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OMB Control No: 3170-0013	ICR Reference No: 202402-3170-001
Status: Received in OIRA	Previous ICR Reference No: 202305-3170-002
Agency/Subagency: CFPB	Agency Tracking No:
Title: Equal Credit Opportunity Act (Regulation B)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular	Date Submitted to OIRA: 03/11/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved	08/31/2026
Responses	269,041,540	259,425,540
Time Burden (Hours)	9,603,625	9,561,508
Cost Burden (Dollars)	74,375,850	498,853,986

Abstract: 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. In 2010, Congress passed the Dodd-Frank Act. Section 1071 of that Act amended ECOA to require that financial institutions collect and report to the CFPB certain data regarding applications for credit for women-owned, minority-owned, and small businesses. Section 1071’s statutory purposes are to (1) facilitate enforcement of fair lending laws, and (2) enable communities, governmental entities, and creditors to identify business and community development needs and opportunities of women-owned, minority-owned, and small businesses. Section 1071 specifies a number of data points that financial institutions are required to collect and report, and also provides authority for the CFPB to require any additional data that the CFPB determines would aid in fulfilling section 1071’s statutory purposes. Section 1071 also contains a number of other requirements, including those that address restricting the access of underwriters and other persons to certain data; recordkeeping; and publication of small business lending data. In addition, section 1071 permits the CFPB to modify or delete data prior to publication if it determines that such a deletion or modification would advance a privacy interest. ECOA also prescribes that creditors 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 or learn how to become more creditworthy. Creditors must retain all application information for 25 months, including notices they sent and any information related to adverse actions. ECOA requires creditors who furnish applicant information to a consumer reporting agency to reflect participation of the applicant’s spouse, if the spouse if permitted to use or contractually liable on the account. Finally, this proposed rule would amend 12 CFR parts 1005 and 1026 of Subpart A to amend regulatory expectations for overdraft credit within Regulations E and Z. Implementing these provisions may lead to the generation of a substantial number of credit accounts which are subject to Regulation B. This necessitates an amended estimation of the information collection requirement burden on creditors subject.

Authorizing Statute(s): US Code: 15 USC 1591 Name of Law: Equal Credit Opportunity Act
PL: Pub.L. 111 - 203 1376 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 1071 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3170-AA42	Proposed rulemaking	89 FR 13852	02/23/2024

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Request	Previously Approved	Change Due to Agency Discretion	Change Due to Adjustment in Estimate
Annual Number of Responses	269,041,540	259,425,540	9,616,000	0
Annual Time Burden (Hours)	9,603,625	9,561,508	42,117	0
Annual Cost Burden (Dollars)	74,375,850	498,853,986	-77,993,986	-346,484,150

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: The Bureau is making no program changes to this information collection. However, the Bureau is adjusting the burden estimate of OMB Control Number 3170-0013. Specifically, the number of responses increased from 259,425,540 to 269,041,540 (an increase of 3.7%). This increase is due entirely to a re-examination and re-estimation of response rates. There is also a small increase of the annual time burden from 9,561,508 to 9,603,625 (an increase of 0.44%). This is also due to re-examination of the same requirements with no program changes imposed.

Annual Cost to Federal Government: $13,500,000

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. 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? No

Agency Contact: Justin Hobbs 202 435-7475

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