Agency Information Collection Activities: Submission for OMB Review; Comment Request (3064-0082)

30-Day notice and request for comment.

Citation: "83 FR 7179"

Page Number: "7179"

"Notices"

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.

   FOR 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  Estimated      Estimated      Frequency of                   respond/type   number of      average        response                   of burden      respondents    number of                                   *1            credit                                                 accounts       Open-End Credit Products        . Not Home-Secured Open-End Credit Plans        . Credit and Charge Card Provisions  Timely Settlement Mandatory      1              N/A            1 of Estate Debts   Recordkeeping (1026.11(c)(1)) Written Policies and Procedures Ability to Pay    Mandatory      1              N/A            1 (1026.51(a)(ii))  Recordkeeping Written Policies and Procedures       Mortgage Products (Open and Closed-End)        . Valuation Independence        . Mandatory Reporting  Implementation of Mandatory      1              N/A            1 Policies and      Recordkeeping Procedures (1026.42(g)) Total Estimated Implementation Burden       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 Mandatory      634            N/A            1 Card Applications Disclosure and Solicitations (1026.60) Account Opening   Mandatory      634            N/A            1 Disclosures       Disclosure (1026.6(b)) Periodic          Mandatory      634            N/A            12 Statements        Disclosure (1026.7(b)) Annual Statement  Mandatory      317            N/A            1 of Billing Rights Disclosure (1026.9(a)(1)) Alternative       Voluntary      317            N/A            12 Summary Statement Disclosure of Billing Rights (1026.9(a)(2)) Change in Terms   Mandatory      634            N/A            1 Disclosures       Disclosure (1026.9(b) through (h))        . Credit and Charge Card Provisions  Timely Settlement Mandatory      634            428            1 of Estate Debts   Disclosure (1026.11(c)(2)) Ability to Pay    Mandatory      634            N/A            1 (1026.51)         Recordkeeping College Student   Mandatory      634            N/A            1 Credit Annual     Reporting Report (1026.57(d)) Submission of     Mandatory      634            N/A            4 Credit Card       Reporting Agreements (1026.58(c)) Internet Posting  Mandatory      634            N/A            4 of Credit Card    Disclosure Agreements (1026.58(d)) Individual Credit Mandatory      634            125            1 Card Agreements   Disclosure (1026.58(e))        . Home Equity Open-End Credit Plans (HELOC)        . General Disclosure Rules for HELOCs  Application       Mandatory      2,717          N/A            1 Disclosures       Disclosure (1026.40) Account Opening   Mandatory      2,717          N/A            1 Disclosures       Disclosure (1026.6(a)) Periodic          Mandatory      2,717          N/A            1 Statements        Disclosure (1026.7(a)) Annual Statement  Mandatory      2,717          N/A            1 of Billing Rights Disclosure (1026.9(a)(1)) Alternative       Voluntary      2,717          N/A            1 Summary Statement Disclosure of Billing Rights (1026.9(a)(2)) Change in Terms   Mandatory      2,717          N/A            1 Disclosures       Disclosure (1026.9(b) through (h)) Notice to         Mandatory      2,717          N/A            1 Restrict Credit   Disclosure (1026.9(c)(1)(iii ); .40(f)(3)(i) and (vi))        . All Open-End Credit Plans  Error Resolution  