[Federal Register Volume 64, Number 245 (Wednesday, December 22, 1999)]
[Notices]
[Pages 71787-71792]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-33206]
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FEDERAL TRADE COMMISSION
Agency Information Collection Activities; Submission for OMB
Review; Comment Request
AGENCY: Federal Trade Commission.
ACTION: Notice.
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SUMMARY: The Federal Trade Commission (FTC) has submitted to the Office
of Management and Budget (OMB) for review under the Paperwork Reduction
Act (PRA) information collection requirements associated with four
current rules enforced by the Commission. Current clearances for this
information collection expire on December 31, 1999. The FTC is
requesting that OMB extend the paperwork clearances through December
31, 2002.
DATES: Comments must be filed by January 21, 2000.
ADDRESSES: Send written comments to the Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 10202, Washington, DC 20503, ATTN: Desk Officer
for the Federal Trade Commission, and to Carole Reynolds, Attorney,
Division of Financial Practices, Bureau of Consumer Protection, Federal
Trade Commission, Washington, DC 20580, 202-326-3230. All comments
should be identified as responding to this notice.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the proposed information requirements should be addressed to
Carole Reynolds at the address listed above.
SUPPLEMENTARY INFORMATION: The FTC has submitted a request to OMB to
extend the existing clearances to collect information associated with
the four rules described below. A Federal Register Notice with a 60-day
comment period soliciting comments on this collection of information
was published on October 15, 1999 (64 FR 55937). No comments were
received.
The four rules covered by this notice are:
(1) Regulations promulgated under the Equal Credit Opportunity Act,
15 U.S.C. 1691 et seq. (``ECOA'') (``Regulation B'') (Control Number:
3084-0087);
(2) Regulations promulgated under The Electronic Fund Transfer Act,
15 U.S.C. 1693 et seq. (``EFTA'') (``Regulation E'') (Control Number:
3084-0085);
(3) Regulations promulgated under The Consumer Leasing Act, 15
U.S.C. 1667 et seq., (``CLA'') (``Regulation M'') (Control Number:
3084-0086)
(4) Regulations promulgated under The Truth-In-Lending Act, 15
U.S.C. 1601 et seq. (``TILA'') (``Regulation Z'') (Control Number:
3084-0088)
Each of these four rules impose certain PRA recordkeeping and
disclosure requirements associated with providing credit or with other
financial transactions. All of these rules require covered entities to
keep certain records. Staff believes that many of these entities would
likely retain these records in the normal course of business even
absent the recordkeeping requirement in the rules.\1\ There is,
however, some burden associated with ensuring that covered entities do
not prematurely dispose of relevant records during the period of time
required by the applicable rule.
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\1\ PRA ``burden'' does not include effort expended in the
ordinary course of business, regardless of any regulatory
requirement. 5 CFR 1320.3(b)(2).
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Disclosure requirements involve both set-up and monitoring costs as
well as certain transaction-specific costs. ``Set-up'' burden, incurred
by new entrants only, includes identifying the applicable disclosure
requirements, determining compliance obligations, and designing and
developing compliance systems and procedures. ``Monitoring'' burden,
incurred by all covered entities, includes reviewing revisions to
regulatory requirements, revising compliance systems and procedures as
necessary, and monitoring the ongoing operation of systems and
procedures to ensure continued compliance. ``Transaction-related''
burden refers to the effort associated with providing the various
required disclosures in individual transactions. While this burden
varies with the number of transactions, the figures shown for
transaction-related burden in the tables that follow are estimated
averages. The actual range of compliance burden experienced by covered
entities, and reflected in those averages, varies widely. Depending on
the extent to which covered entities have developed automated systems
and procedures for providing the required disclosures, and the efficacy
of those systems and procedures, some entities may have little or no
such burden, while others incur a higher burden.\2\
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\2\ For example, large retailers may use automated means to
provide required disclosures, such as issuing, en masse, notices of
changes in terms. Smaller retailers and certain types of creditors
may have less automated compliance systems, and thus may issue
disclosures on an individual transaction basis, resulting in higher
burden.
