[Federal Register Volume 85, Number 226 (Monday, November 23, 2020)]
[Notices]
[Page 74767]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-25847]
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NATIONAL CREDIT UNION ADMINISTRATION
Agency Information Collection Activities: Proposed Collection;
Comment Request; Truth in Lending Disclosure and Recordkeeping
Requirements
AGENCY: National Credit Union Administration (NCUA).
ACTION: Notice and request for comment.
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SUMMARY: The National Credit Union Administration (NCUA), as part of a
continuing effort to reduce paperwork and respondent burden, invites
the general public and other Federal agencies to comment on the
following extension of a currently approved collection, as required by
the Paperwork Reduction Act of 1995.
DATES: Written comments should be received on or before January 22,
2021 to be assured consideration.
ADDRESSES: Interested persons are invited to submit written comments on
the information collection to Dawn Wolfgang, National Credit Union
Administration, 1775 Duke Street, Suite 6032, Alexandria, Virginia
22314; Fax No. 703-548-2279; or email at PRAComments@NCUA.gov. Given
the limited in-house staff because of the COVID-19 pandemic, email
comments are preferred.
FOR FURTHER INFORMATION CONTACT: Address requests for additional
information to Dawn Wolfgang at the address above or telephone 703-548-
2279.
SUPPLEMENTARY INFORMATION:
OMB Number: 3133-0102.
Title: Truth in Lending (TILA), Regulation Z.
Type of Review: Extension of a currently approved collection.
Abstract: The Truth in Lending Act (TILA) 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. TILA has been revised numerous times since it took
effect, notably by passage of the Fair Credit Billing Act of 1974, the
Consumer Leasing Act of 1976, the Truth in Lending Simplification and
Reform Act of 1980, the Fair Credit and Charge Card Disclosure Act of
1988, and the Home Equity Loan Consumer Protection Act of 1988.
Historically, TILA was implemented by the Board of Governors of the
Federal Reserve System's (FRB) Regulation Z, 12 CFR part 226. The Dodd-
Frank Wall Street Reform and Consumer Protection Act transferred FRB's
rulemaking authority for TILA to the Consumer Financial Protection
Bureau (CFPB).
Regulation Z contains several provisions that impose information
collection requirements: The information collection requirements for
open-end credit products; the information collection requirements for
closed-end credit; the information collection requirements that apply
to both open- and closed-end mortgage credit; the information
collection requirements for specific residential mortgage types-namely,
reverse mortgages and high cost mortgages with rates and fees above
specified thresholds; the information collection requirements for
private education loans; and information collection requirements
related to Regulation Z's advertising and record retention rules.
The collection of information pursuant to Part 1026 is triggered by
specific events and disclosures and must be provided to consumers
within the time periods established under the regulation. To ease the
compliance cost (particularly for small credit unions), model forms and
clauses are appended to the regulation.
Affected Public: Private Sector: Not-for-profit institutions.
Estimated Number of Respondents: 5,150.
Estimated Frequency of Response: Upon occurrence of triggering
action.
Estimated Burden Hours per Response: 0.064.
Estimated Total Annual Burden Hours: 2,906,986.
Request for Comments: Comments submitted in response to this notice
will be summarized and included in the request for Office of Management
and Budget approval. All comments will become a matter of public
record. The public is invited to submit comments concerning: (a)
Whether the collection of information is necessary for the proper
execution of the function of the agency, including whether the
information will have practical utility; (b) the accuracy of the
agency's estimate of the burden of the collection of information,
including the validity of the methodology and assumptions used; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; and (d) ways to minimize the burden of the collection of
the information on the respondents, including the use of automated
collection techniques or other forms of information technology.
By Melane Conyers-Ausbrooks, Secretary of the Board, the National
Credit Union Administration, on November 18, 2020.
Dated: November 18, 2020.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2020-25847 Filed 11-20-20; 8:45 am]
BILLING CODE 7535-01-P