49028 Federal Register / Vol. 86, No. 167 / Wednesday, September 1, 2021 / Notices 

1The Truth in Lending Act (TILA) is codified at 

15 U.S.C. 1601 et seq. Regulation Z is published by 

the Board at 12 CFR part 226 and by the Consumer 

Financial Protection Bureau (Bureau) at 12 CFR part 

1026. 

2See, e.g., 12 U.S.C. 5515–5516. 

3See 12 U.S.C. 5514–5516. 

4See, e.g., 78 FR 6408, 6481 (January 30, 2013); 

78 FR 11280, 11408 (February 15, 2013); 78 FR 

79730, 80100 (December 31, 2013). 

Reserve Bank and from the Board’s 

Freedom of Information Office at 

https://www.federalreserve.gov/foia/ 

request.htm. Interested persons may 

express their views in writing on the 

standards enumerated in the BHC Act 

(12 U.S.C. 1842(c)). 

Comments regarding each of these 

applications must be received at the 

Reserve Bank indicated or the offices of 

the Board of Governors, Ann E. 

Misback, Secretary of the Board, 20th 

Street and Constitution Avenue NW, 

Washington, DC 20551–0001, not later 

than October 1, 2021. 

A. Federal Reserve Bank of New York 

(Ivan Hurwitz, Senior Vice President) 33 

Liberty Street, New York, New York 

10045–0001. Comments can also be sent 

electronically to 

Comments.applications@ny.frb.org: 

1. The Adirondack Trust Company 

Employee Stock Ownership Trust, 

Saratoga Springs, New York; to acquire 

additional shares of 473 Broadway 

Holding Corporation and additional 

shares of The Adirondack Trust 

Company, both of Saratoga Springs, 

New York. 

B. Federal Reserve Bank of Chicago 

(Colette A. Fried, Assistant Vice 

President) 230 South LaSalle Street, 

Chicago, Illinois 60690–1414: 

1. Old Second Bancorp, Inc., Aurora, 

Illinois; to merge with West Suburban 

Bancorp, Inc., Lombard, Illinois, and 

thereby indirectly acquire West 

Suburban Bank, both of Lombard, 

Illinois. 

2. Graymont Bancorp, Inc., Graymont, 

Illinois; to acquire State Bank of 

Saunemin, Saunemin, Illinois. 

Board of Governors of the Federal Reserve 

System, August 27, 2021. 

Michele Taylor Fennell, 

Deputy Associate Secretary of the Board. 

[FR Doc. 2021–18873 Filed 8–31–21; 8:45 am] 

BILLING CODE P 

FEDERAL RESERVE SYSTEM 

Agency Information Collection 

Activities: Announcement of Board 

Approval Under Delegated Authority 

and Submission to OMB 

AGENCY: Board of Governors of the 

Federal Reserve System. 

SUMMARY: The Board of Governors of the 

Federal Reserve System (Board) is 

adopting a proposal to extend for three 

years, with revision, the recordkeeping 

and disclosure requirements associated 

with the Truth in Lending Act (TILA), 

implemented by Regulation Z (FR Z; 

OMB No. 7100–0199). The revisions are 

applicable immediately. 

FOR FURTHER INFORMATION CONTACT: 

Federal Reserve Board Clearance 

Officer—Nuha Elmaghrabi—Office of 

the Chief Data Officer, Board of 

Governors of the Federal Reserve 

System, Washington, DC 20551, (202) 

452–3829. 

Office of Management and Budget 

(OMB) Desk Officer for the Federal 

Reserve Board, Office of Information 

and Regulatory Affairs, Office of 

Management and Budget, New 

Executive Office Building, Room 10235, 

725 17th Street NW, Washington, DC 

20503, or by fax to (202) 395–6974. 

SUPPLEMENTARY INFORMATION: On June 

15, 1984, OMB delegated to the Board 

authority under the Paperwork 

Reduction Act (PRA) to approve and 

assign OMB control numbers to 

collections of information conducted or 

sponsored by the Board. Boardapproved collections of information are 

incorporated into the official OMB 

inventory of currently approved 

collections of information. The OMB 

inventory, as well as copies of the PRA 

Submission, supporting statements, and 

approved collection of information 

instrument(s) are available at https://

www.reginfo.gov/public/do/PRAMain. 

These documents are also available on 

the Federal Reserve Board’s public 

website at https://

www.federalreserve.gov/apps/ 

reportforms/review.aspx or may be 

requested from the agency clearance 

officer, whose name appears above. 

Final Approval Under OMB Delegated 

Authority of the Extension for Three 

Years, With Revision, of the Following 

Information Collection 

Report title: Recordkeeping and 

Disclosure Requirements Associated 

with Truth in Lending (Regulation Z).1

Agency form number: FR Z. 

OMB control number: 7100–0199. 

Effective Date: The revisions are 

effective immediately. 

Frequency: Annually, on occasion. 

