[Federal Register Volume 77, Number 83 (Monday, April 30, 2012)]
[Pages 25440-25441]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-10283]



Submission for OMB Review; Comment Request

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice and request for comments.


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: [email protected].
     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 
[email protected].

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]