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Calculating the burden associated with the four regulations'
disclosure requirements is extremely difficult because of the highly
diverse group of affected entities. The ``respondents'' included in the
following burden calculations consist of all types of credit and lease
advertisers, creditors (e.g., finance companies, mortgage companies,
retailers, Internet businesses), financial institution (including new
electronic commerce entities), service providers, certain government
agencies and others involved in delivering electronic fund transfers of
government benefits, and lessors (e.g., auto dealers, independent
leasing companies, manufacturers' captive finance companies, furniture
companies, computer dealers). The burden estimates represent staff's
best assessment, based on its knowledge and expertise relating to the
financial services industry. To derive these estimates, staff
considered the wide variations in covered entities': (1) Size and
location; (2) credit or lease products offered, extended, or
advertised, and their particular terms; (3) types of electronic fund
transfers (EFTs) used; (4) types and occurrences of adverse actions;
(5) types of appraisal reports utilized; and (6) automation with regard
to compliance operations.
The estimated PRA burden associated with these rules, attributable
to the Commission, is less today than in the past. Staff believes that
as automation and expanded quality control become more pervasive in the
financial services industry entities are able to comply more
efficiently.
The cost estimates shown below relate solely to labor costs. The
applicable PRA requirements impose minimal
[[Page 71788]]
capital or other non-labor costs, as affected entities generally have
the necessary equipment for other business purposes. Similarly, staff
estimates that compliance with these rules entails minimal printing and
copying costs beyond that associated with documenting financial
transactions in the ordinary course of business. The burden estimates
shown below include the time necessary to train staff in compliance
with the regulations.
The following paragraphs discuss each of these rules, their
particular PRA requirements, and staff's best estimates of the related
hour and cost burdens.
I. Regulation B
The ECOA prohibits discrimination in the extension of credit.
Regulation B, 12 CFR part 202, promulgated by the Board of Governors of
the Federal Reserve System, establishes both recordkeeping and
disclosure requirements to assist consumers in understanding their
rights under the ECOA and to assist in detecting unlawful
discrimination. The FTC enforces the ECOA as to all creditors except
those that are subject to the regulatory authority of another federal
agency (such as federally chartered or insured depository
institutions).
Estimated annual hours burden: 2,560,000 hours, rounded (1,150,000
recordkeeping hours + 1,409,499 disclosure hours).
Recordkeeping: FTC staff estimates that Regulation B's general
recordkeeping requirements affect 1,000,000 credit firms subject to the
Commission's jurisdiction, at an average annual burden of one hour per
firm, for a total of 1,000,000 hours. Staff also estimates that the
requirement that creditors monitor information about race/national
origin, sex, age, and marital status imposes a maximum burden of one
minute each \3\ for approximately nine million credit applications
(based on industry data regarding the approximate number of mortgage
purchase and refinance originations), for a total of 150,000 hours. The
total estimated recordkeeping burden is 1,150,000 hours.
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\3\ Regulation B contains a model form that creditors may use to
gather and retain the requirement information.
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Disclosure: Regulation B requires that creditors (i.e., entities
that regularly participate in the decision whether or not to extend
credit under Regulation B) provide notices whenever they take adverse
action. The Regulations also requires entities that extend various
types of mortgage credit to provide a copy of the appraisal report and
to notify applicants of their right to a copy of the report.
As noted above, Regulation B applies to a highly diverse group of
entities, including retailers, mortgage lenders, mortgage brokers,
finance companies, Internet businesses, and others. In some instances
where covered entities may make certain required disclosures in the
ordinary course of business, the Regulation imposes no burden. In
addition, some entities have developed highly automated means of
providing the required disclosures, while others rely on methods
requiring more manual effort. Thus, the following burden estimates are
averages based on staff's best estimate of the burden incurred over an
extremely board spectrum of covered entities.
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Setup/monitoring\1\ average Transaction-related \2\
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Total
Disclosure Average setup/ Average Total Total
Respondents burden per monitoring Number of burden per transaction burden
respondent burden transactions transaction burden (hours)
(hours) (hours) (minutes) (hours)
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Adverse action notices..................................... 1,000,000 .5 500,000 200,000,000 .25 833,333 1,333,333
Appraisal notices.......................................... 22,000 .5 11,000 6,500,000 .25 27,083 38,083
Appraisal reports.......................................... 22,000 .5 11,000 6,500,000 .25 27,083 38,083
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Total.................................................. ........... .......... .......... ............... ........... ........... 1,409,499
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\1\ With respect to appraisal notices and appraisal reports, the above figures assume that approximately half of applicable mortgage entities (.5 x
44,000, or 22,000 businesses) would not otherwise provide this information and thus would be affected.
\2\ The above figures assume that half of applicable mortgage transactions (.5 x 13,000,000, or 6,500,000) would not otherwise provide the appraisal
notices and reports and thus would be affected.
