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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
7100-0239
ICR Reference No:
200911-7100-002
Status:
Historical Active
Previous ICR Reference No:
200808-7100-001
Agency/Subagency:
FRS
Agency Tracking No:
FR 2572
Title:
Report of Terms of Credit Card Plans
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Emergency
Approval Requested By:
12/02/2009
OIRA Conclusion Action:
Approved with change
Conclusion Date:
12/08/2009
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/24/2009
Terms of Clearance:
The agency revised the ICR submission to include a Part B supporting statement for its survey instrument.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
06/30/2010
6 Months From Approved
10/31/2011
Responses
475
0
300
Time Burden (Hours)
338
0
75
Cost Burden (Dollars)
0
0
0
Abstract:
The FR 2572 collects data on credit card pricing and availability from a sample of at least 150 financial institutions that offer credit cards. The data enable the Federal Reserve to present information to the public on terms of credit card plans. The FR 2572S gathers information on the number of creditors that have engaged in one or more of the practices identified in Section 505 of the Credit Card Act.
Emergency Justfication:
The information is needed prior to the time periods established by OMB in 5 CFR 1320 and is essential to the mission of the Federal Reserve. The Federal Reserve cannot reasonably comply with the normal clearance procedures under 5 CFR 1320 because it would be reasonably likely that a statutory deadline would be missed (as required by Section 505 of the Credit Card Accountability Responsibility and Disclosure Act of 2009). The Federal Reserve must provide a report to Congress by May 2010 and needs to gather information from depository institutions in order to provide the report. There has been informal consultation outside the Federal Reserve System. Background information for the study was obtained by the Federal Reserve through telephone interviews with nine of the largest credit card issuers. The conversations focused on practices these institutions use to set credit limits and interest rates on accounts and the possible difficulties they might encounter in responding to the proposed survey. The Federal Reserve modified the survey in response to industry feedback.
Authorizing Statute(s):
US Code:
15 USC 1646(b)
Name of Law: Truth in Lending Act (TILA)
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 24 505 Name of Law: Credit Card Accountability Responsibility and Disclosure Act of 2009
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
2
IC Title
Form No.
Form Name
Report of Credit Card Terms - Supplemental Survey
FR 2572S
Survey of Credit Card Issuer Practices
Report of Terms of Credit Card Plans
FR 2572
Report of Terms of Credit Card Plans
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
475
300
175
0
0
0
Annual Time Burden (Hours)
338
75
263
0
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The increase in burden is attributed to the implementation of the FR 2572S supplemental survey.
Annual Cost to Federal Government:
$31,700
Does this IC contain surveys, censuses, or employ statistical methods?
Yes
Part B of Supporting Statement
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Nicole Padar 202-530-6294 Nicole.S.Padar@frb.gov
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
11/24/2009
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