 271,352 | 5.00 | 22,613 |
| Ability to Pay (1026.51) | Mandatory Recordkeeping | 634 | N/A | 1 | 634 | 720.00 | 7,608 |
| College Student Credit Annual Report (1026.57(d)) | Mandatory Reporting | 634 | N/A | 1 | 634 | 480.00 | 5,072 |
| Submission of Credit Card Agreements (1026.58(c)) | Mandatory Reporting | 634 | N/A | 4 | 2,536 | 180.00 | 7,608 |
| Internet Posting of Credit Card Agreements (1026.58(d)) | Mandatory Disclosure | 634 | N/A | 4 | 2,536 | 360.00 | 15,216 |
| Individual Credit Card Agreements (1026.58(e)) | Mandatory Disclosure | 634 | 125 | 1 | 79,250 | 15.00 | 19,813 |
| • Home Equity Open-End Credit Plans (HELOC) |
| ○ General Disclosure Rules for HELOCs |
| Application Disclosures (1026.40) | Mandatory Disclosure | 2,717 | N/A | 1 | 2,717 | 720.00 | 32,604 |
| Account Opening Disclosures (1026.6(a)) | Mandatory Disclosure | 2,717 | N/A | 1 | 2,717 | 720.00 | 32,604 |
| Periodic Statements (1026.7(a)) | Mandatory Disclosure | 2,717 | N/A | 1 | 2,717 | 480.00 | 21,736 |
| Annual Statement of Billing Rights (1026.9(a)(1)) | Mandatory Disclosure | 2,717 | N/A | 1 | 2,717 | 480.00 | 21,736 |
| Alternative Summary Statement of Billing Rights (1026.9(a)(2)) | Voluntary Disclosure | 2,717 | N/A | 1 | 2,717 | 480.00 | 21,736 |
| Change in Terms Disclosures (1026.9(b) through (h)) | Mandatory Disclosure | 2,717 | N/A | 1 | 2,717 | 480.00 | 21,736 |
| Notice to Restrict Credit (1026.9(c)(1)(iii); .40(f)(3)(i) and (vi)) | Mandatory Disclosure | 2,717 | N/A | 1 | 2,717 | 120.00 | 5,434 |
| • All Open-End Credit Plans |
| Error Resolution (1026.13) | Mandatory Disclosure | 3,624 | 2,963 | 1 | 10,737,912 | 1.0 | 178,965 |
| • Closed-End Credit Products |
| • General Rules for Closed-End Credit |
| Other than Real Estate, Home-Secured and Private Education Loans (1026.17 and .18) | Mandatory Disclosure | 1 | N/A | 1 | 1 | 720.00 | 12 |
| • Closed-End Mortgages |
| ○ Application and Consummation |
| Loan Estimate (1026.19(e); and .37) | Mandatory Disclosure | 3,628 | N/A | 1 | 3,628 | 480.00 | 29,024 |
| Closing Disclosure (1026.19(f); and .38) | Mandatory Disclosure | 3,628 | N/A | 1 | 3,628 | 480.00 | 29,024 |
| Record Retention of Disclosures (1026.19(e), (f); .37; and .38) | Mandatory Recordkeeping | 3,628 | N/A | 1 | 3,628 | 18.00 | 1,088 |
| ○ Post-Consummation Disclosures |
| Interest Rate and Payment Summary (1026.18(s)) | Mandatory Disclosure | 3,628 | N/A | 1 | 3,628 | 2,400.00 | 145,120 |
| No Guarantee to Refinance Statement (1026.18(t)) | Mandatory Disclosure | 3,628 | N/A | 1 | 3,628 | 480.00 | 29,024 |
| ARMs Rate Adjustments with Payment Change Disclosures (1026.20(c)) | Mandatory Disclosure | 3,628 | N/A | 1 | 3,628 | 90.00 | 5,442 |
| Initial Rate Adjustment Disclosure for ARMs (1026.20(d)) | Mandatory Disclosure | 3,628 | N/A | 1 | 3,628 | 120.00 | 7,256 |
| Escrow Cancellation Notice (1026.20(e)) | Mandatory Disclosure | 3,628 | N/A | 1 | 3,628 | 480.00 | 29,024 |
