[Federal Register Volume 77, Number 83 (Monday, April 30, 2012)]
[Notices]
[Pages 25440-25441]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-10283]
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BUREAU OF CONSUMER FINANCIAL PROTECTION
Submission for OMB Review; Comment Request
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Notice and request for comments.
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SUMMARY: The Bureau of Consumer Financial Protection (Bureau), as part
of its continuing effort to reduce paperwork and respondent burden,
invites the general public and other Federal agencies to take this
opportunity to comment on proposed and/or continuing information
collections, as required by the Paperwork Reduction Act of 1995, Public
Law 104-13 (44 U.S.C. 3507(a)(1)(D)). The Bureau is soliciting comments
regarding the information collection requirements relating to the Truth
in Lending Act that have been submitted to the Office of Management and
Budget for review and approval. A copy of the submission may be
obtained by contacting the agency contact listed below.
DATES: Written comments are encouraged and must be received on or
before May 30, 2012 to be assured of consideration.
ADDRESSES: You may submit comments, identified by OMB number 3170-0015,
by any of the following methods:
Agency Contact: Consumer Financial Protection Bureau
(Attention: PRA Office), 1700 G Street NW., Washington, DC 20552: (202)
435-7741: CFPB_Public_PRA@cfpb.gov.
OMB Reviewer: Shagufta Ahmed, Office of Management and
Budget, New Executive Office Building, Room 10235, Washington, DC
20503; (202) 395-7873.
FOR FURTHER INFORMATION CONTACT: Requests for additional information
should be directed to Joseph Durbala, (202) 435-7893, at the Consumer
Financial Protection Bureau, (Attention: Joseph Durbala, PRA Office),
1700 G Street NW., Washington, DC 20552, or through the internet at
CFPB_Public_PRA@cfpb.gov.
SUPPLEMENTARY INFORMATION: Title: Truth in Lending Act (Regulation Z)
12 CFR Part 1026.
OMB Number: 3170-0015.
Abstract: 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
[[Page 25441]]
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.
Affected Public: Businesses or other for profits.
Estimated Number of Responses: 201,389,041.
Estimated Time per Response: 2 Minutes.
Estimated Total Annual Burden Hours: 6,467,000.
Dated: April 6, 2012.
Chris Willey,
Chief Information Officer, Bureau of Consumer Financial Protection.
[FR Doc. 2012-10283 Filed 4-27-12; 8:45 am]
BILLING CODE 4810-AM-P