Respondents: The FR Z panel 

comprises state member banks with 

assets of $10 billion or less that are not 

affiliated with an insured depository 

institution with assets over $10 billion 

(irrespective of the consolidated assets 

of any holding company); nondepository affiliates of such state 

member banks; and non-depository 

affiliates of bank holding companies 

that are not affiliated with an insured 

depository institution with assets over 

$10 billion.2 However, the Consumer 

Financial Protection Bureau (Bureau) 

and the Federal Trade Commission 

(FTC) also have administrative 

enforcement authority over 

nondepository institutions for 

Regulation Z.3 Accordingly, the Bureau 

allocates to itself half of the estimated 

burden to non-depository institutions, 

with the other half allocated to the 

FTC.4

The Board’s ability to reduce 

regulatory burden for small entities 

under Regulation Z is limited because 

the Dodd-Frank Act transferred rule 

writing authority for Board-supervised 

institutions under Regulation Z to the 

Bureau. Nonetheless, the Board has 

taken steps to minimize burden on 

small entities through tailored 

supervision, including through a riskfocused consumer compliance 

supervision program and an 

examination frequency policy that 

provides for lengthened time between 

examinations for institutions with a 

lower risk profile. 

The Board allocates to itself all 

estimated burden to state member banks 

with assets of $10 billion or less that are 

not affiliated with an insured depository 

institution with assets over $10 billion. 

Estimated number of respondents: 

Open-end (not home-secured credit): 

Applications and solicitations, 161; 

Account opening disclosures, Periodic 

statements, and Change-in-terms 

disclosures, 516; Timely settlement of 

estate debts policies, Timely settlement 

of estate debts—account information to 

estate administrator, and Ability to pay 

policies, 161; Open-End Credit—Home 

Equity Plans: Application disclosures, 

Account opening disclosures, Periodic 

statements, Change-in-terms 

disclosures, and Notices to restrict 

credit, 596; All Open-End Credit: Error 

resolution—credit cards, 161; ClosedEnd Credit—Non-Mortgage: Closed-end 

credit disclosures, 741; Closed-End 

Credit—Mortgage: Interest rate and 

payment summary and ‘‘no-guaranteeto-refinance’’ statement, 300; and, Loan 

estimate, Closing disclosure, ARM 

disclosures, Initial rate adjustment 

notice, Periodic statements, Periodic 

statements in bankruptcy (one time), 

Periodic statements in bankruptcy 

(ongoing), Post-consummation 

disclosures for successors in interest 

(one time), and Post-consummation 

disclosures for successors in interest 

(ongoing), 757; Open and Closed-End 


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Federal Register / Vol. 86, No. 167 / Wednesday, September 1, 2021 / Notices 49029 

5 5 U.S.C. 552(b)(8). 

Mortgage: Pay off statements and 

Mortgage transfer disclosure, 757; 

Certain Home Mortgage Types: Reverse 

mortgage disclosures, 4; HOEPA 

disclosures and HOEPA receipt of 

certification of counseling for high-cost 

mortgages, 32; and Appraisals for 

higher-priced mortgage loans: Review 

and provide copy of initial appraisal, 

Investigate and verify requirement for 

additional appraisal, and Review and 

provide copy of additional appraisal, 

674; Private Education Loans: Private 

student loan disclosures, 24; and 

Advertising Rules (all credit types): 

Advertising rules, 758. 

Estimated average hours per response: 

Open-end (not home-secured credit): 

Applications and solicitations, 0.0014; 

Account opening disclosures, 0.003; 

Periodic statements and Change-interms disclosures, 0.017; Timely 

settlement of estate debts policies, 0.75; 

Timely settlement of estate debts— 

account information to estate 

administrator, 0.003; and Ability to pay 

policies, 0.75; Open-End Credit—Home 

Equity Plans: Application disclosures, 

0.003; Account opening disclosures, 

Periodic statements, Change-in-terms 

disclosures, and Notices to restrict 

credit, 0.017; All Open-End Credit: Error 

resolution—credit cards, 0.5; ClosedEnd Credit—Non-Mortgage: Closed-end 

credit disclosures, 0.017; Closed-End 

Credit—Mortgage: Interest rate and 

payment summary and ‘‘no-guaranteeto-refinance’’ statement, Loan estimate, 

and Closing disclosure, 0.017; ARM 

disclosures and Initial rate adjustment 

notice, 0.003; Periodic statements, 

0.017; Periodic statements in 

bankruptcy (one time), 16.5; Periodic 

statements in bankruptcy (ongoing), 

0.017; Post-consummation disclosures 

for successors in interest (one time), 

16.5; and Post-consummation 

disclosures for successors in interest 

(ongoing), 0.17; Open and Closed-End 

Mortgage: Pay off statements, 0.017; and 

Mortgage transfer disclosure, 0.003; 

Certain Home Mortgage Types: Reverse 

mortgage disclosures, and HOEPA 

disclosures, 0.017; HOEPA receipt of 

certification of counseling for high-cost 

mortgages, 0.003; and Appraisals for 

higher-priced mortgage loans: Review 

and provide copy of initial appraisal, 

Investigate and verify requirement for 

additional appraisal, and Review and 

provide copy of additional appraisal, 

0.25; Private Education Loans: Private 

student loan disclosures, 0.003; and 

Advertising Rules (all credit types): 

Advertising rules, 0.417. 