Estimated annual cost burden: $46,418,000, rounded.
Staff calculated labor costs by applying appropriate hourly cost
figures to the burden hours described above. The hourly rates used
below ($50 for managerial or professional time, $20 for skilled
technical time, and $10 for clerical time) are averages.
Recordkeeping: Staff estimates that the general recordkeeping
responsibility of one hour per creditor would involve approximately 90
percent clerical time and ten percent skilled technical time. Keeping
records of race/national origin, sex, age, and marital status requires
an estimated one minute of skilled technical time. As shown below, the
total recordkeeping cost is $14,666,666.
Disclosure: For each notice or information item listed, staff
estimates that the burden hours consist of 10 percent managerial time
and 90 percent skilled technical time. As shown below, the total
disclosure cost is $32,418,477.
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Managerial Skilled technical Clerical Total
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Required task Time Cost ($50/ Time Cost ($20/ Time Cost (10/
(hours) hr.) (hours) hr.) (hours) hr.) Cost ($)
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General Recordkeeping....................................... 0 0 100,000 $2,000,000 900,000 $9,000,000 $11,000,000
Other Recordkeeping......................................... 0 0 150,000 3,000,000 0 0 3,000,000
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Total Recordkeeping..................................... ........... ........... ........... ........... ........... ........... 14,666,666
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Adverse action notices...................................... 133,333 $6,666,665 1,200,000 23,999,994 0 0 30,666,659
[[Page 71789]]
Appraisal notices........................................... 3,808 190,415 34,275 685,494 0 0 875,909
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Appraisal reports........................................... 3,808 190,415 34,275 685,494 0 0 875,909
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Total Disclosure........................................ ........... ........... ........... ........... ........... ........... 32,418,477
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Total Recordkeeping and Disclosure...................... ........... ........... ........... ........... ........... ........... 46,418,477
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2. Regulation E
The EFTA requires accurate disclosure of the costs, terms, and
rights relating to electronic fund transfer (EFT) services to
consumers. Regulation E, 12 CFR part 205, promulgated by the Board of
Governors of the Federal Reserve System, establishes both recordkeeping
and disclosure requirements applicable to entities providing EFT
services to consumers. The FTC enforces the EFTA as to all entities
providing EFT services except those that are subject to the regulatory
authority of another federal agency (such as federally chartered or
insured depository institutions).
Estimated annual hours burden: 3,579,000 hours (500,000
recordkeeping hours + approximately 3,079,000 disclosure hours).
Recordkeeping: Staff estimates that Regulation E's recordkeeping
requirements affect 500,000 firms offering EFT services to consumers
and subject to the Commission's jurisdiction, at an average annual
burden of one hour per firm, for a total of 500,000 hours.
Disclosure: As noted above, Regulation E applies to a highly
diverse group of entities, including financial institutions (including
certain retailers and electronic commerce entities), service providers,
various federal and state agencies offering electronic fund transfers
(EFTs), and others. In some instances, where covered entities may make
certain required disclosures in the ordinary course of business, the
Regulation imposes no burden. In addition, some entities have developed
highly automated means of providing the required disclosures, while
others rely on methods requiring more manual effort. Thus, the
following burden estimates are averages based on staff's best estimate
of the burden incurred over an extremely broad spectrum of covered
entities.
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Setup/monitoring Transaction-related
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Total Total
Disclosure Average setup Average Total burden
Respondents burden per monitoring Number of burden per transaction (hours)
respondent burden transactions transaction burden
(hours) (hours) (minutes) (hours)
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Initial terms.............................................. 100,000 .5 50,000 1,000,000 .02 333 50,333
Change in terms............................................ 25,000 .5 12,500 33,000,000 .02 11,000 23,500
Periodic statements........................................ 100,000 .5 50,000 1,200,000,000 .02 400,000 450,000
Error resolution........................................... 100,000 .5 50,000 1,000,000 5 83,333 133,333
Transaction receipts....................................... 100,000 .5 50,000 5,000,000,000 .02 1,666,667 1,716,667
Preauthorized transfers.................................... 500,000 .5 250,000 1,000,000 .25 4167 254,167
Service provider notices................................... 100,000 .25 25,000 1,000,000 .25 4167 29,167
Govt. benefit notices...................................... 10,000 .5 5,000 100,000,000 .25 416,667 421,667
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Total.................................................. ........... .......... .......... ............... ........... ........... 3,078,834
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Estimated annual cost burden: $76,313,000, rounded.
