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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:
3170-0013
ICR Reference No:
201602-3170-002
Status:
Historical Active
Previous ICR Reference No:
201301-3170-006
Agency/Subagency:
CFPB
Agency Tracking No:
Title:
Equal Credit Opportunity Act (Regulation B) 12 CFR 1002
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
05/10/2016
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/17/2016
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2019
36 Months From Approved
05/31/2016
Responses
183,855,000
0
511,652
Time Burden (Hours)
1,450,250
0
1,811,058
Cost Burden (Dollars)
0
0
40,278,254
Abstract:
The Equal Credit Opportunity Act (“ECOA”) was enacted to ensure that credit is made available to all creditworthy applicants without discrimination on the basis of sex, marital status, race, color, religion, national origin, age, or other prohibited bases under the ECOA. The ECOA allows for creditors to collect information for self-testing against these criteria, while not allowing creditors to use this information in making credit decisions of applicants. For certain mortgage applications, the ECOA requires creditors to ask for some of the prohibited information for monitoring purposes. In addition, for certain mortgage applications, creditors are required to send a copy of any appraisal or written valuation used in the application process to the applicant in a timely fashion. The ECOA also prescribes creditors to inform applicants of decisions made on credit applications. In particular, where creditors make adverse actions on credit applications or existing accounts, creditors must inform consumers as to why the adverse action was taken, such that credit applicants can challenge errors on their accounts or learn how to become more creditworthy. Creditors must retain all application information for 25 months, including notices sent and any information related to adverse actions. Finally, the ECOA requires creditors who furnish applicant information to a consumer credit bureau to reflect participation of the applicant’s spouse, if the spouse if permitted to use or contractually liable on the account.
Authorizing Statute(s):
PL:
Pub.L. 111 - 203 1376
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
15 USC 1591
Name of Law: Equal Credit Opportunity Act
Citations for New Statutory Requirements:
None
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:
80 FR 73734
11/25/2015
30-day Notice:
Federal Register Citation:
Citation Date:
81 FR 8052
02/17/2016
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
Disclose requirements-Non depository, FTC Shared
Disclosure Requirements-Depository institutions
Regulation B Recordkeeping and Notification Requirements
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
183,855,000
511,652
0
0
183,343,348
0
Annual Time Burden (Hours)
1,450,250
1,811,058
0
0
-360,808
0
Annual Cost Burden (Dollars)
0
40,278,254
0
0
-40,278,254
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
The new estimates calculated by the CFPB reflect improved calculations done on the market. In particular, the previous estimates appear to have been mislabeled and therefore erroneous. The current entry of annual responses appear to be the previous estimated number of respondents in the market, while the current respondents are only those respondents that fall under the appraisals sections of Regulation B and do not reflect the entire market of respondents under the ECOA. The current Cost Burden was misattributed to those labor costs associated with the burden hours arising from the ECOA, and did not represent any extra materials costs. The labor costs are now properly positioned in section 12 of this Supporting Statement.
Annual Cost to Federal Government:
$0
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:
Darrin King 202-693-4129 King.Darrin@dol.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:
02/17/2016
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