Mandatory      3,624          2,963          1 (1026.13)         Disclosure        . Closed-End Credit Products        . General Rules for Closed- End Credit  Other than Real   Mandatory      1              N/A            1 Estate, Home-     Disclosure Secured and Private Education Loans (1026.17 and .18)        . Closed-End Mortgages        .Application and Consummation  Loan Estimate     Mandatory      3,628          N/A            1 (1026.19(e); and  Disclosure .37) Closing           Mandatory      3,628          N/A            1 Disclosure        Disclosure (1026.19(f); and .38) Record Retention  Mandatory      3,628          N/A            1 of Disclosures    Recordkeeping (1026.19(e), (f); .37; and .38)        . Post-Consummation Disclosures  Interest Rate and Mandatory      3,628          N/A            1 Payment Summary   Disclosure (1026.18(s)) No Guarantee to   Mandatory      3,628          N/A            1 Refinance         Disclosure Statement (1026.18(t)) ARMs Rate         Mandatory      3,628          N/A            1 Adjustments with  Disclosure Payment Change Disclosures (1026.20(c)) Initial Rate      Mandatory      3,628          N/A            1 Adjustment        Disclosure Disclosure for ARMs (1026.20(d)) Escrow            Mandatory      3,628          N/A            1 Cancellation      Disclosure Notice (1026.20(e)) Periodic          Mandatory      3,628          N/A            1 Statements        Disclosure (1026.41)        . Ability to Repay Requirements  Minimum Standards Mandatory      3,628          926            1 (1026.43(c)       Recordkeeping through (f)) Prepayment        Mandatory      3,628          16             1 Penalties         Disclosure (1026.43(g))       Mortgage Products (Open and Closed-End)        . Mortgage Servicing Disclosures        . Payoff Statements  Payoff Statements Mandatory      3,628          N/A            1 (1026.36(c)(3))   Disclosure        . Notice of Sale or Transfer  Notice of Sale or Mandatory      3,628          N/A            1 Transfer          Disclosure (1026.39)        . Valuation Independence        . Mandatory Reporting  Reporting         Mandatory      3,628          1              1 Appraiser         Reporting Noncompliance (1026.42(g))       Reverse and High-Cost Mortgages        . Reverse Mortgages        . Reverse Mortgage Disclosures  Reverse Mortgage  Mandatory      14             N/A            1 Disclosures       Disclosure (1026.31(c)(2) and .33)        . High-Cost Mortgage Loans        . HOEPA Disclosures and Notice  HOEPA Disclosures Mandatory      3,628          N/A            1 and Notice        Disclosure (1026.32(c)       Private Education Loans        . Initial Disclosures        .Application and Solicitation Disclosures  Application or    Mandatory      3,561          N/A            1 Solicitation      Disclosure Disclosures (1026.47(a))        . Approval Disclosures  Approval          Mandatory      3,561          N/A            1 Disclosures       Disclosure (1026.47(b))        . Final Disclosures  Final Disclosures Mandatory      3,561          N/A            1 (1026.47(c))      Disclosure       Advertising Rules        . All Credit Types        . Open-End Credit  Open-End Credit   Mandatory      3,624          5              1 (1026.16)         Disclosure        . Closed-End Credit  Closed-End Credit Mandatory      3,628          5              1 (1026.24)         Disclosure       Record Retention        . Evidence of Compliance  Regulation Z in   Mandatory      3,652          N/A            1 General (1026.25) Recordkeeping Total Estimated Ongoing Burden Total Estimated Annual Burden  