Staff calculated labor costs by applying appropriate hourly cost
figures to the burden hours described above. The hourly rates used
below ($50 for managerial or professional time, $20 for skilled
technical time, and $10 for clerical time) are averages.
Recordkeeping: For the 500,000 recordkeeping hours, staff estimates
that 10 percent of the burden hours require skilled technical time and
90 percent require clerical time. As shown below, the total
recordkeeping cost is $5,500,000.
Disclosure: For each notice or information item listed, staff
estimates that 10 percent of the burden hours require managerial time
and 90 percent require skilled technical time. As shown below, the
total disclosure cost is $70,813,182.
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Managerial Skilled technical Clerical
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Required task Time Cost ($50/ Time Cost ($20/ Time Cost ($10/ ($)
(hours) hr.) (hours) hr.) (hours) hr.)
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Recordkeeping............................................... 0 $0 50,000 $1,000,000 450,000 $4,500,000 $5,500,000
Disclosure:
Initial terms........................................... 5,033 251,665 45,300 905,994 0 0 $1,157,659
Change in terms......................................... 2,350 117,500 21,150 423,000 0 0 540,500
Periodic statements..................................... 45,000 2,250,000 405,000 8,100,000 0 0 10,350,000
Error resolution........................................ 13,333 666,665 120,000 2,399,994 0 0 3,066,659
Transaction receipts.................................... 171,667 8,583,335 1,540,000 30,900,000 0 0 39,483,34
[[Page 71790]]
Preauthorized transfers................................. 25,417 1,270,835 228,750 4,575,006 0 0 5,845,84
Service provider notices................................ 2,917 145,835 26,250 525,006 0 0 670,84
Govt. benefit notices................................... 42,167 2,108,335 379,500 7,590,006 0 0 9,698,34
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Total Disclosure.................................... ........... ........... ........... ........... ........... ........... 70,813,182
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Total Recordkeeping and Disclosures................. ........... ........... ........... ........... ........... ........... 76,313,182
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(Minor discrepancies in totals are due to rounding of the hours shown for skilled technical time.)
3. Regulation M
The CLA requires accurate disclosure of the costs and terms of
leases to consumers. Regulation M, 12 CFR part 213, promulgated by the
Board of Governors of the Federal Reserve System, establishes
disclosure requirements that assist consumers in comparison shopping
and in understanding the terms of leases and recordkeeping requirements
that assist enforcement of the CLA. The FTC enforces the CLA as to all
lessors and advertisers except those that are subject to the regulatory
authority of another federal agency (such as federally chartered or
insured depository institutions).
Estimated annual hours burden: 387,500 hours, rounded (200,000
recordkeeping hours + 187,501 disclosure hours).
Recordkeeping: Staff estimates that Regulation M's recordkeeping
requirements affect 200,000 firms leasing products to consumers and
subject to the Commission's jurisdiction, at an average annual burden
of one hour per firm, for a total of 200,000 hours.
Disclosure: As noted above, Regulation M applies to a highly
diverse group of entities, including automobile lessors (such as auto
dealers, independent leasing companies, and manufacturers' captive
finance companies), computer lessors (such as computer dealers and
other retailers), furniture lessors, various electronic commerce
lessors, and diverse types of lease advertisers, and others. In some
instances, where covered entities may make certain required disclosures
in the ordinary course of business, the Regulation imposes no burden.
In addition, some entities have developed highly automated means of
providing the required disclosures, while others rely on methods
requiring more manual effort. Thus, the following burden estimates are
averages based on staff's best estimate of the burden incurred over an
extremely broad spectrum of covered entities.
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Setup/monitoring Transaction-related
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Total
Disclosure Average setup/ Average Total Total
Respondents burden per monitoring Number of burden per transaction burden
respondent burden transactions transaction burden (hours)
(hours) (hours) (minutes) (hours)
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Auto Leases \1\............................................ 100,000 .75 75,000 5,000,000 .50 41,667 116,667
Other Leases \2\........................................... 100,000 .50 50,000 1,000,000 .25 4,167 54,167
Advertising................................................ 25,000 .50 12,500 1,000,000 .25 4,167 16,667
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Total.................................................. ........... .......... .......... ............... ........... ........... 187,501
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\1\ This category focuses on consumer vehicle leases. The number of such leases--the largest category of consumer leases--has increased considerably in
recent years. Vehicle leases are subject to more lease disclosure requirements (pertaining to computation of payment obligations) than other lease
transactions. (Only consumer leases for more than four months are covered.) See 15 U.S.C. Sec. 1667(1); 12 C.F.R. Sec. 213.2(e)(1).
