[Federal Register Volume 86, Number 23 (Friday, February 5, 2021)]
[Notices]
[Pages 8383-8384]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-02450]


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NATIONAL CREDIT UNION ADMINISTRATION


Submission for OMB Review; Comment Request

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice.

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SUMMARY: The National Credit Union Administration (NCUA) will be 
submitting the following information collection request to the Office 
of Management and Budget (OMB) for review and clearance in accordance 
with the Paperwork Reduction Act of 1995 on or after the date of 
publication of this notice.

DATES: Comments should be received on or before March 8, 2021 to be 
assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the submission may be 
obtained by contacting Dawn Wolfgang at (703) 548-2279, emailing 
<a href="/cdn-cgi/l/email-protection#1a4a485b597577777f746e695a74796f7b347d756c"><span class="__cf_email__" data-cfemail="beeeecfffdd1d3d3dbd0cacdfed0ddcbdf90d9d1c8">[email protected]</span></a>, or viewing the entire information collection 
request at www.reginfo.gov.

SUPPLEMENTARY INFORMATION:
    OMB Number: 3133-0102.
    Title: Truth in Lending (TILA), Regulation Z.
    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.
    Type of Review: Extension.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Total Annual Burden Hours: 2,906,986.

    By Melane Conyers-Ausbrooks, Secretary of the Board, the 
National Credit Union Administration, on February 2, 2021.


[[Page 8384]]


    Dated: February 2, 2021.
Dawn D. Wolfgang,
NCUA PRA Clearance Officer.
[FR Doc. 2021-02450 Filed 2-4-21; 8:45 am]
BILLING CODE 7535-01-P


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