       Implementation (One-Time) Burden Estimate                    Number of      Estimated      Total                   responses      time per       estimated                                  response       annual                                  (minutes)      burden                                                 (hours)       Open-End Credit Products        . Not Home-Secured Open-End Credit Plans        . Credit and Charge Card Provisions  Timely Settlement 1              480.00         8 of Estate Debts (1026.11(c)(1)) Written Policies and Procedures Ability to Pay    1              480.00         8 (1026.51(a)(ii)) Written Policies and Procedures       Mortgage Products (Open and Closed-End)        . Valuation Independence        . Mandatory Reporting  Implementation of 0              1,200.00       20 Policies and Procedures (1026.42(g)) Total Estimated                                 36 Implementation Burden       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 634            480.00         5,072 Card Applications and Solicitations (1026.60) Account Opening   634            720.00         7,608 Disclosures (1026.6(b)) Periodic          7,608          480.00         60,864 Statements (1026.7(b)) Annual Statement  317            480.00         2,536 of Billing Rights (1026.9(a)(1)) Alternative       3,804          480.00         30,432 Summary Statement of Billing Rights (1026.9(a)(2)) Change in Terms   634            480.00         5,072 Disclosures (1026.9(b) through (h))        . Credit and Charge Card Provisions  Timely Settlement 271,352        5.00           22,613 of Estate Debts (1026.11(c)(2)) Ability to Pay    634            720.00         7,608 (1026.51) College Student   634            480.00         5,072 Credit Annual Report (1026.57(d)) Submission of     2,536          180.00         7,608 Credit Card Agreements (1026.58(c)) Internet Posting  2,536          360.00         15,216 of Credit Card Agreements (1026.58(d)) Individual Credit 79,250         15.00          19,813 Card Agreements (1026.58(e))        . Home Equity Open-End Credit Plans (HELOC)        . General Disclosure Rules for HELOCs  Application       2,717          720.00         32,604 Disclosures (1026.40) Account Opening   2,717          720.00         32,604 Disclosures (1026.6(a)) Periodic          2,717          480.00         21,736 Statements (1026.7(a)) Annual Statement  2,717          480.00         21,736 of Billing Rights (1026.9(a)(1)) Alternative       2,717          480.00         21,736 Summary Statement of Billing Rights (1026.9(a)(2)) Change in Terms   2,717          480.00         21,736 Disclosures (1026.9(b) through (h)) Notice to         2,717          120.00         5,434 Restrict Credit (1026.9(c)(1)(iii ); .40(f)(3)(i) and (vi))        . All Open-End Credit Plans  Error Resolution  10,737,912     1.0            178,965 (1026.13)        . Closed-End Credit Products        . General Rules for Closed-End Credit  Other than Real   1              720.00         12 Estate, Home- Secured and Private Education Loans (1026.17 and .18)        . Closed-End Mortgages        . Application and Consummation  Loan Estimate     3,628          480.00         29,024 (1026.19(e); and .37) Closing           3,628          480.00         29,024 Disclosure (1026.19(f); and .38) Record Retention  3,628          18.00          1,088 of Disclosures (1026.19(e), (f); .37; and .38)        . Post-Consummation Disclosures  Interest Rate and 3,628          2,400.00       145,120 Payment Summary (1026.18(s)) No Guarantee to   3,628          480.00         29,024 Refinance Statement (1026.18(t)) ARMs Rate         3,628          90.00          5,442 Adjustments with Payment Change Disclosures (1026.20(c)) Initial Rate      3,628          120.00         7,256 Adjustment Disclosure for ARMs (1026.20(d)) Escrow            3,628          480.00         29,024 Cancellation Notice (1026.20(e)) Periodic          3,628          480.00         29,024 Statements (1026.41)        . Ability to Repay Requirements  Minimum Standards 3,359,528      15.00          839,882 (1026.43(c) through (f)) Prepayment        58,048         12.00          11.610 Penalties (1026.43(g))       Mortgage Products (Open and Closed-End)        . Mortgage Servicing Disclosures        . Payoff Statements  Payoff Statements 3,628          480.00         29,024 (1026.36(c)(3))        . Notice of Sale or Transfer  Notice of Sale or 3,628          480.00         29,204 Transfer (1026.39)        . Valuation Independence        . Mandatory Reporting  Reporting         3,628          10.00          605 Appraiser Noncompliance (1026.42(g))       Reverse and High-Cost Mortgages        . Reverse Mortgages        . Reverse Mortgage Disclosures  Reverse Mortgage  14             1,440.00       336 Disclosures (1026.31(c)(2) and .33)        . High-Cost Mortgage Loans        . HOEPA Disclosures and Notice  HOEPA Disclosures 3,628          14.00          847 and Notice (1026.32(c)       Private Education Loans        . Initial Disclosures        . Application and Solicitation Disclosures  Application or    3,561          3,600.00       213,660 Solicitation Disclosures (1026.47(a))        . Approval Disclosures  Approval          3,561          3,600.00       213,660 Disclosures (1026.47(b))        . Final Disclosures  Final Disclosures 3,561          3600.00        213,660 (1026.47(c))       Advertising Rules        . All Credit Types        . Open-End Credit  Open-End Credit   18,120         20.00          6,040 (1026.16)        . Closed-End Credit  Closed-End Credit 18,140         20.00          6,047 (1026.24)       Record Retention        . Evidence of Compliance  Regulation Z in   3,652          18.00          1,096 General (1026.25) Total Estimated                                 2,395,594 Ongoing Burden Total Estimated                                 2,395,630 Annual Burden      *1 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