\2\ This category focuses on all types of consumer leases other than vehicle leases. It includes leases for computers, other electronics, small
appliances, furniture, and other transactions. (Only consumer leases for more than four months are covered.) See 15 U.S.C. Sec. 1667(1); 12 C.F.R.
Sec. 213.2(e)(1).
Estimated annual cost burden: $6,513,000, rounded.
Staff calculated labor costs by applying appropriate hourly cost
figures to the burden hours described above. The hourly rates used
below ($50 for managerial or professional time, $20 for skilled
technical time, and $10 for clerical time) are averages.
Recordkeeping: For the 200,000 recordkeeping hours, staff estimates
that 10 percent of the burden hours require skilled technical time and
90 percent require clerical time. As shown below, the total
recordkeeping cost is $2,200,000.
Disclosure: For each notice or information item listed, staff
estimates that 10 percent of the burden hours require managerial time
and 90 percent require skilled technical time. As shown below, the
total disclosure cost is $4,312,523.
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Managerial Skilled technical Clerical
------------------------------------------------------------------------------ Total cost
Required task Time Cost ($50/ Time Cost ($20/ Time Cost (10/ ($)
(hours) hr.) (hours) hr.) (hours) hr.)
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Recordkeeping............................................... 0 0 20,000 400,000 1,280,000 1,800,000 2,200,000
[[Page 71791]]
Disclosures:
Auto Leases............................................. 11,667 583,335 105,000 2,100,006 0 0 2,683,341
Other Leases............................................ 5,417 270,835 48,750 975,006 0 0 1,245,841
Advertising............................................. 1,667 83,335 15,000 300,000 0 0 383,341
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Total Disclosures................................... ........... ........... ........... ........... ........... ........... 4,312,523
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Total Recordkeeping and Disclosures................. ........... ........... ........... ........... ........... ........... 6,512,523
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(Minor discrepancies in totals are due to rounding of the hours shown for skilled technical time.)
4. Regulation Z
The 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. Regulation Z, 12 CFR part 226,
promulgated by the Board of Governors of the Federal Reserve System,
establishes both recordkeeping and disclosure requirements to assist
consumers and the enforcement of the TILA. The FTC enforces the TILA as
to all creditors and advertisers except those that are subject to the
regulatory authority of another federal agency (such as federally
chartered or insured depository institutions).
Estimated annual hours burden: 20,473,000 hours, rounded (1,000,000
recordkeeping hours + 19,472,916 disclosure hours).
Recordkeeping: FTC staff estimates that Regulation Z's
recordkeeping requirements affect approximately 1,000,000 firms
offering credit and subject to the Commission's jurisdiction, at an
average annual burden of one hour per firm, for a total of 1,000,000
hours.
Disclosure: Regulation Z disclosure requirements pertain to open-
end and closed-end credit. As noted above, the Regulation applies to a
highly diverse group of entities, including retailers (such as
department stores, appliance stores, discount retailers, medical-dental
service providers, home improvement sellers, and newly-emerging
electronic commerce retail operators); mortgage companies; finance
companies; credit advertisers; auto dealerships; student loan
companies; home fuel or power services (for furnaces, stoves,
microwaves, and other heating, cooling or residential power equipment);
credit advertisers; and others. In some instances, where covered
entities may make certain required disclosures in the ordinary course
of business, the Regulation imposes no burden. In addition, some
entities have developed highly automated means of providing the
required disclosures, while others rely on methods requiring more
manual effort. Thus, the following burden estimates are averages based
on staff's best estimate of the burden incurred over an extremely broad
spectrum of covered entities.
