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OMB Control No: 3170-0002	ICR Reference No: 201110-3170-001
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: CFPB	Agency Tracking No:
Title: Fair Credit Reporting Act (Regulation V) 12 CFR 1022
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR: No
Type of Review Request: Emergency	Approval Requested By: 10/21/2011
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/24/2011
Retrieve Notice of Action (NOA)	Date Received in OIRA: 10/21/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2012	6 Months From Approved
Responses	677,536	0	0
Time Burden (Hours)	4,737,000	0	0
Cost Burden (Dollars)	0	0	0

Abstract: The consumer disclosures included in Regulation V are designed to alert consumers that a financial institution furnished negative information about them to a consumer reporting agency, that they have a right to opt out of receiving marketing materials and credit or insurance offers, that their credit report was used in setting the material terms of credit that may be less favorable than the terms offered to consumers with better credit histories, that they maintain certain rights with respect to a theft of their identity that they reported to a consumer reporting agency, that they maintain rights with respect to knowing what is in their consumer reporting agency file, that they can request a free credit report, and that they can report a theft of their identity to the CFPB. Consumers then can use the information provided to consider how and when to check and use their credit reports. These disclosures are substantially the same as those previously provided by model forms promulgated by the Board, the FDIC, the NCUA, the OCC, the OTS and the FTC.

Emergency Justfication: The Bureau of Consumer Financial Protection (CFPB) respectfully requests emergency processing and approval of the collection of information discussed below because the use of normal clearance procedures is reasonably likely to prevent and disrupt an existing collection of information. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), rulemaking authority for the Fair Credit Reporting Act (FCRA), 15 U.S.C. 1681 et seq., transferred from the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Office of Thrift Supervision (OTS), and the Federal Trade Commission (FTC), to the CFPB on July 21, 2011. In addition to the transfer of rulemaking authority under the Dodd-Frank Act, the CFPB received certain enforcement authorities with respect to the FCRA. The CFPB is in the process of publishing for public comment an interim final rule establishing a new regulation in 12 CFR Part 1022 (Regulation V). This interim final rule substantially replicates the FCRA rules of the transferor agencies, and will not impose any new substantive obligations on regulated entities or any new information collection requirements. As the CFPB now has enforcement authority over certain populations that have been under the jurisdiction of other agencies, the CFPB is requesting approval of a new OMB control number for its collection activities under Regulation V. To prevent disruptions of approved information collections, the CFPB is requesting emergency processing and approval of the following information collection request. Upon receipt of emergency approval from the Office of Management and Budget, the CFPB will begin a standard approval process for this collection and will seek public input at that time.

Authorizing Statute(s): US Code: 15 USC 1681 Name of Law: Fair Credit Reporting Act

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 X Name of Law: Wall Street Reform and Consumer Protection Act

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

ICR Summary of Burden

	Total Approved	Change Due to New Statute
Annual Number of Responses	677,536	677,536
Annual Time Burden (Hours)	4,737,000	4,737,000
Annual Cost Burden (Dollars)	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 burden calcuation reflects the burden represented by the 180 respondents now under CFPB enforcement authority. In addition, the calculations capture a 50% split with the FTC for their burden, excepting motor vehicle dealers which are remaining entirely within FTC's authority.

Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

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: Lea Mosena 202 435-7152

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