Estimated annual burden hours: 

Open-end (not home-secured credit): 

Applications and solicitations, 89; 

Account opening disclosures, 853; 

Periodic statements, 150,343; Changein-terms disclosures, 12,526; Timely 

settlement of estate debts policies, 121; 

Timely settlement of estate debts— 

account information to estate 

administrator, 4; and Ability to pay 

policies, 121; Open-End Credit—Home 

Equity Plans: Application disclosures, 

885; Account opening disclosures, 

3,445; Periodic statements, 54,105; 

Change-in-terms disclosures, 902; and 

Notices to restrict credit, 730; All OpenEnd Credit: Error resolution—credit 

cards, 1,047; Closed-End Credit—NonMortgage: Closed-end credit disclosures, 

2,305; Closed-End Credit—Mortgage: 

Interest rate and payment summary and 

‘‘no-guarantee-to-refinance’’ statement, 

128; Loan estimate, 6,756; Closing 

disclosure, 4,967; ARM disclosures, 34; 

Initial rate adjustment notice, 20; 

Periodic statements, 7,335; Periodic 

statements in bankruptcy (one time), 

12,491; Periodic statements in 

bankruptcy (ongoing), 77; Postconsummation disclosures for 

successors in interest (one time), 12,491; 

and Post-consummation disclosures for 

successors in interest (ongoing), 129; 

Open and Closed-End Mortgage: Pay off 

statements, 373; and Mortgage transfer 

disclosure, 89; Certain Home Mortgage 

Types: Reverse mortgage disclosures, 8; 

HOEPA disclosures, 1; HOEPA receipt 

of certification of counseling for highcost mortgages, 0; Appraisals for higherpriced mortgage loans: Review and 

provide copy of initial appraisal, 4,887; 

Investigate and verify requirement for 

additional appraisal, 4,887; and Review 

and provide copy of additional 

appraisal, 202; Private Education Loans: 

Private student loan disclosures, 123; 

and Advertising Rules (all credit types): 

Advertising rules, 1,580. 

General description of report: The 

Truth in Lending Act (TILA) and 

Regulation Z promote the informed use 

of credit to consumers for personal, 

family, or household purposes by 

requiring disclosures about its terms 

and costs, as well as ensure that 

consumers are provided with timely 

information on the nature and costs of 

the residential real estate settlement 

process. 

Legal authorization and 

confidentiality: The disclosure, 

recordkeeping, and other requirements 

of Regulation Z are authorized by TILA, 

which directs the Bureau and, for 

certain lenders, the Board to issue 

regulations implementing the statute. 

The obligation to respond is mandatory. 

The disclosures, records, policies and 

procedures required by Regulation Z are 

not required to be submitted to the 

Board. To the extent such information is 

obtained by the Board through the 

examination process, they may be kept 

confidential under exemption 8 of the 

Freedom of Information Act, which 

protects information contained in or 

related to an examination of a financial 

institution.5

Current actions: On April 16, 2021, 

the Board published an initial notice in 

the Federal Register (86 FR 20156) 

requesting public comment for 60 days 

on the extension, with revision, of the 

FR Z. The Board proposed to revise FR 

Z to: (1) Add burden related to 

disclosure requirements in rules issued 

by the Bureau since the Board’s last 

Paperwork Reduction Act (PRA) 

submission, as well as for one 

information collection for which the 

Bureau estimates burden but the Board 

previously did not; (2) break out and 

clarify burden estimates that were 

previously consolidated; and (3) 

eliminate burden associated with 

certain requirements because the Bureau 

accounts for burden for the entire 

industry, or because the burden is now 

deemed de minimis or a part of an 

institution’s usual and customary 

business practices. The comment period 

for this notice expired on June 15, 2021. 

The Board did not receive any 

comments. The revisions will be 

implemented as proposed. 

Board of Governors of the Federal Reserve 

System, August 26, 2021. 

Michele Taylor Fennell, 

Deputy Associate Secretary of the Board. 

[FR Doc. 2021–18833 Filed 8–31–21; 8:45 am] 

BILLING CODE 6210–01–P 

FEDERAL RESERVE SYSTEM 

Proposed Agency Information 

Collection Activities; Comment 

Request 

AGENCY: Board of Governors of the 

Federal Reserve System. 

ACTION: Notice, request for comment. 

SUMMARY: The Board of Governors of the 

Federal Reserve System (Board) invites 

comment on a proposal to extend for 

three years, without revision, the 

Registration of a Securities Holding 

Company (FR 2082; OMB No. 7100– 

0347). 

DATES: Comments must be submitted on 

or before November 1, 2021. 

ADDRESSES: You may submit comments, 

identified by FR 2082, by any of the 

following methods: 

• Agency Website: https://

www.federalreserve.gov/. Follow the 

instructions for submitting comments at 


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