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Setup/monitoring Transaction-related
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Total Total
Disclosure Average setup/ Average Total burden
Respondents burden per monitoring Number of burden per transaction (hours)
respondent burden transactions transaction burden
(hours) (hours) (minutes) (hours)
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Open-end credit:
Initial terms.......................................... 100,000 .5 50,000 50,000,000 .25 208,333 258,333
Rescission notices..................................... 50,000 .5 25,000 100,000 .25 417 25,417
Change in terms........................................ 25,000 .5 12,500 136,000,000 .125 283,333 295,833
Periodic statements.................................... 200,000 .5 100,000 4,800,000,000 .0625 5,000,000 5,100,000
Error resolution....................................... 100,000 .5 50,000 10,000,000 5 833,333 883,333
Credit and charge card accounts........................ 100,000 1 100,000 50,000,000 .25 208,333 308,333
Home equity lines of credit............................ 100,000 1 100,000 5,000,000 .25 20,833 120,833
Advertising............................................ 250,000 .25 62,500 700,000 .5 5833 68,333
Closed-end credit:
Credit disclosures..................................... 800,000 .50 400,000 330,000,000 2 11,000,000 11,400,000
Rescission notices..................................... 200,000 .50 100,000 34,000,000 1 566,667 666,667
Variable rate mortgages................................ 100,000 .50 50,000 1,800,000 2 60,000 110,000
High rate/high fee mortgages........................... 100,000 .50 50,000 500,000 2 16,667 66,667
Reverse mortgages...................................... 50,000 .50 25,000 150,000 1 2,500 27,500
Advertising............................................ 500,000 .25 125,000 1,000,000 1 16,667 141,667
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Total open-end credit.............................. ........... .......... .......... ............... ........... ........... 7,060,415
Total closed-end credit............................ ........... .......... .......... ............... ........... ........... 12,412,501
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Total credit....................................... ........... .......... .......... ............... ........... ........... 19,472,916
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Estimated annual cost burden: $458,877,000, rounded.
Staff calculated labor costs by applying appropriate hourly cost
figures to the burden hours described above. The hourly rates used
below ($50 for
[[Page 71792]]
managerial or professional time, $20 for skilled technical time, and
$10 for clerical time) are averages.
Recordkeeping: For the 1,000,000 recordkeeping hours, staff
estimates that 10 percent of the burden hours require skilled technical
time and 90 percent require clerical time. As shown below, the total
recordkeeping cost is $11,000,000.
Disclosure: For each notice or information item listed, staff
estimates that 10 percent of the burden hours require managerial time
and 90 percent require skilled technical time. As shown below, the
total disclosure cost is $447,877,068.
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Managerial Skilled technical Clerical
------------------------------------------------------------------------------ Total cost
Required task Time Cost ($50/ Time Cost ($20/ Time Cost (10/ ($)
(hours) hr.) (hours) hr.) (hours) hr.)
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Recordkeeping............................................... 0 0 100,000 $2,000,000 900,000 $9,000,000 $11,000,000
Open-end credit Disclosures:
Initial terms............................................... 25,833 $1,291,665 232,500 $4,649,994 0 0 $5,941,659
Rescission notices.......................................... 2,542 127,085 22,875 457,506 0 0 584,491
Change in terms............................................. 29,583 1,479,165 266,250 5,324,994 0 0 6,804,159
Periodic statements......................................... 510,000 25,500,000 4,590,000 91,800,000 0 0 117,300,000
Error resolution............................................ 88,333 4,416,665 795,000 15,899,994 0 0 20,316,659
Credit and charge card accounts............................. 30,833 1,541,665 277,500 5,549,994 0 0 7,091,659
Home equity lines of credit................................. 12,083 604,165 108,750 2,174,994 0 0 2,779,159
Advertising................................................. 6,833 341,665 61,500 1,229,994 0 0 1,571,659
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Total open-end credit............................... ........... ........... ........... ........... ........... ........... 162,389,545
===========================================================================================
Closed-end credit Disclosures:
Credit disclosures.......................................... 1,140,000 57,000,000 10,260,000 205,200,000 0 0 262,200,000
Rescission notices.......................................... 66,667 3,333,335 600,000 12,000,006 0 0 15,333,341
Variable rate mortgages..................................... 11,000 550,000 99,000 1,980,000 0 0 2,530,000
High rate/high fee mortgages................................ 6,667 333,335 60,000 1,200,006 0 0 1,533,341
Reverse mortgages........................................... 2,750 137,500 24,750 495,000 0 0 632,500
Advertising................................................. 14,167 708,335 127,500 2,550,006 0 0 3,258,341
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Total closed-end credit............................. ........... ........... ........... ........... ........... ........... 285,487,523
===========================================================================================
Total Disclosures................................... ........... ........... ........... ........... ........... ........... 447,877,068
Total Recordkeeping and Disclosures:................ ........... ........... ........... ........... ........... ........... 458,877,068
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(Minor discrepancies in totals are due to rounding of the hours shown for skilled technical time.)
Debra A. Valentine,
General Counsel.
[FR Doc. 99-33206 Filed 12-21-99; 8:45 am]
BILLING CODE 6750-01-M