| |
| Periodic Statements (1026.41) | Mandatory Disclosure | 3,628 | N/A | 1 | 3,628 | 480.00 | 29,024 |
| ○ Ability to Repay Requirements |
| Minimum Standards (1026.43(c) through (f)) | Mandatory Recordkeeping | 3,628 | 926 | 1 | 3,359,528 | 15.00 | 839,882 |
| Prepayment Penalties (1026.43(g)) | Mandatory Disclosure | 3,628 | 16 | 1 | 58,048 | 12.00 | 11.610 |
| Mortgage Products (Open and Closed-End) |
| • Mortgage Servicing Disclosures |
| ○ Payoff Statements |
| Payoff Statements (1026.36(c)(3)) | Mandatory Disclosure | 3,628 | N/A | 1 | 3,628 | 480.00 | 29,024 |
| ○ Notice of Sale or Transfer |
| Notice of Sale or Transfer (1026.39) | Mandatory Disclosure | 3,628 | N/A | 1 | 3,628 | 480.00 | 29,204 |
| • Valuation Independence |
| ○ Mandatory Reporting |
| Reporting Appraiser Noncompliance (1026.42(g)) | Mandatory Reporting | 3,628 | 1 | 1 | 3,628 | 10.00 | 605 |
| Reverse and High-Cost Mortgages |
| • Reverse Mortgages |
| ○ Reverse Mortgage Disclosures |
| Reverse Mortgage Disclosures (1026.31(c)(2) and .33) | Mandatory Disclosure | 14 | N/A | 1 | 14 | 1,440.00 | 336 |
| • High-Cost Mortgage Loans |
| ○ HOEPA Disclosures and Notice |
| HOEPA Disclosures and Notice (1026.32(c) | Mandatory Disclosure | 3,628 | N/A | 1 | 3,628 | 14.00 | 847 |
| Private Education Loans |
| • Initial Disclosures |
| ○ Application and Solicitation Disclosures |
| Application or Solicitation Disclosures (1026.47(a)) | Mandatory Disclosure | 3,561 | N/A | 1 | 3,561 | 3,600.00 | 213,660 |
| ○ Approval Disclosures |
| Approval Disclosures (1026.47(b)) | Mandatory Disclosure | 3,561 | N/A | 1 | 3,561 | 3,600.00 | 213,660 |
| ○ Final Disclosures |
| Final Disclosures (1026.47(c)) | Mandatory Disclosure | 3,561 | N/A | 1 | 3,561 | 3600.00 | 213,660 |
| Advertising Rules |
| • All Credit Types |
| ○ Open-End Credit |
| Open-End Credit (1026.16) | Mandatory Disclosure | 3,624 | 5 | 1 | 18,120 | 20.00 | 6,040 |
| ○ Closed-End Credit |
| Closed-End Credit (1026.24) | Mandatory Disclosure | 3,628 | 5 | 1 | 18,140 | 20.00 | 6,047 |
| Record Retention |
| • Evidence of Compliance |
| Regulation Z in General (1026.25) | Mandatory Recordkeeping | 3,652 | N/A | 1 | 3,652 | 18.00 | 1,096 |
| Total Estimated Ongoing Burden | | | | | | | 2,395,594 |
| Total Estimated Annual Burden | | | | | | | 2,395,630 |
| FDIC estimates that all existing FDIC-supervised institutions have implemented the policies and procedures required by Regulation Z and will only face the estimated ongoing (transaction) burdens reflected in the Ongoing Burden Estimate table. The respondent count of 1 is intended as a placeholder for the associated burden estimate to account for any institution(s) that may become subject to the information collection requirements in the future. |
Dated at Washington, DC, this 14th day of February 2018.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2018-03426 Filed 2-16-18; 8:45 am]
BILLING CODE 6714-01-P
