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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:
3170-0001
ICR Reference No:
201110-3170-006
Status:
Historical Active
Previous ICR Reference No:
200911-7100-002
Agency/Subagency:
CFPB
Agency Tracking No:
FR 2572
Title:
Report of Terms of Credit Card Plans (FR 2572)
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
10/24/2011
Retrieve Notice of Action (NOA)
Date Received in OIRA:
10/24/2011
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
06/30/2013
36 Months From Approved
Responses
300
0
475
Time Burden (Hours)
75
0
338
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.
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
60-day Notice:
Federal Register Citation:
Citation Date:
75 FR 16120
03/31/2010
30-day Notice:
Federal Register Citation:
Citation Date:
75 FR 33807
06/15/2010
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
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
300
475
0
-175
0
0
Annual Time Burden (Hours)
75
338
0
-263
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:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
The burden decrease is attributed to the removal of the FR 2572S, which is a one-time supplementary survey.
Annual Cost to Federal Government:
$31,700
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]?
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:
06/16/2010
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