View Information Collection Request (ICR) Package
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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:
7100-0308
ICR Reference No:
200711-7100-014
Status:
Historical Active
Previous ICR Reference No:
200711-7100-006
Agency/Subagency:
FRS
Agency Tracking No:
Reg V (Affiliate Marketing R-1203)
Title:
Disclosure Requirements Associated with Regulation V
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:
12/28/2007
Retrieve Notice of Action (NOA)
Date Received in OIRA:
12/28/2007
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
11/30/2010
11/30/2010
11/30/2010
Responses
670,999
0
30,000
Time Burden (Hours)
107,840
0
7,500
Cost Burden (Dollars)
0
0
0
Abstract:
The Fair Credit Reporting Act, implementing by Regulation V, requires that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer crdit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information.
Authorizing Statute(s):
US Code:
15 USC 1681s-2(a)(7)
Name of Law: Fair Credit Reporting Act
Citations for New Statutory Requirements:
US Code: 15 USC 1681s-3(a)(2)(B) Name of Law: Fair and Accurate Credit Transactions Act of 200
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
7100-AC95
Final or interim final rulemaking
72 FR 62910
11/07/2007
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
69 FR 42502
07/15/2004
30-day Notice:
Federal Register Citation:
Citation Date:
72 FR 62910
11/07/2007
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
3
IC Title
Form No.
Form Name
Reg V - (Section 214) A M Consumer Response
Reg V - (Section 214) A M Financial Institution opt-out notice
Reg V - (Section 217) CRA notice
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
670,999
30,000
640,999
0
0
0
Annual Time Burden (Hours)
107,840
7,500
100,340
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 Federal Reserve published a final rule to implement the affiliate marketing provisions in section 214 of the Fair and Accurate Credit Transactions Act of 2003, which amends the Fair Credit Reporting Act. The final rule generally prohibits a person from using information received from an affiliate to make a solicitation for marketing purposes to a consumer, unless the consumer is given notice and a reasonable opportunity and a reasonable and simple method to opt out of the making of such solicitations. This rule is effective January 1, 2008, with mandatory compliance by October 1, 2008.
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]?
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)?
Uncollected
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
John Schmidt 202-728-5859 john.schmidt@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:
12/28/2007
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